Senior Life Insurance Company Review

Overview of Senior Life Insurance Company

Senior Life Insurance Company was founded in 1970 and currently offers life insurance products in 40 states plus the District of Columbia.  The company is conservatively managed with a financial position that is many times over required state minimums.

The company offers a variety of whole life and term life plans that are sometimes marketed to potential policyholders as final expense insurance policies.

Final expense insurance covers bills that loved ones will face after a family member passes away and can include medical bills, funeral expenses and other related encumbrances.  Final expense insurance is designed to cover costs not specifically addressed by life insurance payouts which may or may not cover the entire cost of a funeral when someone passes away.  That’s because a beneficiary can use life insurance proceeds for any purpose unless otherwise directed.  It’s important to note that Senior Life policies are not funeral or burial contracts and policies offered by the company do not specifically cover funeral goods or services.

The company offers whole life and term insurance plans for people from birth up to 85 years of age in face amounts ranging from $1,000 to $50,000.  No medical exam is required to purchase a policy.  For some policies, applicants simply need to answer a few simple health questions.

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Senior Life Insurance Company Ratings

Stats

A.M. Best RatingSenior Life Insurance Company AM Best Rating: A+
B.B.B. RatingSenior Life Insurance Company BBB: A+
PolicyZip RatingA
Founded1970
HeadquartersSenior Life Insurance Company | 1 Senior Life Lane, Thomasville, GA 31792
Number of EmployeesUnknown
Total AssetsPending Review

Senior Life Insurance Company States.

Senior Life Insurance Company is currently licensed to sell products in the following states and jurisdictions:

Alaska Alabama Kansas
Kentucky North Dakota North Carolina
Arizona Louisiana Ohio
Arkansas Maryland Oklahoma
California Massachusetts Oregon
Colorado Michigan Pennsylvania
Delaware Minnesota Rhode Island
District of Columbia Mississippi South Carolina
Florida Missouri Tennessee
Georgia Montana Texas
Hawaii Nebraska Utah
Idaho Nevada Virginia
Illinois New Jersey West Virginia
Indiana New Mexico

Senior Life Senior Management Team

Senior Life Insurance Company was incorporated in 1970 and founded by executives with close to 120 combined years of experience in the insurance industry.

Co-Founder & Chief Executive Officer Dale R. Powell, Sr. began his insurance career in 1972 as a debit agent.  He is responsible for setting company direction, fostering operational cohesiveness, and mentoring Senior Life’s leaders. Mr. Powell directed the construction of Senior Life’s new Home Office that opened in September 2013.

Co-Founder & President Dale R. (Ron) Powell, Jr. began his career in the insurance industry at age 18 and has proven himself as a successful final expense agent and leader. He is responsible for setting goals that promote Senior Life’s exceptional service, monitoring market trends in insurance, and inspiring growth and production, providing agents with training, tools, and knowledge to be successful as part of the Senior Life team.

In-House Counsel Heath Bassett joined Senior Life in 2016 to focus on legal issues, the impact of legislation on current and emerging business practices, matters with outside counsel, and general regulatory compliance.

Senior Life Insurance Company Products

Senior Life Insurance company has a strong product portfolio.

Senior Life Insurance Company: Whole Life Insurance

Guarantees and Features:

  • Premiums never increase and are guaranteed to remain the same regardless of the insured’s age or health.
  • Policies build cash value and accumulates on a tax deferred basis. Policy holders can borrow against this amount.
  • Death benefits never decrease, regardless of age or health.
  • Benefits will be free of Federal Income Tax to a designated beneficiary.
  • As long as premiums are paid, insured individuals will have lifetime coverage. A policy can only be cancelled by the insured.
  • Whole life products offer protection for individuals ages 0 to 85.
  • No medical exam is required. Issuance of a life insurance policy depends upon answers to the health questions contained in the application.
  • Most claims are paid within 24 hours of receiving the necessary paperwork.
  • Guarantees are subject to product terms, exclusions and limitations, and terms for keeping the policy in force.
  • Face amounts range from $1,000 to $30,000 in protection.

Two Types of Whole Life

Cover the full amount of the policy from the moment the application to become a policyholder is approved and issued. With an Immediate Benefit Plan, you have full coverage from day one.  There are a variety of plans that are best for people with either no health issues or moderate health issues.

Limited Benefit Whole Life Plans provide coverage for policy holders with moderate to significant health issues.  Benefits are phased in over a period of one to four years.

An Accidental Death Rider is available for whole life policies and provides an accidental death benefit equal to the policy’s face amount. This added benefit is paid if the insured’s death meets the “Accidental Death” guidelines as defined within the rider. When this rider is included, the payout doubles the death benefit for an accidental death.  The Accidental Death Benefit Rider is not available with Term Life Insurance Plans.

