it seemed natural to transition into Senior Benefits Consulting. I am honored to have the opportunity to help seniors understand benefits that provide affordable peace of mind.
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Who is Guarantee Trust Life Insurance Company?
Although many highly-rated life insurance companies are offering final expense and burial insurance, Guarantee Trust Life’s Heritage Plan is a standout when it comes to final expense insurance at an affordable price.
Easy Article Navigation
- About Guarantee Trust Life
- Guarantee Trust Life Heritage Plan
- The 5 Knockout Questions
- How Much does it Cost?
- How to Buy the GTL Heritage Plan?
In this article, we’ll drill down into the Heritage Plan to help you determine whether or not Guarantee Trust Life belongs on your shortlist of final expense insurance companies.
About Guarantee Trust Life
Founded in 1936, Guarantee Trust Life has grown its customer base substantially by offering well-supported products, outstanding customer service, and competitive insurance rates.
One of the most unusual things about the company is that it has been operated as a family business for the last 80 years and is currently headed up by Richard S. Holson who the third Holson to sit in the office of the President and CEO.
Guarantee Trust Life (GTL) offers a wide range of insurance products including:
- Life Insurance
- Special Risk Insurance
- Supplemental Health Insurance
- Group Insurance
- Senior Dental Care
The company’s mission statement demonstrates the effectiveness of “keeping it in the family”
Our mission is to be recognized as a highly-competent, mid-sized mutual insurer, who by bridging timeless virtues with current best business practices, is effective in marketing targeted life and health products across the country. The company offers an attractive and trusted value proposition to its policyholders and distributors while encouraging and supporting personal growth and civic involvement from its employees.
GTL Financial Stability
In simple terms, a life insurance policy is simply a promise to pay in exchange for a premium. Although most insurance shoppers focus on premiums, it’s critical that insurance shoppers check a company’s financial stability to determine if it can keep that promise for decades.
By earning an “A” Excellent rating from A.M. Best after delivering impeccable annual financial statements, Guarantee Trust Life has demonstrated that policyholders can count on them long term which is an essential part of the shopping process.
Guarantee Trust Life Heritage Plan
The Heritage Plan is a final expense insurance product built on whole life insurance and targeted at seniors wanting affordable peace of mind that their final expenses will not be passed on to loved ones.
Seniors who are looking for final expense and burial insurance products can rest assured that the Heritage Plan has no medical exam requirements and has liberal underwriting guidelines.
Heritage Plan Highlights
- Eligible issue ages: 40 – 90 years old
- Available death benefits: $2,500 to $25,000
- Only 5 knockout questions (accept or reject)
It’s also important to note that the Heritage plan is a graded benefit plan. This means in exchange for very liberal underwriting guidelines which creates a higher risk to the insurance company, the company will pay a death benefit for the first two years on a graded basis.
Here’s how the Heritage plan works:- If the insured dies during the first year of coverage, the beneficiary would receive the sum of all premiums paid plus 5% (105% of premiums)
- If the insured dies during the second year of coverage, the beneficiary would receive 50% of the full death benefit stated in the policy.
- If the insured dies in the third year or later, the beneficiary would receive 100% of the full death benefit state in the policy.
Although many insurers pay the graded benefit over three years, Guarantee Trust Life only requires a two-year graded benefit period.
Additionally, if the two-year graded benefit period does not apply if the insured’s death is the result of an accident.
The Five Knockout Questions
If an applicant answers “yes” to any of the 5 knockout questions, Guarantee Trust Life will decline to offer coverage. If this happens, the agent will generally shop the application with other insurers or offer a guaranteed issue (guaranteed acceptance) policy.
How much does the Guarantee Trust Life Heritage Plan Cost?
The Guarantee Trust Life Heritage Plan is very competitive with other national insurance companies that offer final expense and burial insurance with a graded death benefit.
Here are the rates for a $10,000 final expense policy for a male non-smoker:
Age of Applicant Male Non-Smoker Female Non Smoker
40 $42.33 $33.17
45 $46.50 $34.00
50 $50.66 $35.67
55 $54.83 $42.33
60 $67.33 $50.66
65 $79.83 $59.83
70 $101.50 $73.16
75 $138.99 $102.33
80 $232.32 $164.83
85 $300.65 $190.66
90 $386.48 $300.65
How to Buy the GTL Heritage Plan?
The easiest and quickest way to purchase the Guarantee Trust Life Heritage Plan is to contact an independent agent who represents multiple companies that offer final expense insurance for seniors.
Senior Benefits Consulting can quickly shop your policy with multiple highly-rated insurance companies and deliver a solution that will best meet your individual needs and budget.
Our firm is an independent broker which means that although we represent multiple insurance companies, we are not employed by any of them.
This non-employee relationship allows our agency to find the best life insurance for our clients and prospective clients and to put their needs first and foremost.
We never charge for our services and all quotes are free and confidential with no obligation to buy.
My name is Nichole Marmes, I am the owner of Senior Benefits Consulting. I love helping people, in particular seniors. I spent five years managing a memory care facility before I decided to transition into life insurance. My favorite part of working at the memory care unit was learning about the “good ole days” and making a difference in my residents’ lives. My passion for helping seniors has continued into my journey at Senior Benefits Consulting.