Great Western Insurance Company announces preneed growth rate increase
American Enterprise Group, Inc. (AEG), parent company of Great Western Insurance Company (GWIC®), is excited to announce a growth rate increase for its Preneed Voyage and Course products. The increase of 50 basis points applies to new business and will go into effect on April 14, 2023.
“After several years of a prohibitive low interest rate environment, we're excited to offer our funeral home partners and Preneed agents a higher growth rate on their new business,” said Allen Whitmer, director of national sales distribution for Preneed. “For 40 years, we have been committed to helping funeral homes get the best return on their Preneed business. The increased growth rate coupled with our industry-leading Preneed plans helps eliminate shortfalls for our funeral homes.”
GWIC’s Preneed products are designed to meet a variety of needs. With the exclusive Voyage plan, the value of the death benefit is based on either accumulated growth or the total of premiums paid, whichever is higher. The Course plan credits a favorable growth rate to the face amount of the policy.
“Preplanning and pre-funding funeral and memorial services helps reduce the stress and burden families experience during an already emotional time. Given the value of our products to both funeral homes and the families they serve, we're proud to have Preneed continue to be a key focus and important part of our business,” Whitmer stated.
As announced earlier this year, 2022 was a record year for growth at AEG. Preneed sales topped $200 million, a 10% increase over 2021.With the growth rate increase, the company will continue to carry that momentum into 2023.
About American Enterprise Group, Inc.
American Enterprise Group, Inc., has multiple insurance company subsidiaries under the American Republic®, Great Western Insurance Company (GWIC®), and Medico® brands. These companies offer life and health insurance product solutions to help people secure their financial futures through various distribution channels and are licensed in 49 states, plus the District of Columbia. American Enterprise is based in Des Moines, Iowa, and employs more than 400 people.