At TermLife2Go, we go above and beyond to provide you with the knowledge you need to find the best life insurance quotes and rates available—based on your specific needs, goals, health and lifestyle. That is why we have this review of New Era Life Insurance Company, along with our many other life insurance reviews.
Review of New Era Life Insurance Company
In the following New Era Life Insurance Company review we will cover the company’s history, ratings, products and services.
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About New Era Life Insurance Company
History – Although incorporated back in 1924, the company underwent a dramatic overhaul towards the end of the 1980s and this is when the current management team took over the business. Rather than running as a solo company, there is now a family of providers under the New Era name who offer a variety of insurance products to the wider market.
In addition to New Era Life Insurance Company, the group also includes New Era Life Insurance Company of the Midwest as well as Philadelphia American Life Insurance Company. At this point, we should note that each company is responsible for their own product offering and we’re going to discover more about this a little later.
Financials – Today, they are a financially stable company and this will be discovered when we look at the official agency ratings in the next section. With a history spanning just under 100 years, the shake-up did affect the finances a little but they’re now seen as a secure option for all those looking for life insurance, annuities, or any of the other financial products offered by New Era Life.
New Era Life Insurance Company Ratings
A.M. Best – As of May 2017, the company was actually upgraded from B+ to B++ which means their financial outlook is now positive and considered to be ‘Good’. Immediately, this might set alarm bells ringing in your head because the majority of industry experts suggest only choosing a company that has a rating within the ‘A’ bracket. However, the difference between B++ and A- is relatively insignificant so there isn’t really a noticeable difference in terms of financial stability. With a rating of B alone, perhaps we would urge you to be a little more cautious but B++ is a very good rating and shows the company is heading in the right financial direction.
With this stable financial outlook, it shows they’re in a good position to continue operating within the market while offering financial products and paying any claims that are placed by customers.
Customer Service – As a relatively small company compared to some of the giants in the industry, A.M Best is the only agency to provide an official rating for New Era Life Insurance Company. This being said, we can provide you with advice and information regarding their customer service because this will be important when trying to get in contact to ask a question or raise a concern.
With one corporate office located in Houston, you can find an address, phone number, and even a PO Box. For quick replies, an email address can also be used. Since the company is smaller than many others, this is normally enough for all customers and it means you shouldn’t have a problem getting in touch with a professional even without the contact forms and specialized phone numbers. This being said, you will find a few email address on the home page depending on whether you’re looking for help with your policy, claim, or from an agent.
In addition to these methods of contact, we should also mention the ‘Policyholder Portal’ which allows you to log in on the website once you have a policy set up. Once logged in, you can edit your personal information, get in touch with your local agent, and review details of your policy within a matter of seconds. In truth, not all insurance companies have introduced this type of system to their website so this is important to consider.
Products offered by New Era Life Insurance Company
In total, New Era Life Insurance Company offers a range of fantastic products and this includes Medicare Supplement Insurance, Critical Illness, 24-Hour Accident, Dental Insurance, Health Indemnity Plans, and GAP Insurance to fill any holes that may exist within your current set up. With these products, you should be able to find one that matches your needs in the suggested areas. However, we like to concentrate on annuities and life insurance which is what we’re going to do today.
For those who have been financially reserved all through life, saving money for retirement is a fantastic idea because it means you can live more comfortably as you age. With the annuity on offer from New Era Life Insurance Company, you can receive guaranteed interest rates, liquidity on the income, and flexibility in terms of premiums. If you aren’t sure of the benefits of annuities, it begins with the ability to grow your retirement fund without having to worry about that pesky tax rate. After this, you’ll earn a minimum interest rate as well as being able to receive income during retirement.
With New Era, the annuity doesn’t come with any annual maintenance fees which means you can plan for retirement early in life.
Finally, the income you receive will be at a guaranteed rate for many years to come and you can even transform your funds into monthly cash payments and this allows the money to last right through retirement.
- Single-Premium Deferred Annuity – With the policy on offer from New Era, it’s perfect for those who have money saved up because you only have to pay one premium right at the beginning. Once you’ve paid the amount you wish to pay into the policy, this will start earning interest immediately over a set period of time whether it’s three or five years. Once this period comes to an end, your policy will still earn a guaranteed interest rate.
Final Expense Life Insurance
In terms of life insurance, New Era Life Insurance Company offer one main policy just as we saw within the annuity and it falls into the final expense insurance section of the market. As we know, funerals can cost anywhere between $6,000 and $12,000 these days and sometimes even beyond which causes financial issues for loved ones if there’s no death benefit to cover the costs.
What’s more, your family members might also have to find money for medical bills, home care, and other final expenses and this quickly adds up. In years gone by, many families have entered debt because one member passed away without an insurance policy in place so this final expense offering should be considered (as long as it meets your needs!).
What are the features of New Era’s final expense insurance policy?
First and foremost, you can request coverage of up to $25,000 with a minimum of $2,000. If you have a certain amount in mind after considering your final expenses or after speaking with an expert, you can request this exact amount so it’s in place for your family towards the end.
Once the final expense whole life insurance has been placed in force, the death benefit amount will be guaranteed alongside the building cash-value which grows on a tax-deferred basis. Unlike some other companies, your loved ones also won’t be restricted on what the money can be used for so it can go towards funeral expenses, legal fees, tuition for children/grandchildren, debt, medical bills, etc.
With final expense insurance, most people are worried about the premiums because some policies will steadily increase in cost over time until we eventually get ‘priced out’ of the policy and can no longer afford the coverage. With New Era Life Insurance Company, this shouldn’t ever be an issue because the premiums will remain the same. In terms of cancellation, this can only be done by you.
Finally, it’s also good news for those who want to avoid medical examinations because you won’t have to undergo one of these tests nor will you have to provide blood tests or physician statements. After getting in contact with New Era and getting the ball rolling, you’ll only have to deal with some simple medical questions and you’ll know whether you can receive coverage within a quick time.
New Era Family of Companies
As we saw earlier, New Era Life Insurance Company is actually one of three companies in the family which is fantastic news because it means you’ll also gain access to the policies on offer here. Rather than being restricted to the one annuity and one life insurance policy offered by New Era Life alone, you can access New Era Life Insurance of the Midwest as well as Philadelphia American Life Insurance Company. With all of the policies offered by these three companies, they remain the responsibility of the individual company but you still get to join the New Era umbrella.
Finally, we should note that the whole New Era Life brand is committed to helping people through the disastrous scenes we’ve seen recently since their home base is located in Houston. If you’re having trouble connecting with them through the phone, you might want to consider leaving them an email and their hard-working team will get back to you as soon as possible!