Prosperity Life Insurance Review

Prosperity’s PrimeTerm to 100 life policy has a 20-year initial term, renewable up to age 100. It’s designed for individuals between 40 and 80 years old. Coverage ranges from $5,000 to $30,000, with annual reductions starting in the 21st year of your term. You don’t have to undergo a medical exam to get coverage, and you can pay your premium annually, semi-annually, quarterly or monthly.

With Family Freedom Term, you can have a level term period of 10, 15, 20, 25 or 30 years. Coverage varies from $50,000 to $500,000, depending on your age. You may be eligible for this policy based on your answers to health questions and certain information obtained from third parties.

Simple Issue Term is available to New Yorkers between the ages of 18 and 60 with coverage of up to $350,000. Premiums are guaranteed to remain level during the first 10 years; they increase at five-year intervals if you renew. Additionally, this policy requires no medical exams and is convertible to whole life up to age 75.

The most significant advantage of purchasing whole life insurance is that your beneficiaries are guaranteed a death benefit, regardless of when you pass. The only requirement to keep it active is consistent premium payments. And level premiums mean it won't change over time, even if your health condition worsens.

Prosperity’s Golden Promise insurance is issued through SBLI USA and is available in New York only. It has guaranteed level premiums and coverage amounts from $1,500 to $35,000. Plus, it comes with a cash value that may be borrowed against at any time.

Depending on your answers to medical questions, you may qualify for one of three plans under Golden Promise:

• Level: The death benefit is equal to the face amount of your policy from day one.
• Graded: The death benefit is equal to 30% of the face amount during the first year of coverage and 70% during the second year.
• Modified: The death benefit is equal to 110% of your annual premium during the first year of coverage and 231% during the second year.

Issued through S.USA, New Vista provides permanent coverage of up to $35,000, depending on your state. Similar to Golden Promise, this policy may have a limited death benefit in the first two years of coverage based on the plan you qualify for: level, graded or modified. In the event of an accidental death, the full face amount will be paid from the first day of coverage.

SeniorLife is a guaranteed issue whole life policy, meaning there are no health questions or physical exams required for eligibility. You just need to be between the ages of 50 and 75 to get coverage. However, it pays limited death benefits for non-accidental death during the first two years and full death benefits for any cause of death thereafter.

With Legacy Solution, you have a guaranteed return of premium as long as there are no loans or withdrawals taken throughout the life of the policy. You also have a guaranteed minimum interest rate of 3.5% for a certain period of time. Coverage starts at a minimum of $15,000 for individuals from 50 to 80 years old.

Legacy Benefit is available for issue to individuals aged 40 to 80 years old. Minimum coverage is $15,000 or the premium required to purchase the minimum $35,000 amount of insurance, whichever is greater. It offers a guaranteed return of premium and no-lapse guarantee, provided you have not taken any loans or withdrawals throughout the lifetime of the policy.

Golden Promise includes an Accelerated Death Benefit rider for terminal illness, which provides access to a portion of the death benefit if the policyholder becomes terminally ill. However, this policy is only available in New York.

New Vista also has the Accelerated Death Benefit rider for terminal illness, but this feature is not available in California.

Although it’s a term life policy, PrimeTerm to 100 has a cash value component that accumulates over time. It also features a Social Security billing option, allowing you to schedule your premium withdrawal to correspond with the deposit of your Social Security benefits. This way, you can ensure your premiums are collected when they are due.