Senior Life Insurance Company: Your Complete Review for 2023
The thought of life insurance can be a daunting one, especially for seniors. But with the right provider and coverage, you can feel secure knowing that your family is taken care of in case something happens to you.
Is Senior Life Insurance Company right for you?
Probably not. Only in limited circumstances are they recommended. You will want to be well-informed before moving forward.
Senior Life Insurance Company offers a specific type of final expense policy for the senior population. In most situations, there are better options available.
In this article, we will explore who they are as an organization, their various offerings, along with cost breakdowns associated with them.
Finally, you will learn what customers have said about their experience dealing with the Senior Life Insurance Company claims process – all so that you make the best decision for yourself or your loved ones.
Table of Contents
- Overview of Senior Life Insurance Company
- Types of Insurance Offered by Senior Life Insurance Company
- Cost of Senior Life Insurance Policies
- Claims Process for Senior Life Insurance Policies
- Customer Reviews for Senior Life Insurance Company
- FAQs in Relation to Senior Life Insurance Company Review
Overview of Senior Life Insurance Company
Senior Life Insurance Company has been providing life insurance products to seniors for decades. Founded in 2000 and based out of Thomasville, Georgia, the company has become a provider of life insurance policies and services tailored to the senior population.
In 2018, the company acquired the life insurance carrier, Senior Life Insurance Company of Texas. By 2022, the company actively sells burial insurance for seniors, along with a term life insurance product in 40 states.
The Senior Life Insurance Company’s website aims to provide customers with helpful resources such as online tools to compare policy options side by side, enabling them to make informed decisions about their coverage needs.
Additionally, the company offers educational materials about senior healthcare topics so customers can stay abreast of industry changes and understand how their policy works best for them.
However, a company is only as good as their products, which require scrutiny and the customer’s experiences, which tend to be negative.
Customer reviews show that, unfortunately, many people have had negative experiences working with Senior Life Insurance Company, as tracked by the National Association of Insurance Commissioners (NAIC).
Key Takeaway: Senior Life Insurance Company has been in business since 2000 and sells life insurance products to the senior population. However, there have been numerous complaints made by their customers.
Types of Insurance Offered by Senior Life Insurance Company
Senior Life Insurance Company offers a variety of insurance products for seniors over the age of 50. These include final expense life insurance, term and whole life insurance, Medicare plans, health plans, and cancer plans.
While the company’s focus is to provide burial insurance, they do sell two forms of life insurance.
- Whole life insurance, with up to a $30,000 burial policy.
- 20 year term life insurance, with up to $50,000 in coverage.
Senior Life Insurance Whole Life Insurance
Their whole life insurance product is a final expense product (burial insurance). It is designed to cover end-of-life expenses such as the price of a funeral or medical bills. This type of policy pays out a lump sum benefit upon the death of the insured person.
The burial insurance product includes two plans:
- Immediate Benefit Plans – some health questions are asked.
- Limited Benefit Plans – including a guaranteed issue plan with no health questions asked.
Your health status determines which burial insurance product you qualify for. If you qualify, the Immediate Benefit Plan offers better rates.
There are varying health classes within the Immediate Benefit Plan:
- Ultimate or Super Preferred – designed for those without health issues. Up to $30,000 is available for those who do not use nicotine and are between the ages of 0 – 85 years old.
- Preferred – designed for those with only minor health issues. Up to $20,000 is available for those who have not used nicotine within the last 12 months and are between 0 – 85 years old.
- Standard – designed for those with common health conditions. Up to $20,000 is available for those who use nicotine products and are between 0 – 85 years old.
- 20 Pay Standard – designed for those with common health conditions. Up to $20,000 is available for those who use nicotine products and are between 0 – 60 years old.
The Limited Benefit Plan also has varying health classes:
- Modified – designed for those with moderate health conditions. Up to $15,000 is available for those who use nicotine and are between the ages of 0 – 85 years old.
