Prosperity Life Group can be a great choice for whole, term, and universal life insurance coverage, as long as you do not mind working with one of its highly rated issuing companies.
- Pros & Cons
- Key Takeaways
- Company Overview
Available in New York
Several plan options
Three issuing companies
Multiple support departments
- Prosperity Life Group sells whole, term, and universal life insurance coverage
- Prosperity issues life insurance policies through SBLI USA Life Insurance Company, S.USA Life Insurance Company, and Shenandoah Life Insurance Company
- Life insurance policies are available in all 50 states with a medical questionnaire and no medical exam required
Prosperity Life Group was established in 2009 in partnership with Black Diamond Capital Partners and Reservoir Capital Group, LLC. In 2012, the company acquired Shenandoah Life, a company originally established in 1916 as Shenandoah Life Insurance Company in Roanoke, Virginia. In 2014, it acquired the New York-based SBLI Group.
Today, Prosperity Life Group operates under three different member entities: New York’s SBLI USA Life Insurance Company, S.USA Life Insurance Company based in Arizona, and Shenandoah Life Insurance Company in Virginia. Collectively, Prosperity Life Group has more than 300,000 policies with over $13 billion in life insurance coverage. It also offers supplemental health insurance and annuities.
In conjunction with its three member companies, Prosperity Life Group sells and services life insurance in all 50 states.
- Year Founded 2009
- Kinds of Plans Whole, term, universal
- Number of Plans 7
- Payment Plan Options Annual, semi-annual, quarterly, monthly
- Customer Service Shenandoah Life Insurance Company: 1-800-848-5433; SBLI USA Life Insurance Company: 1-877-725-4872; S.USA Life Insurance Company: 1-866-787-2123
- Official Website www.prosperitylife.com
Prosperity Life is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Available in New York: Unlike some other life insurance providers, Prosperity Life has sold life insurance in New York since 1939, when it began selling under the Savings Banks Life Insurance Fund, or the SBLI Fund.
- Several plan options: Prosperity Life offers several plans for term, whole, and universal life insurance.
- Flexible underwriting: There are multiple underwriting risk classes for Prosperity life insurance policies, making it easier to qualify and receive rates based on your health.
- Three issuing companies: Prosperity Life does not issue policies directly, instead working with three issuing companies.
- Multiple support departments: Because of its unique structure, there are separate customer support departments based on the company that issues your policy.
- Varying ratings: Just because one company has high ratings does not mean that all issuing companies will have the same high scores, so be sure to review ratings based on the issuing company.
Prosperity Life offers whole, term, and universal life insurance.
Prosperity Life does not offer indexed or variable life insurance.
Prosperity offers three plans for whole life insurance, its Whole Life, Smart Life, and Whole Life Final Expense policies.
A whole life policy is meant to provide permanent coverage that lasts your entire life as long as you pay your premiums. There are guaranteed level premiums through the age of 121 with tax-deferred cash value.
Eligible policyholders are between the ages of 15 days and 80 years with minimum coverage of $50,000. An accelerated death benefit also allows you access to up to 50% of your death benefit if you become terminally ill.
A Smart Life whole life insurance policy from Prosperity carries level premiums, with the premium-paying period ending at the age of 121 years. The policy is available for issue from the age of 15 days to 75 years with coverage that ranges from $15,000 to $150,000. There is also an accelerated death benefit that allows you access to up to 50% of your death benefit if you become terminally ill.
Whole Life Final Expense
Prosperity offers a final expense whole life insurance policy with a guaranteed death benefit and the ability to accumulate cash value. Coverage amounts range from $1,500 to $35,000 with guaranteed level premiums and policy renewability through the premium payment period, which ends at the age of 121.
There are three types of death benefits depending on the plan that you choose. You will need to qualify based on your health history.
|Death Benefit Options|
|Plan types||1st year of coverage||2nd year of coverage||After 2 years of coverage|
|Level plan||Equal to the face amount when purchased||Equal to the face amount when purchased||Equal to the face amount when purchased|
|Graded plan||30% of face amount||70% of face amount||Equal to the face amount when purchased|
|Modified plan||Equal to 110% of annual premium||Equal to 231% of annual premium||Equal to the face amount when purchased|
For term life insurance, Prosperity offers four policies.
PrimeTerm to 100, Graded Death Benefit Term
With its PrimeTerm to 100 policy, Prosperity offers a term of 20 years through the age of 100 with a graded death benefit. After the end of the 20-year term, your premiums still remain level, but the policy converts to decreasing term coverage through the age of 100. Coverage varies from $5,000 to $30,000 with annual reductions beginning after the 21st year of your policy. Eligible for the policy are individuals between the ages of 40 and 80, or 50 to 75 in New York.
