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If financial strength and stability are important to you when shopping for a life insurance provider, Prosperity Life Group may suit your needs with its wide selection of term, whole life, and universal life insurance policies. However, the company’s customer satisfaction ratings leave much to be desired and the policies are issued through subsidiary companies, which may be complicated for some.
- Pros & Cons
- Key Takeaways
Offers a wide selection of life insurance plans
Medical exams are not required for most policies
Excellent financial strength rating
Online account management
Three issuing companies can be confusing
Online quotes not available
Customer satisfaction ratings could be better
No sample quotes or pricing specifics on their site
- Prosperity Life Group offers term, whole, and universal life insurance coverage.
- Prosperity Life Group sells life insurance policies through three subsidiaries: S.USA Life Insurance Company, SBLI USA Life Insurance Company, and Shenandoah Life Insurance Company.
- Because Prosperity Life Group consists of three companies, you must get customer support from the company that issues your policy.
- Year Founded 2009
- Kinds of Plans Whole life, term, universal
- Number of Plans 7
- Payment Options Annual, semi-annual, quarterly, monthly
- Official Website www.prosperitylife.com
Prosperity Life Group is an established insurance provider offering a broad selection of whole, term, and universal life insurance products as well as a variety of annuity and supplemental healthcare solutions. Prosperity Life Group requires you to contact an agent to get a quote and apply for insurance coverage.
We reviewed the company’s various policy options, riders, website tools, ratings, and more to help you compare the life insurance coverage of Prosperity Life Group with the competition.
Prosperity Life Group was formed in 2009. Since then, the company has executed two acquisitions, first with Virginia-based Shenandoah Life in 2012 and again in 2014 when it acquired New York-based SBLI Group.
Prosperity Life Group currently consists of three member companies: SBLI USA Life Insurance Company, S.USA Life Insurance Company based in Arizona, and Shenandoah Life Insurance Company in Virginia. Altogether, Prosperity Life Group has over 300,000 policies in force, representing over $13 billion in coverage.
Prosperity Life Group provides seven different types of term, whole life, and universal life policies. The company also offers several riders to fill in the gaps and customize your policy.
While the company does an adequate job describing its policies on its website, there is a lack of information regarding premiums and coverage amounts. You’ll need to contact an agent to get more information.
Term Life Insurance
Term life insurance is temporary insurance that provides protection for a specific period, often 10 or 20 years. The coverage is typically more affordable than whole life insurance, although premiums may increase at each renewal.
Prosperity Life Group offers four term life policies: Simple Issue, Graded Death Benefit, Income Continuation Term, and Renewable and Convertible Term.
Simple Issue Term Life Insurance
As its name implies, this policy offers affordable protection without a lot of hassle. No medical exam is required — just answer a few health-related questions during the application process.
You can get coverage up to $350,000 with premiums that remain level for the first 10 years. The website doesn’t disclose how long terms are for, except to say they are renewable and convertible until age 75.
PrimeTerm To 100S Graded Death Benefit Term
The Graded Death Benefit Term policy is intended for consumers whose health profiles make it difficult to purchase life insurance but whose life expectancy is expected to last several years. Terms are for 20 years, and when they expire, the premiums remain the same. Also, the death benefit decreases each year until the insured reaches age 100. At that time, the policy ends.
The death benefit for this policy ranges from $5,000 to $30,000 for policyholders between ages 40 and 80 except for in New York, where the age range is 50 to 75.
Policyholders can opt to customize their policy with an Accelerated Death Benefit and an Accidental Death Benefit rider.
Income Continuation Term Life Insurance
The Income Continuation Term policy is ideal for those whose family depends on their income. With this plan, you can set a monthly amount you wish to be paid to your beneficiaries should you pass away.
This policy is available to those between ages 18 to 55, and the policy expires at age 70. You can select a payment amount in $500 increments from $500 to $20,000 per month.
You can choose beneficiary payments to last for two, three, or five years — or until you would have reached age 70. You can even set payments to rise each year to offset inflation.
This policy also offers an additional lump sum benefit rider to help your loved ones pay for final expenses and other expenditures.
A portion of the beneficiary payments may be subject to taxes. Check with your accountant to see how taxes could impact your beneficiaries.
Renewable and Convertible Term Life Insurance
This policy is meant to be customizable so it addresses your needs at any stage of your life. You can renew this policy up to age 98 or you can convert it to a whole life policy at age 75. Premiums are guaranteed during your initial term period and then they increase annually.
If you’re worried about a life-changing event impacting you financially, you can opt for a Waiver of Premium rider in the event you become disabled before you turn 60.
The term length you select depends on your age when you enroll in the policy:
|Policy Term||Issue Ages|
|10 Years||Ages 18 to 80|
|15 Years||Ages 18 to 70|
|20 Years||Ages 18 to 65|
|30 Years||Ages 18 to 50|
Prosperity Life Group sets for bands for pricing and underwriting requirements, which depend on your coverage amount. Specific information regarding premiums and requirements was not found on the company’s website.
|Band 1||$100,000 to $249,999|
|Band 2||$250,000 to $499,999|
|Band 3||$500,000 to $999,999|
|Band 4||$1 million and more|
Whole Life Insurance
Whole life insurance is a type of permanent insurance and the policyholder is covered for the duration of their life as long as they continue to pay their premiums on time. Whole life insurance also includes cash value which grows tax-deferred over time. While dividends are never guaranteed, many insurers pay out dividends that allow you to increase your account’s cash value even more.
