West Des Moines, Iowa — Homesteaders Life Company, a national leader in preneed funeral funding, has announced a growth rate increase of an average of 60 basis points for all new business and an increase of six basis points for most in-force policies. These growth rate increases are in addition to the 30-basis-point increase that took effect in March of 2023 and are among the highest from any nationally ranked preneed provider.
“We know that increasing growth rates and paying competitive commissions is incredibly important to help ensure our funeral home customers’ success,” said Steve Shaffer, Homesteaders President, CEO and Board Chair. “As a 117-year-old mutual company that focuses solely on end-of-life funding, everything we do works toward the benefit our funeral home partners and the profession. We are grateful that our strategic investments continue to help our company and our funeral home customers remain financially strong not just today, but also well into the future. We are proud of the work we have done to position Homesteaders to offer substantial growth rate increases year after year.”
“Homesteaders’ ability to increase growth rates in 2023 and this additional upcoming increase on new and in-force business is evidence of our strong financial base for today and as we look forward into the future,” said Homesteaders Senior VP-Chief Actuary Tom Doruska. “When you couple these growth rates with the bump in initial face amount on policies we issue, which is actually guaranteed growth from day one, that’s the inflation protection combination that makes us an industry leader.”
“Additionally, our financial strength has enabled us to continue to make significant investments in solutions that help the funeral profession as a whole reach more consumers,” Shaffer said. “This includes offerings such as text-based aftercare and our eFuneral online sales platform, which help our funeral home partners enhance their brand and continue to prepare for the future.”
Homesteaders’ growth increases will take effect on January 15, 2024.
Homesteaders Life Company, a mutual company owned by its policy holders, is the national leader providing products and services to help people design a better farewell.