Guarantee Trust Life
- Simplified application and no medical exam required
- Heritage Whole Life includes a cash value component
- Turbo Term offers high coverage amounts and various term lengths
- Heritage Whole Life offers relatively low coverage amounts
- Turbo Term is not convertible to whole life insurance
- Limited rider options available for customization
- 93 Companies reviewed
- 50 Features considered
- 4,650 Data points analyzed
We collected 4,650 data points from 93 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 50 metrics to develop unbiased, comprehensive reviews.
Life insurance is complicated and necessary (which makes it a little scary). However, at certain stages of life, you need a simple life insurance policy that covers the basics.
Guarantee Trust Life offers two simple life insurance products, Heritage Whole Life Insurance and Turbo Term Life Insurance, that can reduce your anxiety and provide you with peace of mind.
What makes Guarantee Trust Life policies simple? Simplified issuance and no medical exams.
It’s simple yet has valuable features, like a death benefit for when you’re gone, a living benefit if your health declines later in life, and riders to customize your policy. If your loved ones need help planning a funeral or finding support, Guarantee Trust Life has you covered there, too.
| Features | Heritage Whole Life | Turbo Term |
|---|---|---|
| Ages | 40-90 | 20-70 |
| Coverage | 40-85: $2,500-$20,000 86-90: $2,500-$10,000 |
$500,000-$1 million |
| Coverage Length | Lifelong | 10, 15, 20, 25, 30-year terms |
| Waiting Period | 2 Years | None |
| Rates | Never increase | Never increase |
| Medical exam | No | No |
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Guarantee Trust Life – Heritage Whole Life Plan
When you buy a whole life policy, your loved ones can count on a guaranteed death benefit. Since whole life insurance policies also build cash value, they can count on a little extra there.
The average cost of a funeral today is $7,848. That figure doesn’t account for some extra niceties those left behind may want to purchase to make the event memorable. Flowers, pastoral services, a nice headstone, and a reception all come at a cost.
A Heritage Whole Life policy covers basic funeral or cremation expenses and may provide the extra funds to make someone’s passing truly memorable.
States & Age Eligibility
Heritage Whole Life is available to residents of all states (and the District of Columbia), except New York, between the ages of 40 and 90.
You’ll know the premium upfront, and you won’t have to worry about it going up for the rest of your life.
Even better, it’s a simplified issue policy, which means there’s no medical exam. You’re eligible for the policy after answering a few basic medical questions on the application.
Coverage Amounts
How much coverage can you get? It depends on age, but most people can purchase up to $20,000 of whole life insurance.
Here’s the breakdown:
| Ages | Amount of Coverage |
|---|---|
| 40-85 | $2,500-$20,000 |
| 86-90 | $2,500-$10,000 |
Death Benefit
What makes life insurance not so simple? All the industry jargon and legalese. Don’t blame the insurance company or the agent, though.
After all, insurance policies are contracts that someone could challenge in court. Your policy’s terms and definitions help clarify what is and isn’t covered. Standard terms and their definitions are usually found in the first few pages of your policy.
To understand your life insurance policy, you must understand a death benefit. It’s the amount of money the insurance company gives to whoever you choose to help them pay for expenses they have to pay after you die.
While paying for your funeral expenses may not be particularly bothersome to you right now, it will rank pretty high when the bills come in. As a rule, it’s best to purchase as much death benefit as you can afford.
Graded Benefit Life Insurance
The Heritage Whole Life policy is a graded benefit whole life insurance plan.
A graded benefit period (or a “waiting period”) gives your beneficiaries part of the death benefit in the policy’s early years.
Simply put, the payouts look like this:
| Year in Force | Amount of Payout |
|---|---|
| Year 1 | Premiums paid plus 5% |
| Year 2 | 50% of the face amount |
| Year 3 | 100% of the face amount |
The graded plan will pay out according to the chart, with one exception. If you die due to an accident within the first two years after buying the policy, your beneficiaries will receive 100% of the face amount.
Cash Value
Cash value is another industry buzzword… But as always, it’s not as complicated as it sounds.
Whole life policies have two parts. The death benefit (also known as the face amount) and the cash value account, which acts as a savings account within your policy.
Unlike the death benefit, which doesn’t change, cash value earns interest and grows.
Cash value is free money you can use in any way you choose. For example, you can borrow money from the cash value and pay it back. Think of it as a way of borrowing from yourself. There’s no need to apply for credit or wait for approval. You decide how much to take and when to pay it back.
Other Benefits
Heritage Whole Life policies also come with a bonus feature.
With Heritage Whole Life, your loved ones can access funeral concierge services. A representative will help them through the funeral process.
Check Out: Evaluating Mutual of Omaha Life Insurance
Check out: Americo Life Insurance Reviews
Guarantee Trust Life Turbo Term Life Insurance
Other term policies offer a lot of bang for your buck. Turbo Term is different because it provides high coverage amounts, a good choice of riders, and a simplified issue process.
The value is tough to beat.
State & Age Eligibility
Residents of the District of Columbia and every state except New York can apply for Turbo Term. You must be at least 20 and no older than 70 to apply for this policy.
Coverage Amounts
Turbo Term offers significantly higher face amounts than Heritage Whole Life.
The following chart shows the maximum face amounts available by age:
| Age | Term Lengths Available | Maximum Face Amount |
|---|---|---|
| 20-50 | Any Term | $1 million |
| 51-55 | 10, 15, 20, 25 | $1 million |
| 56-60 | 10, 15, 20 | $750,000 |
| 61-65 | 10,15 | $750,000 |
| 66-70 | 10 | $500,000 |
You can skip the medical exam and count on fast approval. The policy automatically renews annually until the end of the term.
