New Era Life Insurance Review & Ratings (2023)
This New Era Life Insurance Review will cover New Era Life Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. To compare insurance rates from the best companies in your area, enter your ZIP code below.
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UPDATED: Jun 28, 2022
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- New Era only offers one type of life insurance: final expense
- You can purchase other insurance products from New Era, such as dental, Medicare supplement plans, and accident insurance
- The company offers minimal information about its final expense plan online — you’ll need to speak with an agent to get a quote
When people think of insurance, health insurance is probably the first thing that comes to mind. After all, it’s easy to see the benefit of having your health needs covered.
However, life insurance can be just as important as health or any other type of coverage. You might not see as much benefit from a policy (though there are ways you can take advantage of it), but your loved ones will.
Finding the right life insurance company can sometimes feel overwhelming because there are so many choices. Aside from the big names, there are hundreds of smaller companies to choose from. One of those companies is the New Era Life Insurance Company.
New Era life insurance reviews aren’t as numerous as other companies, and there are some common complaints, but this company has plenty of happy customers.
If you’re interested in learning more about New Era life insurance rates, you should shop around to compare quotes. To see what quotes might look like for you, enter your ZIP code into our free tool today.
What is New Era life insurance?
New Era is not your typical life insurance company. While most life insurance companies offer term, whole, or universal policies with a wide selection of add-ons, New Era has just one product: final expense coverage.
Final expense coverage is also called simplified issue whole life, burial insurance, and funeral insurance. As its name suggests, this insurance is meant to help your family cover your end-of-life expenses, including your funeral and leftover medical bills.
This is an excellent option for older people without a life insurance policy. Final expense policies are cheaper because they have smaller death benefits, and they generally don’t require a medical exam.
Final expense coverage is a type of whole life insurance in that it remains in place for the rest of your life, as long as you make your payments. But there are a few notable differences between traditional whole life and final expense.
For starters, final expense coverage typically has a much small death benefit for your beneficiary. You can buy a policy from $2,000 to $25,000 with New Era. Typical death benefits for whole life range from $100,000 up into the millions.
New Era’s final expense policy has monthly rates that stay the same throughout your life, no matter your health status or age.
How do you buy life insurance from New Era?
Most companies offer at least a little information about the buying process for insurance, but New Era is notoriously tight-lipped.
There is no information online about how much the company’s products cost, which states it serves, or even how to contact an agent. If you want New Era insurance, you’ll need to call the company and request contact with a local agent.
You also can’t apply for a policy online. All communication must happen over the phone with an agent.
Does New Era have other insurance products?
New Era offers several other types of insurance, though none are related to life insurance. This company provides the following types of coverage:
- 24-hour accident — If you purchase this policy, New Era will cover up to $4,000 per accident that injures you and up to $300 per day you spend in the hospital.
- Critical illness — New Era covers medical bills and lost wages while you recover from a critical illness. Coverage is available up to $50,000.
- Dental — New Era has over 169,000 network providers, but will pay the same amount for dental work with non-network dentists.
- GAP — With health care costs rising, GAP insurance can help lower the amount you pay out of pocket after your traditional health insurance has maxed out.
- Medicare supplemental — Medicare only pays for what is medically necessary and has limits on how much it can cover. With a Medicare supplemental policy, more of your health care is covered.
As you can see, New Era offers a wide variety of policies to cover specific needs rather than standard insurance policies.
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New Era Life Insurance Reviews
While you might expect a small company that only offers a few products to be excellent providers of those services, New Era receives more complaints than the national average.
For starters, New Era has a rating of B++ with A.M. Best. A B++ is considered good, but it’s well below the ratings of the leading companies for life insurance products. New Era does not have a rating from the Better Business Bureau or J.D. Power.
A major downside for New Era is that the National Association of Insurance Commissioners (NAIC) has given the company a less than favorable score.
The Company Complaint Index by the NAIC scores companies based on policy prices and cancellation problems, customer service and agent interactions, and settlement satisfaction, amongst other factors.
New Era has a score of 1.34, which is higher than the average national score of an even 1.0.
As far as the integration of modern technology into the insurance process, New Era is a little behind. You can access your policy with a New Era life login, but you have few options online.
You’ll need to use the New Era life insurance provider phone number if you have any questions or concerns.
However, you can access the New Era life insurance provider portal online. The portal is a helpful tool for verifying a policy benefit.
Is New Era life insurance worth it?
As with all types of insurance, New Era’s final expense policy might be worthwhile to you, depending on your circumstances. However, a term or whole life policy might better suit your needs.
To get an idea of what type of insurance might work for you, consider the following.
Circumstance Recommended Product
Senior citizen Final expense
You have young children Term or whole life
Your budget is limited Final expense
You're paying on debt Term or whole life
You have a terminal illness Final expense
For the most part, your money is better spent with a term or whole life policy.
If final expense insurance is your best path for life insurance, you should consider the company. New Era is a small company with less financial security than others. It has a higher complaint index than other companies, and some customer reviews say the payout process can be slow.
Other companies that sell final expense life insurance include AIG, Lincoln, Transamerica, and Mutual of Omaha. While you can find affordable New Era life insurance rates, you might be better served elsewhere.
A Final Word on Final Expense Insurance
While New Era doesn’t sound as attractive as many other life insurance companies, it’s still worth looking into. After all, final expense coverage is usually cheaper than other life insurance products. If your beneficiaries only need a little extra cash, New Era might be right for you.
While you’ll need to speak to an agent to find New Era life insurance quotes, you can compare other companies online. Enter your ZIP code into our free tool today to see what quotes might look like for you.