There are hundreds of companies providing life insurance across America, and when you’re in the market for coverage it helps to know about as many of them as possible.
Though it’s often thought all life insurance providers work in the same way, offering roughly the same policy types, that’s no longer true.
In today’s competitive life insurance market, insurance companies are increasingly servicing very specific customer niches.
For example, in my review of United Home Life, you’ll see that this is a company that specializes in offering a simplified application process – often with no medical exam required – as well as coverage for diabetics and very flexible final expense policies.
In This Review
- About United Home Life
- Life Insurance Products Offered
- Pros and Cons
- Alternatives to United Home Life
About United Home Life Insurance Company
Based in Indianapolis, Indiana, United Home Life Insurance Company was founded in 1948, and focuses on providing affordable and flexible life insurance.
This makes it, unlike some other insurance companies that provide multiple insurance policy types, like auto or homeowner’s policies. United Life specializes in life insurance only.
The company is a subsidiary of United Farm Family Life Insurance Company, which traces its roots back to 1937.
The two companies combined have more than $2 billion in assets and more than $20 billion in life insurance in force. That doesn’t make it one of the largest insurance companies in the country, but it does provide a solid base of financial strength.
United Home Life Insurance Company has an A.M. Best financial strength rating of “A-“ (Excellent), which is one of the highest ratings assigned by the company (4th out of 16 ratings).
It also has a Better Business Bureau rating of “A+”, the highest rating on a scale of A+ to F. They have been a Better Business Bureau accredited company since 2016.
United Home Life Insurance Products Offered
As mentioned earlier, United Home Life limits its product offerings to life insurance policies only.
But unlike many of the newer fintech insurance providers, that focus on cheap term life insurance for young and healthy applicants, United Home Life provides term, whole life, final expense, and accidental death policies.
They also have policies tailored to those who have diabetes, which is a definite niche in the life insurance market.
United Home Life often recommends layering in coverage. That starts with a whole life policy with a small death benefit, acting primarily as a burial policy.
You’ll then add a much larger term life insurance policy, which will provide your primary death benefit during your most productive years, and at low cost.
Third, they’ll also recommend adding an accidental death policy for additional coverage during your years of greatest life insurance need.
Below are the policy types and individual plan offerings provided by United Home Life:
United Home Life Whole Life Insurance Plans
United Home Life offers its Simplified Issue Whole Life Portfolio policy.
There are four variations of the whole life policy, all centered around the concept of the simplified issue.
That means a short application with yes/no health questions, no routine medical exams, blood work, or physician statements, guaranteed death benefits and cash values, and fixed premiums that never increase.
They use their simplified underwriting guidelines which require only a short telephone interview to determine if the product is the right fit.
During the call, you’ll speak with an experienced underwriter who will ask the health questions and verify the information on the application.
The whole process takes no more than 15 minutes.
United Home Life Term Life Insurance Plans
United Home Life offers the same simplified issue arrangements with their term policies as they do with whole life.
The term policies are part of their Simplified Issue Term Life Portfolio, which includes four separate products.
Once again, you’ll complete a short application with yes/no health questions, and there are no routine medical exams, blood work, or physicians statements.
Coverage is guaranteed renewable to age 95, and can’t be canceled as long as your premiums are paid on time. And like other United Home Life insurance products, there are a number of riders that can be added to your policy.
The four term policies offered are as follows:
Simple Term 20
This is a 20-year level term policy, after which the policy can be renewed on an annual basis. However, premiums will be increased based on your age at the time of each renewal.
Simple Term 30
This policy works the same way as the Simple Term 20 except that the term runs for 30 years. And similarly, the policy can be reviewed on an annual basis after the initial term expires.
Simple Term 20 ROP
This is the Simple Term 20 plan, except that it includes a Return-Of-Premium feature. It has the same initial 20-year term, but includes the ROP feature, which will return your premiums at the end of 20 years if no claim has been filed. You can choose to forgo the ROP provision and renew your policy, which will also be on an annual basis.
Simple Term 10 DLX
Works similar to the Simple Term 20 except at the end of 20 years the policy will continue in force and the premiums will increase on an annual basis. Realistically, this doesn’t seem like there’s any difference from the Simple Term 20, since that plan also provides for annual renewal.
United Home Life Final Expense Life Insurance
United Home Life offers three final expense policies:
Express Issue Whole Life
This is a graded-benefit whole life insurance policy, which means the death benefit will not be paid if you die within the first two years after the policy is issued. Full benefits will be paid to your beneficiaries beginning on the first day of the third year.
Express Issue Premier and Deluxe
These are two variations of immediate death benefit whole life insurance. That means the graded benefit doesn’t apply, and benefits can be paid from the very beginning. Expect a much lower death benefit on this type of policy.