The death benefit varies, depending on how long you have the policy.
|Policy year||Death benefit|
|Year 1||Return of premium plus 15% interest|
|Year 2||Ages 40 to 74 (50 to 74 in New York): 30% of ultimate face amount Ages 75 to 80 (75 in New York): 40% of ultimate face amount|
|Year 3||Ages 40 to 74 (50 to 74 in New York): 60% of ultimate face amount Ages 75 to 80 (75 in New York): 70% of ultimate face amount|
|Year 4 to 20||Ultimate face amount|
|Year 20+||Decreasing 5% annually until expiration|
Income Continuation Term
Income Continuation Term life insurance from Prosperity ensures your loved ones will be protected with monthly income after your death. You can choose the amount and the period of payments, which can last two, three, or five years or until the date of your 70th birthday. The policy terminates when you reach 70.
You enjoy level premiums for the first 10 years of the policy, with optional inflation protection to grow the beneficiary’s monthly payment, as well as an optional additional lump-sum benefit rider for final expenses and other needs.
This policy is available for policyholders between the ages of 18 and 55 with monthly benefit amounts ranging from $500 to $20,000 in $500 increments. You may also convert the policy before its 10th anniversary.
Renewable & Convertible Term
Prosperity’s Renewable & Convertible Term policy is available with coverage of $100,000 and more, depending on eligibility. It features level premiums for a limited period and is renewable through the age of 98 with the option to convert your policy to age 75. There is also an optional Waiver of Premium rider if you become totally disabled before the age of 60.
The length of your policy depends on the age of issue.
|Length of Policy||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 60|
Coverage is based on four bands that determine the amount of your coverage. Available coverage is determined by underwriting requirements and availability for reinsurance.
|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|
Simple Issue Term
A Simple Issue Term policy from Prosperity is available for issue for policyholders between the ages of 18 and 60 with coverage available anywhere from $25,000 to $350,000. It has guaranteed level premiums for the first 10 years. After that, the policy is renewed every five years until the age of 75 without any required proof of insurability.
Upon your 75th birthday, your policy becomes either renewable or convertible. If you convert your policy to a simple issue whole life or whole life policy, you do not have to show proof of insurability.
Prosperity also offers a plan for universal life insurance coverage.
Legacy Solution Single-Premium Universal Life
Legacy Solution Single-Premium Universal Life from Prosperity guarantees returned premiums, as long as there are no loans or withdrawals taken throughout the life of the policy. Coverage ranges from $15,000 to $250,000 for policyholders between the ages of 50 and 75 years old. It accumulates tax-deferred cash value and holds an Accelerated Death Benefit if you receive a terminal illness diagnosis. The amount of your death benefit depends on the amount of your policy and the contract fund, which is calculated before monthly and other deductions. Therefore, the final death benefit cannot be determined until the death of the policyholder.
There is a no-lapse guarantee, which means that your policy will not be canceled as long your premiums remain paid, and you may take withdrawals or loans, although they are both subject to fees.
A life insurance rider is a type of additional coverage that you can purchase to add more customized protection to your life insurance policy.
Prosperity Life offers a selection of riders based on the life insurance policy that you choose.
|10-Year Term Rider on Primary and/or Other Insured||Accidental Death Benefit Rider||Additional Lump Sum Benefit Rider||Child Rider||Waiver of Premium Benefit Rider|
|Smart Life Whole||✔||✔||✘||✔||✔|
|Final Expense Whole Life||✘||✔||✘||✘||✘|
|Renewable & Convertible Term||✘||✔||✘||✘||✔|
|PrimeTerm To 100||✘||✔||✘||✘||✘|
|Income Continuation Term||✘||✘||✔||✘||✔|
|Simple Issue Term||✘||✘||✘||✘||✘|
10-Year Term Rider on Primary and/or Other Insured
The 10-year term rider adds 10 years of additional coverage to the policyholder or additional insured. Policyholders can add up to $100,000 or the face value of your policy, whichever is higher. This rider is also renewable in five-year increments until the policyholder reaches the age of 75.
Accidental Death Benefit Rider
The Accidental Death Benefit rider allows you to add an additional death benefit for beneficiaries should the policyholder die from an accident. The rider has a maximum value of either the policy’s face value or $250,000 for term policies, with coverage expiring at the age of 75.
