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Senior Life Insurance Review
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Senior Life Insurance Company Overview
Incorporated in 1970, Senior Life has expanded to operate in 39 states and the District of Columbia. The company offers final expense life insurance policies with coverage up to $50,000, no medical exam required, and is available to individuals under 85, regardless of pre-existing conditions. Senior Life employs over 200 staff members and collaborates with more than 6,500 agents. While they are not rated by AM Best, they hold an A+ rating from the Better Business Bureau.
s, and accurate insurance rates. We are dedicated to providing unbiased ratings and information, free from advertising influence. We evaluate all companies equally using data-driven methodologies.
Senior Life Insurance Company Policy Offerings
- 20-Year Term Plan: Available to individuals aged 20-65, with coverage ranging from $10,000 to $50,000. It includes options for smokers and non-smokers. The plan does not include the Optional Accidental Death Benefit.
- Return of Premium 20-Year Plan: Returns all premiums if the policyholder outlives the term, applicable for those aged 20-45 (smokers) and 20-60 (non-smokers).
- Provides coverage for funeral and related expenses with a death benefit.
- Available with coverage up to $30,000 for those qualifying for the Ultimate or Super Preferred Plans.
- Guaranteed issue policies are available to anyone under 85, regardless of health conditions.
- Whole life insurance policies with a graded death benefit period of up to three years.
- Provides lifelong coverage with level premiums and cash value accumulation.
- Immediate Benefit Plans: Coverage starts immediately after the first premium payment, with various options depending on health conditions.
- Ultimate Preferred Plan: For non-tobacco users aged 0-85, with coverage from $10,000 to $30,000.
- Super Preferred Plan: For non-tobacco users aged 0-85, with coverage from $5,000 to $30,000.
- Preferred Plan: For individuals with minor health issues aged 0-85, with coverage from $1,000 to $20,000.
- Standard Plan: Available to individuals aged 0-85, with coverage from $1,000 to $20,000.
- 20-Pay Standard Plan: Premiums are paid for 20 years, available to individuals aged 0-60, with coverage from $1,000 to $20,000.
- Joint First-to-Die Standard Plan: Available to individuals aged 40-85 living in the same household, with coverage from $1,000 to $20,000.
- Substandard Plan: For residents of Massachusetts and Minnesota aged 40-85, with coverage from $1,000 to $5,000.
- Modified Plan: For individuals with moderate health conditions aged 0-85, with coverage from $1,000 to $15,000.
- Easy Issue Plan: For individuals with significant health conditions aged 0-85, with coverage from $1,000 to $15,000.
- Graded Plan: Available to Missouri residents aged 76-85, with coverage from $1,000 to $10,000.
- Easy Issue Graded Plan: Available to Missouri residents aged 66-85, with coverage from $1,000 to $10,000.
- Guaranteed Issue Plan: Available to anyone aged 0-85, with no health questions asked and coverage from $1,000 to $10,000.
- Accidental Death Benefit: Provides an additional benefit if death results from an accident.
- Child Rider: Adds term coverage for dependent children.
- Charitable Benefit: Allocates a portion of the policy’s value to a chosen charity.
Pros and Cons of Senior Life Burial Insurance
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Pros
- No medical exam required.
- Policies available for individuals with moderate to significant health conditions.
- Return of premium option available.
Cons
- Maximum death benefits capped at $50,000 (term policy) and $30,000 (whole life).
- Limited policy types (whole life and term only).
- Maximum 20-year term.
- Not rated by AM Best, making it harder to assess reliability.
When Senior Life Insurance Makes Sense
Senior Life Insurance is beneficial for seniors seeking coverage without a medical exam, smokers, and those with moderate to serious health conditions. If you need more than $50,000 in coverage, consider other companies like Mutual of Omaha or Pioneer American.
Final Expense Direct specializes in finding the right final expense life insurance policies for individuals with pre-existing conditions, working with top-rated insurance companies to ensure you get the coverage you need. Contact us to compare life insurance costs and find the right policy for you.