American Enterprise Group, Inc. , the parent company of Great Western Insurance Co., will be increasing the 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, according to a news release.
“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 prefunding 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.