Immediate Benefit Plans

Ultimate Preferred Plan

For people ages 0 to 85 who have no health issues and who have not used tobacco or nicotine products in the past 10 years. Policy face values range of $10,000 to $30,000.  Optional Accidental Death Benefit Rider is available.

Super Preferred Plan

For people ages 0 to 85 who have no health issues and who have not used tobacco or nicotine products in the past 5 years. Policy face values range of $5,000 to $30,000.  Optional Accidental Death Benefit Rider is available.

Senior Life Insurance Company: Preferred Plan

For people ages 0 to 85 who have minor health issues and who have not used tobacco or nicotine products in the past 12 months. Policy face values range of $1,000 to $20,000.  Optional Accidental Death Benefit Rider is available.

Senior Life Insurance Company: Standard Plan

Senior Life’s most popular product because so many people qualify for this plan.  Designed for people ages 0 to 85. Policy face values range of $1,000 to $20,000.  Optional Accidental Death Benefit Rider is available.

20-Pay Standard Plan

Popular with people from 0 to 60 because premiums are only paid for a 20-year period. At the end of 20 years, premiums are paid up, no additional premiums are required, and the policy remains in force.  Policy face values range of $1,000 to $20,000.  Optional Accidental Death Benefit Rider is available.

Joint First-to-Die Standard Plan

For people ages 40 to 85 who live in the same household and want an immediate benefit plan for the first insured to die. Insuring two people at one affordable price is attractive for many people in this situation.  Upon the death of the first insured and before the surviving insured’s 86th birthday, the surviving insured has 60 days to purchase an immediate benefit plan at the surviving insured’s attained age, and no health questions are asked.  Policy face values range of $1,000 to $20,000.  Optional Accidental Death Benefit Rider is available.

Senior Life Insurance Company: Substandard Plan

Offered in Massachusetts and Minnesota for people ages 40 to 85 with moderate health issues.  Policy face value ranges from $1,000 to $5,000.  Optional Accidental Death Benefit Rider is available.

Senior Life Insurance Company: Limited Benefit Plans

Modified Plan

For people with moderate health conditions between the ages of 0 and 85.  This plan features a return of premiums plus 10% during the first two years of coverage.  The full face value of the policy is in force starting in the third year of coverage.  Policy face value ranges from $1,000 to $15,000.  Optional Accidental Death Benefit Rider is available from Senior Life Insurance company.

Easy Issue Plan

For people with health conditions between the ages of 0 and 85.  Some screening questions are asked to ensure greater eligibility for those with significant health conditions.  This plan features a return of premiums plus 10% during the first three years of coverage.  The full face value of the policy is in force starting in the fourth year of coverage.  Policy face value ranges from $1,000 to $15,000.  Optional Accidental Death Benefit Rider is available.

Graded Plan

For Missouri residents only between 76-85 years old who have moderate health conditions.  Policy face values range from $1,000 to $10,000.  This product’s benefit is 50% face amount for first year claims, 75% face amount for second year claims, and then full face amount thereafter.  Optional Accidental Death Benefit Rider is available from Senior Life Insurance Company.

Easy Issue Graded Plan

For Missouri residents only between 66-85 years old who have moderate health conditions.  Policy face values range from $1,000 to $10,000.  This product’s benefit is 50% face amount for first- and second-year claims, 65% face amount for third year claims, and then full face amount thereafter.  Optional Accidental Death Benefit Rider is available.

Guaranteed Issue Plan

This policy is guaranteed to anyone without regard to health conditions between 0 and 85 years old.  No health questions will be asked.  Policy face values range from $1,000 to $10,000.  For the first three years, 110% of premiums paid and then the full face amount is paid the fourth year and thereafter.  Optional Accidental Death Benefit Rider is available.

Senior Life Insurance Company: Term Life Insurance

Senior Life Insurance Company offers two Term Life Plans for people who only need coverage over a 20-year period.  No medical exam is required.  Applicants only need to answer a few simple health questions to qualify.

20-Year Term Plan

For people between 20 and 65 years old.  Policy face value amounts are from $10,000 to $50,000.  For tobacco and non-tobacco users.  Optional Accidental Death Benefit Rider is not available.

Return of Premium 20-Year Term Plan

For people ages 20-45 who have used tobacco or nicotine products in the past 12 months prior to application date, or for people ages 20-60 who have not used tobacco or nicotine products in the past 12 months prior to the application date.  Policy face value amounts are $10,000, $20,000, $30,000, $40,000 or $50,000 only.  Policy holders will receive 100% of their premium back if they outlive the 20-year term or the full death benefit if they die while the policy is in force.  The 100% return of premium feature is based on policy holders who pay their premium on an annual basis.  Policy holders who pay premiums on a monthly basis will receive a 98% return of their premiums.  The return of premium benefit is only available if the policy is in force at the end of the 20-year term.

Contact Senior Life Insurance Company

Senior Life Insurance Company Address:

1 Senior Life Lane, Thomasville, GA 31792

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