Senior life insurance reviews: Senior Life Insurance Company Life Insurance Review 2022

Опубликовано: November 24, 2022 в 7:54 pm

Автор:

Категории: Miscellaneous

Senior Life Insurance Company Life Insurance Review 2022

We recommend the best products through an independent review process, and advertisers do not influence our picks. We may receive compensation if you visit partners we recommend. Read our advertiser disclosure for more info.

Investopedia’s Rating

Our Take

Senior Life Insurance Company offers small life insurance policies designed to cover final expenses. Coverage is available up to $50,000 and policies do not require a medical exam. However, the company does not have a financial strength rating from AM Best and receives a very high number of customer complaints. Both these factors indicate potentially severe issues with the company’s fundamentals.

  • Pros & Cons
  • Company Overview

Pros & Cons

Pros

  • No-medical-exam coverage

  • Guaranteed issue whole life insurance

  • Return of premium term available

Cons

  • Low coverage amounts

  • Limited policy types

  • Maximum 20-year term

  • Not rated by AM Best

  • Many more complaints than expected

Company Overview

Since 1970, Senior Life Insurance Company has focused on final expense coverage, although they offer small term life insurance policies as well. The company is headquartered in Thomasville, Georgia and has thousands of agents across the country. Senior Life Insurance Company provides life insurance in 40 states and Washington, D.C.

Investopedia’s Rating

Table of Contents

Senior Life Insurance Company Life Insurance Review

  • Pros Explained

  • Cons Explained

  • Complaint Index

  • Third-Party Ratings

  • Policies Available

  • Available Riders

  • Customer Service

  • Methodology

Pros Explained

  • No-medical-exam coverage: Senior Life offers life insurance without a medical exam. At the most, you may need to answer a few health questions when you apply.
  • Guaranteed issue whole life insurance: If you can’t qualify for coverage based on your health, Senior Life offers small whole life plans designed for people with moderate to significant health conditions, including a guaranteed issue policy.
  • Return of premium term available: Senior Life offers a return of premium term policy, which means that if you outlive the 20-year term, you can have 100% of the premiums you paid returned to you. This type of policy is more expensive than a regular term policy, but is not a common offering among insurers.

Cons Explained

  • Low coverage amounts: The maximum death benefit you can get with Senior Life is $50,000, via the company’s term policy. Whole life coverage is capped at $30,000. These coverage amounts may be sufficient to cover final expenses, but aren’t generally enough to cover other life insurance needs, such as replacing lost income.
  • Limited policy 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 20-year term: Many insurers that issue term coverage offer terms up to 30 years. But Senior Life’s maximum (and only) available term is 20 years long.
  • Not rated by AM Best: Of the 91 life insurance companies we reviewed, Senior Life was one of only two companies not rated by the credit rating agency. This makes it more difficult to tell how likely Senior Life is to be able to honor its insurance obligations, such as paying claims.
  • Many more complaints than expected: Senior Life received a very high number of complaints relative to its size. According to the National Association of Insurance Commissioners (NAIC), the company received more than three times the number of expected complaints, averaged over three years.

Complaint Index 

The National Association of Insurance Commissioners (NAIC) tracks the number of customer complaints that life insurance companies receive and calculates a complaint index for each company based on its size or market share. A complaint 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 the company received more complaints than expected. 

Senior Life Insurance Company received a 3.67 complaint index, averaged over three years. This is a surprisingly high number—almost five times the number of expected complaints—and makes a case for choosing a different life insurance company with a lower complaint index, such as State Farm, Nationwide, or New York Life. All of these insurers have a complaint index below 1.00. Only eight other companies out of the 91 life insurance companies we reviewed received a complaint index score of above 5.00.

Third-Party Ratings

We use AM Best ratings to get a sense of how financially stable a life insurance company is and therefore how likely it is to be able to pay future insurance claims. AM Best rates over 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 not rated. 

AM Best assesses a company’s ability to pay its claims on a graded scale, with A++ being the highest. All our best life insurance companies have at least an A rating. Since Senior Life isn’t rated, it makes it difficult to know how likely the company is to be able to pay future claims.

Policies Available 

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

Term Life Insurance

Term life insurance is designed to last for a specific number of years, such as 20. Unlike whole life insurance, it is not permanent coverage and does not build a cash value. Senior Life offers two 20-year term policies with available coverage up to $50,000. If you choose a return-of-premium term, you’ll get 100% of the premiums returned to you if you outlive the 20-year term. This feature increases the policy’s cost and is not a common offering among insurance carriers.

