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Prosperity Medicare Supplement Review

Last Updated: August 8th, 2022     Written by: Maninder S.

Prosperity Medicare Supplement Review

Prosperity Life Group has recently launched Medicare supplement plans which are available at the lowest rates in the market. But the rate/price of a policy is not the only factor that makes a policy good or bad.

Read on this complete Prosperity Medicare Supplement Insurance Review to learn in detail about the different Medicare plans offered by the company.

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Prosperity Life Insurance: Company Overview

Prosperity Life Group is a growing insurance company in the United States providing incredible financial security to individuals and special plans for seniors. The company offers protection, supplemental, and asset accumulation products through various channels for the purpose.

The different channels are – banks, independent marketing organizations, managing general agencies, and worksite channels.

There are more than one companies that are marketed under the name of Prosperity Life Group, LLC, including SBLI USA Life Insurance Company, Inc., S.USA Life Insurance Company, Inc., etc.

It is rated A- by A.M. Best, and its member companies, S.USA and SBLI USA Life Insurance, too, are rated excellent (A-). To read more about A.M. Best you can visit their website here: https://web.ambest.com/home

In addition, the company was started in 2010 and had offices in both New York and VA. It has a great timeline with immense insurance, operating, financial, M&A, reinsurance, and regulatory experience. 

Affiliated names include the following – 

  • Prosperity Life Insurance Company
  • Prosperity Life Insurance Group
  • Shenandoah Life Insurance Company

Medicare Supplement

Prosperity recently launched Medicare supplement insurance that added to its line of services that help people achieve their retirement goals.

Medicare Supplement Insurance, also known as Medigap or Med Supp, is insurance that helps you pay out-of-pocket expenses not covered by the original Medicare. To learn more about Medicare Supplement plans visit this article here: What is a Medicare Supplement Plan? 

Prosperity Life Medicare Supplements and Final Expense Life products are intended to keep the clients secure from the unexpected costs of life that might occur.

Explore the different Life Medicare Supplement Plans offered by S.USA, a subsidiary of Prosperity Life, and the benefits covered – 

  PLAN A  PLAN C PLAN F PLAN G PLAN N
Basic Benefits
Part B Coinsurance
Part A Deductible  
Skilled Nursing Facility Coinsurance  
Foreign Travel Emergency   80 % 80 % 80 % 80 %
Part B Excess Charges      
Part B Deductible      

Source – https://www.prosperitylife.com/ 

Click on this article to read more about the differences between Medicare supplement plans: Medicare Supplement Plans Comparison Chart

Note: All plans are not available in every state. Plan C and F are not available to Medicare beneficiaries who become eligible for Medicare on or after 1/1/2020.

The prices of prosperity’s Medicare plans are either the lowest or close to the lowest. 

PLAN PRICE
A $104 – $120
F $116 – $134
G $105 – $121
N $77 – $88

Note: The price of each plan depends on your gender and location.

 

Benefits of Prosperity Life Medicare Supplement Plans

The benefits of Prosperity Life Insurance Medicare supplement are – 

Household Discount

You are eligible to get a household discount if you live with a spouse who has or is applying for a Medicare Supplement policy with Prosperity Life or have lived with someone over the age of 18 for at least 12 months who has or is applying for a Medicare Supplement policy with Prosperity Life. 

A 30-Day Free Look Period

If you aren’t happy with your policy, you have the right to return it within 30 days. The company will consider the policy as never issued, and all the payments will be returned to the buyer.

Your Benefits Won’t Change

If the deductibles and copayment amounts change in the Medicare, the benefits included in the policy will also change, thereby covering the difference for you. You won’t be surprised by any unexpected adjustments. 

Guaranteed Renewable

The coverage stays intact throughout the period of your life insurance policy, provided that you pay your premiums on time and there are no misrepresentations on the application.

12-Month Rate Increase Guarantee

Prosperity offers a 12-month rate increase guarantee. It means that your rates are locked in place for the first year of your coverage but on the condition that you pay your premiums on time.

Let’s now discuss other Protection and Asset Accumulation Products offered by Prosperity.

Whole Life

A whole-life policy offered by Prosperity Life provides permanent coverage that lasts throughout your life as long as you pay the premiums. The policy also offers guaranteed level premiums through the age of 121 in terms of tax-deferred cash value. 

Eligibility – Policyholders between t15 days to 80 years of age with a minimum coverage of $50,000. 

An accelerated death benefit is also present to allow you access to 50% of your death benefit in case you fall terminally ill.   

Smart Life

The Smart Life whole life insurance policy from Prosperity Life offers level premiums. The premium-paying period ends at the age of 121 years. 

Eligibility – The policy is available for issue for the age between 15 days to 85 years, with coverage between $15,000 to $150,000. 

An accelerated death benefit is also present to allow you access to 50% of your death benefit in case you fall terminally ill.   

 

Whole Life Final Expense

Prosperity Life Insurance company offers a final expense life insurance whole life insurance policy that provides a guaranteed death benefit and the ability to accumulate cash value. 

Coverage amounts are between $1,500 to $35,000 with guaranteed level premiums. The policy is available for renewability through the premium payment period, which ends at the age of 121.  

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 

 

Term Life

PrimeTerm to 100, Graded Death Benefit Term

In the PrimeTerm to 100 Term Life policy, Prosperity Life offers a term of 20 years through the age of 100. It includes a graded death benefit. 

The premiums remain at the level after 20 years, but the policy converts to decreasing term coverage through the age of 100.

