United Home Life Insurance Company has been in the business of offering life insurance coverage to its clients for nearly 70 years. Its parent company, United Farm Family Life, initially began in the insurance industry in 1937. The firm’s headquarters are located in Indianapolis, Indiana.
Unlike many other life insurers requiring coverage applicants to undergo a medical exam prior to approval, United Home Life Insurance Company is primarily known for offering simplified issue life insurance coverage. This means that those who apply for coverage will be approved – even if they have some type of adverse health condition. This is because these types of policies may not require the applicant to take a medical exam, and may not even require them to answer a great deal of health-related questions.
United Home Life Insurance Company has the motto of “Simplified Products – Faster Results” – and the company abides by this in both its life insurance coverage products and in its customer service. This is because the company believes buying life insurance should not be a long, drawn-out process; it should be as easy as possible for customers. This is one of the things that has made United Home Life Insurance Company so successful throughout the years – especially in this particular product niche.
United Home Life Insurance Company Review
United Home Life Insurance Company also abides by the rule of “life insurance made simple.” The goal of the company is to offer life insurance coverage that is easy to understand and that will provide financial security for the loved ones of insured policyholders.
The company offers a nice selection of different types of life insurance coverage – and many of their plans may be further custom-tailored to meet more specific insurance needs via riders, some even at no additional cost to the policyholder.
In addition to being known for its simplified underwriting products, the company is also known for its top-notch customer service. This comes from both its home office staff as well as the independent agents offering the company’s policies.
Combined, United Home Life and its parent company, United Farm Family Life, have more than $2 billion in assets, as well as more than $20 billion of life insurance in force. For this reason, these companies are in a good, solid position to meet the financial promises they have made to their policyholders.
United Home Life Insurance Company Rating
- A- (Excellent) from A.M. Best Company
The parent company of United Home Life – United Farm Family Life – is also very strong financially. It, too, has been given a high mark, including:
- A (Excellent) from A.M. Best Company
Types of Life Insurance Available
United Home Life Insurance Company and United Farm Family both offer a wide array of life insurance coverage. This can help clients to better meet their protection needs, as well as assist clients in changing or adding to their coverage as their needs change over time.
The insurers offer both term and permanent protection. With term life insurance, the insured is covered with pure death benefit coverage only – and because of this, the life insurance can often be less expensive than a comparable permanent policy. They are especially more affordable for those looking for a larger policy, such as a million dollar life insurance policy. Term life insurance is purchased for a certain number of years.
Permanent life insurance coverage offers both death benefit protection, as well as cash value build up. The death benefit protection is guaranteed to last for the insured’s lifetime, as long as the premium is paid. Cash value inside of a permanent life insurance policy is allowed to grow tax-deferred. And, the cash may be either borrowed or withdrawn for whatever reason the policyholder sees fit.
Term Life Insurance Coverage
The term life insurance coverage offered through United Home Life Insurance Company and United Farm Family Life provides a defined amount of coverage for a set amount of time. At the end of this “term,” the premium will increase each year until the policy ends, which is typically at the insured’s age of 95.
There are three primary products offered, including:
- Express Issue Term 20 – This 20 plan is a level death benefit term policy featuring a 20-year initial level premium guarantee period. The premium will increase on a yearly basis after the 20-year period is complete. The policy features four supplementary riders so the insured has the ability to further customize coverage if he or she would like.
- Express Issue Term 30 – This 30 plan is a level death benefit term policy featuring a 30-year initial level premium guarantee. Then, the premium will go up annually. There are also four supplementary riders the insured may add for further customization.
- Premier 20 with ROP – With the Premier 20 ROP policy, there is a 20-year initial level premium guarantee period. At the close of the 20-year period, premiums go up annually. There is also a return of premium feature on this policy. There are two supplementary riders available with this type of policy.
Because these are all simplified issue policies, there is no routine medical exam required as a part of the underwriting process, and the coverage cannot be canceled during the term period as long as the premium is paid.
Permanent Life Insurance Coverage
Provider whole life is a permanent life insurance policy that offers both death benefit protection, as well as cash value build up. This cash is allowed to grow on a tax-deferred basis, meaning that there is no tax due on the gain unless or until it is withdrawn.
This is a graded benefit whole life insurance policy, which means that during the first two years of policy ownership, the benefit for death of the insured by natural causes will be a refund of the premiums paid in, plus interest. However, starting day one of policy year three, the full amount of the policy’s death benefit will be paid to the beneficiary should the insured pass away for any reason. There are also several no-cost riders that may be added to this policy.
Final Expense Life Insurance Coverage
United Home Life Insurance Company and United Farm Family offer several simplified issue final expense whole life insurance policies, too. These plans offer a death benefit that never decreases, as well as premiums guaranteed never to increase. They also offer cash value build up that is allowed to grow on a tax-deferred basis.
There are three final expense policies offered, including:
- Express Issue Premier – This is an immediate death benefit whole life insurance product offering additional riders and benefits to help in customizing the product to the policy holder’s needs.
- Express Issue Deluxe – The Express Issue Deluxe also offers an immediate death benefit, as well as numerous additional riders that can help to offer more customized protection.
- Express Issue Whole Life – This graded benefit whole life insurance policy also provides several no-cost riders designed to provide additional value – including an Identity Theft Waiver of Premium Rider.
Accidental Death Coverage
The company also offers the Protector AD accidental death plan. This accidental death coverage is an inexpensive addition to existing life insurance coverage, and it doubles over 20 years. The premium is level and guaranteed for 20 years, followed by guaranteed increasing annual premiums. There is also a return of premium feature. This plan only has one non-health question on its application.
Other Products Sold
United Home Life Insurance Company and United Farm Family also offer an Express Issue Deluxe Whole Life insurance policy that provides an immediate death benefit to qualifying insulin-dependent diabetics. This means that there is no need to wait for two or three years of policy ownership in order for the full amount of the death benefit to be paid out.