Wellabe – Our Insurance Company Review

A new name for American Enterprise Group

Wellabe is a great company to consider if you’re looking for an insurance company specializing in final expense life insurance.

Great Western Insurance Company, a Wellabe company, underwrites the products.

The following policies are best for seniors who need life insurance.

The policies mature at age 120.

If your policy has built a cash value, several non-forfeiture options exist if the policy lapses.

Options include extended-term insurance, paid-up insurance, or the policy may be surrendered for its cash value.

Other companies offer age 120 guarantees, including Protective Life, Nationwide, Pacific Life, North American, Cincinnati Life, Banner Life, and more.

The Great Assurance plan offers immediate first-day coverage.

There are 13 health questions, and no paramedical exam is required.

Your answers determine if you qualify for this plan or not.

• Available to insureds aged 50-85
• Coverage amounts:
  • $2500 – $40,000 for ages 50-80
  • $2500 – $25,000 for ages 81-85.
• Non-tobacco and tobacco rates
• Accelerated Death Benefit rider included at no cost for:
  • Terminal Illness
  • Chronic Illness
• Accidental Death Benefit Rider for an additional cost.

The Accelerated Death Benefit rider is available if you become terminally ill or chronically ill.

Terminal illness – The insured is diagnosed with a disease that is expected to result in death within 12 months.

Chronic illness – The insured cannot perform at least 2 of the six activities of daily living.

The accelerated benefit allows the owner to take up to 90% of the present value of the policy’s death benefit.

Accidental Death – The accidental death benefit rider pays out the total face amount and the death benefit. The rider comes with an additional cost.

If you need coverage that offers long-term care insurance, the following are worth consideration:

• MoneyGuard Fixed Advantage
• CareMatters II
• Asset Care

The Graded Benefit Plan is a whole life plan that pays a death benefit based on when the insured dies.

Furthermore, the Graded Benefit plan also requires that you answer some simple health questions.

They don’t require a paramedical exam.

Your answers to the initial underwriting questions determine if you qualify for the graded benefit plan.

• Available to insureds aged 50-85
• Coverage Amounts
  • $2500 – $40,000 for ages 50-80
  • $2500 – $25,000 for ages 81-85
• Non-tobacco and tobacco rates
• Child/Grandchild Rider

Consequently, your beneficiary’s death benefit depends on when you die.

If death occurs:

• Year 1 – Wellabe would pay 30% of the face amount.
• Year 2 – Wellabe would pay 70% of the face amount.
• Year 3 or later – 100% of the face amount.

Accidental deaths pay the full death benefit even if the accidental death occurred during the first two years.

Other companies that offer final expense policies to compare include Colonial Penn, Corebridge Financial, and Gerber Life.

Whole life policies are available with AuguStar Life, Guardian, Mass Mutual, and Penn Mutual.

The Guaranteed Assurance plan is a guaranteed issue life insurance policy.

• Available for insureds aged 40-80
• Coverage amounts – $1,000 – $25,000
• The same rates for smokers and non-smokers
• Child/Grandchild Protection rider

The policy has a limited death benefit for the first two years of the policy.

During that time, the death benefit will equal 110% of the premiums paid.

The company pays the full death benefit if death occurs after two years.

Moreover, accidental deaths would pay the full death benefit even if the accidental death occurred during the first two years.

All three plans offer a child/grandchild rider.

Additionally, with this rider, as long as your policy is at least $5,000, you may have each child/grandchild insured for $2,500.

How much does the child/grandchild rider cost in total?

One Dollar per month covers all qualifying children between the ages of 1 and 17 at the time of their death.

The level of underwriting final expense life insurance policies with Wellabe Insurance Company depends on your chosen policy and personal health history.

1. Are you currently or have you been advised in the past 3 months by a licensed member of the
   medical profession to be hospitalized, confined to a nursing facility, receiving home health care,
   or in hospice?
2. Do you require assistance from anyone with the following activities of daily living: taking
   medications, bathing, dressing, eating, toileting, transferring from a chair or bed, moving about,
   or are you confined to a bed?
3. Do you require the use of an electric scooter, or are you confined to a wheelchair as advised by a
   licensed member of the medical profession due to a chronic medical condition or illness?
4. Do you require the use of oxygen or oxygen equipment to assist with breathing?
5. Do you currently have or are you being treated by a licensed member of the medical profession
   for any form of cancer (excluding basal cell skin cancer), or have you been treated for a recurrence
   of previous cancer or metastatic cancer (cancer that has spread to other parts of the body)?

