Is Prosperity Part of SBLI?

In the year 2014 the news of Prosperity Life Insurance Group, LLC, acquired SBLI Life Insurance Company, Inc. via a sponsored demutualization, caused quite a stir.

Is Prosperity Part of SBLI?: A Blessed Union

Following the merger’s successful completion, Prosperity became the proud bearer of more than 350,000 policies, $2.7 billion in assets, and $18 billion in active life insurance through its operational companies, Shenandoah Life Insurance Company and SBLI USA.

A Merry Association Indeed

“We will leverage our financial strength and operational expertise to help SBLI USA resume issuing policies and return to prominence in the New York insurance market,” stated Anurag Chandra, CEO of Prosperity.

The other party also seemed to be singing the same merry tune.

“In Prosperity, we have found an experienced and financially strong partner to ensure our long-term success,” Mike Akker, CEO, and director of SBLI USA told the news. “Working with New York communities and banks, we plan to introduce SBLI USA to a new generation of customers.”

The corporate headquarters of SBLI USA, which will operate as a fully-owned subsidiary of privately held Prosperity, will continue to remain in New York City. Policyholders of SBLI USA and the New York State Department of Financial Services approved the sponsored demutualization of SBLI USA and takeover by Prosperity.

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Prosperity Life Insurance Group, LLC.

In case you aren’t already working with one of its well-regarded issuing firms, Prosperity Life Group can be an excellent option for whole, term, and universal life insurance coverage.

How it Started?

History

In collaboration with Black Diamond Capital Partners and Reservoir Capital Group, LLC, Prosperity Life Group was founded in 2009. In 2012, the business bought Shenandoah Life, which began in Roanoke, Virginia, in 1916 as the Shenandoah Life Insurance Company. It bought the New York-based SBLI Group in 2014.

Standing Partners 

The three-member companies that makeup Prosperity Life Group today are SBLI USA Life Insurance Company in New York, S.USA Life Insurance Company in Arizona, and Shenandoah Life Insurance Company in Virginia. More than 300,000 policies totaling more than $13 billion in life insurance, as per the current data, are held by Prosperity Life Group collectively.

Whole, Term, & Universal Insurance Coverage for All

Through cutting-edge life insurance solutions, supplemental insurance, and annuity products, Prosperity Life Insurance Group, a booming insurance company, offers financial security benefits to people and their families.

Key Features 

  • Whole, term, and universal life insurance are all offered by Prosperity Life Group.
  •  The company also writes life insurance policies through Shenandoah Life Insurance Company and SBLI USA Life Insurance Company.
  • There is no medical examination necessary, and a medical questionnaire is required to purchase life insurance plans in all 50 states.

The Prosperity Plans Benefit for every Term

Headquartered in New York

  • Unlike some other newly emerged life insurance companies, Prosperity Life has been offering life insurance in New York since 1939, when it started doing so under the name of the SBLI Fund, or Savings Banks Life Insurance Fund. So you know you can trust your insurance firm.
 

Wide Variety of Potential Plans

  • There are numerous term, whole, and universal life insurance plans available from Prosperity Life for your special needs.
 

User-friendly Malleable Underwriting

  • Prosperity life insurance policies provide a variety of underwriting risk classes, making it simpler to get approved and obtain rates based on your health.

 

What do users have to say about Prosperity?

Prosperity Life Insurance is evaluated both independently and through the firms that it issues policies, and AM Best gives all four companies an A- (Excellent) rating.

This denotes a high level of financial dependability.

A high rating from AM Best denotes financial soundness and frequently results in effective claims processing when you need it the most, even though some businesses may find it difficult to process or pay claims.

 

sbli usa logo

 

The Savings Bank Life Insurance Fund, which would later be renowned as SBLI USA Mutual Life Insurance Company, Inc., was founded in New York in 1939. SBLI USA is a life insurance company with its headquarters in New York. For more than 75 years SBLI USA has been offering affordable life insurance coverage, helping these eminent New York customers.

Is Prosperity- SBLI USA Life Insurance Expensive? 

Prosperity Life management promotes a quick application procedure without a physical. All applicants need to do is respond to a few medical questions. If you smoke, there are also unique underwriting requirements. An overview of some extra aspects may also have an effect on how much your Prosperity life insurance policy costs.

Some Additional Factors:

Insurance companies often take your medical history into account and may charge you more if you have a prior ailment or a history of major medical conditions in your family. Some insurance policy providers also evaluate risk based on your driving history and lifestyle elements like your interests. Another consideration is gender and age, though most businesses base the pricing on your sex at birth rather than your current gender identification.

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Customer Service- Prosperity Group

Prosperity Life is not rated, although the National Association of Insurance Commissioners (NAIC) keeps track of all three of its issuing businesses for its consumer complaint index.

Prosperity Life’s issuing firms, employing a baseline score of 1.0, all have scored well below the norm, indicating that they receive significantly fewer complaints than the average.

The 2020 ratings for Shenandoah Life Insurance Company are 0.32, SBLI USA Life Insurance Company, Inc. is 0.22, and S.USA Life Insurance Company, Inc. is 0.32. It demonstrates that excellent customer support is still available, irrespective of which issuer allocates your policy.

Contact

Prosperity Life can be contacted in a number of ways.

Depending on the type of insurance you have, Prosperity Life should be contacted accordingly. Check your policy to see if Shenandoah Life Insurance Company, SBLI USA, or S.USA Life Insurance Company, Inc. is your issuer. Visit their official site for more information.

Stay tuned with us for more such resources that clear your view and aid you in making the best insurance-related decisions.