Final Expense Insurance

Final expense coverage, or burial 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 policies build a cash value and last your entire life as long as 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 up to age 85 can qualify for, regardless of health conditions. 

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

Available Riders

Senior Life makes few riders available. Here are a few that may 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 the result of an accident.

Child Rider

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

Charitable Benefit

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

Customer Service

Senior Life Insurance Company makes it possible to connect with their customer support team via an online contact form or by phone at (229)-228-6936. The online form can’t be used to change beneficiaries or ownership, modify your policy, or cancel coverage. Policy modifications must be made by connecting with their home office by phone. You can reach them via phone during the following business hours: 

  • 9AM to 6PM EST Monday through Thursday
  • 9AM to 5PM EST on Friday

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Senior Life Insurance Pros & Cons: Top Experts Review

Senior Life Insurance Company at a Glance

Senior Life pros: 50 years’ of experience in the industry. Coverage available with no medical exam to customers with preexisting conditions. 

Senior Life cons: Not BBB accredited. Large volume of negative customer feedback. Several complaints filed through the BBB. Unpolished, dated website. Coverage not available nationwide. Highly limited in coverage options. Only one term option available. Not rated by AM Best. No discount information available.

To find insurance in your state, use our national insurance company directory to find the best company to meet your needs. You can locate insurance companies that specialize in your specific coverage needs and get connected to an agent near you.

What Type of Insurance Does Senior Life Offer?

Senior Life focuses on life insurance. They offer the following kinds of coverage.

Your independent insurance agent can help you find more information about the coverages offered by Senior Life, and help you decide if this insurance company is right for you.

What to Know about Senior Life Insurance Company

Senior Life Insurance Company was founded in 1970, giving the carrier more than half a century’s worth of experience in the industry. The carrier offers life insurance to anyone under the age of 85, regardless of preexisting health conditions. Their mission is to help families prepare for costly final expenses.

Senior Life has more than 200 employees across the nation and offers its coverage in more than 40 states and DC. The insurance company works with more than 6,500 agents. Senior Life’s coverage is appealing to life insurance customers everywhere thanks to their plans offered with no medical exam.

The insurance company is not currently rated by AM Best, the leading global credit organization monitoring the insurance industry. However, the Better Business Bureau awards Senior Life a rating of “A+”, or excellent.

What Discounts Does Senior Life Offer?

Senior Life does not make information about its specific discounts readily available, however an independent insurance agent can find these for you. Independent insurance agents work hard to find all qualifying discounts and other money-saving hacks on your coverage.

Find The Right Company Today.

Shopping for a company? We have the right one for you.

Senior Life Customer Service

Here’s an overview of Senior Life’s customer service options and availability.

To ensure a great customer service experience, work together with an independent insurance agent. Independent insurance agents can help handle claims and other matters for you, so you can relax and enjoy your coverage.

Senior Life Insurance Company FAQ

What is Senior Life’s average claim response time frame?

Senior Life does not offer a specific claims response time frame.

What is Senior Life’s customer service availability?

Senior Life is available at slightly extended hours during the week. Customers can also contact the carrier through the contact form on their website. Claims can only be filed online or through an agent.

What is Senior Life’s claims process?

Senior Life does not make much information about their claims process available beyond how to file. However, working with an independent insurance agent can greatly simplify the claims process. Independent insurance agents can contact your carrier for you and file claims directly, and keep you updated through every step. 

Does Senior Life create a user-friendly experience for customers?

Senior Life’s website could certainly be updated. The layout is not as intuitive and easy to navigate as others. Further, some graphics aren’t styled properly, such as one of their term life policy’s list of coverage details. Senior Life’s customer service contact options are also more limited than other carriers’. Overall, Senior Life falls a bit behind in the user-friendliness department.  

Does Senior Life have good term life insurance?

Senior Life offers one increment of term life coverage, 20-year plans. Customers are guaranteed to pay the same premium throughout the life of their policy. Coverage is available for everyone up to age 85. Policies are issued with no medical exam required.

Is Senior Life a good insurance company?

Senior Life has 50 years’ worth of experience and a high rating through the BBB. However, the carrier is not BBB accredited and has had quite a few complaints filed against them. Customer feedback also appears largely mixed, with lots of negative reviews. So we’re hesitant to call Senior Life a good insurance company.

