How long has Prosperity Life Insurance been around?

Over the years Prosperity Life Group has made its mark in the US insurance industry. What is their philosophy? How did they start? What do we know about their partners? What benefit sets them apart from the market?

Life Insurance Journal: How long has Prosperity Life Insurance been around?

Prosperity is the new unified face of three widely renowned and loved US insurance firms- Shenandoah Life, S.USA Life Insurance Company, and SBLI USA Life Insurance Company. Thus indicating that any one of these three businesses underwrites its products.

Austin, Texas, serves as the current headquarters for Prosperity, which was established in 2009. Although they sell their goods through banks and other financial institutions, the corporation relies significantly on regional representatives working as insurance agents.

 

Objectives

In order for you and your family to enjoy a flourishing existence, Prosperity Life Group has developed cutting-edge illness life insurance, asset accumulation, and supplemental health solutions.

They’ve laid out their roots to give you everything you need to insure confidence and protect what matters most. This includes offering protection for your family, paying for unforeseen medical expenses, and achieving your final retirement goals.

They advise seniors looking for new final expense insurance to consider which one of their products can help relieve the financial strain on remaining family members by covering funeral costs, unpaid medical bills, and other end-of-life commitments.

 

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Prosperity Life Group Member Companies

Prosperity Group has leveraged the excellence of true insurance stars. Their three-member companies bring a diverse set of power points to the table. With a widespread network of agents, truly amazing policies, and a great customer-dedicated team, they have been giving it all to realize their vision.

Their member companies collectively have the benefit of a solid foundation and a history that goes back more than a century.

 

SBLI- A US-based life insurance provider company

With its main office in New York City, US, SBLI USA has been providing life insurance for the New York market for more than 75 years. It has a long history of collaborating with banks to create and deliver new products that continue to satisfy its clients’ financial goals.

 

S. USA- Arizona-based insurance provider company

Licensed to conduct business in 47 states and the District of Columbia is the S.USA Life Insurance Company, Inc., an Arizona-based domestic insurer.

S.USA provides a broad range of products via a variety of distribution channels.

Company of Shenandoah Life Insurance

Since its founding more than a century ago, Shenandoah Life has placed a significant emphasis on performance, ingenuity, customer attention, and honesty.

 

 

How It Started?- The Timeline 

Prosperity was never supportive of expansion for the sake of it.

They strive to support intellectual advancement. Because of this, they have grown by fusing their knowledge with that of like-minded companies, giving the business the foundation and highly modernized resources it needs to thrive in the cut-throat world of today.

1916

As a Virginia insurance firm with its headquarters in Roanoke, Virginia, Shenandoah Life Insurance Company is established as one of the oldest insurance firms in the area.

USA Shenandoah Life Insurance Company offers an extensive range of voluntary group benefits.

Their best-selling products include voluntary workplace critical illness insurance plan, voluntary worksite cancer insurance plan, and voluntary worksite accident insurance products. Despite the fact that it no longer offers new life insurance policies, Shenandoah Life agents are really making the best of what they’ve got.

 

1939 and 1999

The Savings Banks Life Insurance Fund (hereafter referred to as “SBLI Fund”) started offering insurance in the state of New York in 1939.

In 1999 the SBLI Fund became the SBLI USA Mutual Life Insurance Company of New York, Inc. (“SBLI USA”), a mutual life insurance company domiciled in New York.

SBLI USA Life Insurance company does provide over a million families with quality, effective, and inexpensive life insurance.

SBLI USA Life group has always been a leader in life insurance that is affordable, and it now has some of the lowest rates in the nation for both men and women. Due to its long history of financial stability and careful investment strategy, SBLI is able to do this.

It’s business as usual at SBLI when it comes to life insurance. This entails clear answers, quick and convenient service, and a variety of products to suit every family’s needs at every stage of life and on any budget.

2000

SBLI USA Mutual Life Insurance Company, Inc. establishes S.USA Life Insurance Company (“S.USA”) as a wholly-owned subsidiary.

