We like to help our clients grasp a better understanding of what insurance companies have to offer. Whether it be in their actual coverage or overall plans we want to make sure that you get all the facts from the start. That way you have all the information you need to make the best decision based upon your health and lifestyle choices. The following article will help you learn all about Senior Life and what they offer as a company for individuals 0-85 years of age.
According to Senior Life’s website, they have been incorporated since 1970. They started being licensed in 6 states but as of late have expanded to 39 states and the District of Columbia. Their primary goal is to dedicate their services “to finding innovated ways to equip their agents and serve their clients while maintaining a consistent path of stability and growth”. They pioneered the way in 2005 by using marketing telesales techniques to help increase production with final expenses.
Overall Senior Life Insurance Company has a very strong rating. A.M. Best’s rating for Senior Life Insurance is A+ based off their strong commitment to their policyholders, their well established focus on growth and expansion strategy, and their diversification of products. BBB also reviewed and rated Senior Life as an A+ based on it’s proven stability, secured future, and it’s constant sustainable financial position. Having two A+ ratings from A.M. Best’s Rating and the BBB Review shows the Senior Life Insurance Company is at the top of it’s class when it comes their policies. Not only that, but their customer service is known to be some of the best for policyholders.
Senior Life provides you two options when it comes to picking plans, Whole Life Insurance and Term Life Insurance.
• Whole Life Insurance – a policy that is guaranteed for the entire lifetime of the insurer’s (or to it’s given maturity dates) so long as the premiums are paid, also accumulates a cash value
• Term Life Insurance – a policy that pays a benefit during a specified term (ex. 10, 20, or 30 years of coverage)
There are three primary benefits to select from when it comes to Senior Life’s Whole Life Insurance Plans.
• Immediate Benefit Plan: as the plan states, this coverage starts immediately. There are different variations of this plan depending on your health conditions, but for the most part this plan starts as soon as you pay your first premium.
• Limited Benefit Plan: this plan is for individuals who have moderate to significant health issues.
• Accidental Death Plan: an upgrade to your account that will allow you to double the death benefit in the case of an accidental death (as long as the guidelines are met) equal to the policy’s face amount.
If you are between the ages of 0-85 you can sign up for these plans ranging in face amounts between $1,000-$30,000. These plans offer cash value life insurance over the lifetime of the policy and to qualify you will only have to answer simple yes/no questions. Did we mention the premiums never increase and the benefits never decrease! The only time the policy can be cancelled is if you miss any of your premium payments.
When it comes to Senior Life’s term life insurance plans they have two different options. They are available for individuals who are between the ages of 20-65 and face amounts that range from $10,000 to $50,000. Similar to their whole life policies the premiums will never increase, the benefits will never decrease, and the policy can not be cancelled unless premium payments are missed.
Senior Life Insurance Company is one of the many insurance companies out there. We hope this review helped you understand a little better into what they have to offer as well as their limitations when it comes to their policies.
If you’re looking for a certain type of life insurance policy, let us help! Our focus here at Burial Insurance Pro’s is life insurance. That’s what we do and what we excel in. The years of experience we have with our clients allows us the knowledge to know which company would suit your needs the best.
Give us a call, we look forward to hearing from you and taking the next steps!