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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 the year 2000. Currently, Senior Life Insurance operates in almost 40 states as well as the District of Columbia, and has plans for further expansion 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.

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Over the years, the Senior Life Insurance Company has demonstrated its innovative spirit by introducing final expense telesales in 2005. This step was taken in order to boost 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 that it has a strong financial position that is 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, Senior Life Insurance Company is not yet evaluated by A.M. Best, 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 been evaluating various companies to provide consumers with confidence in their purchases. After analyzing a business according to specific criteria, they are assigned a score out of 100, which translates into a grade.

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

Senior Life Insurance Company Policies

Senior Life focuses on burial insurance for seniors.

And depending on your final expense or burial insurance needs, you will need to know what products are on offer and it’s fair to say that they cover the most traditional options.

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

Senior Whole Life

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

Available for anyone between birth and the age of 80 years, this simplified issue whole life insurance policy allows for coverage of between $1,000 and $30,000.

Over the duration of the policy, the premiums will remain the same as will the death benefit.

Once set up, the only way the policy will be cancelled 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. From the first day of the policy, the coverage will be the face amount of the policy and cannot be removed unless you fail to pay the premiums.

Whether you have health worries or not, they are likely to have something for everyone. In total, there are seven different products in this sub-category depending on the coverage you require, your age, and your health.

Face amounts for immediate benefit 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 that struggle with medical conditions. Within this category, there are five different options and they vary in benefits, issue age, face amounts, and more.

With some, the graded benefit will last two years whilst 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 3 years

Guaranteed Issue Plan

Graded Plan

  • Available only in MO
  • Ages 76-85
  • $1,000 – $10,000
  • Whole Life
  • Graded benefit first 3 years

Easy Issue Graded Plan

  • Available only in MO
  • Ages 66-85
  • $1,000 – $10,000
  • Whole Life
  • Graded benefit first 3 years

Accidental Benefit

Before moving onto the term life option, we should also point out that Senior Life Insurance Company are 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. As long as you are aged 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 benefit will remain the same throughout and it cannot be cancelled unless you fail to pay the premiums. Additionally, there is no medical exam but a few simple questions.

Senior Life Insurance Company Pros

With Senior Life Insurance Company, there are some very good advantages so let’s start with the good points before moving onto the negatives.

No Medical Exam – For all of the policies on offer, there is no medical exam required. The company’s policies are either simplified issue life insurance or guaranteed issue.

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

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

All Ages – Although there is definitely a focus on the older generations, there are also many policies that go down to the ages of twenty years and even lower than that. Therefore, it provides a good opportunity for a family to get all of 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 the ages of 20 and 60, you can get coverage of up to $50,000.

Cash Value – Finally, you will automatically have the cash value on a permanent policy that will build over time. As you continue paying your premiums, the cash value will increase and this 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, there are just a couple of downsides to Senior Life Insurance Company we need to mention and you should probably pay more attention to these than anything else. If you see a drawback that renders the service useless for you, you will need to look elsewhere.

No Medical Exam – For the eagle-eyed readers, you will notice that this is also in 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 – For the most part, we like to support smaller life insurance providers as long as they offer good products. However, it should be noted that the business isn’t recognized by A.M. Best which is something that 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 their innovative approach to final expense telesales and a conservative management style, they prioritize the needs of their policyholders and aim to provide the maximum benefit from their 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 overall reputation of the company.

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.

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