Coverage varies from $5,000 to $30,000, and annual reductions begin after the 21st year of your policy. 

Eligibility – Individuals between the ages of 40 and 80, or 50 to 75 in New York.

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 
 
Income Continuation Term

This policy offered by Prosperity Life offers the protection of your loved ones with monthly income after your death.

You can choose the amount and the period of payments. It can last for two, three, or five years or until your 70th birthday. 

This term life insurance policy terminates when you turn 70.

You get level premiums for the initial 10 years of the policy and optional inflation protection to grow the beneficiary’s monthly payment.

Additional lump-sum benefit rider for final expenses like funeral costs and other needs is also available.

Eligibility – Policyholders between the ages of 18 and 55 with monthly benefit amounts ranging from $500 to $20,000 in $500 increments. 

You also get an option to convert the policy before it completes 10 years. 

 

Renewable & Convertible Term

It is available with a coverage of $100,000 and more, which depends on eligibility. 

The renewable and convertible term policy features level premiums for a limited period. It is renewable through the age of 98, and you also get an option to convert the policy before you turn 75. 

An optional Waiver of Premium rider is available if you become totally disabled before 60 years of age.

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

Different bands determine the amount of coverage.

Band Coverage
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

This policy from Prosperity is available for policyholders between 18 and 60 years of age.

The coverage is available anywhere between $25,000 and $350,000. It offers guaranteed level premiums for the initial 10 years. After that, the policy gets renewed every five years till your 75th birthday and doesn’t require any proof of insurability.

Once you are 75 years of age, you can either renew it or convert it into a simple issue whole life policy without showing any proof of insurability.

Prosperity Life Group also offers a Universal Life Insurance Policy, which is called Legacy Solution Single-Premium Universal Life.

Life Insurance Prosperity – Riders

The following riders are available with different types of policies.

  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 
Whole Life  
Smart Life Whole   
Final Expense Insurance Whole Life         
Renewable & Convertible Term      
PrimeTerm To 100         
Income Continuation Term       
Simple Issue Term          

Go to the official website of Prosperity or contact its customer support to get a free quote on life insurance Prosperity products. 

 

Issuing Companies of Prosperity Life Insurance

  • SBLI USA Life Insurance Company, Inc.

SBLI USA is a New York domestic insurer headquartered in New York City.

  • S.USA Life Insurance Company, Inc. 

S.USA is an Arizona domestic insurer. It is authorized to do business in 47 states and the District of Columbia. Not authorized to do business in New York. 

  • Shenandoah Life Insurance Company, Inc. 

Shenandoah Life was founded in 1914 and is based in Roanoke, Virginia. The company focuses on performance, initiative, customer focus, and integrity to drive its business decisions. The company is not authorized to do business in New York. 

Note: Prosperity completed the acquisition of SBLI USA and S.USA in 2014. The acquisition of Shenandoah Life was completed in 2012.

 Pros and Cons

The following pros and cons are extracted from factual information about the company and the reviews present across the internet.

Pros

  • Authorized in New York: Prosperity Life Group is authorized to do business in New York and has sold life insurance in New York since 1939.
  • Multiple plan options: Prosperity Life offers multiple plans for the term, whole life, and universal life insurance. 
  • Flexible underwriting: Prosperity life insurance policies require simple underwriting that makes it easier to qualify and receive rates based on your health.

Cons

  • 3 Issuing Companies: Prosperity Life Group sells policies through three different issuing companies.
  • Several Support Departments: The unique structure of the company has led to the creation of several support departments that are based on the issuing company of your policy. It affects the client experience, as mentioned in customer reviews.

Contact one of our independent brokers of any of the issuing companies to get life insurance quotes for final expenses, term life, burial insurance, or other life insurance products.

Insurance Prosperity Life Group – Final Review

In conclusion, Prosperity Life Group is a great insurer with nationwide coverage and offers excellent financial reliability.

Though the inclusion of 3 different issuing companies may create a slight confusion among the buyers, the simple underwriting process of the company makes it a good choice over other insurance companies.

Give us a call at 1-888-559-0103

Get a free Medicare Supplement Quote

Related Posts

Does Prosperity offer the Medicare Supplement Plan G?

Prosperity Life Group, LLC offers Medicare Supplement plans, such as, Plan F, G, and N, through issuing companies such as SBLI USA Life Insurance Company, Inc., S. USA Life Insurance, Inc., and Shenandoah Life Insurance Company  Inc…  Read More

How long has Prosperity Life Insurance been around?

Prosperity Life Group, LLC – Founded in 2009, they acquired Shenandoah Life in 2012 and SBLI and S.USA in 2014 to offer life insurance and Medicare supplement plans…  Read More

Is Prosperity a part of SBLI?

Prosperity Life Group, LLC acquired SBLI in 2014 to offer life insurance and Medicare supplement plans…  Read More

Sources

  1. Prosperity Life Supplement Chart, Prosperity Life Group. Accessed June 2020.
    https://www.prosperitylife.com
  2. About Us, Prosperity Life Group. Accessed June 2020.
    https://www.prosperitylife.com/about

Prosperity Life Group

Rate stability
Competitive rates
Financial Stability
Coverage Area

Overall Rating

5 / 5 stars

Our Take

Our review of Prosperity Life Group, a managing group that has acquired such issuers as SBLI USA Life Insurance Company, Inc., S. USA Life Insurance Company, Inc., and Shenandoah Life Insurance Company, Inc. as overall competitor to offer attractive low rates.

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