Senior Life Insurance Company review 2020
Policies can match a variety of health issues with no medical exam required.
finder.com's rating: 3.5 / 5
- Get a quote if… You want an agent’s guidance when choosing a policy. It offers more than senior coverage, covering a range of ages, death benefit needs, tobacco habits and health issues.
- Pick something else if… You want a seamless digital experience or death benefits of $50,000+. It doesn’t offer an online portal for policyholders, and benefit caps are relatively low for the industry.
20 to 65
$10,000 to $50,000
Medical Exam Required
|Free quote||Online, Phone|
|Available states||Not available in: Connecticut, Iowa, Maine, New Hampshire, New York, South Dakota, Vermont, Washington, Wisconsin, Wyoming|
|Policy options||Term, Whole|
|Term lengths||20 year term|
|Issue age||20 to 65|
|Coverage||$10,000 to $50,000|
|Medical exam required||No|
|Monthly cost||Depends on policy|
|Claim methods||Mail info to: Globe Life Insurance Company of New York, P.O. Box 3125, Syracuse, NY 13220|
|Customer support||Phone, Email|
|Riders||Accidental death benefit rider|
Amy Stoltenberg writes about lifestyle and money for Finder, researching the best options for shopping, banking, insurance and authentic travel experiences. After studying writing and fashion at Savannah College of Art and Design, she worked designing apparel at a corporate behemoth before opting for a career with unlimited travel time. When her laptop’s closed, she can be found wandering the streets looking for happy hour and hole-in-the-wall eateries.
Senior Life’s life insurance products may be right for you if you prefer working directly with an agent who specializes solely in life insurance. But if you prefer a more seamless digital experience, or are looking for a larger benefit amounts, you may want to continue to shop the market.
Senior Life is not currently licensed in:
- New Hampshire
- New York
- South Dakota
What type of life insurance does Senior Life offer?
Senior Life offers whole life insurance coverage, with immediate and delayed benefit payout options. It also offers term policies for those looking for temporary plans.
But read the fine print before signing on — not all benefits are guaranteed and premiums are likely to be more expensive for guaranteed-issue protection.
Immediate benefit whole life
Immediate benefit whole life insurance policies guarantee the full benefit amounts are paid when you die. These tend to be best for people with few to no health issues.
|Product||Who it’s meant for||Death benefit||Health status||Features|
|Ultimate Preferred Plan||Ages 0–80||$10,000–$30,000||No health issues, no tobacco use for at least 10 years||N/A|
|Super Preferred Plan||Ages 0–85||$5,000–$30,000||No health issues, no tobacco use for at least 5 years||N/A|
|Preferred Plan||Ages 0–85||$1,000–$20,000||Minor health issues, no tobacco or nicotine products in the last 12 months||N/A|
|Standard Plan||Ages 0–80||$1,000–$20,000||N/A||Most popular, because more people qualify|
|20 Pay Standard Plan||Ages 0–60||$1,000–$20,000||N/A||After 20 years, the benefit is completely paid and you won’t be charged another premium|
|Joint First-to-Die Standard Plan||Two people living in the same home ages 40-85||$1,000–$20,000||N/A||The benefit goes to the surviving spouse, who also has a chance to purchase an immediate plan within 60 days of the death — no questions asked|
|Substandard Plan||For residents of MA or MN ages 40–85||$1,000–$5,000||Moderate health issues are OK||It’s only offered to residents of Massachusetts or Minnesota|
Limited benefit whole life
These Senior Life policies are specially formulated for patients with moderate or significant health issues, though the full benefit isn’t guaranteed until a number of years has passed.