Senior Life Insurance Company Customer Reviews

Better Business Bureau
THEY TAKE ADVANTAGE OF THE ELDERLY!!!! I discovered my elderly parents signed up for a $5,000 life ins. policy for my mom. They have been paying $62.12/mo since 2009 (currently almost $9,000 paid for a $5k policy).. this policy matures in 20 yrs after they would have taken nearly $15,000 payment from my folks for a $5,000 policy. Once I learned of this rip off, I immediately cancelled her policy (I had to call several times because of no answer, I thought this place was a scam) and although my mom has paid almost $9,000.. they are saying all she will get back is $2,113. Also the woman was very rude. AVOID THIS RIP OFF.
Better Business Bureau
My brother passed 30 days before his 1 year. It’s been 4 months and they are still investigating. I should have at least received what he paid, they are so insensitive.
Yelp
If I could put zero stars, I would. My grandfather passed on 11/20/2020, I was unable to get in touch with the company to notify them on his death until Monday morning. Once I was about to speak with someone on the phone they continued to talk about benefits offered by the company such as purchasing a casket and a headstone. The insurance was not guaranteed as told to my grandfather. Because my grandfather passed before the 2 years of the policy, I was informed that a investigation needed to be conducted to ensure that my grandfather did not lie about his health conditions.
Yelp
I had purchased an insurance policy for my wife and we couldn’t be happier. Andrew Davis was knowledgeable and extremely helpful. He is a true professional. He is kind and considerate and a pleasure to do business with. 
Yelp
Customer service is horrible. It’s been 3 months and we still can’t transfer the policy to my mother’s name. My father passed away and and death certificate is not enough we need to pay to get notarized a transfer form. Also, the company is only eastern time so any other time zone make time to call within their working hours. 

TrustedChoice.com’s Final Review

We award Senior Life Insurance Company a final rating of 2 out of 5 stars. The insurance company has a half century’s worth of experience in the industry and a high rating by the BBB. However, they are not accredited through the BBB and have had a couple dozen complaints filed against them in recent years.

Coverage for seniors is available with no medical exam required, which is one of the carrier’s only pros. Senior Life’s official website needs a major update. The layout is confusing and some of the graphics and not styled properly, such as their coverage details. Further, we’re quite concerned about the disturbing volume of negative customer reviews across multiple platforms.

Overall, we recommend working with an independent insurance agent to survey your other options for life insurance.

©2022, Consumer Agent Portal, LLC. All rights reserved.

New Home Page

https://www.bbb.org/us/ga/thomasville/profile/insurance-companies/senior-life-insurance-company-0743-44328/customer-reviews

https://www.linkedin.com/company/senior-life-insurance-company/about/

https://www.yelp.com/biz/senior-life-insurance-company-thomasville-5

Pension insurance in Russia: current state and possibilities for transformation | Tulenty

1. Yu.P. Kalmykov. Analysis of the improvement of pension insurance. Insurance business. 2020;(7):58–66.

2. Aksyutina S.V., Sovetova N.P., Nespanova I.V. Topical issues of pension insurance in the Russian Federation. Economics, entrepreneurship and law. 2020;10(4):1247–1262. DOI: 10.18334/epp.10.4.100860

3. Shirokikh S.V. Review of changes in legislation governing pension provision in the Russian Federation. Socio-economic and humanitarian journal of the Krasnoyarsk State Agrarian University. 2019;(1):133–143.

4. Romp W., Beetsma R. Sustainability of pension systems with voluntary participation. Insurance: Mathematics and Economics. 2020;93:125–140. DOI: 10.1016/j.insmatheco.2020.04.009

5. Aleksashenko S.V. Russian economic miracle: what went wrong? M.: AST; 2019. 320 p.

6. Söderberg M., Schiöler L., Stattin M., Burdorf A., Järvholm B. Mortality in persons with disability pension due to common mental disorders: A cohort study of Swedish construction workers. Scandinavian Journal of Public Health. 2020;48(8):832–838. DOI: 10.1177/1403494819884440

7. Gurvich E.T. Forks in pension reform: Russian and international experience. Questions of Economics. 2019;(9):5–39. DOI: 10.32609/0042–8376–2019–9–5–39

8. Bitkina I.K. On the issue of the efficiency of funded elements of the pension system: international experience. Finance: theory and practice. 2020;24(5):24–40. DOI: 10.26794/2587–5671–2020–24–5–24–40

9. Kiyosaki R., Siedle E. Who stole my pension?: How can you stop the looting. Scottsdale, AZ: Plata Publishing, LLC; 2020. 422 p.

10. Sabitova N., Kulakova S., Sharafutdinova I. Non-state pension funds in the retirement insurance system of the Russian Federation: Trends and prospects. Procedia Economics and Finance. 2015;27:224–229. DOI: 10.1016/S 2212–5671(15)00994–6

11. K.V. The current state and reform of legal relations in the field of pension provision. Law order: history, theory, practice. 2019;(1):31–36.

