Insurance company

Senior Life Insurance Company Life Insurance Review 2022

The benefits explained

  • Coverage without medical examination: Senior Life offers life insurance without a medical exam. At most, you may need to answer a few health questions when applying.
  • Guaranteed issue whole life insurance: If you cannot get coverage due to your medical condition, Senior Life offers small whole life insurance plans designed for people with moderate to major medical conditions, including a guaranteed issue policy .
  • Premium return term available: Senior Life offers a return of premium policy, which means that if you survive the 20 year term, you can get back 100% of the premiums you have paid. This type of policy is more expensive than a fixed term policy, but is not a common offer among insurers.

Disadvantages Explained

  • Low coverage amounts: The maximum death benefit you can get with Senior Life is $50,000, through the company’s term insurance policy. Whole life coverage is capped at $30,000. These coverage amounts may be enough to cover final expenses, but are usually not enough to cover other life insurance needs, such as replacing lost income.
  • Limited font types: Senior Life only offers two types of policies: whole life and term. Many companies offer other types of coverage, such as universal life insurance and indexed policies.
  • Maximum duration of 20 years: Many insurers that issue term coverage offer terms of up to 30 years. But the maximum (and only) term available from Senior Life is 20 years.
  • Not rated by AM Best: Of the 91 life insurance companies we looked at, Senior Life was one of only two companies not rated by the rating agency. It is therefore more difficult to determine the probability that Senior Life will be able to honor its insurance obligations, such as the payment of claims.
  • Many more complaints than expected: Senior Life has received a very high number of complaints relative to its size. According to the National Association of Insurance Commissioners (NAIC), the company received nearly five times the number of complaints expected, averaging over three years.

Index of complaints

The National Association of Insurance Commissioners (NAIC) tracks the number of customer complaints received by life insurance companies and calculates a complaints index for each company based on its size or market share. A complaints index of 1.0 indicates that a life insurance company received an expected number of complaints, while an index below 1.00 means the company received fewer complaints than expected. A complaint index above 1.00 indicates that the company has received more complaints than expected.

Senior Life Insurance Company received a complaints index of 4.82, averaged over three years. This is a surprisingly high number – almost five times the number of complaints expected – and justifies choosing another life insurance company with a lower complaints index, such as State Farm, Nationwide or New York. Life. All of these insurers have a complaints index of less than 1.00. Only eight other companies out of the 91 life insurance companies we examined had a complaint index above 5.00.

Third-party reviews

We use AM Best ratings to get an idea of ​​a life insurance company’s financial stability and therefore its likelihood of being able to pay future insurance claims. AM Best rates more than 16,000 insurance companies worldwide, but Senior Life Insurance Company is not one of them. This is not common among the carriers we reviewed. Only one other of the 91 life insurance companies we looked at was unrated.

AM Best assesses a company’s ability to pay claims on a graduated scale, with A++ being the highest. All of our top life insurance companies have at least an A rating. Since Senior Life is unrated, it is unclear how well the company is able to pay future claims.

Policies available

Senior Life offers two types of policies: term and whole life. Neither requires a medical examination.

Term life insurance

Term life insurance is designed to last a certain number of years, such as 20 years. Unlike whole life insurance, it is not permanent coverage and does not create cash value. Senior Life offers two 20-year term policies with coverage available up to $50,000. If you choose a premium return term, 100% of the premiums will be returned to you if you survive the 20 year term. This feature increases the cost of the policy and is not a common offering among insurance companies.

End-of-stay expense insurance

Final expense coverage, or funeral insurance, is a whole life insurance policy with a small death benefit. Beneficiaries can use the death benefit for whatever they need, but it’s often marketed to cover funeral expenses and final bills. Whole life insurance policies establish a cash value and last your lifetime as long as the premiums are paid. Senior Life offers coverage up to $30,000, but only if you qualify for the “Ultimate” or “Super Preferred” plans. They also offer a guaranteed issue policy that anyone under the age of 85 can qualify for, regardless of their medical condition.

Some of Senior Life’s whole life insurance policies have a graduated death benefit period of up to three years. If you die of natural causes during this period, your beneficiaries receive the premiums you paid plus 10% instead of the full death benefit.

Runners available

Senior Life has few riders available. Here are a few that might be available to you.

Accidental Death Benefit

An accidental death benefit pays an additional benefit on top of your death benefit if you die as a result of an accident.

Child Rider

A child rider adds temporary coverage to your base policy for your dependent children. Coverage is usually limited and can be converted to permanent coverage once your child becomes an adult.

Charity benefit

A charitable benefit can provide a small additional benefit (often a fraction of your policy value) to the charity of your choice.

Customer service

Senior Life Insurance Company makes it possible to contact its customer support team through an online contact form or by phone at (877) 777-8808. The online form cannot be used to change beneficiaries or ownership, modify your policy or cancel coverage. Policy changes must be made by contacting their home office by phone. You can reach them by phone during the following opening hours:

  • 9:00 a.m. to 6:00 p.m. EST Monday through Thursday
  • 9:00 a.m. to 5:00 p.m. EST Friday

Our Methodology: How We Review Life Insurance Companies

We have designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank over 90 insurers in five general categories: financial stability, customer satisfaction, variety of products and features, experience of overall purchase and cost.

To do this, we collected over 5,000 data points and scored each company based on 55 metrics. We’ve grouped the metrics by category to see insurers’ performance in each; we then weighted the category scores to determine overall business performance.

To learn more, read our Comprehensive Life Insurance Methodology.