Prosperity Life Group offers three whole life policies: Whole Life, Smart Life, and Final Expense Whole Life.
Whole Life insurance is available through Prosperity Life Group from 15 days old through age 80. Premiums remain the same during the premium payment period, which lasts until age 121.
The amount of coverage you can secure ranges from $15,000 to $150,000.
You can borrow from your cash account for any purpose. You can also receive up to 50% of the Death Benefit if you become terminally ill.
While taking a loan from your policy has its benefits, the amount you access may accrue interest and decrease the amount of your available cash and the death benefit.
Smart Life whole life insurance also features level premiums, with a premium-paying period that expires at age 121. Like Prosperity Life Group’s Whole Life policy, the coverage minimum is $15,000, while the maximum amount is $150,000. You can also get 50% of your death benefit if you become terminally ill.
Smart Life does not require you to take a medical exam. You will have to answer a few health-related questions on the application for underwriters to consider.
Final Expense Whole Life
Prosperity Life Group offers final expense coverage with a face value between $15,000 and $35,000 with level premiums and a cash value component. You can renew the policy during the premium payment period, which ends at age 121.
|Final Expense Whole Life Insurance Death Benefit Coverage|
|Plan types||1st year of coverage||2nd year of coverage||After 2 years of coverage|
|Level plan (Ages 50-80)||Equal to the face amount on the date of purchase||Equal to the face amount on the date of purchase||Equal to the face amount on the date of purchase|
|Graded plan (Ages 50-75)||Equal to 30% of face amount||Equal to 70% of face amount||Equal to the face amount on the date of purchase|
|Modified plan (Ages 50-80)||Equal to 110% of annual premium||Equal to 231% of annual premium||Equal to the face amount on the date of purchase|
Like whole life insurance, universal life insurance coverage comes with cash value and you can add riders to either type of policy. Universal life insurance differs in offering more flexibility; you can often adjust your premium payments and death benefit to customize your policy.
Legacy Solution Single-Premium Universal Life
Prosperity Life Group’s lone universal life insurance policy offers coverage from $15,000 to $250,000 for those between the ages of 50 and 80. The insurance coverage amount is determined by a policyholder’s age, gender, smoker status, and premium amount. The policy matures at age 121 as long as there are no loans or withdrawals against the policy.
The account features cash value which grows tax-deferred. The contract rate is a guaranteed 3.5%, although terms and conditions apply.
The death benefit is based on the greater of the amount of insurance and the Contract Fund before monthly charges are deducted. The benefit is typically issued income tax-free to the policy’s beneficiaries.
Life insurance riders are optional add-ons to a policy that provide extra benefits or supplement coverage typically for a small increase in your premiums. Riders provide the policyholder with options to customize their coverage to meet their unique needs, but price and availability may vary.
10 Year Term Rider
Policyholders between ages 18 and 60 can add the 10 Year Term Rider. Coverage maxes out at $100,000 or the face value of your policy, whichever is higher, and coverage lasts until age 75.
Your premiums are guaranteed for 10 years and then increase every five years.
Accelerated Death Benefit
Many insurance companies provide an accelerated death benefit option or rider that allows the insured to receive all, or a portion of, their policy’s death benefit while they are alive. Generally, these riders can be an add-on to universal life insurance or whole life insurance policy.
Prosperity Life Group offers an accelerated death benefit which allows you to receive 50% of your policy’s death benefit if you become terminally ill.
Receiving accelerated death benefits could impact your eligibility for public assistance programs and may be taxable.
Additional Lump Sum Benefit Rider
This rider provides an additional lump sum payment to your beneficiary upon your death. To qualify, your age must fall between 18 and 55 years old. Coverage is available in amounts ranging from $10,000 and $500,000. Premiums for the additional lump sum benefit rider are guaranteed for the first 10 years and then increase in five-year increments.
This rider is available with the Income Continuation Term life policy, but it is also convertible to whole life insurance.
Many parents elect to add a child rider when they purchase their life insurance policy. A child rider allows you to buy life insurance for your children and you generally pay a flat rate no matter how many children you want to insure. Underwriting is usually not necessary for this rider.
Prosperity Life Group’s Child Rider is available when the child is 15 days old up to age 18, with coverage lasting until age 21. The coverage amounts for the rider are available for $5,000, $10,000, or $15,000.
Waiver of Premium Rider
Prosperity Life Group’s Waiver of Premium Rider waives your premium and rider payments if you become disabled. This policy add-on allows you to keep your life insurance, even if your disability forces you out of the workforce.
Eligibility requirements state you must be disabled continuously for at least 180 days. Coverage lasts until you turn 65, but if you are disabled at that time, then coverage is extended to age 70.
Customer Service: Contact Your Issuing Insurer
Prosperity Life Group provides contact information for their three member companies. Make sure you contact the company that issued your policy.
