Shenandoah Life Insurance Company Review

The company no longer offers life insurance but sells voluntary group benefits

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Shenandoah Life Insurance

Shenandoah Life Insurance

Our Take

Since its acquisition by Prosperity Life, Shenandoah Life Insurance Company no longer issues new life insurance policies. Instead, Prosperity Life sells term, whole, and universal life policies through its other member companies. Today, Shenandoah Life only sells voluntary group benefits, including worksite accident and cancer insurance. 

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Voluntary group benefits available

Cons
  • Does not issue new life insurance policies

  • Policies only sold through agents

  • Not available in all states

Key Takeaways
  • Since it was acquired by Prosperity Life, Shenandoah Life no longer issues individual life insurance policies
  • Shenandoah Life’s plans include group supplemental health, accident, and cancer insurance policies
  • Shenandoah Life has an A- (Excellent) rating from AM Best
  • The company received nearly twice as many complaints as expected for its size
  • Policies are sold through agents that work on commission
Company Overview

Based in Roanoke, Virginia, the Shenandoah Life Insurance Company was founded in 1916. It was acquired by Prosperity Life Insurance Group in 2012. In 2019, Prosperity Life and its member companies—which include Shenandoah Life, S.USA Life Insurance Company, and SBLI USA Life Insurance Company—were acquired by Elliott Management Company. 

Shenandoah continues to manage claims from policyholders, but new life insurance policies are sold through Prosperity Life’s other member companies. Today, Shenandoah Life only issues supplemental health and voluntary group insurance policies. 

Shenandoah Life Insurance Company is not licensed in California, Connecticut, Maine, Massachusetts, Nevada, New York, Oregon, Rhode Island, South Dakota, or Utah.

  • Year Founded 1916
  • Kinds of Plans No life insurance options
  • Number of Plans 0
  • Payment Plan Options Monthly, quarterly, semi-annually, annually
  • Customer Service Agents
  • Phone 1-800-848-5433
  • Official Website www.prosperitylife.com

The Shenandoah Life Insurance Company 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.

Pros Explained

  • Voluntary group benefits available: While the Shenandoah Life Insurance Company no longer issues new life insurance policies, it does issue voluntary worksite critical illness insurance, voluntary worksite cancer insurance, and voluntary worksite accident insurance policies. 

Cons Explained

  • Does not issue new life insurance policies: Despite its name, Shenandoah Life doesn’t issue new life insurance policies. Life insurance plans sold through the Prosperity Life brand are issued by SBLI USA Life Insurance Group and S. USA Life Insurance Company. 
  • Policies only sold through agents: Other companies allow customers to get quotes and submit applications for coverage online. But with Shenandoah Life, the only way to purchase a policy is to contact an agent. 
  • Not available in all states: Shenandoah Life isn’t licensed in California, Connecticut, Maine, Massachusetts, Nevada, New York, Oregon, Rhode Island, South Dakota, or Utah. 

Available Plans

Shenandoah Life Insurance Company no longer issues new life insurance policies, but it does offer voluntary group benefits. 

Voluntary Cancer Worksite Insurance

With the voluntary cancer worksite plan, you can get a one-time payout when you’re diagnosed with cancer. The money can be used to offset some of your medical expenses as you undergo treatment. 

Voluntary Worksite Accident Insurance

This plan pays a principal sum if a death occurs as a result of a covered accident. It pays twice the benefit amount if death occurs during an accident as a fare-paying passenger on a common carrier. 

Voluntary Worksite Critical Illness Insurance

This plan can help cover the financial costs associated with critical illnesses, such as out-of-pocket medical care, home health aides, rehabilitation, and other expenses.

Available Riders

When you purchase insurance, many companies allow you to add optional riders or insurance endorsements to your plan. These riders can give you additional coverage, purchase insurance for loved ones, or get other benefits by paying an added premium.

While Shenandoah Life doesn’t issue life insurance policies anymore, its group health and accident plans may allow customers to add riders to cover spouses or children or waive premiums in cases of disability. 

To learn about available riders, contact an insurance agent to review Shenandoah Life’s plans and optional insurance endorsements. 

