UPDATED: Nov 30, 2018
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About New Era Life Insurance
The New Era website offers very little information regarding the company and its history. New Era was incorporated in 1924 and is a family of companies that includes New Era Life Insurance Company of the Midwest and Philadelphia American Life Insurance Company. Each company operates separately.
New Era’s corporate headquarters is in Houston, Texas. Independent agents sell policies across the U.S. New Era writes mainly supplemental health insurance, including Medicare Supplement, as well as final expense life insurance.
New Era Products
We have reviewed New Era’s Medicare products separately here, so this review will focus on their other offerings.
New Era’s only life insurance product is a final expense plan called Platinum Series Whole Life that offers up to $25,000 in whole life insurance coverage. The plan is a simplified issue policy that requires no medical exam as part of the application process.
All three of the companies in the New Era group offer this coverage throughout different regions of the country.
The 24 Hour Accident plan on the New Era website is underwritten by Philadelphia American Life, part of their family of companies. The plan covers up to $4,000 in medical expenses for a single accident, as well as $300 a day for hospital stays. The plan also includes an accidental death benefit of up to $100,000, and the option to add disability coverage after an accident.
New Era’s critical illness policy offers up to $50,000 in lump sum benefits to be used for any purpose upon diagnosis of a covered illness. These include cancer, heart attack, stroke, and more.
Philadelphia American Life also underwrites this plan.
New Era’s dental insurance is a PPO policy that offers access to a wide network of dental professionals across the country. The plan offers preventative service coverage as well as coverage for a variety of treatments.
Also underwritten by Philadelphia American, GAP insurance is designed to pay some of the out-of-pocket costs of medical care. The plan pays deductibles, copays, and coinsurance amounts, items that would otherwise be the responsibility of the insured under major medical plans.
Health Indemnity Plans
New Era’s health indemnity plans allow the insured to select the health benefits they need most. The plans are designed to help keep health insurance costs low by providing selected coverage.
New Era offers a single premium deferred annuity to provide retirement income. It is the only annuity option they have listed.
New Era Life Insurance does not offer an online quoting option. Online quoting is not expected from a company that is dependent on agents for policy sales. It is unusual for an insurer like New Era to provide quotes on their website; rather visitors are directed to call a toll-free line or an agent.
We were unable to locate claims information on the New Era Life Insurance website. There is a policyholder login area, and it is possible that claims information may well be available once logged in.
This is something we occasionally see with this type of company. Claims assistance is likely readily available by calling the toll free customer service line, but in the internet age, we would expect to see some form of information on the website. Putting it behind a customer login portal makes claims more difficult in life insurance situations where the beneficiary may not have access to login credentials.
Ratings and Consumer Reviews
The only Better Business Bureau (BBB) file we were able to find for New Era was under the name of their subsidiary New Era Life Insurance Company of the Midwest. The file has does not list a rating or any complaints about the company at the time of this review.
Philadelphia American Life also has a BBB file without a rating or complaint.
We were unable to find any consumer reviews of New Era on any of the usual sites. It is not unusual to find very little on a smaller, lesser-known insurance company, but the lack of any ratings or reviews is somewhat surprising.
The Bottom Line
The general lack of information in regards to this company makes it hard to draw a conclusion. They offer a standard assortment of supplemental policies for this type of company, but without rates and details, we are unable to determine what sort of value the company provides.
For a list of companies that we recommend, visit our Best Insurance Companies page.