Shenandoah Life Insurance Company
P.O. BOX 12847
Roanoke, VA 24029
SBLI USA Life Insurance Company, Inc.
100 W. 33rd Street, Suite 1007
New York, NY 10001-2914
S.USA Life Insurance Company, Inc.
P.O. Box 1050
Newark, NJ 07101-1050
The insurer also allows you to file a claim online, and their contact page has a form to discover your options if you are under financial hardship. Unfortunately, there is no chat support, FAQ resource, pricing information, or other website tools to assist customers.
Customer Satisfaction: Needs Improvement
The National Association of Insurance Commissioners (NAIC) publishes a consumer complaint index every year to help consumers compare the customer satisfaction record among insurers. The average score is 1.0, so if a carrier’s score is lower, that means they have fewer complaints than the average insurance company. Conversely, if an insurer’s score is above 1.0, it indicates they receive more complaints on average.
Because of the corporate structure of Prosperity Life Group, the company does not have an NAIC score. However, their three issuing companies all have NAIC scores in the individual life sector to note:
- Shenandoah Life Ins Co.: NAIC score 1.90
- SBLI USA Life Insurance Company, Inc.: NAIC score 2.98
- S.USA Life Insurance Company, Inc.: NAIC score 2.46
These scores indicate these three subsidiaries have room for improvement when it comes to customer satisfaction. The NAIC score for S.USA Life Insurance Company, Inc. is over twice as high as the average and the score for SBLI USA Life Insurance Company is nearly three times as high as the median score among competitors.
Financial Strength: Excellent
Prosperity Life Group and their three subsidiaries all hold an A- (Excellent) rating from financial rating service AM Best. The grade indicates the strong ability of Prosperity and its stable of issuers to meet their ongoing financial obligations. According to AM Best, the rating “demonstrates Prosperity's excellent risk-adjusted capitalization, well-diversified business profile, and strong operating performance.”
Cancellation Policy: Verify With Customer Service
Unfortunately, Prosperity Life Group doesn’t disclose its cancellation policy on its website. However, providing a “free look” period is a fairly standard practice among insurance companies, giving policyholders a period of time to review their policy.
Most free look periods fall somewhere between a minimum of 10 days and a maximum of 30 days. If you cancel your policy during your free look period, you’re typically entitled to a full refund of any premiums you’ve paid.
Before you accept your policy, contact customer support and make sure you understand the cancellation procedure for any policy you’re considering.
Price of Prosperity Life Group Life Insurance: Verify With Customer Service
As mentioned, Prosperity Life Group does not indicate any pricing specifics about its policies on its website. Generally speaking, premium amounts are dependent on various factors, including your medical history, smoker status, preexisting conditions, family medical history, and so on. Also, many insurance companies consider your driving record, occupation, and lifestyle as part of their underwriting process.
As with the company’s cancellation policy, it’s a good idea to speak with a customer service agent to obtain pricing specifics to ensure the premiums are worth the benefits provided by their policies.
How Prosperity Life Group Compares to Other Life Insurance
To help you gauge whether or not you should consider Prosperity Life Group for your life insurance needs, we compared the insurer against a competitor, Northwestern Mutual.
Prosperity Life Group Life Insurance vs. Northwestern Mutual
Both Prosperity Life Group and Northwestern Mutual are reputable insurers with strong financial strength ratings. Both carriers allow you to customize your policies once you speak with a representative to get a quote and other details, and each insurance company has a strong record of paying out dividends to its policyholders.
Of course, some differences exist between these two insurance providers. While Prosperity Life Group provides seven different policies to choose from, Northwestern Mutual offers over twice as many policy options with 17 different plans.
Also, when looking at the NAIC customer complaint records of these two providers in the individual life insurance sector, the trio of Prosperity Life Group companies average a poor 2.44 score. In contrast, Northwestern Mutual’s score stands out at an outstanding 0.07.
|Prosperity Life Group||Northwestern Mutual|
|Market Share||0.081 (cumulative)||Largest in U.S., 8.2%|
|Number of Plans||7||17|
|Dividends in 2020||$13 billion||$6 billion|
|Service Method||Agents||Financial Advisors and Agents|
|Financial Strength (AM Best Rating)||A- (Excellent)||A++ Superior|
|Complaints Trend (NAIC)||2.44 Average between 3 companies *||0.07|
* Scores reflect individual life insurance sector only.
Read our full Northwestern Mutual life insurance review.
Prosperity Life Group may be an excellent option to consider for your life insurance coverage, particularly if financial strength is important to you. The company’s strong financial ratings indicate they’ll be able to pay out your policy when the time comes. However, you’ll need to speak with an agent to discuss your needs and find the best whole, term, or universal life insurance policy to address your unique needs. And if customer satisfaction factors heavily in your decision, you may want to look elsewhere.
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.
NAIC. "Complaint Index - Shenandoah Life Ins Co." Accessed October 4, 2021.
NAIC. "Complaint Index - SBLI USA Life Insurance Company, Inc." Accessed October 4, 2021.
NAIC. "Complaint Index - S.USA Life Insurance Company, Inc." Accessed October 4, 2021.