Senior Life Insurance Review

Final Expense Direct knows that good low policy expenses, reliable policy illustrations, and accurate insurance rates are important to you, which is why we are committed to providing unbiased ratings and information, not influenced by advertising.

We evaluate all companies equally using data-driven methodologies. You can learn more about our editorial guidelines here


Senior Life Insurance Company Overview

Senior Life's website states that they have been incorporated since 1970 and have expanded to 39 states and the District of Columbia.

The Senior Life Insurance Company offers final expense life insurance policies with coverage up to $50,000. Their policies do not require a medical exam and are open to anyone under the age of 85, regardless of any pre-existing health conditions. The company employs more than 200 employees and works with more than 6,500 agents.

They are not currently rated by AM Best (a global credit organization that monitors the insurance industry), but the Better Business Bureau has awarded them an A+ rating.

Senior Life Insurance Company Policy Offerings

Senior Life offers three types of insurance: Term Life Insurance, Whole Life Insurance, and Final Expense Insurance. It's best to speak to your insurance agent to find out more about the various options available from Senior Life and find the policy best suited to your needs. 

Senior Life Insurance Company Term Life Insurance

Term Life Insurance lasts for a set period, typically 10, 20, or 30 years. Unlike whole life insurance, coverage is not permanent, and it doesn't build a cash value. Senior Life has two 20-year term policies with coverage starting at $10,000 and up to $50,000 available. 

Senior Life Insurance company: 20-Year Term Plan

The 20-year term plan is available to anyone between the ages of 20 and 65 years old. Policy amounts range in value from $10,000-$50,000 and are open to smokers and non-smokers alike. The Optional Accidental Death Benefit is not available on this plan. There are two different options when it comes to term life insurance.

Senior Life Insurance company: Return of Premium 20-year Plan

With this plan, all of Senior Life's premiums will be returned to you if you outlive the 20-year term and make annual payments.

Policyholders who make monthly payments will receive 98% of the premiums back at the end of the 20-year term. The feature increases the policy's cost and isn't the norm among insurance companies, and has both pros and cons. If you are in good health and qualify for a good race, you can receive a good return, and that can be applied towards converting your term policy to permanent cover. It's not recommended for people who are older, or in average health, or anyone who is not confident they will outlive the initial term as an ROP policy will not return premiums when they pass away.

This policy is open to people aged 20-45 (who have used nicotine products in the 12 months prior to the application date) or to people aged 20-60 who have not used nicotine products in the 12 months prior to the application date. Policy face value amounts range from $10,000 to $50,000.

Senior Life Insurance Company Final Expense Insurance

Final expense coverage, sometimes called burial insurance or funeral insurance, is a whole life insurance policy with a death benefit. Beneficiaries can use the death benefit to cover funeral expenses or bills, but there are no restrictions stipulating how the benefit should be used.

Senior Life Insurance Company offers coverage of up to $30,000 for anyone who qualifies for the Ultimate or Super Preferred Plans. They also offer a guaranteed issue policy that anyone younger than 85 can qualify for (regardless of preexisting medical conditions). 

Senior Life Insurance Company also offer whole life insurance policies with a graded death benefit period for up to three years.

If a policyholder passes away of natural causes during this time, the beneficiaries will receive the premiums that have been paid plus an additional 10% instead of the full death benefit. 

Whole Life Insurance 

Whole Life Insurance is guaranteed for the entire lifetime of the policyholder or to its given maturity date, provided that all premiums are paid. They also accumulate a cash value.

Senior Life Insurance company Immediate Benefit Plans

With an immediate benefit plan, coverage starts immediately once the first premium has been paid.

Senior Life offers different variations of the Immediate Benefit Plan, depending on various health conditions. An optional Accidental Death Rider benefit is available on all Immediate Benefit Plans, including: 

Ultimate Preferred Plan: 

This plan is available to anyone from the ages of 0-85 who have not used tobacco or nicotine products in the past ten years. Policy coverage ranges from $10,000 to $30,000.

Super Preferred Plan:

The Super Preferred Plan is available to anyone from the ages of 0 to 85 who has not used tobacco/nicotine products in the past five years. Policy coverage ranges in value from $5,000 to $30,000.

Preferred Plan:

The Preferred Plan is available to people aged 0 to 85 who have minor health issues and have not used nicotine or tobacco products in the past 12 months. Policy face values range from $1,000 to $20,000.

Standard Plan:

The Standard Plan is undoubtedly the most popular because it's easy to qualify for. It's open to anyone from ages 0 to 85, with face value ranges of $1,000 to $20,000. 

20-Pay Standard Plan:

The policy is open to anyone from ages 0 to 60. Premiums are only paid for a 20-year period, after which no additional premiums are required. The policy remains in force with value faces of $1,000 up to $20,000.

Joint First-to-Die Standard Plan:

The Joint First-to-die Standard Plan is open to anyone aged 40 to 85 who lives in the same household. Upon the death of the first insured and before the surviving insured's 86th birthday, the surviving insured policyholder has 60 days to purchase an immediate plan with no health questions asked. Face value ranges from $1,000 to $20,000.

