United Home Life Insurance Review

United Home Life Insurance ReviewIf you are looking for a dependable review of United Home Life Insurance Company then you have come to the right place! We understand how frustrating it can be to find a legit review of a company without it being super opinionated because they are either too nice or too bashful. Sadly the reason why our competitors are opinionated is dependent on their commissions. It isn’t fair for consumers because that could be the best company for some and they wouldn’t even know it. That’s why here at InsureChance we write unbiased reviews so that our clients can make their own educated decisions without having our opinions shoved down their throats. Today we will be talking about United Home Life Insurance Company, their community involvement, our review of them with their rating, and of course, we will be providing some highlights of their products. The following are some key points about the company from this review;

  1. The company was founded in 1948 and their goal is to offer products that are simple to understand.
  2. According to A.M Best United Home Life is rated an “A-” or excellent and their parent company United Farm Family Life is rated an “A+” or excellent. As far as their customer service they have an “A-” rating by the Better Business Bureau.
  3. United Home Life has been around for over 70 years and both their company and their parent company have more than $2 billion in assets and over $20 billion of life insurance in force.
  4. They offer simplified and guaranteed issue life insurance products which include Whole life, Term life, and Accidental Death coverage.
  5.  It is important to know a company’s rating because it shows how financially stable they are.
  6. Term life insurance is a type of temporary life insurance that provides coverage for only a short and specified period of time.
  7. Whole life insurance is a type of permanent life insurance that provides coverage that can last an entire lifetime while still offering cash value.
  8. Universal life insurance is also a type of permanent life insurance that provides coverage for an entire life and offers cash value but differs from whole life by providing consumers with flexibility.

About United Home Life Insurance Company

The company was founded in 1948 and their goal is to offer products that are simple to understand. On their website, they state that they are dedicated to providing everyone with quality life insurance products as efficiently and simple as possible.  The company has a parent company who also has the same purpose since 1937 names United Farm Family Life. They offer life insurance products that offer coverage specific to everyone’s needs using a simplified underwriting process in which includes no invasive medical exams or pages of questions about your medical history. Their motto is “Life insurance made simple.”

United Home Life Insurance Company Review 2017

United Home Life has been around for over 70 years and both their company and their parent company have more than $2 billion in assets and over $20 billion of life insurance in force. They offer simplified and guaranteed issue life insurance products which include Whole life, Term life, and Accidental Death coverage.

United Home Life Insurance Company Ratings

It is important to know a company’s rating because it shows how financially stable they are. Think of a company’s rating sort of like a report card. According to A.M Best United Home Life is rated an “A-” or excellent and their parent company United Farm Family Life is rated an “A+” or excellent. As far as their customer service they have an “A-” rating by the Better Business Bureau. This basically means that the majority of their company complaints were resolved to the customer’s satisfaction.

How does a Rating agency create these ratings?

A company’s rating is not created in thin air, it is provided by rating agencies. If a business wants to get rated by a rating agency they have to ask for their services and the rating agency would send out a contract in which allows them to undergo whatever they have to undergo in order to create their rating. Once the contract is signed the rating agency goes to hard work, they begin by investigating the company’s financials and review their plans for the future. They even speak with the company’s management team to see what they think about the future plans. Once the investigation is over the group that investigated the company would recommend a rating that they believe is the fairest after their deep investigation. After they created a recommended rating for the company they go in front of a board and explain their findings. The board then votes on the recommended rating but only with a president or vice president present. If the recommended rating is accurate and fair then they proceed by sending a notification to the company of their rating and then they post on their rating agency website the company’s rating in case the company doesn’t post their rating on their company website.

Why does a rating agency provide a company with ratings and why should I care?

The rating agencies do all that because they want to provide this information for consumers because they believe it’s the right thing to do. If a company receives a bad rating it only proves not only that they are not financially stable but they also prove that if a change were to happen within the company’s environment they would be in a vulnerable state and may not know what to do next. Be aware that if a company has a bad rating it says a lot more than their financial stability and their vulnerability but it also shows that the company may not even be around in 10-15 years. If you invest in a company for 10-15 years and they just vanish you will not be rewarded the premiums you have paid to that date and your policy would also vanish leaving you no choice but to look for another company to buy a policy from. Moral of all this is to warn you because you have the right to understand how important a company’s rating is. Take some time and read about a company’s rating because it will save you money and time in the long run!

