Senior Life Insurance Company Reviews, What are the Best Companies?

There are a lot of insurance companies today, which means there is a lot of competition in the market, with a lot of life insurance companies to review. This is why seniors struggle with getting the right insurance companies for themselves and others are not aware that there are companies and products made just for them. With the many companies in the market today, proper analysis is needed before buying a policy. You need to know what other clients feel about a company and their ratings. The following is a list of senior life insurance companies reviews. 

Protective Life Insurance

Protective was founded in 1907 and has headquarters located in Birmingham, Alabama. Apart from New York, it issues policies in all other states. 

Products They Offer

Being among some of the well-established companies, Protective offers a series of life insurance policies for different groups of people, below are some of the products they offer. 

Term Life Insurance

Protective offers flexible terms from 10 to 30 years with guaranteed plans that have fixed premiums. Once the term expires, you can renew it every year with no medical exam but at higher premiums that are adjusted to age. The coverage amounts range from $100,000 to $50 million 

Whole Life Insurance

Protective whole life insurance offers lifelong protection with fixed rates. The policy offers a guaranteed cash value that grows on a tax-deferred basis an a guaranteed death benefit coverage. It is expensive when compared to term policies and it is inflexible since the premiums and the face value are fixed. So, if a policyholder’s needs change in the future, they may not be able to make changes to the policy. 

Universal Life Insurance

Universal life insurance is a permanent policy that offers a cash accumulation component on a tax-deferred basis. It offers more flexibility when compared to whole life insurance so that the policyholder can decide, although with limits, how much of the premium money goes to the cash value and which goes to the policy. Protective offers universal life coverage for 10 to 30 years where the coverage begins to decrease, but the price remains the same. Also, they offer for types of policies in this category including survivorship universal life insurance, custom choice universal life insurance, indexed universal life insurance, and variable universal life insurance. 

Child Life Insurance

Through Protect My Child Insurance Policy, Protective offers this product which is designed to provide lifelong coverage. While it is a type of whole life insurance, it is cheaper than whole life insurance itself, and the benefits are paid after the child dies mostly to provide funds for the funeral and burial. The policy builds cash value and the premiums are level. It is suitable for children aged between 14 -17years with coverage amounts for Child Life Insurance lying between $10,000 to $100,000. It gives the option to convert the Child LIfe policy into regular whole life insurance policy once the child turns 18 years. 

Financial Strength and Ratings

From a financial standpoint, Protective is stable based on the different ratings it has received from different ratings organizations. Below are some of the ratings;

• A.M.Best: A+
• BBB Rating: A+
• Fitch: A+
• S&P: AA-

Customer Service 

With Protective, customer needs come first. The company has a learning center on their website where customers can get information on life insurance and the best product for each situation. Clients can also fill claims, download the files and talk to customer service representatives in case they need to inquire about anything on the claims center. 

In 2018, the National Association of Insurance Commissioners received a total of 19 claims nationwide. The company’s customer service is exceptional, and this led to its score increase to 791 in 2018 from 774 in 2017. Through customer satisfaction, the company has been able to improve over the years.

Principal

Since its inception in 1897, Principal has continued to offer high death benefits to clients for low premiums. Most of its policies are best for healthy individuals that need high coverage, couples, and in some cases, people who want to skip the underwriting process. 

Life Insurance Products

That said, below are the products principal offers;

Term Life Insurance

Principal offers an affordable term life product that offers only death benefit coverage with no cash accumulation. The coverage terms range from 10 years to 30 years with up to $1 million in death benefits. Principal also has a new product in this category: The $1million no medical term policy, which is a one of a kind on the market. 

Permanent Life 

Principal permanent life insurance has both cash value accumulation and death benefits with flexible premiums. The cash value accumulation is on a tax-deferred basis and the policy stays in force as long as all premium payments are made. Policies under this category include universal life, survivorship, and variable life insurance. 

The cash value in both universal and variable policies differs from survivorship in that it is invested differently. 

