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Are you considering a guaranteed issue life insurance policy from United Home Life? Then this article is for you.
United Home Life did not make our top guaranteed life insurance carriers review, nor were they very close. Truthfully, we do not typically recommend purchasing a guaranteed issue policy through United Home Life, and this review will tell you why.
What You’ll Learn
As with all carriers, it’s important to understand the background of the company, their financial ratings as well as information about the insurance plan itself. Not all policies are created equally and there is certainly no one-size-fits-all plan out there.
Below, we’ll show you why you can almost always find a more superior product than one sold by United Home Life.
Disclaimer: We are not United Home Life nor are we affiliated with United Home Life. This is our honest review as an independent life insurance agency. If you’d like a quote or want to apply, you must contact the company directly or visit https://www.unitedhomelife.com/.
About United Home Life Insurance
United Home Life Insurance Company has been in business for over 70 years and offers an array of products including whole life, term, and accidental death benefit coverage.
They currently carry an A.M. Best financial strength rating of “A-” (Excellent).
They have more than $2 billion in assets and over $20 billion of life insurance in force. Overall, these are strong ratings and high numbers, which positions the company to meet the needs of its insureds.
United Home Life Insurance Agents are “Captive”
You can purchase a United Home Life policy through both independent and captive agents.
Captive agents work in-house and are only allowed to sell United Home products. They cannot quote you or even discuss the benefits of other guaranteed issue policies on the market.
For any agent appointed with United Home Life, there are major incentives to sell a policy. These incentives are what makes United Home a seemingly popular carrier, although for the wrong reasons.
Both new and experienced agents are compelled to sell United Home Life because they have a very simple application. This means that brand new independent agents who are still learning the ropes might prioritize selling United Home Life because applications for better life insurance carriers can take a little longer.
United Home Life Insurance also pay good commissions and they have an annual sales trip that is easy to qualify for.
Because of this, you could find life insurance agents who care more about higher commissions and their vacation than placing people with the right carrier and insurance policy.
This is why we always recommend using an independent agent or shopping around for yourself.
Features of United Home Life’s Guaranteed Issue Policy
The Guaranteed Issue Whole Life policy through United Home Life is a pretty standard no questions policy, except that it has even fewer benefits than other products on the market.
As the name implies, it is a guaranteed product, which means there are ZERO health questions and you cannot be denied coverage.
Here is a list of the features of this policy:
- No medical underwriting
- Premiums will never go up
- Coverage is guaranteed
- Policy cannot be canceled as long as premiums are paid
- Accidental death is covered immediately
- Death by natural causes within graded period results in premiums plus interest paid back
Truthfully, these features are where the pros of the policy end. These features are also the same as any other top guaranteed issue life insurance policy available for purchase.
United Home Life Guaranteed Issue Policy Overview & Rates
Here’s a quick overview of United Home Life’s guaranteed policy details:
- Face Amount Range: $5,000 – $10,000
- Age Availability: 45 – 75
- State Availability: All
- Graded Period: 3 Years
- Premiums Returned: 6% in Year One, 12% in Year Two, 18% in Year Three
- Riders: None available
Cons of United Home Life’s Guaranteed Life Insurance
When you compare it with other guaranteed issue policies, this is not a great product. We’ll show you why below.
Their Coverage Amounts are Lower
This plan is only available in amounts between $5,000 and $10,000. Most companies offer at least $25,000 in coverage.
This might be enough to cover some final expenses like burial or cremation, but not much else. If you have small credit card debts, any leftover bills, medical expenses or household bills, you should really look at other policies that go as high as $25,000 or more.
They have a Longer Waiting Period
The mandatory graded period is a year longer than most other guaranteed issue products. At three years, this means that if death occurs from natural causes, your beneficiary will only receive the premiums paid to date plus interest.
The interest for this policy is given on a sliding scale:
- If death occurs within year one: Premiums + 6%
- If death occurs within year two: Premiums + 12%
- If death occurs within year three: Premiums + 18%
The only silver lining to this is that the interest returned in year three is fairly high at 18%. Yet, why settle for 18% in year three, when most carriers will pay the full policy amount during that year?
They have Higher Premiums with No Added Benefits
When carriers are priced higher for guaranteed acceptance policies, it’s typically because they feature additional benefits, like riders. With United Home Life, there are no additional policy benefits that you or your loved ones could utilize. So essentially, you’re paying more for less.
Alternatives to United Home Guaranteed Life Insurance
The #1 alternative to United Home Life is to work with an independent agent who can shop across multiple carriers to find the most affordable guaranteed issue plan for you. An independent agency (such as us) are appointed with many of the best life insurance companies so you are not forced into making one decision.
If you work directly with United Home Life, you will have to buy United Home Life. If their product is not right for you (which chances are that it’s not) you’ll be forced into purchasing it.
The best alternative is to talk with an agent who can learn about your unique needs and find the right deal for you. Both you and your loved ones deserve to receive the right coverage.
Is United Home Life Insurance Right for You?
This article was written by the guaranteed acceptance experts at Guaranteed Issue Life. We’re an independent agency that represents many of the nation’s top life insurance companies. It is our job to match people to the best policy for them, not to give into incentives and tropical sales trips. We strive to work with the utmost integrity while providing high-quality customer service and honesty.
We work directly with you on getting the most appropriate policy in place in a timely manner. Simply give us a call and one of our agents will be with you to talk through your options. You can also use the instant quote tool on this page to receive accurate quotes for your age and policy needs.
Thank you for reading our review of United Home Life Guaranteed Issue Life Insurance.