Great Western Final Expense Review (2025 Update)

Planning for end-of-life expenses is a crucial step in securing peace of mind for yourself and your loved ones. Final expense insurance, often called burial insurance or funeral insurance, is designed specifically to cover these costs, such as funeral services, cremation, medical bills, or other debts left behind. One company specializing in this area is Great Western Insurance Company (GWIC). But is their final expense policy the right choice for you? Understanding your options is key.

Welcome to Insurance By Heroes. We’re an independent insurance agency founded by a former first responder and military spouse, and many on our team share backgrounds in public service. We understand the importance of reliable protection and clear communication. Our mission is to serve you by shopping the market across dozens of top-rated insurance carriers to find the coverage that truly fits your unique needs and budget. While this article focuses on Great Western Insurance Company final expense policies, remember that they are just one piece of a much larger puzzle. The best policy for your neighbor might not be the best policy for you, which is why comparing options through an independent agency like ours is so valuable.

What is Final Expense Insurance?

Final expense insurance is a type of whole life insurance policy with smaller death benefits, typically ranging from $2,000 to $50,000. Unlike term life insurance, which covers you for a specific period, whole life insurance provides coverage for your entire life as long as premiums are paid. Key features usually include:

• Fixed premiums that never increase.
• A guaranteed death benefit that never decreases.
• Cash value accumulation over time, which you might be able to borrow against (though this reduces the death benefit if not repaid).
• Simplified or no medical underwriting, making it accessible for seniors or those with health issues.

The primary goal is to ensure funds are readily available to cover funeral costs, burial expenses, final medical bills, credit card debt, or any other financial loose ends your family might face upon your passing. This prevents loved ones from dipping into their savings or facing financial hardship during an already difficult time.

About Great Western Insurance Company (GWIC)

Great Western Insurance Company has carved out a specific niche in the insurance market, focusing primarily on pre-need funeral insurance and final expense life insurance since its founding. Based in Ogden, Utah, GWIC has built a reputation around serving the senior market with products designed to address end-of-life financial needs.

Financial strength is a critical factor when choosing any insurance provider. You want assurance that the company will be around to pay the claim when the time comes. Insurance ratings agencies like AM Best evaluate companies based on their financial health and ability to meet policyholder obligations. It’s always wise to check the current rating of any insurer you are considering. Great Western generally holds respectable ratings, but like any financial assessment, these can change. At Insurance By Heroes, we constantly monitor the financial stability of the dozens of carriers we work with, ensuring we only recommend reputable companies.

Great Western’s focus on final expense means their products are tailored to this specific need, often featuring simplified application processes and options for individuals with pre-existing health conditions. However, specialization doesn’t automatically mean they offer the best price or features for everyone. Different insurers have different underwriting guidelines and pricing structures, which is why comparison shopping is essential.

Exploring Great Western Insurance Company Final Expense Policies

Great Western typically offers a couple of main types of final expense whole life insurance policies. While specific product names and details can change, they generally fall into these categories:

Simplified Issue Final Expense (Level Benefit)

This type of policy involves answering several health questions on the application, but typically does not require a medical exam. Based on your answers, you might qualify for immediate, full coverage from the first day the policy is active (a level death benefit).

• Coverage Amounts: Often range from around $5,000 up to $40,000 or $50,000, depending on age and state availability.
• Issue Ages: Commonly available for individuals aged 40 or 50 up to 80 or 85.
• Underwriting: Uses health questions, prescription history checks, and potentially MIB (Medical Information Bureau) reports. Certain health conditions might lead to disqualification or an offer for a graded benefit policy instead.
• Benefit Payout: If approved, the full death benefit is payable from day one, whether death occurs due to illness or accident.

This is often the most desirable type of final expense policy if you can qualify, as it provides immediate full protection.

Guaranteed Issue Final Expense (Graded or Modified Benefit)

For individuals who may not qualify for simplified issue coverage due to significant health problems, Great Western often offers a guaranteed issue or guaranteed acceptance policy. As the name suggests, acceptance is guaranteed within certain age ranges, regardless of health history.

