Senior Plan Life Insurance (As Seen on TV)
last updated on March 7, 2022Have you seen the Senior Plan Life Insurance commercial and wonder how it works? Is it a good form of life insurance for seniors? What are the pros and cons of getting a plan through Senior Life?
If you are looking for a fair and balanced review of the Senior Plan Life Insurance program, you’ve found the right article!
Today, I will review how this program works and help you determine if it’s a good fit for your life insurance goals.
Let’s get started!
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Who is Senior Life Insurance?
Senior Life Insurance Company was founded in 1970 by Ron Powell and Dale Powel, two former Lincoln Heritage life insurance agents.
The company is located out of Thomasville, Georgia, and currently offers life insurance products in 40 states and the District of Columbia.
Although Senior Life has a number of licensed agents who work in the field, they specialize in selling burial insurance over the phone, through TV commercials run on multiple networks.
Senior Life Insurance Company has a strong line of life insurance products.
Their goal is to meet various needs of both the individuals who are in great health and those with pre-existing conditions, but also people who are otherwise uninsurable due to poor health.
Senior Life Insurance offers an extensive range of whole life and term life insurance plans for seniors up to the age of 85.
These products, also known as final expense insurance policies, are designed to help ease the financial burden of the family of the insured.
They allow them to pay for final expenses such as burial, legal costs, medical bills, and any outstanding debts after the death of their loved one.
How does the Senior Care Plan Life Insurance Program work?
The Senior Care Plan from Senior Life Insurance Company is a type of whole life insurance policy created to help seniors cover their funeral costs.
The plan was created for seniors on a fixed income, with rates that fit any budget. With the affordable life plan from Senior Life, it is possible to qualify for low-cost life insurance with lower monthly premiums.
The Senior Care Plan will pay anywhere between $10,000 and $30,000 in tax-free benefits for funeral and other final expenses.
What’s more, Senior Life policies are designed to provide coverage during your entire lifetime and they build cash value over time.
All seniors can qualify for the Senior Care Plan coverage regardless of their medical history. You only need to answer a few simple yes or no health questions.
The answers to the health questionnaire will determine which whole life policy you are eligible for. You are not required to undergo any medical exams to be approved.
With the Senior Care Plan, you are guaranteed lifetime coverage as long as you are paying the policy premiums.
This means that plans cannot cancel by Senior Plan Life except in the case of non-payment of premiums.
Once the application is approved and the policy is issued, premiums are locked for life and will never increase.
Pros of the Senior Plan Life Insurance program
- The program provides coverage for people up to the age of 85
- The tax-free coverage is up to $30,000
- No background checks, prescription checks, or medical exams are needed
- Lifetime coverage is guaranteed as long as premiums are paid
- Only the insured can cancel a policy
- Policies build cash value and policyholders can borrow against this amount
- Policy rates never increase
- Death benefits remain the same regardless of age or health
- Most claims are paid within 24 hours
- Up to 30-day money-back guarantee
Cons of the Senior Plan Life Insurance program
- The Senior Life limited benefit whole life plans are designed for seniors with moderate and advanced health issues. Depending on your health condition, there may be limitations to the amount of coverage you can receive. (Keep reading to find out how to potentially get a better offer on coverage if this describes your situation).
- There may also be a waiting period. If you pass away during that time, your beneficiaries will receive a return of the premiums and not the death benefit payout.
- Senior Life immediate benefit whole life plans cover the full amount from the moment the application is approved and issued. However, you can usually qualify for this option only if you don’t have any significant health issues.
Why get a second opinion?
Although Senior Life Insurance has been in business for many years, the company doesn’t have many life insurance options to choose from. This may adversely affect the quality of the coverage they offer.
Make sure to evaluate all of your life insurance options before deciding on purchasing from Senior Life Insurance.
You may be able to get first-day full coverage even when your health condition is not the best.
For example, we at Buy Life Insurance For Burial represent many of the major final expense life insurance companies. We can shop your coverage to find the best combination of price and quality.
In many cases, we can save our clients hundreds of dollars a year compared to the competition and get great quality coverage in place quickly.
Get your second opinion from us!
If you’re looking for coverage on yourself, your spouse, your adult kids, your parents, or your siblings we can help!
In fact, we even have no questions asked burial insurance if your health isn’t the best.
We at Buy Life Insurance For Burial help seniors find quality and affordable final expense life insurance.
Either call us directly at 888-626-0439 for a free quote in 5 minutes, or request a quote at the top or side of your screen.