New Era Life Insurance Company Review

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While most individuals purchase term life insurance policies to replace their income and cushion their loved ones from major debts, others need a permanent solution to cover final expenses.

If you’re looking to protect your family from the financial stress of funding a funeral and other end-of-life costs, a provider like New Era Life Insurance Company may cross your radar.

Whether or not you should opt for one of their final expense policies depends on factors like their financial strength, history, and product features.

Read on to decide if New Era is the company for you.

Quick Links

  1. History
  2. Ratings
  3. Products
  4. Company Summary

Our New Era Life Insurance Company Review

New Era Life Insurance Company logo

Understanding New Era Life Insurance starts with its company philosophy of “applying the strengths of both Eastern and Western cultures” to best serve its customers, agents, and employees.

The company firmly outlines its core values as well, which include loyalty, reliability, flexibility, innovation, vision, and customer satisfaction.

The New Era Life Insurance Company got its start in 1924, and while there is little public information about the company’s history, it is well-documented that new management, led by current CEO Bill Chen, took over in 1989.

One of the reasons New Era Life Insurance has continued to grow is through its ongoing acquisition of distressed companies.

New Era has also seen robust organic growth as it continues to diversify its range of product offerings.

While New Era has always catered to elderly clients, the company has started targeting the under-65 market.

New Era Life Insurance operates in 32 states and offers a range of traditional insurance products including Medicare supplements, final expense insurance, dental, critical illness, and GAP coverage.

Customers can also find health indemnity plans and annuities in the New Era catalog.

New Era is part of a larger group of three entities held by New Era Enterprises Inc.

In addition to the New Era Life Insurance Company, there are also the New Era Life Insurance Company of the Midwest and the Philadelphia American Life Insurance Company.

Financial Strength and Ratings

Since joining the New Era Enterprise Inc. holdings, New Era Life Insurance has steadily grown its business reputation.

Currently, the company has $538 million in assets and $72 million in net surplus.

It also has $459 million in total liabilities for an asset-to-liability ratio of 1.17.

In 2017, A.M. Best moved New Era Life Insurance to a B++ rating , taking them from a simply stable outlook to a positive outlook.

The upgrade reflects New Era’s growth rate of 9.7 percent over the last five years. The company also has reliable operating results.

However, one of the factors counteracting these strengths is New Era’s exposure when it comes to commercial mortgage assets, residential mortgage-back securities, and collateralized debt obligations.

The organization is willing to take risks when it comes to short-term assets, which can be problematic in a volatile economic ecosystem.

The New Era Group is currently the 156th largest insurer based on assets in the United States, which is a five-spot jump from last year.

New Era Life Insurance is not BBB-accredited, but they have issued the company a “B-” rating.


With a better understanding of New Era’s financial strength, we can now take a look at the company’s products.

Final Expense Life Insurance

If you want life insurance from New Era, your only option is final expense insurance.

The policy covers medical bills, home care, short-term debt, and other expenses so the policyholder’s family does not have to worry about the financial burden of managing end-of-life arrangements.

Here are a few of the key features of New Era’s final expense policies:

  • Death benefit: The death benefits for this policy range from $2,000 to $25,000.
  • Guaranteed benefits: The cash benefit of the policy is guaranteed, and the coverage will grow over time.
  • Flexibility: Beneficiaries get the money directly and can use it on whatever debts, fees, or expenses they want.
  • Locked rates: The premiums for final expense life insurance remain the same for the entirety of the plan, even if the policyholder gets injured or becomes ill.
  • No exam online coverage: One of the strengths of this plan is the streamlined online application. There are no medical tests or physician’s statements required—all you need to do is answer a couple of questions.


New Era Life Insurance also offers annuities that allow policyholders to live more comfortably as they age.

Their policy includes guaranteed interest rates and flexible premiums, and the earnings are tax-deferred.

Policyholders also have the option to take out the money as a lump sum or convert the funds into regular, monthly cash payments.

One variation New Era offers is a Single-Premium Deferred Annuity.

The policy involves paying a single premium, after which the investment starts earning interest over three to five years.

Once the time elapses, the plan will still make a guaranteed interest rate.

Other Forms of Insurance

New Era Life Insurance has a wide range of life and health products.

Here are a few of its most notable health products:

  • Medicare Supplement Insurance: The policy is meant to offer a high level of health insurance protection when combined with Medicare Part A or B. Possible benefits include access to nursing facilities, additional days of coverage, and treatment outside of the U.S.
  • Dental Insurance: New Era includes Preferred Provider Organization (PPO) discounts with more than 169,000 access points in the U.S. There are also no waiting periods for diagnostics or preventative services.
  • 24-Hour Accident Insurance: This coverage protects people whenever an incident happens. Policyholders get up to $4,000 coverage for medical expenses and $100,000 of accidental death benefits. This policy is renewable up to the age of 80.


New Era does have some impressive features, though not all related to their life insurance policies:

  • Customization: New Era Life Insurance offers customized plans that policyholders can create via one-on-one meetings with representatives.
  • Multiple products: Clients can balance their needs based on coverage and cost while considering other additional supplemental plans with add-on benefits like dental and vision.
  • Free market: New Era does not have a network of health care providers, which means clients can pick their primary physicians, doctors, and hospitals.


Along with the positive features above, you should also consider the potentially negative aspects of working with New Era:

  • Ratings: New Era Life Insurance holds a B++ rating from A.M. Best. While the assessment is generally positive, New Era isn’t rated as highly as its top-tier competitors.
  • Website: One of the most significant strikes against New Era Life Insurance is the functionality of its website. The site has limited information about the history or inner workings of the company.
  • No online quotes: Furthermore, the only way to understand the cost of coverage options is to schedule a consultation with an agent. While some people might prefer this method, an instant quote option would be a convenient upgrade.
  • Size: New Era Life Insurance is relatively small and only operates in 32 states. Conversely, policyholders can expect to get in touch with life insurance representatives more easily and receive more personalized attention.

Final Thoughts

New Era Life Insurance Company meets a number of health insurance needs, with a limited life insurance offering.

If you’re looking for final expense coverage, New Era could have the policy to meet your needs.

With limited information on its site, one final expense product, and less than stellar financial ratings, though, you may fair better with another provider.

As always, your best bet is to compare New Era to its competitors.

Taking a few moments to compare quotes could save you a significant amount on premiums and help you find the coverage you need to protect your loved ones.

New Era Life Insurance Company Review

(800) 522-7879
11720 Katy Freeway Ste. 1700
Houston, TX 77079

Company Name (and subsidiaries)

  • New Era Life Insurance of the Midwest
  • Philadelphia American Life Insurance Company


Jason Fisher

Jason Fisher is the founder and CEO of, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.