• Coverage Amounts: Typically smaller than simplified issue, often maxing out around $20,000 or $25,000.
• Issue Ages: Usually available for individuals aged 40 or 50 up to 80.
• Underwriting: No health questions, no medical exam. Approval is virtually guaranteed if you meet the age and residency requirements.
• Benefit Payout (Graded): These policies come with a “graded” death benefit. This means if death occurs due to natural causes (illness) during the first two or sometimes three years of the policy, the beneficiaries receive a return of the premiums paid, often plus some interest (e.g., 10%). If death occurs due to an accident during this graded period, the full death benefit is typically paid. After the graded period (e.g., two years), the full death benefit is paid regardless of the cause of death.

Guaranteed issue policies provide a safety net for those who might otherwise be uninsurable, but the waiting period for the full benefit for natural death is a significant trade-off.

Potential Riders and Features

Great Western final expense policies might also include riders (optional add-ons) or built-in features, such as:

• Accelerated Death Benefit Rider: Allows the policyholder to access a portion of the death benefit while still living if diagnosed with a qualifying terminal illness. This is often included at no extra cost.
• Accidental Death Benefit Rider: Provides an additional payout if death occurs as the result of a covered accident. This usually comes with an extra premium.

The availability and specifics of these riders can vary by state and policy type. It’s important to understand exactly what is included and what costs extra.

Remember, while these are common structures for Great Western Insurance Company final expense products, the specifics can vary. Furthermore, how GWIC underwrites and prices these policies relative to competitors is crucial. An applicant with a specific health condition might find GWIC is the best option, while another applicant with a different condition might get significantly better rates or immediate coverage elsewhere. This is where the expertise of an independent agency like Insurance By Heroes becomes invaluable – we navigate these nuances across many companies for you.

Pros of Great Western Final Expense Insurance

Based on their typical product offerings, Great Western final expense insurance can have several potential advantages:

• Focus on Final Expense: Their specialization means their products and processes are often streamlined for this specific need.
• Guaranteed Issue Option: They provide a pathway to coverage for individuals with serious health conditions who might be declined elsewhere. This offers peace of mind that *some* coverage can be secured.
• Simplified Underwriting: Their simplified issue policies often have straightforward health questions and relatively quick approval times compared to fully underwritten life insurance.
• Potential for Competitive Niche Pricing: Depending on specific age bands or health profiles, GWIC might occasionally offer competitive rates, particularly for their guaranteed issue product (though “competitive” for guaranteed issue is still generally higher than simplified issue).
• Accelerated Benefits: The common inclusion of an accelerated death benefit rider for terminal illness adds significant value, providing access to funds during a critical time.

However, these pros must be weighed against potential cons and, more importantly, against offers from other insurance carriers.

Cons and Considerations for Great Western Final Expense

While Great Western fills an important role, there are potential drawbacks and factors to consider:

• Cost: Guaranteed issue policies, by nature, are more expensive than simplified or fully underwritten policies because the insurer accepts applicants without knowing their health status. Even their simplified issue rates may not be the most competitive across the board compared to other carriers specializing in final expense.
• Graded Death Benefit Limitations: The two-year waiting period (or sometimes longer) on guaranteed issue policies for the full benefit for natural death is a significant limitation. If the insured passes away from illness during this period, the payout is only a return of premiums plus interest, which might not be enough to cover final expenses. Many other carriers offer similar graded products, but some might offer first-day coverage for certain conditions where GWIC might only offer graded.
• Coverage Limits: The maximum coverage amounts (e.g., $40,000 or $50,000) might be lower than what some other final expense carriers offer. If you need a higher amount, GWIC might not be suitable.
• Limited Product Diversity: As specialists, they don’t offer the wide range of insurance products (like term life, universal life, large whole life policies, annuities) that larger, multi-line insurers do.
• State Availability: Like all insurers, their products and specific features may not be available in every state.

This is precisely why working with Insurance By Heroes is so advantageous. We don’t just look at one company like Great Western. We analyze your specific health profile, budget, and coverage needs and compare quotes and policy features from dozens of carriers. Maybe Great Western *is* the best fit for you, perhaps due to a specific health condition they view more favorably. Or maybe another company offers immediate coverage at a lower premium, or a higher coverage amount for the same price. You won’t know unless you compare, and we do that work for you.