United Home Life Insurance Company’s Policies or Products

Just like we mentioned before, United Home Life offers a wide variety of life insurance products such as Term life, Whole life, and Universal life policies. Before we go into their products and their highlights we would like to take a moment and explain what these three types of insurances are. Term life insurance is a type of temporary life insurance that provides coverage for only a short and specified period of time. Whole life insurance is a type of permanent life insurance that provides coverage that can last an entire lifetime while still offering cash value. Universal life insurance is also a type of permanent life insurance that provides coverage for an entire life and offers cash value but differs from whole life by providing consumers with flexibility.

Term Life

Express Issue Term Life

  • This express issue term life values up to $150,000.
  • This product offers three primary policies; Express Issue Term 20, Express Issue Term 30, and Premier 20 with ROP (Return of Premium)
  • With these products, there is no need for a medical exam.
  • The ages that are eligible for these products are 20-80.
  • For ages 20-60 you are looking at face amounts from $5,000-$100,000.
  • For ages 61-80 you are looking at face amounts $5,000-$50,000.
  • These products include Terminal Illness Accelerated Benefit Rider which basically means that if you are diagnosed with a terminal illness your death benefits will be given to you so that you can pay for any medical bills or expenses related to your diagnosis free of charge.
  • Optional riders with an extra charge; Child Rider and Accidental Death Benefit Rider.

Whole Life

Provider Whole Life

  • This is a permanent life insurance policy and you can get a lifetime of coverage.
  • You death benefits with this policy are fixed and will never go down.
  • Your premiums are also fixed so they will never go up or down.
  • Cash value is guaranteed as long as your premiums are paid.
  • The ages that are eligible for this policy are 18-80.
  • The Terminal Illness Accelerated Death Benefit Rider is available at no additional cost which means that if you are diagnosed with a terminal illness you will be provided your death benefits to help pay any medical expenses associated with your diagnosis.
  • Face amounts for this product start at $25,000.
  • This policy is underwritten on a simplified basis.
  • This means that you will not have to undergo a medical exam.
  • You will have to do a short telephone interview and will be asked of your personal history but it only takes 10-15 minutes.

Simplified Issue Final Expense Whole Life

  • This type of insurance covers you for your whole life.
  • You will still be offered a death benefit and an opportunity for cash value.
  • Your cash value will grow over time as long as your premiums are paid.
  • This product also has three other policies that are all on a simplified basis; Express Issue Premier, Express Issue Deluxe, and Express Issue Whole Life.
  • If you are “uninsurable” by other carriers because you have severe health issues you can receive coverage with these products.

Guaranteed Issue Whole Life

  • A guaranteed issue is the best choice for someone who has been denied coverage due to extreme health issues.
  • You can’t be turned down for this product.
  • Your premiums will also never go up with this policy.
  • Your coverage is guaranteed and no questions will be asked about your health!
  • You can receive coverage permanently until age 100.
  • During the first three policy years, the benefit for death by natural causes is a refund of all premiums paid to date plus interest.
  • Once you start your fourth year of your policy, the full death benefit is payable.
  • There is no need to undergo a medical exam.

Why you should choose to work with an independent life insurance agency

There are so many people out there who embrace the “DIY” method, do it yourself, and that’s amazing but you still have another option. You can use our free service as an independent life insurance agency. We know all the ins and outs of life insurance and we know which life insurance company specializes what. Every life insurance company have unique niches that make them favorable to certain people. For example, Prudential gives clients non-smoker rates for those clients who smoke e-cigarettes or a cigar once in a while. Not many companies do this, most give smoker rates which can increase premiums up to 60%. This is why you should choose to work with us, we know what companies specialize in what. Give us a call so that we can do all the shopping for you based on your health and lifestyle. Don’t waste any more time doing it yourself when we have expertise that you can utilize.

Work with Us!

In conclusion, United Home Life Insurance Company is a reputable company same goes with their parent company, they are highly rated and they offer fantastic simplified issue products. If you consider yourself not healthy one of their simplified issues with no medical exam would be your best bet. However, we always recommend for our clients to shop around for quotes just to make sure that you are receiving the best possible rate and quote. If you have 30 seconds go to the bottom of the page and fill out our quoter and see for yourself what quotes all top rated companies offer. You can also use our free service by calling us and letting us compare quotes and do all the shopping for you! Here at InsureChance, we work with over 60 top rated and it gives us a bigger selection of companies for us to be able to find the best life insurance company for you. Let us do all the hard work so that you can spend more time with the ones who are the most important people in this world, your family.

Term Life Insurance Quotes
About Sabrina Banks

Sabrina is an insurance nerd and content strategist at InsureChance! She is an avid traveler, cat lover and all around a ball of joy. Her obsession is creating valuable content to empower the online consumer.

This entry was posted in Company Review, Life Insurance. Bookmark the permalink.

Leave A Reply