Financial Strengths and Ratings

Principal is a top-rated company, making it one of the most financially stable and secure life insurance companies. The good rates it has received are a good sign that the company is capable of meeting its financial responsibilities. The following are ratings from some of the top rating companies;

• A.M.Best: A+
• BBB Rating: A+
• S&P: A+
• Fitch: AA-
• Moody’s: A1

Customer Service

Principal has an exceptional record of customer service and claims. Their ratings for customer service were about average in the past few years and the claims were minimal. 

It recorded a total of 4 claims in the year 2018 and $885 billion in premiums. This is an indication that one of the top values of the company. 

AIG

AIG is one of the most popular life insurance companies. It was founded in 1919 and operates in around 80 countries attending to 90 million customers. AIG policies offer competitive prices although the underwriting process may be strict and not suitable for individuals with pre-existing conditions. 

AIG Products

AIG offers a series of products that are both term and permanent. Below are the top life insurance products they offer;

Term Life Insurance

Term life insurance provides coverage for a specific period of time. It does not accumulate cash value but it is an affordable option to many. AIG policies have non-standard terms, for instance, a term can be 19 years instead of 20. These term lengths vary and are usually between 10 and 35 years. The policy can be converted into permanent insurance until the policyholder turns 75 years or if their level premium period ends. 

Whole Life Insurance

Their whole life policy provides permanent coverage with guaranteed death benefits and a tax-deferred cash value accumulation. When the cash value builds up, the policyholder can borrow against it, but this may reduce the death benefit in the long run if not paid back. 

Universal Life Insurance

AIG universal life insurance policies offer higher cash accumulation and are usually more expensive than the standard whole life insurance policies. It consists of two policies, the Value+ Protector and the Max Accumulator.

AIG Guaranteed Universal Life Insurance

This policy is available for individuals aged between 18 and 80 years. It is great for someone looking for a life insurance policy with low premium rates but high death benefits. The death benefit coverage is $100,000 with the potential policy extension of up to 121 years. The policy also offers unique riders including Accelerated Access Solution, Lifestyle Income Solution, and Enhanced Surrender Value Rider. 

AIG Guaranteed Issue Whole Life Insurance

This product is available for individuals aged between 50 and 85 years old. It requires no medical exam or questionnaire and has maximum coverage limits of $25,000. It is best for you if you need a source of income to fund your final expenses.  

Financial Strengths and Ratings

Even with about 5.2 million policyholders, AIG has managed to get some of the best ratings from companies. The products they offer have been supported by many reviews to fulfill the quality and diverse enough to fit different customer needs. 

Read on to see their ratings as per top rating companies;

• A.M.Best: A
• BBB Rating: A+
• J.D Power: 2 of 5

Customer Service

One of the reasons why the company is top-rated is because of exceptional customer service, although it has also received criticism as well. 

Banner Life

Banner Life was founded in 1949 and has over 1.7 million policyholders. The company mostly offers universal and term life policies and it is among some of the most popular life insurance companies. It also has riders including waiver of premium, child rider and accelerated death benefit. 

Products

Banner life insurance offers two main policies which include;

Banner Term Life Insurance

The policy offers term policies for between 10 to 35years with coverage starting from $100,000 to $10 million. The policy offers OPTerm which allows renewal up to the age of 95 years. 

Banner Life Universal Life Insurance

As long as the premium payments are paid, the Banner Life Universal Life insurance will stay in force. It has two policies including Life Choice UL, and Life Step UL. 

Financial Strengths and Ratings

Good ratings often translate to good financial stability, and Banner Life has been rated among the top best as shown below;

• A.M.Best: A+
• BBB Rating: A+

Customer Service 

The ratio of the coverage it writes to that of the complaints it gets is a simple explanation of how great the company’s customer service is. For instance, NAIC reported a complaint ratio of 0.16 in 2018. Also, the company’s score has continued to improve, becoming better with each year. 

North American

North American has operated for almost 130 years. It was founded in 1886, now it has more than 600,000 policies and more than $25.6billion in assets. It has two headquarter locations, Sioux Falls, and West Des Moines. 

