Great West Insurance is one of the most renowned insurance companies in the United States. With a track record of over 100 years, Great West Insurance has been providing people with various insurance plans that cater to their needs. Whether it is life insurance, retirement plans, annuities, or group insurance products, Great West Insurance has got you covered. In this article, we will delve into the details of Great West Insurance, its products, claims, and customer service.
History of Great West Insurance
Great West Insurance was founded in 1891 in Winnipeg, Canada, by Jeffry Hall Brock and R.A. Ramsey. It started as a life insurance company and later expanded into providing other insurance products. In 1906, the company relocated to Winnipeg from London, England, and continued its growth. In 1969, Great West Insurance became a publicly-traded company, and in 2006, it merged with London Life Insurance Company to form Canada Life Financial Corporation.
Great West Insurance started operations in the United States in 1907, and it has continued to grow over the years. In 2008, Great West Insurance acquired the US-based insurance company, Great-West Life & Annuity Insurance Company, and formed Great-West Financial, which is now one of the leading annuity providers in the US.
Products Offered by Great West Insurance
Great West Insurance offers various insurance and retirement products to its customers. These include:
Product |
Description |
|---|---|
Life Insurance |
Great West Insurance offers term, whole life, and universal life insurance to protect your family’s financial future in case of your untimely demise. |
Retirement Plans |
Great West Insurance provides retirement plans that cater to your needs, such as 401(k), 403(b), and 457 plans. |
Annuities |
Great West Insurance offers fixed and variable annuities to help you generate income during retirement. |
Group Insurance Products |
Great West Insurance provides group insurance products such as disability, health, and dental insurance to employers for their employees. |
Life Insurance
Great West Insurance offers various life insurance plans to its customers. These include:
Term Life Insurance
Term life insurance is the most basic type of life insurance offered by Great West Insurance. It provides coverage for a specific period, usually ranging from 10 to 30 years. The premium is fixed and remains the same throughout the coverage period. If the insured dies during the coverage period, the beneficiary receives the death benefit.
Whole Life Insurance
Whole life insurance is a form of life insurance that provides coverage for the entire life of the insured. It also has a savings component, known as cash value, which grows over time. The premium for whole life insurance is higher than term life insurance but remains the same throughout the life of the policy.
Universal Life Insurance
Universal life insurance is a flexible type of life insurance that provides coverage for the entire life of the insured. It has a savings component, known as cash value, which grows over time. The policyholder can adjust the premium amounts and death benefit amounts over time, making it more flexible than whole life insurance.
Retirement Plans
Great West Insurance offers various retirement plans to its customers. These include:
401(k) Plans
401(k) plans are retirement savings plans sponsored by employers. The employees contribute a portion of their salary to the plan, and the employer may also contribute a matching amount. The contributions are tax-deferred, and the earnings grow tax-free until withdrawal.
403(b) Plans
403(b) plans are retirement savings plans for certain employees of public schools, tax-exempt organizations, and some ministers. The plan works similarly to a 401(k) plan, where the contributions are tax-deferred and the earnings grow tax-free until withdrawal.
457 Plans
457 plans are deferred compensation plans offered by governmental and certain non-governmental employers to help employees save for retirement. The contributions are tax-deferred, and the earnings grow tax-free until withdrawal.
Annuities
Annuities are financial products that provide a guaranteed stream of income during retirement. Great West Insurance offers fixed and variable annuities to its customers. These include:
Fixed Annuities
Fixed annuities provide a guaranteed rate of return for a certain period. The rate of return is fixed, so it does not fluctuate with the market. The annuitant receives a fixed amount of income during the annuity period.
Variable Annuities
Variable annuities provide a variable rate of return based on the performance of the underlying investments. The annuitant can choose from a variety of investment options to invest in, such as stocks, bonds, and mutual funds. The annuitant can receive a fixed amount of income or a variable amount of income during the annuity period, depending on the performance of the underlying investments.
Group Insurance Products
Great West Insurance offers various group insurance products to employers for their employees. These include:
Disability Insurance
Disability insurance provides income replacement to employees who are unable to work due to an illness or injury. The benefits are paid on a monthly basis and are tax-free if the employee pays the premiums.
Health Insurance
Health insurance provides coverage for medical expenses such as doctor visits, hospitalization, and prescription drugs. The employer and employee share the cost of the premiums, and the benefits vary depending on the plan.
Dental Insurance
Dental insurance provides coverage for dental expenses such as cleanings, fillings, and orthodontics. The employer and employee share the cost of the premiums, and the benefits vary depending on the plan.
Claims and Customer Service
Great West Insurance has a robust claims management system that ensures timely processing of claims. The company has a team of experienced claims adjusters who work diligently to resolve claims. Great West Insurance also has a customer service department that helps customers with their inquiries and concerns. The customer service representatives are knowledgeable and courteous, and they strive to provide the best service possible to their customers.
Frequently Asked Questions
Does Great West Insurance have good financial ratings?
Yes, Great West Insurance has good financial ratings from various rating agencies. Standard & Poor’s has given Great West Insurance an A+ rating, while A.M. Best has given it an A (Excellent) rating. These ratings indicate that Great West Insurance has a stable financial outlook and is capable of meeting its obligations to its policyholders.
What is the minimum coverage amount for Great West Insurance’s life insurance policies?
The minimum coverage amount for Great West Insurance’s life insurance policies is $10,000.
Does Great West Insurance offer online account management?
Yes, Great West Insurance offers online account management to its customers. Customers can log in to their accounts to view their policy details, make payments, and manage their policies.
What is the maximum contribution limit for Great West Insurance’s retirement plans?
The maximum contribution limit for Great West Insurance’s retirement plans varies depending on the plan type and the employee’s age. For 401(k) plans, the maximum contribution limit for 2021 is $19,500. For 403(b) plans, the maximum contribution limit for 2021 is $19,500, or $26,000 for employees aged 50 and older. For 457 plans, the maximum contribution limit for 2021 is $19,500, or $26,000 for employees aged 50 and older.
What is the surrender charge for Great West Insurance’s annuities?
The surrender charge for Great West Insurance’s annuities varies depending on the annuity type and the surrender period. The surrender charge is a fee that is charged when the annuitant withdraws money from the annuity before the end of the surrender period. The surrender period can range from 5 to 10 years, depending on the annuity type.
Conclusion
Great West Insurance is a reputable insurance company that offers a wide range of insurance and retirement products to its customers. Its strong financial ratings, robust claims management system, and excellent customer service make it an attractive option for those looking for insurance and retirement solutions. If you are in the market for insurance or retirement products, Great West Insurance is definitely worth considering.