Life Insurance Company is a developing insurer that offers people financial stability through asset building, protection, and additional products. Their Medicare Supplement Plans are among their most well-liked offerings. They make an effort to offer Medicare beneficiaries the best customer service and the lowest prices in the nation.

 

2009

Black Diamond Capital Partners and Reservoir Capital Group, LLC partnered with a vision to create Prosperity Life Insurance Group, LLC.

As a reputed insurance company called Prosperity Life offers a variety of life, health, property, and casualty insurance products, and services.

 

2012

Through a widely supported mutual demutualization and acquisition of Shenandoah Life, Prosperity Life Insurance Group, LLC expands in the year 2012.

According to officials, United Prosperity has invested at least $60 million in Shenandoah Life.

In February 2009, the Virginia State Corporation Commission declared Shenandoah Life, Roanoke, Va., in receivership. It appointed the state’s insurance commissioner as the deputy receiver with the responsibility of safeguarding the rights of the business’s creditors and policyholders.

 

2014

The most sought-after merger of SBLI and Prosperity caused quite a stir in the insurance domain.

With the acquisition of SBLI USA and the supported demutualization of SBLI, Prosperity Life Group, LLC continues to expand.

Shenandoah, SBLI USA, and S.USA are now the new main operating members of Prosperity Life Insurance Group, LLC, also known as “Prosperity Life Group.”

 

2019

Prosperity Life Insurance Consortium LLC has been acquired by a group of investor companies that includes associates of Paul Singer’s Elliott Management Corp. Investment firm financed by subsidiaries of the brand name Elliott Management Corporation (collectively, “Elliott”); operating executives of Wand Partners, Inc. (“Wand”), a private investment business with an emphasis on insurance, took over Prosperity.

Two multi-strategy funds that Elliott Management Corporation runs have a total asset base of about $35 billion. One of the oldest funds of its kind under continuous management, Elliott Associates, L.P., is one of the company’s flagship funds and was established in the year 1977.

Wand Partners has generally concentrated on specialized financial services, especially insurance. The Wand has successfully sponsored and invested in thirteen platform insurance startups throughout the years.

 

 

What Does Present Day Data Say?

As per currency data, Prosperity Life Insurance Group, LLC covers more than 300,000 policies through the three licensed insurance businesses.

Working diligently towards their goal of supplying customers and their families with financial security benefits through cutting-edge life insurance protection, asset accumulation, and supplemental health insurance products.

 

 

Cost-Effective Life Insurance Policy & Term Plans by Prosperity 

Affordable Life Insurance for every age group

It’s encouraging to discover that Prosperity offers reasonably priced life insurance in the US for all ages, as seniors currently have few options for life insurance.

 

For level-term last expense coverage

We discovered them to be extremely affordable.

A $15,000 last expense coverage for a healthy, non-smoking male costs less than $50 at age 50 and less than $120 at age 70.

The costs for female non-smokers are much lower; a 70-year-old lady may get the same policy for just over $85.00 per month.

However, because these rates frequently depend on a wide range of variables, speak with an agent before deciding on a course of action.

 

Flexibility 

There are a variety of available payment schedules, including monthly, quarterly, semi-annual, annual, and even lump-sum payments (the latter for select policies only).

 

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Compare Medicare Supplement plans by premium, rating and rate increase history.

 

Service Brochure- Prosperity Life Insurance Group

The following services are offered by Prosperity Group:

Annuities:

Fixed Index Annuity

For the purpose of assisting you in achieving your retirement objectives, Prosperity Life harnesses a special combination of functions in annuities devised by Safe Solutions.

It offers the plan for possible interest rates to increase based on changes to the S&P 500®.

Additionally, because the account value increases tax-deferred, the annuities will grow faster than a taxable account.

No other product type gives you the chance to get upside interest based on increases in an index while providing downside protection with a minimum interest rate of 1% that is guaranteed.

 

Single-Premium Deferred Annuity

A great option for diversifying your retirement portfolio is Select Choice annuities. This one-time payment, the tax-deferred annuity, is a fantastic method to guarantee yourself a consistent income throughout retirement.

With flexible income options, you can decide whether to accept income distributions for the rest of your life or for a predetermined amount of time.

