≡ Menu

≡ Menu

Senior Life Insurance Company Review

Senior Life Insurance Company review

About Senior Life Insurance Company

Senior Life Insurance Company specializes in offering final expense life insurance policies, although it also offers term insurance. Founded in 1970, the company quickly obtained licenses in six states by 2000. Senior Life Insurance operates in almost 40 states and the District of Columbia and plans to expand further across the United States. With its extensive reach and expertise in final expense policies, Senior Life Insurance is considered one of the top providers in this market.

Compare over 50 top life insurance companies instantly.
Select two companies and click COMPARE.

Over the years, the Senior Life Insurance Company has demonstrated its innovative spirit by introducing final expense telesales in 2005. This step boosted production, making Senior Life Insurance one of the first companies to adopt this approach. This shows the company’s forward-thinking attitude and commitment to providing the best service possible to its clients.

Although Senior Life Insurance is not yet monitored or rated by A.M. Best, reports indicate it has a strong financial position well above the state minimum requirements. With a conservative management style, the company ensures that all policyholders receive the maximum benefit from their policies and can continue to enjoy peace of mind.

Senior Life Official Ratings

As mentioned earlier, A.M. Best has not yet evaluated the Senior Life Insurance Company, so we cannot provide an official financial rating. However, their customer service has been assessed by the Better Business Bureau (BBB). For many years, the BBB has evaluated various companies to give consumers confidence in their purchases. After analyzing a business according to specific criteria, it is assigned a score out of 100, which translates into a grade.

Senior Life Insurance Company has an excellent BBB rating of ‘A+.’ Essentially, this means that they excel at interacting with consumers and resolving any problems that occur.

Senior Life Insurance Company Policies

Senior Life focuses on burial insurance for seniors.

You must know what products are available depending on your final expense or burial insurance needs. It’s fair to say that they cover the most traditional options.

The company offers both simplified issue life insurance and guaranteed issue life insurance.

Senior Whole Life

This is no medical exam life insurance. Instead, you will answer a few simple questions so the company can roughly gauge your health condition.

This simplified-issue whole-life insurance policy provides coverage of between $1,000 and $30,000 for anyone between birth and age 80.

The premiums will remain the same throughout the policy, as will the death benefit.

Once set up, the only way the policy will be canceled is if you were to stop paying the premiums.

Immediate Benefit

Within the whole life section of their offering, they have two different options, starting with immediate benefit plans. The coverage will be the face amount of the policy from the first day of the policy and cannot be removed unless you fail to pay the premiums.

Whether you have health worries or not, they will likely have something for everyone. This sub-category has seven different products depending on the coverage you require, your age, and your health.

Face amounts for immediate benefit for the whole Life range from $1,000 to $30,000, depending on the policy.

The company also offers a unique Joint first-to-die policy that pays out to the surviving spouse when the first spouse dies.

Limited Benefit

Alternately, these final expense insurance policies are designed solely for those who struggle with medical conditions. Within this category, there are five different options that vary in benefits, issue age, face amounts, and more.

With some, the graded benefit will last two years, while other policies will only see 100% of the face amount available from the fourth year.

Modified Plan

  • Ages 40-85
  • $1,000 – $15,000
  • Max $10,000 ages 81-85
  • Whole Life
  • Graded benefit 110% of premiums for the first two years

Easy Issue Plan

  • Ages 0-85
  • $1,000 – $10,000
  • Whole Life
  • Graded benefit 110% of premiums first three years

Guaranteed Issue Plan

Graded Plan

  • Available only in MO
  • Ages 76-85
  • $1,000 – $10,000
  • Whole Life
  • Graded benefit first three years

Easy Issue Graded Plan

  • Available only in MO
  • Ages 66-85
  • $1,000 – $10,000
  • Whole Life
  • Graded benefit first three years

Accidental Benefit

Before moving onto the term life option, we should also point out that Senior Life Insurance Company is well-known for the Accidental Death Benefit rider. Although you will need to pay a higher premium for having the rider attached to your whole life policy, it can provide you with the peace of mind that the death benefit will be doubled for accidental death.

Senior Term Life

If you don’t want a permanent policy, Senior Life Insurance Company also offers a term life policy for a fixed period of twenty years. If you are between 20 and 65, you could obtain a policy with coverage between $10,000 and $50,000. Just like the whole-life policies, the premiums and death benefits will remain the same throughout, and they cannot be canceled unless you fail to pay the premiums. Additionally, there is no medical exam but a few simple questions.

Senior Life Insurance Company Pros

There are some excellent advantages to Senior Life Insurance Company, so let’s start with the good points before moving on to the negatives.

No Medical Exam – No medical exam is required for all of the policies on offer. NY’s policies are either simplified issue life insurance or guaranteed issues.

This is great news if you have a medical condition, have been rejected by another insurer in the past, or want to avoid a medical exam.

As you age and health problems occur, you may start to believe that life insurance is impossible to obtain, but this isn’t the case anymore.

All Ages – Although there is a focus on the older generations, many policies go down to twenty years and even lower than that. Therefore, it provides an excellent opportunity for a family to get all their policies in one place.

Return of Premium – If you are looking for a term life policy but are a little nervous that you will outlive it and be in trouble later down the line, Senior Life Insurance Company offers a ‘Return of Premium’ policy, which sees all premiums returned at the end. As long as you are between 20 and 60, you can get up to $50,000 coverage.

Cash Value – Finally, you will automatically have the cash value on a permanent policy that will build over time. The cash value will increase as you continue paying your premiums, which could become useful later in Life. Whether you use it for retirement or borrow a loan against it, it gives you freedom and more control over your finances.

Potential Drawbacks

Before we leave you to continue your research, we need to mention a few downsides to Senior Life Insurance Company, and you should probably pay more attention to these than anything else. You must look elsewhere if you see a drawback that renders the service useless.

No Medical Exam – For the eagle-eyed readers, you will notice that this is also on the list of benefits because it is only a good thing for a certain audience. If you are young and healthy, there is no way you can get a medical examination with this insurer. Therefore, you will need to pay the higher prices despite being in good health. If you’re still young and looking for a cheap policy, you might want to look for a company that offers fully underwritten life insurance.

Small Company – We generally support smaller life insurance providers as long as they offer good products. However, it should be noted that A.M. Best doesn’t recognize the business, which will put some people off immediately. Furthermore, they aren’t yet available in every state, which could be frustrating. This being said, they are still growing and could change this fact very soon.

Final thoughts…

Senior Life Insurance Company has a strong reputation for providing reliable life insurance policies and exceptional customer service. With its innovative approach to final expense telesales and conservative management style, it prioritizes the needs of its policyholders and aims to provide the maximum benefit from its policies.

However, it’s important to remember that different insurance companies may offer different policies and rates, and what works for one person may not work for another. That’s why it’s essential to shop around and compare policies from various companies before making a decision.

By taking the time to research and compare different life insurance providers, you can find the one that best suits your needs and budget. Factors to consider may include the coverage amount, premiums, benefits, customer service, and the company’s overall reputation.

Ultimately, while Senior Life Insurance Company may be a good choice for some individuals, it’s important to do your due diligence and explore your options before making a final decision. By doing so, you can ensure that you select the best life insurance policy for you and your family’s needs.

0 comments… add one

Leave a Comment