The overall process of financial planning is often not complete without the purchase of life insurance. This is because life insurance is typically required to ensure that loved ones can go on in case of the unexpected. The proceeds from a life insurance policy can be used for any number of things, depending on the situation. But having this type of coverage can help to protect those you care about from enduring financial hardship.
When going to purchase a life insurance policy, there are some criteria that are important to keep in mind. These will certainly include the type and the amount of the coverage you are buying. Yet, it is also essential to ensure that the insurance company you are purchasing the coverage from is strong and stable from and financial standpoint. This is so that when your loved ones go to file the policy claim, the company will make good on its promise.
One life insurance carrier that has a good reputation for doing just that throughout the years is United Home Life Insurance Company, along with its parent company, United Farm Family Life. Those who own coverage through these insurers can rely on their promises being kept.
The History of United Home Life Insurance Company
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 that require applicants for coverage to undergo a medical exam prior to being approved for a policy, 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 that buying life insurance should not be a long, drawn out process and that it should be as easy for customers as possible. 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 their 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 that offer 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 that they have made to their policyholders.
United Home Life Insurance Company Ratings and Grades
Because of its financial strength and stability, along with the timeliness of paying out its policyholder claims, United Home Life Insurance Company has been considered one of the top life insurance companies in the USA from the insurer rating agencies. These include the following:
- 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
Also, United Home Life Insurance Company has also been accredited through the Better Business Bureau (BBB) since May 6, 2016. The company has been given a grade through the BBB of an A+ (on an overall grade scale of A+ through F). This puts them close to other top companies like Genworth life insurance.
Throughout the past three years, United Home Life Insurance Company has closed out a total of four complaints via the BBB. Of these, two had to do with product and / or service issues, another one had to do with advertising and / or sales issues, and one had to do with billing and / or collection issues.
The parent company of United Home Life Insurance Company, United Farm Family Insurance Company, is not an accredited Company with the Better Business Bureau. It, however, has also been given a grade by the BBB of A+. Over the past three years, this insurer has closed out 0 complaints via the BBB.
Life Insurance Products Offered By United Home Life Insurance Company
United Home Life Insurance Company and United Farm Family both offer a wide array of life insurance coverage. This can help their 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.
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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 that is offered through United Home Life Insurance Company and United Farm Family Life provide 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 95.
There are three primary products offered, including:
- Express Issue Term 20 – The Express Issue Term 20 plan is a level death benefit term policy with an initial level premium guarantee period of 20 years. At the end of the 20-year period, the premium will increase on a yearly basis. This policy is available with four additional riders so that the insured has the ability to further customize coverage if he or she chooses to do so.
- Express Issue Term 30 – The Express Issue Term 30 is a level death benefit term policy that has an initial level premium guarantee of 30 years. Then, the premium will go up annually. There are also four additional riders that the insured may add for further customization.
- Premier 20 with ROP – With the Premier 20 ROP policy, there is an initial level premium guarantee period of 20 years. At the end of 20 years, premiums increase annually. There is also a return of premium feature on this policy. There are two additional riders that may be chosen to add to this 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 that are 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 that offers 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 that are designed to provide additional value – including an Identity Theft Waver 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.
How to Find the Best Life Insurance Rates
To find the best life insurance premium rates, it is wise to work in conjunction with an independent insurance agency or company that has access to multiple insurance carriers. That way, you can compare in an unbiased manner numerous life insurance policies, companies, and premium quotes – and from there, you can determine which will be the best for you.
If you are ready to see what type of life insurance coverage will be best for you – and how much the premium cost will be – we can help. We work with many of the top life insurers in the marketplace today, and we can assist you with obtaining all of the important details that you require for making a well-informed purchase decision. When you are ready to proceed, just simply use the life insurance quote form on the side of this page.
Should you find that you still have any additional questions, then please feel free to contact us directly. We can be reached via phone, toll-free, by dialing 888-836-7071. Our experts will be happy to walk you through the quote process, as well as to answer any question or concerns regarding life insurance that you may have.
We understand that finding the very best life insurance for you needs may seem to be confusing. There are a lot of factors to consider – and you want to be sure that you find the right policy for your needs. So, contact us today – we're here to help.