12. Ageeva E.V. Pension provision of civil servants: modern approaches to transformation. Business. Education. Right. 2018;(4):88–93. DOI: 10.25683/VOLBI.2018.45.430

13. Khadykina E.V. The concept and content of the state policy of the Russian Federation in the field of pension provision. Petrov G.N., red. Law and economics. Cheboksary: ​​Publishing House Sreda; 2020:71–83.

14. Timonina I.V. Pension provision of civil servants. Bulletin of the MIIT Law Institute. 2019;(4):90–95.

15. Shashkova O.V., Khlistun Yu.V. Commentary to the Federal Law of December 15, 2001 No. 167-FZ “On Compulsory Pension Insurance in the Russian Federation”. 4th ed. Saratov: IP Air Media; 2015. 166 p.

16. Krichevsky N.A. The origins of state hypocrisy. Moscow: Conceptual; 2019. 448 p.

17. Marotta G. Behind the success of dominated personal pension plans: Sales force and financial literacy factors. Journal of Pension Economics and Finance. 2020;19(4):532–547. DOI: 10.1017/S 147474721

09

18. Raffelhüschen B., Seuffert S. Von der Grundrente zum Lebenserwartungsfaktor. Wirtschaftsdienst. 2020;100(10):774–781. 19. Uraev R.R., Yunusbaeva V.F., Rakhmatullin R.Y., Shaidukova L.D., Semenova E.R., Valieva A.R., Mingazova Z.R., Zaynetdinova L.F., Rudakov A.M. Modern pension provision system as a social insurance program. Option. 2019;35(89):92–113. URL: https://produccioncientificaluz.org/index.php/opcion/article/view/24407/24854

20. Gurvich E.T., Ivanova M.A. The economic impact of population aging and pension reforms. Research Financial Institute. Financial magazine. 2018; (5):9–22. DOI: 10.31107/2075–1990–2018–5–9–22

21. Pitilyak D.A., Dranenko L.P., Bazil T.V., Chernyaeva M.A. Evaluation and application of unused reserves for stabilizing the pension system. Economy. Taxes. Right. 2019;12(3):103–115. DOI: 10.26794/1999–849X-2019–12–3–103–115

22. Molzahn A.E., Sheilds L., Bruce A., Schick-Makaroff K., Antonio M., Clark A.M. Life and priorities before death: A narrative inquiry of uncertainty and end of life in people with heart failure and their family members. European Journal of Cardiovascular Nursing. 2020;19(7):629–637. DOI: 10.1177/1474515120918355

23. Fatkhlislamova G.F. Comparative analysis of the development of the funded component of the pension system and non-state pension insurance in Russia. Economic development of Russia. 2019;26(7):65–75.

24. Bakhmatov S.A., Borodavko L.S., Semenova E.V. Pension insurance as an actual direction in the development of life insurance in modern conditions. Baikal Research Journal. 2019;10(1):4. DOI: 10.17150/2411–6262.2019.10(1).4

25. Muzaev M.Z. Life insurance in the pension system. Rostov-on-Don: IP Bespamyatnov S.V.; 2020. 101 p.

26. Mishchenko O.A., Leonidova E.P. Non-state pension provision of the population of Russia at the present stage of development. Economy. Profession. Business. 2018;(1):43–49.

27. Tsvetkova L., Yurieva T., Orlaniuk–Malitskaia L., Plakhova T. Financial intermediary and insurance companies: Assessing financial stability. Montenegrin Journal of Economics. 2019;15(3):189–204. DOI: 10.14254/1800–5845/2019.15–3.14

28. Bakhmatov S.A., Borodavko L.S., Semenova E.V. Development of voluntary pension insurance in the Russian Federation. Bulletin of the Baikal State University. 2019;29(2):244–252. DOI: 10.17150/2500–2759.2019.29(2)244–252

29. Domnina O.L. Reforming compulsory pension insurance as an opportunity to develop voluntary life insurance. Insurance law. 2015;(4):7–11.

30. Ignatenko A.A., Piterskaya L.Yu. The market of accumulative pension insurance: state and prospects. Theoretical and applied aspects of modern science. 2015;(9–6):64–67.

31. Melnik D.V., Miryakov M.I. Privatization of the pension system in Chile and the formation of a new pension orthodoxy. Questions of Economics. 2019;(9):40–54. DOI: 10.32609/0042–8736–2019–9–40–54

32. Karimyan D.V. Analysis of the experience of pension reform and the structure of portfolios of accumulative pension funds in Chile. Region and world. 2020;11(2):150–154.