Additional Lump Sum Benefit Rider
With the Additional Lump Sum Benefit rider, your beneficiary can receive a lump sum payment upon your death. You must be between the ages of 18 to 55 years to be eligible for issue, and coverage available between $10,000 and $500,000. This rider includes guaranteed premiums for the first 10 years and then increases in five-year increments from there with the option to convert coverage to whole life insurance.
Prosperity Life offers the option to add a Child Rider to your policy. With this coverage, there is a benefit if the policyholder’s child dies.
Waiver of Premium Benefit Rider
If the policyholder becomes totally disabled, the Waiver of Premium Benefit Rider will waive premium payments when you are disabled for a continuous period of 180 days. Policyholders are eligible for coverage through the age of 65, but if you become totally disabled at 65, Prosperity will extend rider coverage to the age of 70.
There are multiple ways to contact Prosperity Life. The right contact for Prosperity Life depends on the type of policy you have, so be sure to check your policy to see if your issuer is Shenandoah Life Insurance Company, SBLI USA, or S.USA Life Insurance Company, Inc.
|Prosperity Life Insurance Contacts|
|Company||Mailing address||Phone number|
|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
Prosperity Life is not rated, but its three issuing companies are all tracked by the National Association of Insurance Commissioners (NAIC) for its consumer complaint index. However, using a baseline score of 1.0, Prosperity Life’s issuing companies all score far below the average score, which means they have fewer complaints than average. Shenandoah Life Insurance Company receives a 0.32 rating, SBLI USA Life Insurance Company, Inc. scores a 0.22 rating, and S.USA Life Insurance Company, Inc. has a 0.32 rating for 2020. It shows that regardless of which issuer assigns your policy, there is still good customer service to be had.
Prosperity Life is scored independently, as well as through its issuing companies, but all four companies receive an A- (Excellent) rating from AM Best. This signifies strong financial reliability. While some companies may struggle to process or pay claims, a high rating from AM Best signifies financial strength and often means efficient claims processing when you need it most.
Most insurance policies have a "free look" period, which gives new policyholders a chance to review their policies to ensure that it is truly the right fit for you. While Prosperity does not disclose the length of its free look period, most policies give a minimum of 10 to 30 days.
To cancel your Prosperity Life policy, you can fill out the online contact form or call your insurance agent.
You can also call the issuer of your policy via the following contact numbers:
|Prosperity Life Customer Support|
|Issuer||Customer Support Number|
|Shenandoah Life Insurance Company||1-800-848-5433|
|SBLI USA Life Insurance Company||1-877-725-4872|
|S.USA Life Insurance Company||1-866-787-2123|
Prosperity Life advertises a simple application process that does not require a medical exam. Applicants simply have to answer a few medical questions. There are also specific underwriting guidelines if you are a smoker.
|Class type||Eligible classes|
There are several other factors that can impact the cost of your Prosperity life insurance policy. Insurance companies typically consider your medical history, charging more when if you have a preexisting condition or family history of a serious medical illness. Some carriers also consider your driving record and lifestyle factors, such as your hobbies, to access risk. Gender is another factor, although most companies base pricing based on your sex at birth and not current gender identity.
To get a better idea of how Prosperity Life Insurance stacks up against the competition, we compared it to New York Life. Prosperity Life is significantly smaller than New York Life, which is the third-largest insurance carrier in the country. Prosperity Life also has fewer plans. Although Prosperity Life has above-average scores, New York Life still rates higher for financial strength from AM Best with a lower complaint index from the NAIC.
Prosperity can be a great company for life insurance, but New York Life is a better company, with greater resources, higher customer ratings, and better financial strength.
|Prosperity Life Group||New York Life|
|Market Share||0.081 (cumulative)||Third-largest in U.S., 5.7%|
|Number of Plans||7||10|
|Dividends for 2020||$13 billion||$1.9 billion|
|Wellness Program Discounts/Quit Smoking Incentives||Yes||Not applicable|
|AM Best Rating||A- (Excellent)||A++ (Superior)|
|Price Rank||Depends on class||Better than most|
|Complaints Trend||0.32 Great||0.15 Excellent|
Prosperity Life Group can be a great choice when you are looking for nationwide coverage and strong financial reliability in an insurance provider. There is whole, term, and universal life insurance available, but because they are sold via three issuing companies, its policies can be somewhat confusing to follow. An agent can help you find the right policy to pair with Prosperity’s extensive selection of riders to better personalize your coverage.
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