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Senior Life Insurance Company review 2021
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
Issue Age
$10,000 to $50,000
Coverage
No
Medical Exam Required
Details
| Policies | Term, Whole |
|---|---|
| Coverage maximum | $50,000 |
| Term lengths | 20 year term |
| Medical exam required | No |
| Available states | Not available in: Connecticut, Iowa, Maine, New Hampshire, New York, South Dakota, Vermont, Washington, Wisconsin, Wyoming |
| Issue age | Not listed |
Pros
- No medical exam required
- Specializes in life insurance
- Wide variety of products
Cons
- Limited benefit amounts
- No online quotes
- Bumpy digital navigation
| Riders |
Accidental death benefit rider |
|---|
Review by
Amy Stoltenberg
amy.stoltenberg@finder.comAmy Stoltenberg is a staff writer covering all things travel, shopping and lifestyle. After earning a BA at Savannah College of Art and Design, she worked as technical designer in corporate fashion before opting for a career with unlimited travel time. When her laptop's closed, you can find her wandering around Los Angeles looking for hole-in-the-wall eateries and plotting her way to all 50 states (she's currently at 28).
Expert review
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.
This article was reviewed by Andrew Flueckiger, a member of the Finder Editorial Review Board and certified insurance counselor and licensed insurance agent in five states.
What affects my rate with Senior Life
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
- Gender
- Other personal factors
How to get a quote from Senior Life insurance
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.
- An agent will be in touch to give you a quote and talk about moving forward with a policy.
What types of life insurance coverage 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 |
|
- Term life. 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 | Ages 20–651 Ages 20-602 | 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 benefit rider that you can add to any policy. It doubles the value of the death benefit if a policyholder dies in an accident.
Senior Life insurance 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.
| AM Best financial rating |
A+ |
| BBB accredited | No |
| BBB rating | A+ 3.33/5 out of 6 customer reviews |
| Customer reviews verified as of | 25 January 2021 |
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Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.