Riders Included With Turbo Term
Turbo Term can help if you become terminally ill, and the optional riders provide even more coverage.
Terminal Illness Accelerated Death Rider
Turbo Term includes a Terminal Illness Rider that pays up to 90% of the death benefit if you are diagnosed with a terminal illness with a life expectancy of less than 12 months.
Optional Riders
The optional riders cost a bit more and can be handy under the right circumstances.
Accidental Death Rider
A sudden accident can cause turmoil in the entire family. By adding GTL’s Accidental Death Rider, your beneficiaries will receive double the death benefit up to a maximum of $250,000.
Waiver of Premium Rider
Medical bills can escalate quickly and the Waiver of Premium rider eases the financial strain. If you become disabled, you won’t have to pay your premiums.
Child Rider
It’s hard enough to think about your death, and a child’s death can be devastating. With Turbo Term, you can purchase $5,000 or $10,000 of coverage to help pay funeral expenses if one of your children dies.
The following chart will help you choose the best riders for your situation:
| Name of Rider | Included/Optional | What it Adds |
| Terminal Illness Accelerated Death | Included | Pays up to 90% of the death benefit if you are terminally ill |
| Accidental Death | Optional | Increases death benefit if you die due to an accident |
| Waiver of Premium | Optional | Waives premiums if you become disabled |
| Child Rider | Optional | Adds $5k or $10k death benefit for children |
Check Out: Is Gerber Life Insurance Worth It?
Check Out: Lumico Life Insurance Products Overview
Choose kindness.
You never know what battles people may be fighting.
Guarantee Trust Life Application Process
Guarantee Trust Life takes the struggle out of applying. All you have to do is fill out some basic information about yourself and where you live. Answer just a few short yes or no medical questions, and your application is on its way to being approved.
How Guarantee Trust Life Will Decide on Your Approval
Guarantee Trust Life will review your application and determine whether to approve you based on your answers and a quick check of your prescription drug history, driving record, and other documents.
There’s no medical exam.
Paying Your Premiums
With Guarantee Trust Life, you decide how often to pay and which day of the month works best.
You can also coordinate your monthly premium withdrawals with the timing of a pension or Social Security income payment.
Guarantee Trust Life Pros and Cons
To choose between Heritage Whole Life and Turbo Term, consider the following pros and cons in light of your circumstances.
GTL Heritage Whole Life Pros
- Lasts for your entire life
- Built-in savings account (cash value)
- Can take loans against cash value with no credit check
- Fast approvals (typically same-day or next-day)
- Simplified underwriting, quick approvals with no medical exam
- Choose when and how often to pay
- Flat rates for life
- Help with funeral planning and discounted services
GTL Heritage Whole Life Cons
- Low face amounts
- Provides much less coverage per dollar than term life insurance
- No riders
GTL Turbo Term Pros
- No waiting period
- No medical exam
- Face amounts up to $1 million
- A variety of term lengths are available
- Premiums never increase
- Living benefits – early payout if you have a terminal illness
- Waiver of premium if you are disabled
- Simplified application and fast approvals
GTL Turbo Term Cons
- Higher rate for smokers
- Not convertible to whole life
- Maximum of $500,000 at age 66
Guarantee Trust Life & Customer Reviews
If you’re like many people, you don’t spend much time thinking about a life insurance company’s financial strength or reputation.
Before you sign, you’ll want to know that your life insurance company will be there when needed. Industry ratings and customer reviews can highlight a company’s track record and help you understand if you’ve made the right decision.
What Does the BBB Say About Guarantee Trust Life?
The BBB gives Guarantee Trust Life an A+, its highest possible rating. The customer star rating is low, although there have only been 16 complaints in the last four years, and nearly all of them have been closed.
Financial Strength Ratings
Financial strength is a primary consideration when researching the best life insurance company. Here’s what the insurance and financial industry says about Guarantee Trust Life:
- AM Best: A- (Excellent)
- S&P: Long-term Issuer Credit Rating A- (Excellent)
Choose kindness.
You never know what battles people may be fighting.
FAQs About Guarantee Trust Life Insurance
Is Guarantee Trust Life a legitimate company?
Absolutely, yes. The company has been in business for 88 years and has an A+ rating with AM Best, which rates insurance companies according to their claims-paying ability.
What kind of insurance is Heritage Whole Life?
Heritage Whole Life is a simplified-issue whole life policy with a two-year graded benefit period. It does not require a medical exam and has some of the most lenient underwriting industry-wide.
What is the main disadvantage of whole life insurance?
The main disadvantage of whole life insurance is that the premiums are higher than term insurance. While whole life isn’t as straightforward as a term policy, the benefits could be worthwhile depending on your circumstances.
Is term life insurance worth buying?
It depends on your purpose for buying life insurance. Term insurance can be excellent if you want to cover temporary expenses such as a mortgage, student loans, or other debts.
Heritage Whole Life or Turbo Term?
Guarantee Trust Life is a financially strong life insurance company with decades of experience in the insurance field.
Heritage Whole Life is your best bet if you’re looking for a whole life insurance policy designed to cover final expenses.
And if you need a particular length and amount of coverage to cover temporary expenses, Turbo Term might be a better fit.
Either way, you can count on a simplified application experience, no medical exam, and quick approval.
Article Sources
- Guarantee Trust Life. Heritage Life
- Guarantee Trust Life. Turbo Term
- A.M. Best. AM Best Upgrades Credit Ratings of Guarantee Trust Life Insurance Company
