Great Western Final Expense Review [2025 Update]

Planning for end-of-life expenses is a crucial step in securing your family’s financial future and providing peace of mind. Final expense insurance is designed specifically to cover costs like funerals, burials, medical bills, and outstanding debts, ensuring your loved ones aren’t burdened during an already difficult time. One company specializing in this area is Great Western Insurance Company (GWIC). In this updated 2025 review, we’ll explore Great Western insurance final expense policies, their features, and who they might be suitable for.

However, it’s vital to understand that the insurance landscape is vast, and no single company, including Great Western, is the perfect fit for everyone. Health conditions, budget constraints, and desired coverage levels vary significantly from person to person. That’s where Insurance By Heroes comes in. As an independent insurance agency founded by a former first responder and military spouse, we understand the importance of reliable protection and unbiased advice. Our team, many with backgrounds in public service, is dedicated to serving you. We partner with dozens of top-rated insurance carriers across the nation. This allows us to objectively compare policies and rates, including those from Great Western, to find the coverage that truly aligns with your unique needs and budget. Throughout this review, we’ll highlight why comparing options through an agency like ours is essential.

Understanding Final Expense Insurance: The Basics

Before diving into Great Western’s specific offerings, let’s clarify what final expense insurance entails. Also known as burial insurance or funeral insurance, it’s typically a type of whole life insurance policy with smaller coverage amounts compared to traditional life insurance.

• Purpose: The primary goal is to cover end-of-life costs. These can include funeral home services, burial plots, caskets or urns, cremation fees, headstones, memorial services, outstanding medical bills, legal fees, and small debts.
• Coverage Amounts: Policies usually range from $2,000 up to $40,000 or sometimes $50,000, depending on the insurer and the specific product. This is generally sufficient to cover typical final expenses.
• Policy Type: It’s almost always whole life insurance. This means the coverage lasts for your entire lifetime (as long as premiums are paid), premiums typically remain level, and the policy builds cash value over time, which you might be able to borrow against.
• Simplified Underwriting: Most final expense policies feature simplified underwriting. Instead of a medical exam, applicants usually just answer several health questions on the application.
• Guaranteed Issue Option: For individuals with significant health problems who may not qualify for simplified issue policies, many insurers offer guaranteed issue (or guaranteed acceptance) final expense insurance. These policies ask no health questions, but they come with higher premiums and typically include a graded death benefit for the first two or three years.

The graded death benefit is a critical feature of guaranteed issue policies. If the insured passes away from natural causes (illness) during the waiting period (usually the first 24 months), the beneficiaries typically receive a return of the premiums paid, often plus some interest (e.g., 10%), rather than the full policy face amount. Death due to an accident is usually covered in full from day one. This waiting period protects the insurance company from insuring individuals who are already terminally ill.

Choosing between simplified issue and guaranteed issue, and selecting the right coverage amount, depends entirely on your personal health profile and financial situation. This variation underscores the value of working with an independent agency like Insurance By Heroes. We assess your specific circumstances and compare offers from multiple carriers – Great Western included – to determine which type of policy and which company offers the best value and terms for *you*.

About Great Western Insurance Company (GWIC)

Great Western Insurance Company, headquartered in Ogden, Utah, has carved out a niche in the senior market, primarily focusing on final expense and pre-need insurance solutions. Founded originally to serve funeral directors, the company has expanded its reach to offer products directly to consumers, often through independent agents.

Key points about GWIC:

• History: Established in 1983.
• Focus: Specializes in final expense whole life insurance and pre-arranged funeral funding plans (pre-need insurance).
• Financial Strength: Assessing an insurer’s financial stability is crucial. Financial strength ratings indicate a company’s ability to meet its policyholder obligations. As of recent assessments, Great Western Insurance Company holds an “A-” (Excellent) rating from A.M. Best. This rating suggests a strong ability to pay claims, though ratings can change over time. It’s always wise to check the latest ratings when considering any insurer.

While GWIC has a specific focus and a solid financial rating, remember they represent just one option among many. Insurance By Heroes provides access to a broad spectrum of highly-rated carriers. Our commitment, driven by our founders’ public service background, is to present you with a comprehensive view of the market, comparing Great Western’s offerings against alternatives to ensure you secure the most suitable and cost-effective policy available for your situation.

Reviewing Great Western Final Expense Insurance Policies

Great Western primarily offers two main types of final expense life insurance policies directly to consumers, alongside their pre-need funding options often sold through funeral homes. Let’s focus on the direct-to-consumer final expense products:

1. Great Western Assurance Plus (Simplified Issue)

This policy is designed for individuals who are generally in moderate to good health and can answer “no” to several health questions on the application. It does not require a medical exam.