33. Belousova T.A., Gryzenkova Y.V., Kirillova N.V., Vasyakin B.S., Pozharskaya E.L. The financial literacy assessment among students majoring in the field of finance. EurAsian Journal of Biosciences. 2019;13(1)141–148. URL: http://www.ejobios.org/download/the-financial-literacy-assessment-among-students-majoring-in-the-field-offinance-6185.pdf

34. Brovchak S.V., Selivanova M.A., Sochneva E.N., Firsanova O.V., Tsyganov A.A., Shubaeva V.G. Issues of improving the financial literacy of students of higher educational institutions of financial and economic orientation. Prospects for science and education. 2019;(5):130–146. DOI: 10.32744/pse.2019.5.10

The life insurance market has plateaued after last year’s pension annuity boom :: AFK.kz

The life insurance market has plateaued after last year’s pension annuity boom

The AFK Analytical Center presents to your attention an overview of the Kazakhstani life insurance market for the first quarter of 2022.

Key trends of the period

  • In the first quarter of 2022, the main indicators of the life insurance market showed a decline.
  • LIC assets decreased slightly, to ₸775.6 billion (-1%), which is 41% of the total assets of the entire insurance market.
  • In the structure of assets, the largest share (81%) is occupied by securities, the volume of which as of April 1, 2022 amounted to ₸631.6 billion (-2% or ₸12.9billion).
  • Concentration in the sector has not changed: 80% of the life insurance market in terms of assets is still occupied by four large companies: Nomad Life (+3%), Halyk-Life (-2%), FFLife (-9%) and KSZH Eurasia (+ four%).
  • LIC reserves increased by 6%, mainly due to an increase in reserves for non-incurred losses under life insurance contracts (+22% or ₸23.3 billion).
  • In 1 sq. 2022 there is a decrease in REPO transactions by 32%, the volume of LIC liabilities increased by 1%.
  • In 1 sq. In 2022, net insurance premiums fell by 14%, which may be due to the peak demand for the purchase of a pension annuity last year, when it doubled after the legislative reduction in the threshold for pension savings for annuity purchase.
  • The volume of payments increased by 38% due to a 3.3-fold increase in life insurance payments. As a result, the ratio of payments to premiums in the LIC market compared to Q1 2021 increased from 8% to 13%. At the same time, 53% of all payments fall on annuity insurance.
  • The decrease in LIC income by 7% or ₸7.0 billion was due to a reduction in income from insurance activities by 12% or ₸10.6 billion. Taking into account the decrease in expenses by 7%, net profit for 1 sq. 2022 decreased by 9% or ₸0.7 billion
  • Return on equity in 1 sq.m. 2022 for the LIC market was 6%, unchanged compared to the same indicator last year.
  • An additional impetus to the development of the LIC market in 2022 can be given by the legislative improvement of Unit-linked products and marital annuities, the participation of LICs in the state educational system, as well as further digitalization of the industry.

Period summary

Q1

In 2022, there was a decrease in profits of the life insurance sector due to a decrease in net insurance premiums earned by 12% or ₸10.6 billion

At the same time, the decrease in income was partially offset by an increase in income in the form of interest on securities. Meanwhile, a significant decrease in the market value of securities in LIC assets was almost completely offset by a positive exchange rate difference during periods of tenge volatility.

As for expenses, in 1 sq. In 2022, they also decreased, mainly due to a decrease in the reserve for non-occurred losses on annuity contracts (-72%), as well as a reduction in expenses for the payment of commissions on insurance activities (-37%) and expenses related to the termination of insurance contracts (-13%).

Against the background of increased collection of insurance premiums under pension annuity agreements in Q1. 2021 — in the same period of the current year, their volume decreased by 53% or ₸23.9billion tenge. At the same time, compared with 1 sq.

Growth in insurance premiums was observed mainly due to a 3.8-fold increase in the average life insurance premium. Accordingly, with a decrease in the number of payments in 1 sq. 2022 by 15%, their volume increased by 3.3 times.

The weighted average return on equity, despite maintaining the average value for LICs, was characterized by a significant spread between market players (from -8% to +24%) due to various reasons, including due to the revaluation of financial instruments, an increase in administrative expenses , changes in net insurance premiums, etc.

The life insurance industry can be supported by expanding the line of insurance products by improving the legislation on Unit-Linked and joint (marital) annuities, as well as the participation of LICs in the state educational funded system.

At the same time, taking into account the “boom” of annuity insurance in 2021, a similar growth of the sector is not expected this year.