Wellabe – Our Insurance Company Review

Wellabe was a great company to consider if you’re looking for an insurance company specializing in final expense whole life insurance. They are not anymore since discontinuing these products.

The company does not offer term life insurance or universal 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 offered immediate first-day coverage.

There were 13 health questions, and no paramedical exam was required. Your answers determine whether you qualify for this 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
• 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 was a plan that paid a death benefit based on when the insured died.

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

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 was 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’s death benefit was limited for the first two years. During that time, it equaled 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 or 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.

How did 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 provided competitive final expense policies for people with perfect or significant health issues.

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

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

Wellabe Insurance Company offered competitive final expense insurance that was easy to qualify. It’s too bad they discontinued offering it.

Other Companies We Reviewed:

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