• Underwriting: Simplified Issue. Requires answering health questions. Approval is not guaranteed and depends on your answers and potentially checks of prescription history and the MIB (Medical Information Bureau).
• Issue Ages: Typically available for individuals aged 40 to 85. (Check specific state availability and age ranges).
• Coverage Amounts: Generally ranges from $1,000 up to $40,000.
• Death Benefit: Level death benefit from day one. This means if you are approved, the full face amount is payable immediately upon death, whether from accident or illness.
• Premiums: Premiums are level and guaranteed not to increase for the life of the policy.
• Cash Value: Builds cash value over time, typical of whole life policies.
• Potential Riders: May offer riders like an Accelerated Death Benefit rider, which allows access to a portion of the death benefit if diagnosed with a qualifying terminal illness. Availability can vary.

Who might consider Assurance Plus? Individuals in reasonably good health who can qualify based on the health questions and are looking for immediate full coverage without a medical exam.

Important Consideration: While Assurance Plus offers immediate coverage if you qualify, its pricing and underwriting criteria might be more or less favorable than simplified issue policies from other carriers, depending on your specific health history. Insurance By Heroes can compare GWIC’s Assurance Plus rates and underwriting guidelines against dozens of other simplified issue policies to see if you can get a lower premium or qualify for a higher coverage amount elsewhere.

2. Great Western Guaranteed Assurance (Guaranteed Issue)

This policy is designed for individuals who may have significant health issues that prevent them from qualifying for simplified issue coverage. As the name suggests, acceptance is guaranteed within the eligible age range, regardless of health history.

• Underwriting: Guaranteed Issue. No health questions asked, no medical exam required. Acceptance is guaranteed if you meet the age requirements.
• Issue Ages: Typically available for individuals aged 40 to 80. (Verify specific state availability and age ranges).
• Coverage Amounts: Generally ranges from $1,000 up to $40,000.
• Death Benefit: Graded Death Benefit. This is the key feature.
  • Death due to accident: Full death benefit paid from day one.
  • Death due to natural causes (sickness/illness) during the first two years (Year 1 and Year 2): Beneficiary receives all premiums paid plus typically 10% interest.
  • Death due to natural causes after the two-year waiting period (Year 3 onwards): Full death benefit paid.
• Premiums: Premiums are level and guaranteed not to increase. Due to the guaranteed acceptance nature (higher risk), premiums are significantly higher than simplified issue policies for the same coverage amount.
• Cash Value: Builds cash value, though typically slower than simplified issue policies due to the higher insurance costs.

Who might consider Guaranteed Assurance? Individuals with serious health conditions (like recent cancer, heart attack/stroke, oxygen use, dialysis, organ transplant, etc.) who cannot qualify for policies with health questions and need some level of coverage certainty.

Important Consideration: Guaranteed issue is often a last resort due to the higher cost and the two-year waiting period for the full death benefit on natural death. Before opting for Great Western’s Guaranteed Assurance, it’s absolutely critical to explore all simplified issue options. Many conditions that might seem disqualifying are sometimes accepted by certain simplified issue carriers, potentially at a lower cost and with immediate coverage. Insurance By Heroes specializes in navigating these complexities. We know the underwriting niches of various carriers and can quickly determine if you might qualify for a better-value simplified issue policy *before* resorting to a more expensive guaranteed issue plan like GWIC’s Guaranteed Assurance or comparing it to guaranteed issue plans from other companies.

Pre-Need Funeral Insurance

Great Western also has a strong presence in pre-need insurance, often sold through partnerships with funeral homes. These policies are specifically designed to fund a pre-arranged funeral contract with a particular funeral home. While related to final expenses, pre-need has different characteristics:

• Purpose: Locks in funeral costs for specific services and merchandise at today’s prices with a chosen funeral home.
• Beneficiary: Often, the funeral home is the initial beneficiary or assignee to ensure the funds cover the agreed-upon contract. Excess funds may go to a secondary beneficiary.
• Portability: Can sometimes be less flexible if you move or decide to use a different funeral home later, though regulations vary by state.

While pre-need can be suitable for those certain about their funeral arrangements and provider, traditional final expense insurance (like Assurance Plus or Guaranteed Assurance) offers more flexibility, as the death benefit is paid directly to the beneficiary, who can then use the funds for any final expenses at any funeral home or for other needs.

Insurance By Heroes Recommendation: We generally recommend the flexibility of standard final expense policies over pre-need plans for most individuals, unless there’s a very specific reason to lock in services with one provider. Our focus is on helping you secure versatile final expense coverage from top carriers, including potentially Great Western’s Assurance Plus or Guaranteed Assurance if they are the best fit after comparison.