Customer Service

To get a quote for one of Shenandoah’s policies, you have to work with an insurance agent. You can submit a request for information online to get details on policy features and costs. 

For general customer service, you can contact Shenandoah Life by calling 800-848-5433. Customer support is available Monday through Friday from 8:30 a.m. until 5:30 p.m. EST. 

Policyholders can use the customer portal at ShenLife.com to make payments or download policy information. 

Complaint Index

Before choosing an insurance company, it’s wise to see how many complaints are submitted about the insurer. To help you compare companies, the National Association of Insurance Commissioners (NAIC) releases complaint ratios every year. The industry standard is 1.0. Ideally, you would want a company with a ratio lower than that number since that means it received fewer complaints than the NAIC expects for a company of its size. 

The overall complaint ratio for the Shenandoah Life Insurance Company was 1.97 for 2020. That number is nearly twice as high as expected in the market, meaning the company received significantly more complaints than is typical for its share of the insurance market. 

Third-Party Ratings

Whenever you buy insurance, you want to know that the company is financially stable and can afford to pay out any claims you make. 

AM Best’s Financial Strength Ratings are a useful tool for evaluating companies. The ratings reflect AM Best’s opinions on insurers’ financial performance and outlook. 

In 2021, AM Best affirmed Shenandoah Life Insurance Company’s A- (Excellent) rating. 

Cancellation Policy

When you buy an insurance policy, you’re entitled to a free look period. In most places, the free look period lasts for 10 days after your policy’s issue date, but it can be longer in some states. During that time, you can decide to cancel your plan and get a full refund without paying any penalties or fees. 

Contact your insurance agent to discuss Shenandoah Life’s cancellation policies and procedures. 

Price

Shenandoah Life doesn’t have an online quotes tool; you have to work with an agent to get details on pricing. 

Like other insurance companies, the Shenandoah Life Insurance Company requires you to choose either “male” or “female” when getting a quote or submitting an insurance application; there isn’t an option if you identify as nonbinary. 

While being nonbinary doesn’t disqualify you from getting life insurance, you should be aware that most insurance companies haven’t updated their underwriting processes to reflect an awareness of gender issues. 

Competition

While Shenandoah Life offers group health and accident plans, it doesn’t sell individual life insurance anymore. Some life insurance products are available through its parent company’s other subsidiaries, but Shenandoah Life no longer issues them. 

If you’re looking for a convenient way to buy life insurance, consider Bestow. It only sells term life coverage, but it doesn’t require medical exams for its policies. You can get up to $1.5 million in term life coverage, and policies are backed by a 30-day money-back guarantee. 

Policies are underwritten by the North American Company for Life and Health Insurance, a well-known insurer. It has an A+ (Superior) rating from AM Best and an overall complaint ratio of 0.14 for 2020. 

  Shenandoah Life Bestow 
Market Share Not applicable Not applicable
Number of Plans  0 life insurance plans 1
Dividends for 2020  Not available Not applicable 
Wellness Program Discounts/Quit Smoking Incentives  Not applicable  Not applicable 
Service Method  Agents Online
AM Best Rating  A- (Excellent) A+ (Superior) 
Complaints Trend 1.97 0.14 
Final Verdict

Although the Shenandoah Life Insurance Company sells voluntary accident and health policies, it no longer underwrites new life insurance plans. If you’re looking for an individual life insurance plan, you’ll have to work with another insurer that is actively issuing policies. Not sure where to start? If you want an inexpensive term life policy, check out our selections for the best term life insurers of 2021.

Our Methodology: How We Review Life Insurance Companies

Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation. 

Article Sources

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  1. AM Best. "Shenandoah Life Insurance Company." Accessed Oct. 9, 2021. 

  2. NAIC. "Shenandoah Life Insurance Company - Licensing Report." Accessed Oct. 9, 2021. 

  3. NAIC. "North American Company for Life and Health Insurance - Complaint Index." Accessed Oct. 11, 2021. 

  4. AM Best. "AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries." Accessed Oct. 11, 2021.