- Easy Issue – designed for those with more serious health conditions. Up to $10,000 is available for those who use nicotine are between the ages of 0 – 85 years old.
- Guaranteed Issue – designed for those with very significant health conditions. Up to $10,000 is available for those who use nicotine and are between the ages of 0 – 85 years old. This policy is guaranteed to be issued, regardless of health or lifestyle.
Whole life insurance is permanent protection that lasts throughout your lifetime as long as premiums are paid on time each month or year (depending on how it’s structured).
Senior Life Insurance Company’s whole life policies build cash value over time which can be used for a minor financial emergency.
Senior Life Insurance Term Life Insurance
Term life insurance provides coverage for a set period of time – usually 10 or 20 years – and pays out if you die during that time frame.
In this case, Senior Life Insurance only sells a specific term policy:
- 20 year term life insurance.
- Minimum face amount: $10,000.
- Maximum face amount: $50,000 (term policies usually have larger coverage amounts).
- Issue ages: 20 – 65 years old.
- No restrictions for tobacco use.
- Return of premium option.
Term life insurance offers protection for a specific amount of time, such as 20 years. While more affordable than whole life insurance products, seniors need to verify that their financial protection needs are only temporary if they are looking at a term policy.
For instance, older seniors looking for burial insurance for elderly individuals typically need a life insurance policy that will not expire.
By understanding the different types of insurance offered by Senior Life Insurance Company, you can make an informed decision about whether the company is a good fit for you.
In addition, be sure to enlist the help of an independent life insurance agent who has access to multiple burial insurance companies. Before applying for coverage with Senior Life Insurance Company, you will want to compare and contrast multiple carriers and policies.
Let’s now take a look at the cost of these policies to see how they fit into your overall financial plan.
Key Takeaway: Senior Life Insurance Company offers two forms of life insurance: Burial insurance (whole life) and a 20-year term policy. Various forms of health classes exist depending on your needs.
Cost of Senior Life Insurance Policies
The cost of burial insurance policies can vary greatly depending on the type of policy purchased. Generally, premiums for a term life insurance policy are much lower than those for permanent policies such as whole or life.
Premiums also depend on factors such health, and lifestyle choices. For example, smokers typically pay higher premiums due to their increased risk of death from smoking-related illnesses.
However, the two primary factors influencing the rate of a policy, whether it issued from Senior Life Insurance Company, or another carrier, is age and coverage amount.
Unsurprisingly, the older you are, the more you will pay for your burial policy. Take into consideration the following sample rate articles, based on age.
- 50 year old burial policy
- 60 year old burial policy
- 70 year old burial policy
- 80 year old burial policy
The more life insurance you purchase, typically, the higher your rate will be. You will want to buy enough coverage to pay for your end-of-life expenses, such as your memorial and cremation costs.
Common burial insurance policy sizes include:
Keep in mind, Senior Life Insurance Company only offers up to $30,000 in coverage and that face amount is limited to seniors in excellent health.
Other options exist, including coverage of up to $50,000, and you will want to do your homework to compare rates amongst multiple carriers.
In some cases, riders (additional coverage) may also be available at an additional cost which could increase your total premium amount if you choose to add them onto your existing plan(s).
It’s important to read through all documents carefully so you understand what you’re signing up for and how it affects your overall costs over time.
Further, be sure to communicate to your agent if you have a special circumstance. For instance, if you are disabled, there are specific policies to evaluate for burial insurance for disabled individuals.
Finally, keep in mind that most companies offer discounts based on things like good driving records or maintaining multiple policies with them or if you are a military veteran, discounts are available.
When it comes to cost, senior life insurance policies can vary widely, so be sure to do your research and shop around before committing. Now let’s take a look at the claims process for these types of policies.
Key Takeaway: Seniors should carefully consider the cost of life insurance policies, including premiums, fees, deductibles and riders. Shopping around for discounts can help reduce overall costs.
