Death is an inevitable thing in life. The time will eventually come when you will leave your loved ones. This could be painful to your family. Worrying about the expenses of the funeral and burial can be an additional stress to them. Getting a life insurance will give you peace of mind that when that day comes, the people that you will leave behind will have the financial assistance that they would need. Aside from the death expenses, the amount that that they will receive from the insurance will help them live a comfortable life even when you’re gone. When it comes to life insurance, Senior Life Insurance Company is one of the companies that you can trust. All of their insurance plans are whole life. There are several reviews on the company that you can find online generic viagra. The feedbacks from the clients will give you an idea on what to expect from them. Since they have been in the business for several years providing top notch service, most of the reviews that you will find are positive.
Advantages of Whole Life Insurance
Like any other types of insurance, whole life insurance also has its advantages and disadvantages. Before deciding to apply, it is best to weigh its pros and cons to determine if it is the best choice for you. Here are some of its advantages.
- The premium cost is the same throughout the duration of the insurance.
- Policy applies to all clients even with medical conditions.
- Provides lifetime coverage as long as premiums are paid.
- Part of the amount paid becomes a cash value investment, which can be withdrawn anytime.
- Tax deferred savings.
Disadvantages of Whole Life Insurance
Some of the disadvantages of whole life insurance are the following:
- Withdrawn cash value will be taken away from the death benefit.
- Fixed premiums usually cost more.
- Monthly payment of premiums.
- There will be loss of money if cancelled before the demise of the policyholder.
About Senior Life Insurance Company
Provident Security Life Insurance Company was established in 1870. It provided insurance policies to trucking firm employees in Tennessee, Florida, South Carolina, Georgia, Mississippi and Louisiana. It was acquired by Ron and Dale Powell in 2000 and changed its name to Senior Life Insurance Company. The company expanded in 2002 and 2003. They started offering policies to people in Texas, Kentucky, Pennsylvania, Alabama, District of Columbia, Delaware, Missouri and Maryland. Today, they also serve clients in North Dakota, Alaska, West Virginia, Arkansas, Minnesota, New Mexico, California, Idaho, Virginia and Colorado. Senior Life Insurance Company is also licensed in North Carolina, Arizona, Michigan, Oregon, Nebraska, Illinois, Rhode Island, Hawaii, Utah, Indiana, Oklahoma, Montana, Massachusetts, Kansas, New Jersey and Nevada.
The insurance policies of the company provide protection to those who are 0 to 85 years old. Unlike other companies, it does not require medical examination. The benefits of the policies do not decrease and their premiums do not increase. The amount of protection is from $1,000 to $30,000. Any of the policies are not cancelable, unless the premiums are not paid. You may choose from their immediate and limited plans.
Immediate Benefit Plans
- Super Preferred Whole Life Insurance Policy. This policy is available for individuals who are 40 to 80 years old that have no existing health concerns and have not taken any tobacco products in the past 5 years. The policy also offers Optional Accidental Death Benefit Rider. Beneficiaries may receive $5,000 to $30,000.
- Preferred Whole Life Insurance Policy. This policy is for 0 to 80 year old individuals with minor health concerns and have not taken tobacco products in the past one year or 12 months. Optional Accidental Death Benefit Rider is also offered. Beneficiaries may receive $1,000 to $20,000.
- 10 Pay Preferred 5% Growth Whole Life Insurance Policy. Like the previous policy, this is for individuals with minor health concerns and have not taken tobacco products in the past one year or 12 months. However, the age requirement is 40 to 85 years old. Beneficiaries may receive $1,000 to $5,000, which increases by 5% annually beginning on the second year. The premiums are only paid for 10 years.
- Standard Whole Life Insurance Policy. This is available for individuals 0 to 85 years old. Beneficiaries may receive a minimum of $1,000. The maximum face amount of this policy depends on the age of the policyholder. Up to age 80, the maximum benefit is $20,000 while it’s $10,000 for those who are 81 to 85 years old.
- 20 Pay Standard Whole Life Insurance Policy. This policy is for individuals that are 0 to 60 years old. $1,000 to $20,000 will be awarded to beneficiaries upon the demise of the policyholder. Premiums will only be paid for 20 years.
- Joint First To Die Standard Whole Life Insurance Policy. This is for two individuals living on the same house that are 80 to 85 years old. $1,000 to $20,000 will be awarded to the other person insured upon the death of the other one.
- Substandard Whole Life Insurance Policy. This is for Massachusetts and Minnesota residents that are 40 to 85 and have minor health problems. The face amount of this policy is $1,000 to $5,000.
Limited Benefit Plans
- Modified Whole Life Insurance Policy. This is for individuals who are 40 to 85 years old with minor health issues. Beneficiaries will receive $1,000 to $15,000.
- Easy Issue Whole Life Insurance Policy. This is for individuals who are 0 to 85 years old with significant health concerns. Beneficiaries will receive $1,000 to $10,000.
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