Products

North American offers the two major types of life insurance below;

Term Life Insurance

As with most term life products, North American term durations range between 10 to 30 years. The policy is affordable and the premium rates remain level up to the end of the term. The term life policy can also be converted to other permanent policies, depending on the preference of the policyholder. 

Universal Life Insurance

North American offers a series of universal life insurance policies, each designed for different situations. The policy also consists of Custom Guarantee guaranteed universal life insurance instead of whole life insurance. It has low premium rates but lacks a cash surrender value. 

It also offers different types of Indexed Universal Life Insurance policies that include Survivorship GUIL, Builder IUL, Builder Plus IUL, Legacy Optimizer IUL, Rapid Builder IUL, and Guarantee Builder IUL. 

Financial Strengths and Ratings

With strong financial ratings, North American cuts the list of some of the best life insurance companies there are. Here are some of the ratings by top rating companies;

• A.M.Best: A+
• S&P: A+(Strong)
• Fitch: A+

Customer Service

North American strives to make service to its customers as personal as possible, alongside efficient. It has a strategic way of investing its capital which makes it one of the most secure companies to invest in. 

Prudential

About Prudential

Prudential was founded in 1875 and is among one of the top life insurance companies. One of the factors that make it unique includes leniency in the underwriting process and has recorded cases of diabetes and cancer. It has more than 3.8 million policyholders and offers comprehensive life insurance policies at affordable rates. 

Products

Below are the products offered by Prudential life insurance company;

Term Life

Prudential term life consists of several products with different prices and features. Prudential terms range from 10 years to 30 years. They include Simply Term, Pru Term One, PruTerm Worklife 65, PruLife Return of Premium, Term Elite and Term Essential.   

Universal Life Policy

Prudential universal life policies are permanent policies that accumulate cash value using the performance of the financial index. It consists of several products of universal, variable universal, and indexed universal life insurance policies. An example is a survivorship policy that provides coverage for two people. 

Financial Strengths and Ratings 

The following are Prudential’s ratings;

• A.M.Best: A+
• BBB Rating: A
• J.D.Power: 3 out of 5
  

This shows that the company is capable of paying claims. After locking a policy, the policyholder has to wait for a long period of time for it to payout. With such outstanding ratings, clients are assured that the company will meet its financial obligations in the future. 

Customer Service and Claims

The National Association of Insurance Commissioners(NAIC) reported 45 complaints from prudential customers in 2018. This is a low number of complaints and a show of great customer service considering that the company had over $1billion in premiums. The company also recorded a score of 783 in 2018, an improvement from 777 in 2018. 

Sagicor

Sagicor was founded in 1840 and has amassed over $5 billion in assets since then. The company is owned by Sagicor Financial Corporation and has more than 6,500 independent agents, with operations in about 45 states. 

Products

Sagicor offers a series of products ranging from term life, universal life, and whole life. Read on below to see these products

Term Life Insurance

Sagicor term life insurance provides coverage between $50,000 and $1 million for term duration between 10 and 20 years. Individuals of up to 75 years can purchase the policy, with a renewal age limit of 95 years. Individuals below 66 years can qualify for a no exam policy only if they need coverage of below $500,000. 

Sagicor term policies can be converted to permanent policies until one turns 77 years. The policy also provides riders which include an accidental death benefit, accelerated death benefit, waiver of premium, and child rider. 

Universal Life Insurance

Both guaranteed universal life insurance and indexed universal life insurance policies are available under this category. 

Guaranteed universal life insurance is available for individuals of up to 85 years with a no medical exam for those under 65 years in need of less than $400,000 in coverage. It offers a minimum coverage of $25,000 with level premiums and a guaranteed cash value based on a flat interest rate.

Sagicor universal life insurance is one of the best options for individuals who need a permanent death benefit. The accelerated death benefit rider allows an individual to receive up to $400,000 or 25% of the policy’s death benefit. 

Whole Life Insurance

In addition to the standard whole life insurance policy, Sagicor also offers two policies: The two single premium policies include the indexed single premium whole life and interest-sensitive single premium whole life policies that differ from the standard policy through how the cash value is invested. 