Claims Process for Senior Life Insurance Policies
Filing a claim with Senior Life Insurance Company is simple and straightforward. All you need to do is contact the company’s customer service department, provide them with the necessary information about your policy, and they will help you get started on filing a claim.
The first step in filing a claim is to provide proof of death or other qualifying event such as terminal illness or injury that caused the insured person’s death.
Related – How to file a life insurance death claim.
This can be done by submitting an official copy of the death certificate along with any additional documents required by Senior Life Insurance Company.
Once all of this documentation has been submitted, it will be reviewed by an adjuster who will then determine if there are any discrepancies between what was provided and what is stated in the policy itself.
If everything checks out, then payment for benefits due under the policy will begin immediately after approval from Senior Life Insurance Company’s claims department.
Additionally, claimants should make sure that all paperwork associated with their claims are filled out accurately and completely before submitting them so that there are no delays in processing time due to errors or omissions on their part.
Key Takeaway: Filing a claim with Senior Life Insurance Company is easy: submit death certificate and other documents, provide additional evidence if needed, fill out paperwork accurately.
Customer Reviews for Senior Life Insurance Company
Unfortunately, many customers report that their customer service is negative and they have not been available to answer questions or provide assistance when needed.
Be sure to read the reviews for Senior Life Insurance Company on the Better Business Bureau website to gain a clear understanding of clients’ experiences.
Specifically, some have complained about long wait times when calling customer service or difficulty getting through to someone who can help them resolve an issue or answer a question.
Others have reported delays in receiving payments after filing a claim or having difficulty understanding certain aspects of their policy coverage due to unclear language used in documents provided by the company.
FAQs in Relation to Senior Life Insurance Company Review
Is Senior Life Insurance Company legitimate?
Yes, Senior Life Services is a legitimate insurance provider. They offer life insurance products tailored to meet the needs of seniors, including whole life (burial insurance) and 20 year term life insurance.
How long has senior life insurance company been around?
Senior Life Insurance Company has been providing insurance products to seniors for decades.
Established in 2000, Senior Life Insurance Company has grown. In 2018, the company acquired the Senior Life Insurance Company of Texas.
They are currently licensed to conduct business in 40 states, as well as Washington, D.C.
What kind of life insurance is best for seniors?
There are plenty of options for the older population. Burial insurance for seniors is typically recommended as it is easy to qualify for and pays for end-of-life costs.
However, the best type of policy for seniors depends on their individual needs and circumstances.
In addition to life insurance products, seniors should also evaluate other insurance needs. Medicare plans provide coverage for medical bills related to hospital stays, doctor visits, prescription drugs, and other health care services.
Health insurance, if Medicare is not an option, can help pay for routine checkups and preventive care while also providing financial protection in case of an illness or injury.
Cancer plans offer additional coverage specifically tailored towards cancer treatment expenses.
Ultimately, it is important that seniors carefully consider their unique situation when selecting the right life insurance plan for them.
What alternatives are there to Senior Life Insurance Company?
The most trusted life insurance company is a difficult question to answer definitively. However, there are some top-rated burial insurance carriers that seniors need to take a close look at – before applying with Senior Life Insurance Company.
Work with your expert independent agent who specializes in burial insurance for seniors to evaluate the following companies:
There are many companies that have been around for decades, or even over a century, and have earned the trust of their customers. But, it ultimately comes down to personal preference.
Each one has its own unique offerings and advantages when it comes to coverage options and customer service ratings. The best choice depends on your individual needs and preferences as well as research into each company’s financial strength ratings.
Overall, Senior Life Insurance Company is a reliable provider of life insurance policies for seniors. However the scope of their products is quite limited and expensive compared to other burial life insurance carriers.
Further, an unusual number of complaints has been filed against the company.
Seniors deserve access to easy-to-qualify for, highly rated burial insurance products so that they can buy the life insurance coverage they need to give loved ones peace of mind and not break the bank.
Fortunately, iSeniorBenefits provides exactly that – low-cost, top-notch insurance products for the senior population. Don’t delay, get started today so that your coverage needs are secured.