Founded in 2021, BetterLife is a fraternal benefit society formed by a merger between National Mutual Benefit and Western Fraternal Life. Both of these companies have had their own long histories in business.
Through BetterLife, you can find a range of life insurance policies: term, whole, universal, and final expense. These policies are customizable with competitive insurance riders that add more protection or coverage.
Unlike typical life insurance companies, BetterLife offers its members other benefits including special coverage for newborns, orphan income, scholarship opportunities, and more. While you do need to apply for these benefits, they are not commonly offered in the life insurance industry.
BetterLife offers term, whole, and universal life insurance. You can also find final expense insurance policies.
Term life insurance is available in 15-, 20-, and 30-year terms. It also has a conversion option that allows you to convert the policy to a universal or whole life policy at the end of the term.
The other life insurance policies are permanent policies, which means that they last a lifetime as long as the monthly premium obligations are met.
Whole life insurance policies generally have set monthly payments and accrue cash value at a set rate. Through BetterLife, you have four options for whole life insurance: Level Premium Whole, Limited Pay Whole Life, Single Premium Whole Life, and Life Protector.
With the Limited Pay Whole Life policy you can choose a payment term of 10 or 20 years. Depending on the payment plan you choose, this plan is issued to applicants through age 65 or 75. Once the payment period is over, your policy is fully paid.
With the Single Premium Whole Life policy, you'll pay for your policy all at once.
How the Life Protector plan differs from the other whole life policies is unclear from the website. However, this policy is issued to applicants up to age 85.
Universal life insurance policies usually offer more flexibility with how the policy's cash value is invested and the growth rate isn't guaranteed. Through BetterLife, you can find policies to insure one person and coverage for two people on the same policy. Payment schedule options are monthly, quarterly, semi-annually, and annually.
Final expense insurance is a permanent policy designed to cover final expenses, so these policies generally have lower coverage amounts. BetterLife's final expense policies do not require a medical exam. However, some do require health questions as part of the underwriting process.
You can choose a simplified issue whole life insurance policy, a guaranteed issue whole life insurance policy, or a graded benefit whole life insurance policy. With the graded benefit policy, you'll answer some health questions and beneficiaries only receive the full death benefit after the first two years of the policy except in cases of death by accident.
BetterLife stands out from other insurers with its Bi-Weekly Benefit Plan. With this plan, you can combine your mortgage payment with a universal life insurance policy. You'll make two monthly payments to BetterLife instead of one monthly payment to your mortgage company.
As your policy's cash value grows, you can use it to pay your mortgage. Keep in mind that using the cash value reduces the life insurance coverage available.
The Funeral Trust Program also sets BetterLife apart from other life insurance companies. This program is only available with its final expense insurance policies. Policies cannot exceed $15,000.
Through this program, the death benefit is paid directly to a funeral home and you are no longer the policy owner. This change in ownership is advantageous because it protects the policy if you need to meet Medicaid spend-down requirements to live in a nursing home.
In addition to a competitive selection of life insurance policies, BetterLife offers a competitive selection of riders that can be added to your policy for additional coverage or protection.
BetterLife offers the following life insurance riders:
With these riders, you can protect your policy and customize it to meet your needs.
BetterLife also offers its members extra benefits. To get these benefits, you'll need to apply. These benefits are subject to change, and currently include the following:
You can also benefit from funding for community events.
LifeLine screening is also available for $129 and includes carotid artery ultrasound, abdominal aortic aneurysm, heart rhythm, and peripheral arterial disease. You can also get osteoporosis screening for an additional $10.
Best Company has not received many BetterLife reviews, so insight on the customer experience is limited.
BetterLife's products and services are only available in the following states:
* In Oregon and Texas, the company currently operates as Western Fraternal Life.
If you don't live in one of these states, you'll need to consider another life insurance company. Not all products and swervices are available in all locations, so speak to a customer service representative if you have specific questions.
Most life insurance carriers feature their financial strength rating prominently on their website. Financial strength ratings indicate an insurer's financial stability and its likelihood of being able to meet claims obligations. High financial strength ratings are important when choosing a life insurer.
BetterLife's financial strength rating is difficult to find online. However, it's promising that the merging companies had long histories in business. If you decide to work with the company, be sure to ask about its financial strength before purchasing a policy.