UPDATED: Nov 30, 2018
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About Pioneer Life
Pioneer Life was founded in 1955 in Waco, Texas and operates as part of the American-Amicable Group, which traces its roots back to 1910 and whose landmark ALICO building is a famed part of the Waco skyline. In 2010, Industrial Alliance Insurance and Financial Services acquired the American-Amicable Group, but the company continues operations from the Waco headquarters.
Pioneer writes all of the common forms of life insurance, including whole life insurance, universal life insurance, and term life insurance. Their policies are basic and most are simplified issue, with no medical exam required.
All policies are sold through local agents, and the company website offers little in the way of product information for insurance customers.
Pioneer Security Life Products
Pioneer’s life insurance products are described briefly on the website. The website offers no indication as to where they sell their policies, but as part of a large insurance group, they are likely able to provide coverage across the nation either directly or through a partner company.
Pioneer’s whole life insurance offering is labeled as a Final Expense policy but is a standard whole life program. Issue age is from birth to 85 years, and the company does not require any medical exams for a policy issue. The policy includes accelerate benefits at no extra cost and has a cash accumulation account as well.
According to the website, there are multiple death benefit plans that are offered depending on the applicant’s health history. There are likely limits on the amount of coverage for those with a history of health problems or at an advanced age, but this is not outlined on the website.
Pioneer’s term policies are simplified issue with coverage amounts from $25,000 up to $250,000. There are a few options listed including a return of premium option and the choice to convert to whole life as well.
Pioneer also offers Association Term Life for members of certain groups including government employees, first responders, hospital employees, and employees of state-funded educational institutes. This program is a 10-year renewable term policy with an issue age of 18 through 85. Again, this is a simplified issue plan with no medical exam.
Pioneer offers both a simplified issue universal life policy and a fully underwritten option as well. The plan with no medical exam has coverage from $25,000 to $250,000 with a 15-year no-lapse guarantee if premiums are paid.
The fully underwritten plan offers higher death benefits – with no stated maximum – and a no lapse guarantee if premiums are paid.
Both plans offer the flexible premiums and cash accumulation accounts common to universal life insurance.
Pioneer lists a Modified Life policy on their website that appears, based on the limited description, to be a combination of term and permanent features.
Pioneer Security Life’s website does not provide an online quoting option and seems to offer quotes through an agent only. The website offers a form that can be submitted to contact their marketing department for more information on their products. Strangely, there is no easy to use “contact an agent” or “find an agent” form that is common to this type of insurance company.
Simplified issue policies with low death benefits are often designed to present an affordable option, however, fully underwritten coverage can often provide a better value overall. Without rates, we are unable to compare this company to others but expect that it is competitive with other similar companies and less so with the large, national insurance companies.
Pioneer accepts claims via a toll-free number that is available only during business hours, Monday through Friday 8:00 a.m. to 4:45 p.m. central time. There is also a fax number, mailing address, and email address for customer contact.
The website does offer claims forms that can be downloaded and printed and makes contact information easy to locate. There is little in the way of explanation of the claims process, but given they only sell life insurance that is not uncommon.
Ratings and Consumer Reviews
Pioneer Security Life has an A+ rating with the Better Business Bureau (BBB), and there are only three complaints on file in the past three years, two of which were closed in the past 12 months. One of the complaints listed appears to have been directed to the wrong insurance company, as Pioneer’s response states the complainant had no policy on file with them.
There are six reviews on Google, some of which may also be directed to the wrong company as they reference products Pioneer Security does not sell, such as dental insurance. The other complaints reference pushy salespeople targeting seniors, which is a common complaint about this type of agent-driven company.
Overall, the complaint volume, as well as the content, are neither high nor of major concern.
The Bottom Line
With limited information regarding this company’s products and rates, it is difficult to recommend them. They do, however, have a solid backing and do not appear to have any major strikes against them in the reviews and complaints department. For those seeking simplified issue life insurance, particularly in the Waco area, they may be a viable option.
For a list of companies that we recommend, visit our Best Insurance Companies page.