Who is Great Western Final Expense Best For?

Based on their product offerings, Great Western insurance final expense policies might appeal to specific groups:

• Individuals Needing Guaranteed Acceptance: Their Guaranteed Assurance policy is a viable option for those with serious health conditions who have been declined elsewhere. The guaranteed approval provides a safety net, albeit with a graded death benefit and higher cost.
• Individuals Within Specific Age Brackets: With issue ages typically up to 80 or 85, they cater to a broad range of seniors.
• Those Seeking Moderate Coverage Amounts: With caps generally around $40,000, their policies align well with typical final expense needs.

However, it’s crucial to reiterate that these are potential fits, not definitive recommendations. The “best” policy is highly subjective.

• Healthier Applicants: Individuals in good or even average health might find significantly lower premiums and potentially higher coverage limits with simplified issue policies from *other* carriers that Insurance By Heroes represents. Great Western’s simplified issue underwriting might not be the most competitive for everyone.
• Budget-Conscious Buyers: Even for guaranteed issue needs, premiums can vary between companies. Comparing Great Western’s Guaranteed Assurance rates against other guaranteed issue providers is essential to ensure you aren’t overpaying.
• Applicants Needing Higher Coverage: If final expense needs exceed $40,000-$50,000, other types of life insurance or policies from different carriers might be necessary.

This is precisely why the personalized approach of Insurance By Heroes is so valuable. Our team, rooted in the ethos of service learned as first responders, military spouses, and public servants, takes the time to understand your health, budget, and goals. We then leverage our access to dozens of carriers to conduct a thorough market comparison. We can identify if Great Western is truly competitive for your specific profile or if another insurer offers a superior combination of price, coverage, and features.

Comparing Great Western: The Insurance By Heroes Advantage

Shopping for final expense insurance solely based on one company’s offerings is like trying to buy a car by only visiting one dealership. You might find something that works, but you’ll likely miss out on better value, features, or financing available elsewhere. The final expense market is competitive, with numerous insurers vying for your business, each with unique underwriting standards and pricing models.

Here’s why comparing Great Western insurance final expense options through an independent agency like Insurance By Heroes is crucial:

• Access to Multiple Carriers: We aren’t tied to Great Western or any single insurer. We work with a wide array of top-rated final expense carriers (often dozens). This means we can pull quotes from numerous sources simultaneously based on your information.
• Unbiased Advice: Our loyalty is to you, the client, not to an insurance company. Our goal is to find the policy that best serves your interests. As our agency was founded by individuals dedicated to public service, providing honest, client-focused guidance is core to our mission.
• Underwriting Expertise: We understand the nuances of final expense underwriting. Different companies view health conditions differently. One might decline or rate highly for a condition that another accepts at a standard or preferred rate. We know which carriers tend to be more lenient for specific issues (e.g., diabetes, COPD, past heart conditions), potentially saving you money or getting you immediate coverage instead of a graded benefit.
• Price Optimization: Premiums for the same coverage amount can vary significantly between insurers, especially for simplified and guaranteed issue policies. We shop the market to find the most competitive rate available for the coverage you need. Why pay more than necessary for the same protection?
• Personalized Assessment: We don’t just present quotes; we help you understand the differences between policies – graded periods, riders, company ratings, customer service reputation – allowing you to make an informed decision. We consider your health, budget, and how much coverage you realistically need.
• Simplified Process: Instead of you contacting multiple companies and filling out numerous applications, you provide your information once through our secure quote request. We do the legwork of comparison shopping for you.

Comparing Great Western against the broader market through Insurance By Heroes ensures you see the complete picture. You might find that Great Western is indeed the best option, or you might discover another carrier offers a substantially better deal or more suitable terms for your situation. Without comparing, you simply won’t know.

The Application and Underwriting Process

Applying for Great Western final expense insurance, like most final expense policies, is generally straightforward, especially compared to traditional fully underwritten life insurance.

• Application: This is typically done over the phone with an agent or sometimes via an electronic application. You’ll provide basic personal information, beneficiary details, and answer health questions (for Assurance Plus) or confirm eligibility (for Guaranteed Assurance).
• Health Questions (Assurance Plus): These questions cover major health conditions, recent hospitalizations, specific diagnoses (like cancer, heart disease, stroke, lung disease, HIV/AIDS), and sometimes lifestyle factors like tobacco use. Honesty is crucial; inaccurate answers can lead to claim denial later.
• No Health Questions (Guaranteed Assurance): For this policy, you won’t be asked about your health history.
• Underwriting Checks (Assurance Plus): Even without a medical exam, insurers often perform checks for simplified issue policies. This can include:
  • MIB (Medical Information Bureau): A database shared by life and health insurers containing information from previous insurance applications.
  • Prescription History (Rx Check): A review of your recent prescription medications can indicate underlying health conditions.