|Product||Who it’s meant for||Death benefit||Health status||Expected return of premiums|
|Limited Benefit Modified Plan||Ages 0–85||$1,000–$15,000||Moderate health conditions|
|Limited Benefit Easy Issue Plan||Ages 0–85||$1,000–$10,000||People with significant health conditions must answer a couple of questions to determine eligibility|
|Limited Benefit Guaranteed Issue Plan||Ages 0–85||$1,000–$10,000||No health issues are considered — it’s guaranteed to anyone.|
|Limited Benefit Graded Plan||For residents of Missouri who are age 76–85||$1,000–$10,000||Moderate health conditions are accepted|
|Limited Benefit Easy Issue Graded Plan||For residents of Missouri who are age 66–85||$1,000–$10,000||Moderate health conditions are accepted|
Each of Senior Life’s term policies last for 20 years. The monthly premium and benefit amount remains set throughout the length of it, so it’s considered level premium term insurance.
|Product||Who it’s meant for||Death benefit||Health status||How it works||What to watch out for|
|20 Year Term||Ages 20–65||$10,000–$50,000||For tobacco users and non-tobacco users||The benefit pays out to beneficiaries if you die before the term length is over||If you outlive the policy, you won’t receive any part of the benefit|
|Return of Premium 20 Year Term|
|Term options include: $10,000, $20,000, $30,000, $40,000, or $50,000|
1 – individuals who have used tobacco or nicotine in the last 12 months
2 – individuals who haven’t used tobacco or nicotine in the last 12 months
|100% of premiums are paid back at the end of 20 years if you outlive the policy||If you pay monthly, you’ll only get 98% of the premiums returned|
What riders can I add to my policy?
Senior Life offers an accidental death rider that you can add to any policy. It doubles the value of the death benefit if a policyholder dies in an accident.
How much does Senior Life cost?
The best way to determine the cost of Senior Life is to call an agent and get a quote. Cost will be customized based on your:
- Policy type
- Amount and length of coverage
- Health and lifestyle
- Other personal factors
Pros and cons of Senior Life
Senior Life has a relatively expansive product offering which might match up nicely with some circumstances. Before committing, weigh the pros and cons, including:
- No medical exam required. You’ll be asked a few health questions, but you won’t need a formal exam.
- Specializes in life insurance. In fact, it doesn’t sell any type of coverage other than life insurance, which means it’s settled into a niche and agents are likely experts in end-of-life protection.
- Wide variety of products. Senior Life offers protection to people with different health histories. The information is well laid out on its website so you can clearly see what you might qualify for.
- Limited benefit amounts. The maximum coverage you can get for whole policies is $30,000, and term caps out at $50,000. This may not be enough for some lifestyles.
- No online quotes. To get a ballpark idea of what a plan might cost, you’ll need to chat with an agent over the phone.
- Bumpy digital navigation. There’s no portal for policyholders to manage accounts online. To change the beneficiary or transfer ownership, you can call or download a form, fill it out and fax, email or send regular mail to Senior Life.
Compare other life insurance companies
Senior Life reviews and complaints
It’s not accredited by the BBB, but still has an A+ rating with the agency. One customer review gave a 5-star shoutout, but there’s not enough feedback to substantiate a reputation. It has 19 listed complaints, and Senior Life has responded to most by explaining or resolving the situation.
It hasn’t been reviewed by any of the major credit rating agencies and doesn’t exist on Trustpilot. However, it’s been in business since 1970 and has almost 50 years of experience in the industry with no major legal cases in the news.
How does Senior Life protect my data?
Its agents promise not to discuss the details of your policy with anyone but you.
How do I sign up?
To get a quote, start by:
- Going to the Senior Life website and clicking Products
- On the left side of the page, click Get A Quote.
- Fill out your personal information and click Submit.
I’ve signed up. What happens next?
An agent will be in touch to give you a quote and talk about moving forward with a policy.
More about Senior Life
Senior Life is headquartered in Thomasville, GA and has been in business since 1970. In the last 20 years, it expanded to 34 states, serving a total of 40 jurisdictions. Its claim to fame is the fact that it pioneered the use of telesales in life insurance in 2005 — essentially, selling insurance over the phone.
Frequently asked questions
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
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