When looking for a life insurance policy there are many things to consider such as the type of policy and what companies and policies are the best for your age, health and financial situation. Some things you should know when choosing the best senior life insurance company is who specializes in life insurance for seniors.
No full review of senior life insurance policies would be complete without a review of the appropriately named company Senior Life Insurance Company. This company is focused on providing final expense insurance for seniors. However, they also offer term life insurance for most ages.
Senior Life Insurance Company
Senior Life Insurance Company was incorporated in 1970. They currently operate in 40 states across the country. They were founded on final expense insurance for seniors and they offer term life to individuals 20-65 years old.
Senior Life Insurance Policies
Senior Life provides Whole Life Insurance and Term Life Insurance plans.
Senior life insurance whole
Senior Life offers types of whole life policies. These policies are designed to provide protection for your entire lifetime. They also build cash value over time. These plans are available to those who are 0-85 years old, with coverage amounts ranging from $1K-$30K.
Since this whole life policy has lower coverage amounts and no medical exam is needed, this provides excellent final expense coverage. Final expense is meant to cover any burial costs and any outstanding debts such as medical bills.
The only thing required for this policy is to answer a few health questions. The answers to the questionnaire will determine which whole life policy you are eligible for.
There are two different whole life insurance plans to choose from based on your health: immediate benefit plan and limited benefit plan.
Immediate Benefit Plan
Senior Life Immediate Benefit Whole Life Plans covers the full coverage amount from the moment the application to become a policyholder is approved and issued. You can typically qualify for this option if you don’t have health issues.
Limited Benefit Plan
Their Limited Benefit Whole Life Plans are designed to cover clients with moderate or significant health issues. Depending on your current health there may be limitations to the amount of coverage you can receive. There may also be a waiting period, where if you were to pass away your beneficiaries would receive a return of the premiums instead of the death benefit payout.
Senior Life Insurance term
Senior Life offers two Term Life Plans. A normal term life policy and return of premium life insurance are available. Only 20-year term options are available for both.
Term Life Insurance plans are available for individuals who are 20 to 65 years old, with coverage amounts from $10K-$50K.
The same as with whole life, a medical exam isn’t required for this policy, but you can expect to answer a few health questions.
Senior Life Insurance Ratings
A.M. Best is one of the most reputable rating systems in life insurance when it comes to determining whether a company is financially stable. Senior Life Insurance appears to not be rated at this time by A.M. Best.
Bottomline: There are more options than just Senior Life Insurance Company
Senior Life Insurance Company is one of many life insurance companies. They don’t have many life insurance options to choose from, but they have been in business since 1970 specializing in final expense. However, without being rated on financial stability, it is difficult to know if they would step up to pay the claim when the time comes.
If you are interested in their final expense policy, you should speak with one of their licensed life insurance agents to learn more and to see if they are available in your state.
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