New Era Life Insurance Review

A final expense policy up to $25,000 with no medical exam required

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New Era Life Insurance

New Era Life Insurance

overall rating

Our Take

New Era Life Insurance offers one policy, no riders, and a financial strength rating that trails the competition. There is also limited information about its policies online. If you’re seeking final expense insurance, you may find more coverage options and better ratings from a more transparent company.

  • Pros & Cons
  • Key Takeaways
  • Specifications
Pros & Cons
  • No medical exam required

  • Other insurance products available

  • Outstanding complaint record

  • Does not offer traditional life insurance

  • Online quotes not available

  • Website is thin on resources for policyholders

Key Takeaways
  • New Era Life Insurance provides limited customer support channels.
  • The insurance company hosts a variety of supplemental insurance policies.
  • Since New Era Life Insurance is not an insurance company, its insurance policies do not qualify for dividends.
  • Year Founded 1924
  • Kinds of Plans Final expense insurance
  • Number of Plans 1
  • Payment Options Monthly, annually
  • Official Website


New Era Life Insurance offers one final expense whole life insurance policy with no additional riders that you can enroll in by calling an independent agent. The company also provides dental, critical illness, accidental, and other supplemental insurance plans.

We’ve evaluated New Era Life Insurance coverage, pricing, financial strength, complaint record, and more to help you compare the life insurance policy options of New Era Life Insurance versus the competition.

Company Overview

New Era Life Insurance was incorporated in 1924 and is headquartered in Houston. The company’s website says current management took over in 1989. Its family of companies also includes Philadelphia American Life Insurance Company and New Era Life Insurance Company of the Midwest. 

New Era Life Insurance coverage doesn’t sell its coverage online, nor do they disclose which states and areas their coverage is available. For information or to enroll in a policy, it's best to call the company and ask them to refer you to a local agent.

Available Plans 

New Era Life Insurance does not offer term or universal life insurance. Its only life insurance offering is the following whole life final expense coverage.

Information about the policy is limited online so you’ll need to contact an agent for more detail. 

Platinum Series Whole Life Insurance

Coverage for this policy ranges between $2,000 and $25,000, and you won’t need to undergo medical tests to qualify. You can use the benefit for burial expenses, legal fees, final debts, or for any other needs as you see fit.

Your premiums are guaranteed to remain the same for your life. And, as a whole life policy, you have a cash value account that grows tax-deferred over time. However, you won’t have the opportunity to earn dividends as New Era Life Insurance is not a mutual insurance company.

Higher coverage amounts are available for final expense policies. Shop and compare multiple insurance companies to find the best policy for you.

Available Riders

Riders are optional benefits you can add to an insurance policy. They provide additional protection for life’s circumstances and often require an added premium payment. Riders can help you round out your life insurance coverage and cover specific needs that aren’t addressed in your standard policy. 

Since New Era Life Insurance doesn’t offer traditional life insurance policies, you don’t have the opportunity to add valuable riders such as an accelerated death benefits rider or a waiver-of-premium rider. 

Customer Service: Limited Options 

New Era Life Insurance does not offer online or live chat like many other life insurance companies. For customer service, call (800) 552-7879 Monday through Friday between 8 a.m. and 5 p.m. CT.  Alternatively, you can correspond via email at 

The company states you can also get help by calling your agent to work with New Era Life Insurance. Call the above phone number to find out if there are agents in your area.

Customer Satisfaction: Better Than Average  

The National Association of Insurance Commissioners (NAIC) scores life insurance companies based on various data points including customer feedback, claim settlement satisfaction, and cancellation difficulties. They publish their findings online, and consumers can use their Company Complaint Index to compare the customer experience among various insurers.

In 2020, New Era Life Insurance’s complaint index score for the life insurance category was 0.0, as the company received no complaints related to its life insurance sector during that year. However, when including all types of complaints about the company, NAIC gives New Era Life Insurance a Complaint Index Score of 1.34, which is higher than the industry average of 1.0. 

