Shenandoah Life Insurance Company 2021 Review

Shenandoah Life Insurance Company is not one of our highest rated life insurance companies. You can check out our list of the best life insurance companies for what we think are better options.


Benefits explained

  • Voluntary group benefits available: Although the Shenandoah Life Insurance Company no longer issues new life insurance policies, it issues Voluntary Workplace Critical Illness Insurance, Voluntary Workplace Cancer Insurance, and Voluntary Insurance against industrial accidents.


Disadvantages Explained

  • Does not issue new life insurance contracts: Despite its name, Shenandoah Life does not issue new life insurance policies. Life insurance plans sold under the Prosperity Life brand are issued by SBLI USA Life Insurance Group and S. USA Life Insurance Company.
  • Policies Sold Only Through Agents: Other companies allow customers to get quotes and submit coverage requests online. But with Shenandoah Life, the only way to buy a policy is to contact an agent.
  • Not available in all states: Shenandoah Life is not licensed in California, Connecticut, Maine, Massachusetts, Nevada, New York, Oregon, Rhode Island, South Dakota, or Utah.


Packages available

The Shenandoah Life Insurance Company no longer issues new life insurance policies, but offers voluntary group benefits.

Voluntary construction site insurance against cancer

With the Voluntary Cancer Worksite Plan, you can get a one-time payment when you are diagnosed with cancer. The money can be used to offset some of your medical costs while you are in treatment.

Voluntary Work Accident Insurance

This plan pays out a capital if a death occurs following a covered accident. He pays twice the amount of the benefit if death occurs during an accident as a paying passenger on a common carrier.

Voluntary Workplace Critical Illness Insurance

This plan can help cover the financial costs associated with serious illnesses, such as medical bills, home helpers, rehabilitation, and other expenses.


Jumpers available

When you purchase insurance, many companies allow you to add optional endorsements or insurance endorsements to your plan. These endorsements can give you additional coverage, purchase insurance for loved ones, or get other benefits by paying an additional premium.

While Shenandoah Life no longer issues life insurance policies, its group health and accident insurance plans may allow clients to add riders to cover spouses or children or to waive premiums in the future. case of invalidity.

To learn more about the available endorsements, contact an insurance agent to review Shenandoah Life’s plans and optional insurance endorsements.


Customer service

To get a quote for any of Shenandoah’s policies, you must work with an insurance agent. You can submit an inquiry online for details on the features and costs of the policy.

For general customer service, you can contact Shenandoah Life by calling 800-848-5433. Customer service is available Monday through Friday 8:30 am to 5:30 pm EST.

Policyholders can use the Customer Portal at ShenLife.com to make payments or download policy information.


Complaints index

Before choosing an insurance company, it is wise to see how many complaints are filed against the insurer. To help you compare companies, the National Association of Insurance Commissioners (NAIC) publishes complaint ratios each year. The industry standard is 1.0. Ideally, you would want a business with a ratio lower than this number, as that means it has received fewer complaints than the NAIC expects for a business of its size.

The overall complaint rate for Shenandoah Life Insurance Company was 1.97 for 2020. This number is almost twice as high as expected in the market, which means the company has received significantly more complaints than expected. which is typical for its end of the insurance market.


Third party evaluations

Whenever you buy insurance, you want to know that the business is financially stable and can afford to pay any claims you make.

AM Best’s financial strength ratings are a useful tool for assessing businesses. Ratings reflect AM Best’s views on the financial performance and outlook of insurers.

In 2021, AM Best confirmed the A- (Excellent) rating of Shenandoah Life Insurance Company.


Cancellation policy

When you take out an insurance policy, you are entitled to a free consultation period. In most places, the free consultation period lasts 10 days from the date your policy is issued, but it may be longer in some states. During this time, you can decide to cancel your plan and get a full refund without paying any penalties or fees.

Contact your insurance agent to discuss Shenandoah Life cancellation policies and procedures.


Price

Shenandoah Life does not have an online quote tool; you need to work with an agent to get pricing details.

Like other insurance companies, Shenandoah Life Insurance Company requires that you choose either “male” or “female” when obtaining a quote or submitting an insurance request; there is no option if you identify yourself as non-binary.

While being non-binary won’t stop you from purchasing life insurance, you should be aware that most insurance companies haven’t updated their underwriting processes to reflect an awareness of the issues. gender.


Competetion

While Shenandoah Life offers group health and accident plans, it no longer sells individual life insurance. Some life insurance products are available through other subsidiaries of its parent company, but Shenandoah Life no longer issues them.

If you’re looking for a convenient way to purchase life insurance, consider Bestow. It only sells term life insurance coverage, but it does not require medical examinations for its policies. You can get up to $ 1.5 million in term life insurance and the policies are backed by a 30 day money back guarantee.

The policies are underwritten by the North American Company for Life and Health Insurance, a well-known insurer. It has an A + (top) rating from AM Best and an overall complaint rate of 0.14 for 2020.

The life of Shenandoah To give
Market share Not applicable Not applicable
Number of packages 0 life insurance 1
Dividends for 2020 Unavailable Not applicable
Discounts on the wellness program / Incentives to quit smoking Not applicable Not applicable
Method of service Agents In line
AM Best grade A- (Excellent) A + (Superior)
Trend in complaints 1.97 0.14

Final verdict

Although the Shenandoah Life Insurance Company sells voluntary health and accident insurance policies, it no longer carries new life insurance plans. If you are looking for an individual life insurance plan, you will need to work with another insurer that is actively issuing policies. You do not know where to start ? If you want an inexpensive term life insurance policy, check out our picks of the best term life insurers of 2021.



Our methodology: How we review life insurance companies

Our life insurance company reviews are based on a quantitative methodology that analyzes each insurer on its stability and reliability, customer service, claims experience, product line diversity and cost. We compare the terms of each type of policy offered, including available coverage amounts, optional endorsements and premium payment options, to those of other major life insurers. Finally, we look at how the business is rated by third party organizations to determine its reliability and overall reputation.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.




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Justin D. O'Neill