Who Might Benefit Most from Great Western Final Expense?

Considering their product structure, Great Western Insurance Company final expense policies might be a particularly strong consideration for:

• Individuals with Significant Health Issues: Their guaranteed issue policy provides a valuable option for those who have been declined for coverage elsewhere due to conditions like recent cancer, heart attack or stroke, COPD requiring oxygen, or organ transplants.
• Seniors Seeking Smaller Coverage Amounts: If you only need $5,000 to $25,000 to cover basic funeral costs and prefer a guaranteed acceptance option, GWIC could be on the list.
• Applicants Within Specific Age/Health Niches: Sometimes, an insurer’s pricing is more competitive for very specific demographic segments. GWIC might fit this profile for certain applicants seeking simplified issue coverage, although comparison is still needed.

However, even if you fall into one of these categories, it doesn’t automatically mean Great Western is the optimal choice. For example, some health conditions might qualify you for a graded benefit with GWIC but immediate or partially immediate coverage with another carrier. Others might offer lower premiums for the same graded benefit. The insurance market is complex, and underwriting guidelines vary significantly between companies.

At Insurance By Heroes, we often find that clients are surprised by the options available to them, even with health conditions. Don’t assume you only qualify for a guaranteed issue policy or that one company’s quote is the best you can get. Let us leverage our access to multiple carriers to find the best possible solution for *you*.

Why Use an Independent Agency Like Insurance By Heroes?

You could try to get a quote directly from Great Western or another single insurance company (a “captive” agent works for only one company). But why limit your options? Working with an independent agency like Insurance By Heroes offers significant advantages:

• Access to Choice: We partner with dozens of highly-rated insurance carriers, not just one. This includes Great Western, but also many others specializing in final expense and other life insurance products. We bring the market to you.
• Unbiased Advice: Our loyalty is to you, our client, not to any single insurance company. Our goal is to find the policy that best serves *your* interests, considering coverage, cost, and carrier reputation. We’ll tell you if Great Western looks like a good fit, or if another carrier offers a better value proposition for your specific situation.
• Expertise and Guidance: Final expense insurance, especially with varying underwriting rules and graded benefit structures, can be confusing. Our experienced agents understand the nuances. We can explain the differences between policies, clarify the fine print, and help you make an informed decision.
• Tailored Solutions: We take the time to understand your health history, financial situation, and what you want the insurance to achieve. We then use this information to shop the market effectively and present you with personalized options.
• One-Stop Shopping: Instead of filling out multiple applications or contacting numerous companies, you work with one dedicated agent at Insurance By Heroes who handles the comparison process for you, saving you time and hassle.
• Service You Can Trust: Founded by individuals with backgrounds in service (first responders, military families), Insurance By Heroes operates on principles of integrity, transparency, and commitment to our clients’ well-being. We’re here to serve you, just as we served our communities.

Choosing the right final expense policy is too important to leave to chance or limit to a single option. Let Insurance By Heroes put the power of choice back in your hands.

How Insurance By Heroes Helps You Compare Final Expense Options

When you reach out to Insurance By Heroes for a final expense quote, here’s what you can expect:

1. Understanding Your Needs: We start with a conversation. We’ll ask about your age, health history (be honest – this helps us find the best options!), the amount of coverage you think you need, your budget, and who the beneficiaries will be.
2. Market Analysis: Armed with your information, we access our network of dozens of insurance carriers. We input your details into quoting systems that compare rates and underwriting guidelines across these companies simultaneously. This includes seeing how Great Western Insurance Company final expense policies stack up against competitors for someone with your profile.
3. Presenting Options: We don’t just give you a list of prices. We present the best options clearly, explaining the pros and cons of each. We’ll show you:
   • Which policies offer immediate (level) benefits versus graded benefits.
   • How the premiums compare for similar coverage amounts.
   • Any key differences in riders or features.
   • Information about the financial strength of the recommended carriers.
4. Answering Your Questions: We encourage questions! We want you to feel completely comfortable and confident in your understanding of the policy you choose. We’ll explain terms like “graded benefit,” “cash value,” or “accelerated death benefit” in plain language.
5. Application Assistance: Once you’ve chosen a policy, we guide you through the application process, making it as smooth and simple as possible.

