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Although most people do not like to think about it, there is a time when it is necessary to consider how one’s funeral and other final expenses will be paid. Today, the average cost of a funeral in the United States can be in excess of $10,000. This is particularly true when factoring in a memorial service, a headstone and burial plot, flowers, transportation, and other related costs.
Unfortunately, many families struggle to pay for these expenses, and some may be required to dip into their savings, or even put these items on credit. But a much easier way to ensure that your funeral and final expenses are paid – without the need to put loved ones into financial hardship – is by purchasing a final expense insurance policy.
Final expense insurance is a type of life insurance coverage that is designed primarily for paying for burial, funeral, and other related costs. This is why final expense insurance is often referred to as burial insurance or funeral insurance coverage.
The benefit on these plans is usually somewhere between $1,000 and $25,000 – although there are some insurance carriers that offer policies with larger proceeds amounts. Final expense life insurance is typically offered to those who are between the age of 50 and 85 at the time of application.
Before you purchase final expense insurance coverage, it is important to be sure that you have the proper type and amount of coverage – as different people may have different needs. It is also recommended that you review the insurance company you’re considering buying the policy through to determine whether it is strong and stable financially and that it has a good, positive reputation for paying out its claims. One company that meets these criteria is Senior Life Insurance Company.
The History of Senior Life Insurance Company
Senior Life Insurance Company was founded in 1970 – and over the first three decades of its existence, the company was licensed to offer its products in six states. Since the year 2000, though, this company has greatly expanded and is not offering its insurance products in 39 of the U.S. states, as well as in the District of Columbia.
This company has a focus on offering insurance coverage to those who are planning their final arrangements – primarily about how these costs will be covered. Senior Life is also known for making inroads in this particular niche, such as being the first company to use telesales in final expense insurance. This can make it much more convenient for those who are considering this type of coverage, as they will not typically need to meet in person with an insurance agent to secure final expense protection. Senior Life Insurance Company is headquartered in Thomasville, Georgia.
Insurer Ratings and Better Business Bureau Grade
Senior Life Insurance Company invests its reserves primarily in conservative assets so that the company can better ensure that it can pay out its policyholders’ claims promptly. Because of that, the company has earned high grades from the insurer ratings agencies.
In addition, even though Senior Life Insurance Company is not an accredited company through the Better Business Bureau (BBB), the company has been given a grade of B+ by the BBB. (This is on an overall grade scale of A+ to F).
Over the past three years, Senior Life Insurance Company has closed out 22 customer complaints, with five of these closed out within the past 12 months. Of the 22 complaints, 15 were focused on problems with the company’s products and/or services, with another five focused on advertising and/or sales issues, and two revolved around guarantee and/or warranty issues.
Final Expense Insurance Offered by Senior Life
Senior Life Insurance Company offers a wide range of easy-to-understand products for the payment of final expenses. The company offers plans that are available from childhood (including from age 0) up to age 85 at the time of application.
The face amount of coverage on Senior Life’s final expense plans ranges from $1,000 up to $50,000. Because of that, these policies can cover the cost of one’s funeral, burial, and other related expenses, as well as possible additional costs such as uncovered end-of-life medical and/or hospice care.
In order to qualify for final expense insurance from Senior Life Insurance Company, applicants are only required to answer just a few simply health-related questions – and there is no medical examination needed.
Senior Life offers both term and whole life insurance options. With whole life, the policy will offer death benefit protection, as well as cash value, build up within the plan. This cash value is allowed to grow tax-deferred, meaning that there is no tax due on the gain unless or until the money is withdrawn.
With whole life insurance, the premium amount will never increase, and the amount of the death benefit will not decrease – even as the insured gets older (and even if he or she contracts an adverse health issue). In fact, the policy cannot be canceled by the insurer, other than for non-payment of the premium.
Depending on the policy option that is chosen, Senior Life Insurance Company offers whole life insurance plans that will pay out the full amount of the death benefit, regardless of when the insured passes. There are also other plans that offer a limited amount of benefit if the insured should pass away within the first few years of purchasing the policy.
The company’s immediate benefit whole life insurance plans include the following:
- Super Preferred Whole Life Insurance Policy
- Preferred Whole Life Insurance Policy
- Standard Whole Life Insurance Policy
- 20 Pay Standard Whole Life Insurance Policy
- Joint First-to-Die Standard Whole Life Insurance Policy
- Substandard Whole Life Insurance Policy
Senior Life Insurance Company’s limited benefits plans include:
- Modified Whole Life Insurance Policy
- Easy Issue Whole Life Insurance Policy
- Graded Whole Life Insurance Policy
- Guaranteed Issue Whole Life Insurance Policy
- Easy Issue Graded Whole Life Insurance Policy
With the limited benefit plans, the policy beneficiary will oftentimes receive back the premiums that were paid into the policy, along with a set amount of interest, if the insured dies within the first two years of policy purchase.
Other Products and Services Available
In addition to final expense whole life insurance, Senior Life Insurance Company also offers term life policy options, as well as accidental death benefit insurance. A whole life insurance policy can be upgraded with an accidental death benefit coverage rider. This rider offers an accidental death benefit that is equal to the policy’s face amount – and pays out in addition to the whole life insurance benefit if the insured dies as the result of a covered accident.
Term life insurance provides death benefit only coverage, with no cash value or investment build up – and because of that, the premiums that are required for this type of insurance may be lower than that of a comparable whole life insurance plan.
The two-term life insurance options that are offered via Senior Life are:
- 20-Year Term – The 20-Year Term plan is available to those who are between the ages of 20 and 65 at the time of application. The coverage will last for 20 years and can be purchased with a face amount of $10,000 to $50,000. (These policies are available for both tobacco and non-tobacco users).
- Return of Premium 20-Year Term – The Return of Premium 20-Year Term life insurance plan also offers 20 years of life insurance coverage. This policy can be obtained with a face amount of $10,000 to $50,000 – in increments of $10,000. Should the insured survive through to the end of the policy’s term, he or she can receive back the premiums that were paid into the policy.
How to Get the Best Premium Rates on Final Expense Life Insurance Coverage
If you are seeking the best premium rates on final expense life insurance coverage, it is recommended that you would with an independent insurance agency or brokerage. That way, you will be able to choose from many different policies, carriers, and premium quotes – and from there you can choose which one will be the best for you.
When you are ready to move forward, we can help. We work with many of the top final expenses insurance carriers in the industry, and we can find you the plan and price that you need. To get started, just take a minute to fill in the quote form on this page.
If you still have any additional questions regarding final expense coverage – or even life insurance in general – please feel free to reach out to our experts directly. We can be reached via phone, toll-free, at <XXX-XXX-XXXX>.
Finding the right type and amount of final expense insurance can be much easier when you are working with an ally on your side. So, contact us today – we’re here to help.