Wellabe recently announced a growth rate increase for its Preneed Voyage and Course products, which are underwritten by Great Western Insurance Company. The increase of 25 basis points will go into effect on Jan. 1, 2024, and will be applied to new, qualifying policies written on or after April 14, 2023.
“We’re excited to offer a higher growth rate on our preneed products. In less than nine months, we’ve been able to increase our growth rate twice for a total of 75 basis points,” said Allen Whitmer, director of national sales distribution for preneed. “The increased growth rate coupled with our exceptional preneed plans will allow our funeral home partners to continue to support the families in their communities.”
Wellabe’s Preneed products are designed to meet a variety of advance funeral planning 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.
“By planning and funding a funeral or memorial service in advance, families can experience less stress during an already difficult time. We’re proud to continue to make preneed an important focus of our business by providing funeral homes and families high-quality preneed products that help them be financially well,” Whitmer stated.
Wellabe has experienced record-breaking preneed sales in 2023, and it will continue to support the preneed distribution’s success with new services and incentives in 2024.