When shopping for a life insurance company, you’ll likely notice something interesting about most of the major carriers. With only a few exceptions, major insurance companies in the U.S. are gigantic. They’ve each been around for over 100 years and insured hundreds of thousands of people if not more.
Are newer, smaller life insurance companies worth your time? United Home Life isn’t the biggest company on the block. Their target market is highly specialized. In fact, they’re a bit “off the beaten path” in many ways when compared to traditional life insurance companies.
Is United Home Life a good choice for your life insurance needs? We took an in-depth look at their financial health, product line and more. Our complete United Home Life Insurance Company review has everything you need to know to make an informed decision. Let’s take a look:
A Company History for United Home Life
During the Great Depression, most people were focused on immediate concerns like where their next meal was coming from. Long-term financial security was a bit of a pipe dream for many. But as the Great Depression began to end, many people looked to protect their family’s financial future by purchasing life insurance.
There was just one problem. Life insurance policies were far too expensive for the average person. Enter a new company named United Farm Family Life. Founded in 1937, they were marketed towards the average U.S. family and priced accordingly.
By 1948, United Farm Family Life had grown large and successful enough to acquire a similar insurance company named United Home Life. Keeping separate names but a singular business structure, United Farm Family Life and United Home Life shifted focus.
Today, they provide a few life insurance products which cater to a niche customer demographic. These two companies have over $2 billion in assets. They have over $20 billion worth of life insurance products in force.
Company Financials & Ratings
Independent insurance ratings provide a valuable look into the overall financial health of any insurance company. Positive ratings indicate the company is solvent, stable and able to pay out claims.
United Home Life, as well as their parent company United Farm Life, have both received excellent scores from the major insurance rating agencies.
A.M. Best has given United Home Life an “A-“, which is the fourth highest rank available. They’ve also given United Farm Life an “A“, which is their third-highest ranking.
United Home Life also received an “A-” from the Better Business Bureau. The BBB reported just one complaint against the organization in 2016, which is almost unheard of for a company with over $2 billion in assets.
You won’t find a huge selection of policies here. Instead, UHL offers niche insurance products you’re unlikely to find anywhere else.
They focus extensively on no medical exam life insurance. Products include simplified issue, graded and guaranteed issue underwriting. None of these products require a medical exam.
United Home Life offers both term and whole life policies.
They offer three options:
- Express Issue Term 20 (20-year term with no medical exam)
- Express Issue Term 30 (30-year term with no medical exam)
- Premier 20
The Premier policy is a bit different. Unlike the Express policies, the Premier policy allows for a return of premium payments. If you keep the policy for the full term, the funds you paid in are returned if you purchase the policy.
Whole Life Products
Their Whole Life policies are divided into these categories:
- Final Expense
Final expenses are often a better option for seniors and people with health problems. The payout covers headstone purchase, funeral services, casket, cremation and similar one-time expenses.
Provider benefits are designed for people who support a spouse, children and/or other family members. Loss of life means loss of income. Provider benefits are designed to keep your family on secure financial footing following an unexpected death.
United Home Life offers a variety of whole life products for people with practically any health situation. Their simplified whole life options are:
- Express Issue Premier
- Express Issue Deluxe
None of these require a medical exam. They’re all permanent policies which last a lifetime and have a flat monthly premium.
However, not everyone is eligible. These policies all have an immediate death benefit. This means applicants must meet certain minimum health standards.
For those unable to obtain the policies above, United Home Life also offers their Express Issue Whole Life. This policy has a two-year graded benefit. Applicants can qualify even if they have minor to moderate health issues.
Finally, they also offer the Guaranteed Issue Whole Life. This is a policy for people with health challenges too severe to qualify for other policies. Premiums here are higher. Plus, there’s a three-year waiting period. However, for many severely ill people, the Guaranteed Issue Whole Life policy is the best way to get a life insurance product they can depend on.
Accidental Death Benefit Coverage
This is an accidental death benefit rider you can attach to a whole life plan. Accidental death benefit coverage doubles over 20 years. Premiums stay the same for 20 years, after which they increase annually. A return-of-premium feature is available at the end of the term.
Accidental Death Benefits aren’t usually necessary for retirees or seniors. Instead, they work best for younger and more active policyholders.
Accidental Death coverage is often recommended for certain types of employment. Police, firefighters, truckers, taxi drivers and other jobs carry a certain amount of risk. So do any jobs which involve a lot of driving.
The application has no health questions. This is an affordable way to provide peace of mind if you have a dangerous or semi-dangerous occupation.
Filing a Claim
While they do list a contact phone number on their website, the company is only available during traditional business hours. The best way to file a claim seems to be online.
Fortunately, filing online is very easy. You simply click the “File a Claim” button the home page. This takes you to an online form. Once you submit the form a representative will the contact you to continue the process.
Most major life insurance carriages dedicate a portion of their website to describing their charitable works. Unfortunately, there is no such page on the United Home Life site. There’s not enough information available to determine how much they donate to their community.
None of this affects the quality of the insurance provided. Also, the structure and size of the company is a bit unusual. We’re not overly concerned about a lack of info on charitable giving.
Final Thoughts on United Home Life Insurance
United Home is a large company with a relatively small focus. They don’t provide a huge variety of insurance policies. Instead, they no exam policies and other policies for people with health challenges from minor to major.
If you can’t pass a medical exam, your insurance options are limited. But that doesn’t mean you can’t have any type of life insurance. United Home Life Insurance Company offers reliable no exam life insurance. If that’s the product you’re after, UHL is a financially sound carrier with affordable rates and great customer service.