Our process is designed to find the intersection of adequate coverage, affordable premiums, and suitable underwriting for your specific health situation. Whether the best fit ends up being Great Western or another excellent carrier, you’ll know you made an informed choice based on a comprehensive market comparison.

Understanding Final Expense Insurance Costs

Several factors influence the premium you’ll pay for final expense insurance:

• Age: The younger you are when you apply, the lower your premiums will generally be. Rates increase significantly with age.
• Gender: Statistically, women live longer than men, so they often pay slightly lower premiums.
• Health Status: Applicants in good health who qualify for simplified issue (level benefit) policies will pay less than those who only qualify for guaranteed issue (graded benefit) policies. Specific health conditions are assessed differently by each insurer.
• Coverage Amount: The higher the death benefit, the higher the premium.
• Policy Type: Guaranteed issue policies cost more than simplified issue policies for the same age and coverage amount due to the higher risk the insurer takes.
• Tobacco Use: Smokers or tobacco users typically pay significantly higher premiums than non-users.
• Payment Mode: Paying annually might be slightly cheaper than paying monthly due to administrative savings for the insurer.

Because premiums are based on these individual factors and vary widely between insurers, getting personalized quotes is essential. A quote you see advertised online might not reflect the actual price you qualify for. Insurance By Heroes provides accurate quotes based on *your* specific details, pulled from dozens of carriers to find the most competitive rate available to you.

The Application Process Simplified

Applying for final expense insurance, especially through an agency like Insurance By Heroes, is generally straightforward:

1. Quote Request: Start by filling out the quote form on our website or giving us a call.
2. Consultation: We’ll discuss your needs and health details (as mentioned above).
3. Comparison: We run the comparisons across multiple carriers.
4. Review Options: We present the best choices to you.
5. Application: Once you select a policy, we help you complete the application. For simplified issue, this involves answering health questions. For guaranteed issue, it’s typically just basic demographic information. Applications are often completed electronically or over the phone.
6. Underwriting Review: The insurance company reviews your application. For simplified issue, this may involve checking prescription history databases and the MIB. Guaranteed issue usually involves minimal verification (age, residency).
7. Approval & Policy Issuance: Once approved, the insurance company issues the policy documents. This process can take anywhere from a few minutes (for some guaranteed issue) to a few days or weeks (for simplified issue).
8. Policy Delivery & Review: We ensure you receive your policy and review it with you one last time to make sure everything is clear and accurate. Most states mandate a “free look” period (often 10-30 days) during which you can cancel the policy for a full refund if you change your mind.

Our team at Insurance By Heroes guides you every step of the way, making sure the process is efficient and easy to understand.

Conclusion: Find Your Best Fit with Insurance By Heroes

Great Western Insurance Company offers specialized final expense policies, particularly their guaranteed issue option, which can be a vital safety net for individuals with significant health challenges. Their simplified issue products also add to the market landscape. However, they are just one provider among many excellent options.

The final expense insurance market is diverse, with numerous carriers offering different products, pricing structures, and underwriting niches. Relying on a single company’s quote could mean overpaying or settling for less suitable coverage, like a graded benefit when you might qualify for immediate coverage elsewhere.

At Insurance By Heroes, we believe in empowering you with choice and clarity. As an independent agency founded on principles of service and integrity, we leverage our access to dozens of top carriers to compare the market meticulously on your behalf. We analyze policies from companies like Great Western alongside many others to find the final expense insurance that delivers the best combination of value, security, and peace of mind for your specific circumstances.

Don’t navigate this important decision alone or with limited options. Take the first step towards securing affordable, reliable final expense coverage tailored to you.

Ready to compare your options and find the right final expense plan? Fill out our quick and easy quote form now. Let the dedicated team at Insurance By Heroes review options from Great Western and dozens of other top carriers to find the best coverage for your needs and budget. Get your free, no-obligation quotes today!