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Senior Life Insurance Company Review

Review of Senior Life Insurance Company

Today, we have a review for Senior Life Insurance Company to see whether they match your needs or not. Rather than just sticking with the biggest final expense and burial insurance companies around, it can be beneficial to cast the net a little wider because you could find a policy perfect for your needs that will last for years to come. In addition to their history, we will also show their products and any ratings that are available.

2017 Review of Senior Life Insurance Company

About Senior Life Insurance Company

After first incorporating in 1970, Senior Life Insurance Company became licensed in six different states by the turn of the millennium. Now, they can be found in nearly 40 states as well as the District of Columbia with even more plans to continue their expansion across the US.

Over the years, the company has been innovative and introduced final expense telesales back in 2005 for their agents. In an effort to increase production, Senior Life Insurance Company were actually one of the first companies to introduce this step which shows the sort of forward thinking that can be found within the company. Although they aren’t yet monitored or graded with A.M. Best, reports suggest that they have a strong financial position well above the state minimums. With conservative management, it means that all policyholders get the most from their policy and can continue with peace of mind.

Senior Life Official Ratings

As mentioned previously, Senior Life Insurance Company isn’t yet assessed by A.M. Best so we cannot provide an official financial rating. However, the Better Business Bureau (BBB) has assessed their interaction with customers. In case you were unaware, the BBB has been assessing all sorts of different companies for many years to try and give confidence to consumers. After reviewing a business according to a handful of criteria, they are then given a score out of 100 which translates into a grade.

With a score above 97, Senior Life Insurance Company have the best grade available – ‘A+’. Essentially, this means that they excel in interacting with consumers and resolving any problems that occur. If they were to have a poor rating, it would have to be considered because it would affect your customer experience but this isn’t the case. If you were to buy a policy, you can be safe in the knowledge that they will help should a problem arise.

Senior Life Insurance Policies

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

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. Furthermore, there is no medical examination at all; instead, you will answer a few simple questions so the company can roughly gauge your health condition.

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 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.

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.

Senior Life Insurance Company Review Conclusion

So there we have it, the history of Senior Life Insurance Company, the official ratings, products, and benefits/drawbacks. With this information in mind, you should be in a stronger position to make up your mind. Remember, always consider your needs first and find a company that fits you rather than the other way around!

Need help finding the best life insurance company for you? Give the team at JustBuryMe a call today for a free consultation.

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