Substandard Plan:

The Substandard Plan is only open to residents of Massachusetts and Minnesota aged 40 to 85 with moderate health issues. Face value ranges start at $1,000 and up to $5,000.

Senior Life Insurance company Limited Benefit Plans

The Limited Benefit Plan is available to individuals who have moderate to significant health issues. Senior Life Insurance Limited Benefit Plans include several variations, and an optional Accidental Death Rider Benefit is available on all plans. Plans include:

Modified Plan:

The Modified Plan is open to anyone with moderate health conditions between the ages of 0 and 85. The plan features a return of premiums plus 10% during the first two years of coverage, with the full face value of the policy in force in the third year of coverage. Face value ranges from $1,000 to $15,000.

Easy Issue Plan:

The Easy Issue Plan is available to anyone with health conditions from the age of 0 to 85. Screening questions are asked to ensure greater eligibility for individuals with significant health conditions. The plan features a return of premiums plus 10% starting in the fourth year of coverage, with face value ranging from $1,000 to $15,000. 

Graded Plan:

The Graded Plan is only available to Missouri residents aged 76-85 with moderate health conditions. Face values range from $1,000 to $10,000. The product's benefit is 50% face amount for first-year claims, 75% for second-year claims, and then the full face amount thereafter. 

Easy Issue Graded Plan:

This policy is available to Missouri residents aged 66-85 with moderate health conditions. The policy face values range from $1,000 to $10,000. In the first and second years, claims receive 50% of the face amount; in the third year, claims receive 65%, and thereafter claims receive the full face amount.

Guaranteed Issue Plan:

This policy is available to anyone aged 0-85 without considering their health conditions, and no health questions will be asked. The policy face values range from $1,000 to $10,000. In the first three years, 110% of the premiums paid will be provided, and from the fourth year onwards, the full face amount will be paid.

Senior Life Insurance Company Available Riders

Senior Life Insurance has several riders or optional add-ons that can help you customize your coverage by adding benefits and flexibility that aren't contained in the standalone policy. These riders include: 

Accidental Death Benefit:

The accidental benefit is paid on top of the death benefit if you pass away as a result of an accident. 

Child Rider:

The child rider adds term coverage for dependent children to the base policy. Coverage is limited and can possibly be converted to permanent coverage once your child becomes an adult. 

Charitable Benefit:

The charitable benefit offers a fraction of the policy's value to a charity of your choice. 

Pros of Senior Life Burial Insurance

  • Senior Life offers coverage without a medical exam.

  • Senior Life offers small whole-life plans for individuals with moderate to significant health conditions. 

  • There are policies with a return of premium option available.

Cons of Senior Life Burial Insurance

  • Maximum death benefits are capped at $50,000 via the term policy, while whole-life coverage is capped at $30,000. While this is enough to cover final expenses, it's not enough to cover other needs, like replacing lost income. 

  • Senior Life only offers limited policy types, namely whole life, and term.

  • There is a maximum 20-year term.  

  • Senior Life has not been rated by AM Best, which makes it more difficult to determine how likely Senior Life is to pay claims and honor its insurance obligations.

When Does Senior Life Insurance Make the Most Sense? 

There are a few instances where Senior Life Insurance makes the most sense. Coverage for seniors is available, with no medical exam required, which is a significant benefit.

Senior Life's policies available for smokers and individuals with moderate to serious health conditions are a good option if can't find coverage elsewhere.

If you have been struggling to acquire coverage, this company may be a good option for you. 

However, their face value benefits are capped at $50,000. If you need more coverage, consider companies like:

If you are a senior interested in coverage, you may also want to consult our guide obtaining insurance for 75-80 year olds. It’s always best to speak to a qualified agent that can assess your needs and make an unbiased recommendation accordingly. 

Are You Ready to Compare Life Insurance Costs?

Compare and buy

final expense

Final Expense Life Insurance Quote Online

If you're looking for life insurance to cover your final expenses, Final Expense Direct is here to help.

Our agents partner with many final-expense life insurance companies and can assist you in finding the coverage you need, regardless of your health status.

We can even help you find funeral insurance for your parents or grandparents. We compare policies regularly to secure the most competitive rates to ensure you and your loved ones will have complete peace of mind.

With final expense life insurance, you can pay your end-of-life expenses and protect your family from in the future. 

Let us provide you with peace of mind so that when the time comes, your loved ones can focus on mourning without worrying about. Call us today to compare life insurance costs and find the right policy for you.


  • Get quotes FAST
  • More affordable than you think
  • Compare quotes from top companies
  • Know what you qualify for before you buy!
By pressing "Get Quotes Now" you agree to our privacy policy and consent to have Final Expense Direct contact you by email, phone call, text/SMS message at the phone number & email you provide. You understand that any calls, texts, SMS messages may be made using automated dialing technology. Consent isn’t a condition to purchase our products.