6. In the past 24 months, have you been diagnosed, treated, tested positive, given medical advice,
   recommended to have treatment or prescribed medication by a licensed member of the medical
   profession for:
   • Alzheimer’s disease, dementia, or organic brain disorder;
   • terminal illness that is expected to result in death within the next 12 months;
   • amyotrophic lateral sclerosis (ALS);
   • congestive heart failure or cardiomyopathy;
   • amputation due to disease;
   • sickle cell anemia;
   • respiratory failure, cystic fibrosis, or pulmonary fibrosis;
   • kidney failure, chronic kidney disease, or kidney dialysis;
   • cirrhosis of the liver, liver failure, or any other chronic liver disease;
   • organ or bone marrow transplant;
   • diabetes with complications or in combination with a prior diagnosis of stroke/TIA, heart
     disease or disorder, neuropathy, kidney disease, any circulatory disease that affects the heart
     and/or blood vessels, diabetic coma, or insulin shock?
7. Were you diagnosed by a licensed member of the medical profession with diabetes before age 30?
8. Have you been treated for or diagnosed by a licensed member of the medical profession with
   acquired immune deficiency syndrome (AIDS), AIDS-related complex (ARC), or tested positive for
   human immunodeficiency virus (HIV)?
9. Within the past 12 months, have you had any treatment, diagnostic testing, surgery, or
   hospitalization recommended by a medical professional which have not been completed or for which
   the results have not been received?
10. Within the past 12 months, have you had any unexplained weight gain or loss greater than 10
    pounds?

If you answer “yes” to questions 11-13, you will qualify for the graded benefit plan, provided no concerns arise from the prescription check.

11. In the past 36 months have you been diagnosed, treated, tested positive, given medical advice, recommended to have treatment, or prescribed medication by a licensed member of the medical profession for:
    • neuromuscular disease, Parkinson’s disease, or multiple sclerosis;
    • internal cancer (excluding basal cell skin cancers), malignant melanoma, leukemia, Hodgkin’s disease, myeloma, or lymphoma?
12. In the past 24 months have you been diagnosed, treated, tested positive, given medical advice, or prescribed medication by a licensed member of the medical profession for:
    • angina;
    • systemic lupus;
    • drug or alcohol abuse, dependency, or addiction, illegal drug use or misused prescription drugs;
    • hepatitis B, C, or chronic hepatitis;
    • chronic pulmonary disease, emphysema, chronic obstructive pulmonary disease (COPD), or chronic bronchitis or required the use of oxygen or oxygen equipment?

13. In the past 24 months, have you been diagnosed, treated, had surgery, or has treatment or surgery been recommended by a licensed member of the medical profession for:
    • heart attack;
    • embolism or blood clot;
    • stroke or TIA (mini-stroke);
    • irregular heart rhythm;
    • seizures;
    • aneurysm;
    • heart, brain, or circulatory surgery, including:
      • pacemaker or defibrillator placement;
      • cardioversion;
      • stent placement;
      • bypass;
      • angioplasty;
      • ablation;
      • valve replacement or repair?

We’ll review these questions to ensure you qualify for your best personal rate.

How do Wellabe’s rates compare to other life insurance companies?

See for yourself. We ran comparisons of Wellabe’s products with other companies offering similar policies.

Remember that price is just one aspect – underwriting, features, company ratings, etc., are important to consider with the price.

LEVEL DEATH BENEFIT – FIRST DAY COVERAGE

Company	Age 65	Age 70	Age 75	Age 80
Wellabe	$150	$190	$264	$374
AIG	$150	$200	$270	$379
Motorists	$128	$168	$234	N/A
Mutual of Omaha	$137	$182	$246	$345
Sons of Norway	$112	$142	N/A	N/A
Transamerica	$130	$170	$238	$336

GRADED/MODIFIED DEATH BENEFIT

Company	Age 65	Age 70	Age 75	Age 80
Wellabe	$199	$259	$356	$535
AIG	$178	$231	$301	$396
Fidelity	$361	$251	$304	$406
Transamerica	$336	$438	$574	$832

GUARANTEED ISSUE LIFE INSURANCE

Company	Age 65	Age 70	Age 75	Age 80
Wellabe	$226	$295	$393	$566
AIG	$249	$291	$410	$520
Gerber	$212	$247	$348	$617

We’ll review your life insurance needs to ensure your policy suits your situation best.

Wellabe provides competitive final expense policies for people with perfect or significant health issues.

With an easy-to-use e-application and electronic signature, you can have your application underwritten within minutes.

We walk you through the process and let you know if you will qualify for first-day benefits, graded benefits, or guaranteed issue final expense.

Companies like John Hancock, Lincoln National, Prudential, and Minnesota Life do well with high-risk conditions if you have health issues and are looking for a fully underwritten policy.

When you need to get in touch, you’ll find that Wellabe offers several contact options.

Wellabe – Phone Number – 877-257-2663

If you need to send mail to Wellabe:

Overnight:

Wellabe
601 Sixth Avenue
Des Moine, Iowa 50309

Regular Mail:

P.O. Box 14410
Des Moines, IA 50306-3410

Wellabe offers a consumer portal where you can access policy information.

Upon purchasing a policy from Wellabe, they will send you a welcome letter containing the necessary information for account registration.

Register for Account Access

Information needed to register:

• Welcome letter
• Your email address
• Your policy number

After securing account access, you can proceed with the following actions:

• Check the status of claims
• Read Explanations of Benefits
• Request an ID card
• Make payments using a credit card or automatic bank withdrawal
• Communicate with our Customer Care and Claims departments through the Message Center
• Gauge progress toward deductibles
• Download and submit forms

Furthermore, Wellabe Insurance Company offers a competitive final expense policy that is easy to qualify for.

With their online application and quick underwriting approvals, Wellabe is worth considering.

Other Companies Reviewed:

• Allstate
• Assurity
• Geico
• Guardian
• Illinois Mutual
• Mass Mutual
• NY Life
• Penn Mutual
• State Farm