Your money will increase faster because you won’t pay taxes on your earnings until you remove the money or begin drawing from your annuity. Take comfort in knowing that, should you pass away before receiving payments, your annuity’s full contract value will be paid to your beneficiaries.

 

Supplement Healthcare:

Medicare Supplement Insurance Policy

Introducing Prosperity Life Group’s “NEW” Medicare Supplement product.

Give your customers the benefit of protection they need with products that were created with inventiveness, protection, and greatness in mind.

Securing Medicare Supplement protection for your clients has never been simpler, thanks to economical pricing, instant decision, automated underwriting, and voice signature capabilities.

Voluntary Worksite Accident Insurance 

By definition, accidents are unpredictable. Additionally, even though they are beyond our control, having accident insurance gives you the assurance that your family will not suffer financial loss.

 

Voluntary Worksite Cancer Insurance 

After receiving a cancer diagnosis, people are taking up the far-reaching benefits of medical advancements. This further implies that it is difficult to forecast how much cancer therapies will cost.

Having this coverage makes it easier to manage the higher out-of-pocket costs brought on by a cancer diagnosis and frees the individual to concentrate on what is really crucial—getting better.

 

Voluntary Worksite Critical Illness Insurance 

When people are most at risk, which is during the working years, critical illness coverage gives tailored benefits to complement traditional health insurance.

The financial burden of expenses related to a critical illness, such as out-of-pocket costs for medical care, home healthcare, travel to and from treatment centers, rehabilitation, and other costs, can be lessened with the help of benefit payments.

 

Life Insurance Plans:

Final Expense

Final Expense Whole life insurance plan, commonly referred to as permanent life insurance or final expense, offers protection for the duration of the policy, as the name implies.

Additionally, Final expense insurance offers death benefits, cash value, and guaranteed level premiums benefit.

As long as the premiums are paid when due, you are still insured with the final benefit.

 

Graded Death Benefit Term 

Graded Death Benefit Term plan, offered by PrimeTerm to 100SM, has been created to provide customers who may have had trouble obtaining insurance in the past with competitively cost life insurance coverage.

 

Income Continuation Term Life Insurance

What would your family do if you were unexpectedly unable to meet their needs?

You can select a monthly sum to be delivered to your loved ones in the case of your death with the Income Continuation Term policy. This monthly installment stream may be paid for a certain length of time, or until you turn 70, depending on the plan you select.

This coverage will enable your family to maintain the standard of living you’ve worked so hard to secure for them.

 

Renewable & Convertible Term Life Insurance 

It need not break the bank to provide for your loved ones in the event of your passing.

They provide a flexible, cost-effective renewable, and convertible term life plan to fulfill your requirements at any stage of life.

Are you concerned about an unexpected disability?

With the new optional Waiver of Premium rider offered by this product, you can maintain the status quo of your insurance even if you become permanently handicapped and are unable to pay the premium.

 

Simple Issue Term Life Insurance  

It’s not necessary to have sophisticated life insurance. Protecting your family should be less stressful. To give you simple access to the inexpensive protection you require without the trouble you don’t want, they offer a Simple Issue Term life insurance policy.

 

Whole Life

To augment your retirement income or cover your final expenses, are you seeking a permanent life insurance final solution? If so, it’s time to discuss Whole Life insurance benefits with an agent.

This final policy creates cash value that can be accessed for any purpose, including making bequests to your loved ones, and has guaranteed level premiums benefit along with the obvious death benefit.

 

Single-Premium Life Insurance

You put a lot of effort into earning your retirement. You should now consider creating a legacy for your family to inherit once you pass away. Legacy Solution has designed its plans to cease all your worries.

 

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Compare Medicare Supplement plans by premium, rating and rate increase history.

 

Review and Ratings

Private insurance rates are offered by Prosperity Life Insurance Group. Online claim forms for Prosperity Life Group are available. In 35 states and Washington, D.C.Prosperity Life insurance benefit is available. The latest AM Prosperity Life’s top rating is an A-, implying good enough reviews for the firm. However, it might be a bit heavy on the pocket, so it’s advisable to continue exploring other quotes before you seal the deal.