Provider: This is another immediate death benefit whole life insurance policy that you can purchase at any stage in life. It offers a large number of policy riders to customize your plan.
Life Insurance Coverage for Diabetics
United Home Life is one of the better life insurance providers for diabetics.
Recognizing that more than 30 million Americans have diabetes, they provide up to $50,000 in coverage, using the simple application method with no medical exams or bodily fluids tested.
Your application will be considered even if you’ve been declined by another life insurance carrier.
Life insurance for diabetics is available under three policy options:
- Express Issue Whole Life – For ages 20 through 80, and face amounts between $5,000 and $50,000.
- Deluxe Whole Life – Also available for ages 20 through 80, and face amounts between $5,000 and $50,000.
- Simple Term 20 DLX – Available for ages 20 through 60, with death benefits ranging between $25,000 and $50,000.
United Home Life Accidental Death
This coverage is offered through their Protector AD plan, which offers a larger accidental death benefit that’s attached to a much smaller whole life policy.
The Protector AD plan offers the following features:
- The death benefit is guaranteed to double over the first 20 years.
- Premiums remain level for the first 20 years and are guaranteed.
- Coverage is guaranteed renewable as long as the premiums are paid on time.
- The policy builds cash value which after the 20th year is equal to 20 annual premiums.
- A Return of Premium option is available that will return your premiums to you if no claim has been filed at the end of the 20th year the policy is in force. (If you select this option of coverage, it will terminate at the end of 20 years.)
Protector AD is available in three options:
Policy Riders Offered
Policy riders available include:
- Identity theft waiver of premium
- Hospital stay waiver of premium
- Common carrier accidental death benefit
- Child rider
- Terminal illness accelerated benefit (at no additional cost)
- Guaranteed insurability benefit
- Life-threatening cancer accelerated benefit
- Charitable gift donation
- Total and permanent disability benefit waiver of premium
Pros and Cons of United Home Life Insurance Company
- Unlike many low-cost term life insurance providers, United Life also provides whole life, accidental death, and coverage for those in less than perfect health.
- Simplified application process on many insurance products, requiring only answering a few questions on a telephone interview, and not requiring a medical exam.
- Specializes in life insurance policies for diabetics, with death benefits up to $50,000.
- Offers three different final expense policies, one of which does not require a waiting period. Death benefits are available immediately, which is highly unusual for this type of policy.
- Many policy riders are available, some at no additional cost.
- Offers a very attractive accidental death plan.
- Provides life insurance policies only – no other types of insurance are offered.
- Term life insurance products offer annual renewal at the end of the initial term. Since your new premiums will be based on your age at the time of each renewal, the cost of your coverage will increase every year you renew.
Alternatives to United Home Life Insurance Company
For all the advantages offered by United Home Life Insurance, there are other life insurance providers we recommend:
One of the largest and best-established insurance companies in America, Prudential Life Insurance is an option we recommend for larger death benefits. For example, the company has a term life insurance policy that will go as high as $75 million. Most life insurance companies cap death benefits at some number that’s only a fraction of that amount. What’s more, it’s a full-service insurance company that can meet virtually all your insurance needs, which also opens the possibility of bundling discounts.
While it’s become common to recommend term life insurance even within the insurance industry, Lincoln Financial Life Insurance is an excellent choice if you prefer a cash value policy. They offer a large number of universal life insurance policies that will invest your cash value, potentially increasing the return on the investment portion of your policy.
Bestow is one of the fast-rising number of “fintech” life insurance companies, offering an all-online application process and limited health review. If you’re young and healthy, you may qualify without a medical exam. But if the company determines any health issues in your background, an exam may be required. Bestow is an excellent company for young shoppers, since they tend to favor applicants in good or excellent health.
Ladder Life Insurance is another fintech life insurance provider, offering a streamlined online application with low premiums. The name of this company – Ladder – is central to what the company is all about. They offer a unique life insurance arrangement where you can adjust the amount of the death benefit, based on your financial needs and budgetary constraints. For example, you can start with a large amount of inexpensive term coverage when you are younger, then reduce the benefit as you get older and your need for life insurance decreases.
Is United Home Life Insurance Company Best for You?
My United Home Life Insurance review is not intended to imply that this is the best company for all or most consumers.
But as you can see from the policy descriptions above, they do cover several very important niches.
The two most important are coverage for diabetics and several very flexible final expense policy offerings.
They may be the right choice even if you are in excellent health, but they’re definitely worth investigating if you’re either a diabetic or in need of final expense coverage.
But remember that whatever your life insurance need, United Home Life is one of many life insurance companies available.
As life insurance brokers, we work with dozens of top life insurance companies and can match you with the one that will provide the best coverage for you.
If you fall into any of these categories, we would love to work with you in finding the right coverage.
United Home Life Insurance Company
- A.M. Best: A-
- BBB: A+