All of the complaints the company received in 2020 were in the company’s accident and health insurance sector, stemming from issues ranging from cancellation, claim denial, and premium refunds, among others.

Financial Strength: B++ (Good)

One of the most important considerations when purchasing life insurance is a company’s financial stability. You should feel confident the insurer will be able to pay your benefits when the time comes.

AM Best is a rating agency that helps consumers assess an insurance company’s financial strength. They evaluate an insurer’s assets, debts, balance sheet, performance, and more as the basis for the ratings they give.

AM Best gives New Era a B++ rating, which falls in its “Good” category. While this rating is not bad, it is lower than many of the company’s competitors.

Cancellation Policy: Free-Look Period

New Era Life Insurance provides a free-look period, but the company does not share the length of the period on the company website. In most cases, life insurers offer a free-look period between 10 and 30 days, depending on state laws. During this time frame, you have the option of canceling your policy without paying penalties or fees.

New Era Life Insurance may have a defined cancellation policy after the free-look period expires, but the company doesn’t provide cancellation details online. As with any insurance product, make sure you read and understand the fine print before signing on the dotted line.

Cancellation terms vary by company and by policy. Confirm all cancellation details before enrolling in any life insurance policy.

Price of New Era Life Insurance: No Pricing Details

New Era Life Insurance doesn’t provide online quotes or pricing information about its premiums. Generally speaking, supplemental insurance tends to be more affordable than other types of insurance. For accurate information, call your insurance agent or contact customer service and ask them to refer an agent in your area.

How New Era Life Insurance Compares to Other Life Insurance

New Era Life Insurance offers limited coverage in the final expense whole life insurance sector.  While many final expense insurance providers offer more policy and rider options to round out or boost coverage amounts, the benefit amount the company offers appears to be average for the industry. 

State Farm is another provider of final expense coverage that differs from New Era Life Insurance in several areas. We've compared these two insurance providers to help you see how they fare against one another.

New Era Life Insurance vs. State Farm

Both New Era LIfe Insurance and State Farm offer final expense life insurance, and neither offers additional riders. Both insurers’ final expense policies have fixed monthly payments and cash value that can be used to cover burial costs, medical bills, and other end-of-life expenses. 

Both score well in the NAIC Complaint Index, with New Era Life Insurance receiving no complaints in 2020 in its life insurance sector, and State Farm receiving a 0.26 score. However, that’s where the similarities end. Here are some key differences between New Era Life Insurance and State Farm to consider:

  • New Era Life Insurance offers one life insurance policy, while State Farm provides eight policy options to choose from.
  • State Farm earns AM Best’s highest rating of A++ Superior whereas New Era Life Insurance received a B++ score, which falls below many of its competitors.
  • State Farm provides more customer support options. Policyholders can get fast help online or via phone, in-office, email, or agents.
  • New Era Life Insurance offers up to $25,000 in final expense insurance compared to only $10,000 from State Farm.
  New Era Life Insurance State Farm 
Market Share Not applicable Seventh-largest in the U.S., 2.87%
Number of Plans 
Dividends for 2020  Not applicable  Some policies earn dividends 
Service Method  Email, phone, agents  Email, phone, online, in-person, agents 
Financial Strength (AM Best Rating)  B++ (Good)  A++ (Superior) 
Complaints Trend  0.0  0.2 

Read our full review of State Farm Life Insurance here.

Final Verdict

If you’re strictly looking for final expense coverage, New Era Life Insurance policy may be a good choice, with a benefit up to $25,000 with no medical exam. However, if you’re looking for more coverage and rider options, a better financial strength rating, and more transparency about policies and costs, you might do better with another company.


All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "New Era Life Ins Co National Complaint Index Report." Accessed June 18, 2021.

  2. AM Best. "AM Best Upgrades Issuer Credit Ratings of New Era Life Insurance Company and Its Subsidiaries." Accessed June 18, 2021.

  3. NAIC. "State Farm Life Ins Co National Complaint Index Report." Accessed June 23, 2021.