How is Senior Life Insurance rated?

As people age, the likelihood of having a preexisting or chronic health condition increases, making it necessary to think about senior life insurance. Older adults often find it difficult to find affordable insurance that does not require medical underwriting. Senior Life Insurance offers unique insurance products for seniors.

Senior Life Insurance Company is BBB-accredited, and it holds an A+ rating, reflecting the company’s level of care to its customers by effectively resolving customer complaints and adhering to ethical business practices. However, the company does not have a rating from AM Best, which rates the financial strength of insurance companies.

Senior Life Insurance Company overview

Senior Life Insurance was established in 1970, and it offers life insurance across the United States. It is headquartered in Thomasville, Georgia, and it operates in 40 states and Washington DC. The company offers life insurance coverage to anyone below the age of 85. Customers can access the company’s insurance products through a network of over 6500 agents spread across the country.

Senior Life Insurance ratings

Senior Life Insurance has an A+ rating by the BBB (Better Business Bureau), suggesting that it is an excellent insurance provider for seniors seeking coverage. However, AM Best does not rate Senior Life Insurance. AM Best is one of the rating agencies that evaluates the financial strength of insurance providers.

Out of the 91 insurance companies rated by AM Best, Senior Life Insurance does not have a rating from the agency, making it one of the two companies that did not receive the AM Best rating. The absence of this rating makes it difficult to know whether Senior Life Insurance can honor its obligations.

Furthermore, Senior Life Insurance has received many customer complaints. The National Association of Insurance Commissioners notes that Senior Life Insurance gets three times more customer complaints than expected complaints.

What type of insurance does Senior Life offer?

Senior Life offers the following insurance:

Term Life Insurance

Senior Life offers term life insurance for 20 years. The offer can be two 20-year terms covering up to $50,000. This offer includes the return-of-premium 20-year term life, where 100% of premiums paid are returned if you outlive the 20-year term period. Note that the term life insurance offer is not permanent and only covers the set term length. Also, the term life insurance offer does not require a medical exam.

Whole Life Insurance

The Whole Life Insurance offer falls under the final expense product category. It is a permanent life insurance policy that lasts a lifetime as long as the insured pays the premium. Senior Life offers coverage of up to $30,000 in this package. The company also provides a guaranteed issue policy of up to $10,000 regardless of your health condition for ages up to 85 years.

Final Expense Insurance

Final expense insurance is whole life insurance inclusive of a death benefit. The insured can use the benefits where they need them to cover funeral expenses. In addition, the benefits can cater to final bills for seniors who die undergoing any form of medical care. In addition, those who qualify for the super-preferred plans can benefit from the company’s coverage of up to $30,000.

Senior Life available riders

Senior Life has a few riders that provide add-ons and customized coverage. The riders include:

Accidental death benefit

The accidental benefits give additional coverage if death occurs due to an accident. The coverage is added to the death benefits.

Charitable benefit

Senior life offers to pay a fraction of the benefits to a charity of choice in the charitable benefit add-on.

Child rider

This is term coverage for dependent children. The child rider has limitations and can convert to permanent coverage when the child becomes an adult. It is an addition to the base coverage.

What discounts does Senior Life offer?

While Senior Life Insurance does not specify discount offers, an independent insurance agent can help you get discounts on the package you need. For example, you can look for annual payment discounts, spousal discounts, employer discounts, or preferred risk discounts.

How to contact Senior Life Insurance Company

Senior Life Insurance customer support is available at (229)-228-6936 from 8 a.m. to 6 p.m. EST Monday through Thursday and 9 a.m. to 5 p.m. on Fridays. You can also fill out the contact form on the company’s website.

You can contact Senior Life Insurance customer support for the following services:

• Get a quote for an insurance policy
• Make policy payments
• Make inquiries about coverage
• File a claim
• Update any information

Pros of Senior Life Insurance

Guaranteed Issue Whole Life Insurance

With the Guaranteed Issue Whole Life coverage, applicants cannot be turned down regardless of their health status or pre-existing medical issues. The guaranteed issue ensures seniors qualify for permanent life insurance to cover their final expenses.

Return of premium

Senior Life provides a return of premiums option if you have a lifetime insurance product. This means that if you outlive the 20-year term period, you will receive a tax-free refund of all premiums paid to the policy. While the refund of premiums can make the term policy expensive, it is a good option for budget-conscious seniors looking for premium equity in case the life insurance need expires before making a claim.

Cons of Senior Life Insurance

Low coverage amounts

Senior Life’s available coverage amounts are relatively low compared to other insurers. The maximum coverage amount for term life policies is $50,000, while the maximum coverage amount for whole life insurance is $30,000. The lower death benefits may make the policies budget-friendly, but they can also limit the financial protection for the beneficiaries.

Limited policy options

Senior Life offers only two types of policies, hence limiting customers' options. They do not provide universal life or other permanent policy alternatives. The limited options make it hard for seniors to choose a package customized to their needs.

Maximum 20-year term

Senior Life offers a 20-year term for term life insurance. This can be too short for seniors who live long and require life insurance protection for more than two decades. Seniors seeking life insurance with longer terms such as 30-50-year terms may feel excluded by the 20-year limit.