Whole life insurance provides coverage for individuals of up to 85 years. The premiums remain level for a lifetime and the cash value grows at a fixed rate. The underwriting process does not require a medical exam for individuals below 65 years, and the accelerated death benefit is the lesser of $250,000 or $5,000 less the death benefit. 

The indexed single premium whole life insurance provides coverage for individuals between the ages of 18 and 85. They have one time premiums and the underwriting process does not require a medical exam. 

The interest-sensitive single premium whole life insurance provides coverage for individuals between the ages of 45 to 85 years. The premiums are one time and the cash value is tied to the market with a minimum 3% interest rate. The underwriting process does not require a medical exam, and the accelerated death benefit is lesser of $250,000 or $25,000 less than the death benefit. 

Financial Strength and Ratings

Sagicor has received a rating of A- from A.M.Best in 2018. The company’s assets go a long way to show its financial stability. 

Customer Service and Claims

The company has received a lot of positive customer feedback and reviews. The company has always put their clients first, they strived to ensure that the needs of these customers are met. Equally, there have been reported complaints and negative ratings from customers. 

Best Products For Seniors

Having the best company does not directly translate to the best product. You need to analyze your needs to determine what product will suit you the most. With most companies, there are products tailored specifically for senior people. Below are the best products for seniors. 

Term Life Insurance

Choosing life insurance for an elderly person is not the same process as when you’re young. The older an individual is, the fewer needs they will have. For instance, chances are that kids have finished school, most debts are cleared, and the insurance benefits are for covering temporary needs like a mortgage. 

Term life insurance does not provide lifetime coverage. And so choosing a policy boils down to the amount of coverage it offers, after how long it pays out and your need. Term life insurance policies are a top pick for most seniors since they are designed for a specific need. It does not build cash value which means it is an affordable product. 

So, seniors can comfortably secure term life insurance policies, mostly ranging between 10 to 15 years. 

Guaranteed Universal Life Insurance

Guaranteed Universal Life insurance is also a good choice for seniors. Such can be used for to fund more permanent needs like final expenses or legacy to a loved one. When gone, you don’t want to leave the financial burden for organizing your funeral and burial to your family. This is where GUL comes into place. It is long term and offers enough coverage amounts for just little premium payment. 

It is easy to estimate the death benefit since it is set to a fixed amount, just like the premiums. What’s more, GUL is easy to acquire, even for senior individuals. 

While it does not build up cash value, guaranteed universal life insurance makes it easy to save money long-term while paying low premiums. GUL is simple, affordable and easy to understand when compared to other permanent policies. 

Why Not Whole Life

Whole life insurance is not necessarily important for seniors. It may be better for another demographic with lesser needs. The policy does not give enough time to accumulate cash value. Also, seniors may not necessarily need to pay higher premiums for insurance since the coverage amount is only spread to a few needs. Whole life insurance has high premium rates that may not be applicable to most senior persons. Either way, this is something to consult with a professional based on your specific needs. 

How to Pick the Right Company

You will find more companies than you need when looking, and identifying an authentic one may be a daunting task. An independent agent will do all the heavy lifting for you, from searching for a company to choosing the right policy for you. Agents have enough experience with different companies and the kind of products they offer, hence are better-placed to offer advice and match you with the right product.

Also, every agent has their own specialty so make sure you choose one who specifically deals with seniors. Working with a seasoned agent will go a long way to help you pick the right company and product according to your needs. 

Wrap Up

Senior life insurance is not as complicated as many people perceive it to be. In fact, it is as easy as insurance for any other demographic. It all boils down to understanding the different products there are and the companies that offer them. Even better, through ratings and company scores, it is easy for clients to know which one is doing well and which one is not. 

A product from one company may not be the same as a similar one from a different company, because some of them are customized to suit particular needs. Also, working alone can be a headache especially when you have to do research all by yourself from start. An agent is going to make the work easy for you, but not all agents will get the work done. Do a proper background check to ensure that your agent has the experience you are looking for. 

At the end of the day any of the above companies can be a good choice, what it comes down to is which company is the best for your unique situation. 

Compare Quotes With Senior Life Insurance Companies 

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