  These checks help verify the accuracy of your application answers.

• Approval Time: Approval for final expense policies, especially guaranteed issue, can be very fast – sometimes within minutes or hours, or at most a few days if manual review is needed for simplified issue.

Working with Insurance By Heroes streamlines this process, regardless of the carrier ultimately chosen. We guide you through the application, ensuring all information is accurate and complete. If applying for a simplified issue policy (whether from Great Western or another carrier), we can often anticipate potential underwriting hurdles based on your health history and help select the carrier most likely to offer favorable terms. We assist you from application submission through policy approval and delivery.

Cost Factors for Final Expense Insurance

The premium you pay for any final expense policy, including those from Great Western, is influenced by several key factors:

• Age: The older you are when you apply, the higher the premium will be. Rates increase significantly at older ages.
• Gender: Statistically, women live longer than men, so they typically pay lower premiums for the same coverage amount.
• Health Status: This is a major factor for simplified issue policies. Healthier individuals qualify for lower rates. Pre-existing conditions can lead to higher premiums or qualification only for guaranteed issue policies.
• Coverage Amount: The higher the death benefit (face amount) you choose, the higher the premium.
• Tobacco Use: Smokers or recent tobacco users pay significantly higher premiums than non-users, often 50-100% more.
• Policy Type: Guaranteed issue policies always cost more than simplified issue policies for the same age, gender, and coverage amount, due to the acceptance of higher-risk applicants and the lack of health screening.
• Payment Mode: Paying annually might be slightly cheaper than paying monthly due to administrative savings for the insurer.

Because these factors interact uniquely for each person, generic price charts are often misleading. The only way to know your true cost is to get personalized quotes based on your specific details. This is precisely what the quote form on this page allows you to do. By providing your information, you enable the Insurance By Heroes team to search rates from Great Western *and* our extensive network of other top carriers, finding the policy that offers the best value tailored to your profile.

Why Choose Insurance By Heroes for Your Final Expense Needs?

Securing final expense insurance is about protecting your loved ones from financial stress during a time of grief. Choosing the right partner to help you navigate this decision is just as important.

Insurance By Heroes stands apart:

• Rooted in Service: Founded by a former first responder and military spouse, and staffed by professionals with similar backgrounds, we have a deep-seated commitment to serving others with integrity and dedication. We understand the importance of reliable protection because we’ve often been on the front lines ourselves.
• Truly Independent: We work for YOU, not for an insurance company. Our independence allows us to provide objective advice and shop the entire market freely.
• Extensive Carrier Access: We partner with dozens of the nation’s leading final expense insurance providers, including Great Western. This broad access ensures we can find competitive options for nearly any situation.
• Personalized Comparisons: We don’t just give you a list of prices. We help you understand the differences in policy features, underwriting, waiting periods, and company strength, tailored to your specific health and financial picture.
• Focus on Value: Our goal is to find the most coverage for the lowest possible premium from a reputable, financially strong company. We ensure you’re not paying more than you need to.
• No-Obligation Guidance: Requesting a quote is free and carries no obligation. We’re here to educate you and help you explore your options so you can make the best choice for your family.

Choosing Insurance By Heroes means partnering with an agency that understands your needs, values your trust, and has the resources and expertise to find the optimal final expense solution in a complex market.

Secure Your Peace of Mind Today

Great Western insurance final expense policies, particularly their Guaranteed Assurance plan, offer a necessary option for individuals with significant health challenges who need guaranteed coverage. Their Assurance Plus simplified issue policy provides another avenue for those in better health. However, as we’ve emphasized throughout this review, Great Western is just one piece of a much larger puzzle.

The final expense insurance market is diverse, with numerous companies offering varying rates, underwriting guidelines, and policy features. Relying on a single quote from one company could mean missing out on significant savings or better coverage terms available elsewhere. The smartest approach is always to compare multiple options.

That’s where Insurance By Heroes makes the difference. We take the guesswork and hassle out of comparison shopping. By filling out the simple quote form on this page, you provide us with the information needed to search the market on your behalf. We will compare rates and policies from Great Western alongside dozens of other top-rated carriers, identifying the solutions that best match your unique health profile, budget, and coverage requirements.

Don’t leave your family’s financial security to chance. Take the first step towards securing affordable, reliable final expense coverage and achieving peace of mind. Let the dedicated team at Insurance By Heroes, founded on principles of service and integrity, guide you through the process.

Submit the quote form now for your free, personalized, no-obligation final expense insurance comparison. We’ll help you find the best protection at the best price.