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Frequently Asked Questions

Senior Life Insurance Company has been in business since 1970, and it has always been very important to us that our policyholders understand all details of their policies. Below are two lists of some of the more frequently asked questions that we receive from our policyholders and from prospective clients interested in our products.

If you do not find the answer to your question below, please contact us at FAQ@srlife.net. Thank you for putting your trust in Senior Life.

Life Insurance Buyer's Guide - prepared by the National Association of Insurance Commissioners.

Current Policyholder FAQs
  • Q.  Can I borrow cash value from my life insurance policy?

    A.  Yes. If cash value has accumulated, it may be borrowed.
  • Q.  Can I increase my coverage?

    A.  Yes. You can add additional coverage at any age up to age 85. Issuance may depend on your answers to a few health questions.
  • Q.  How can I update my mailing address?

    A.  Call (877) 777-8808 and provide the policy number along with your old and new addresses or send a written request which includes the same information to Senior Life.
  • Q.  How do I report a death?

    A.  You can use our online claim form to report a death. If you need assistance, please call our Claims Department toll free at (877) 777-8808, and one of our claims representatives will guide you through the process.
  • Q.  What do I need to do if I change banks?

    A.  It is important that you call us as soon as you change banks and receive your new account information. All you will need to do is simply give us a call, and we will be happy to record your new information as long as your policy is current.
  • Q.  If I move to a different state, is my policy still in force?

    A.  Yes. As long as premiums are current with your policy, it will remain in effect no matter what state you live in. Simply send us your address change, and we will update our records for you.
  • Q.  Can anyone change my policy without the Policyowner's consent?

    A.  No. We take our clients' privacy very seriously. Only the policyowner can discuss matters regarding your policy with us. If different, the payor of the policy may obtain and/or change payment information. We will not speak with anyone else as long as you own your policy.
  • Q.  Will Senior Life insure other friends and family members?

    A.  We have many plans to offer your friends and family members who are between the ages of 0 to 85. For more information, please give us a call toll free at (877) 777-8808.
  • Q.  If I misplace my policy, what should I do?

    A.  The policyowner can contact us, and we will send you a duplicate.
  • Q.  What do I do if another agent tries to get me to change my policy to a new company?

    A.  Never allow anyone to try and convince you to cancel your insurance with Senior Life without calling us first. There are many times when this practice would not benefit you or your family.
  • Q.  If I need further information or have policy questions, what should I do?

    A.  Please call us toll free at (877) 777-8808 or email us at FAQ@srlife.net.
Potential Policyholder FAQs
  • Q.  Why do I need life insurance?

    A.  Life insurance will provide a cash death benefit that your selected beneficiary or beneficiaries can use for whatever they choose.
  • Q.  Should I even apply for life insurance if I know I have an existing medical condition?

    A.  Yes. Even persons with health impairments may still be eligible for coverage under Senior Life policies.
  • Q.  How much will life insurance cost me?

    A.  Premium rates for life insurance are typically based on factors such as age, sex, height, weight, health status including smoking, and participation in high risk activities or occupations. The type of policy you purchase will also affect the amount of the premium. Please contact us at (877) 777-8808 for a premium quote.
  • Q.  Who is a beneficiary?

    A.  This is a person or other party designated to receive life insurance proceeds upon the death of the insured. The beneficiary is named when a policy is taken out and can be changed at the request of the policyowner.
  • Q.  How can the ownership of a policy be changed?

    A.  To change the ownership of a policy, please call us toll free at (877) 777-8808.
  • Q.  Will my premiums ever increase?

    A.  No.
  • Q.  Can my policy ever be cancelled by the Company?

    A.  Your policy may only be cancelled by the Company for non-payment of premiums. It is important to make sure funds for payment are always readily available to ensure coverage for your family.
  • Q.  Who will receive my death benefit?

    A.  The designated beneficiary will receive your death benefit.
  • Q.  If I need further information or have policy questions, what should I do?

    A.  Please call us toll free at (877) 777-8808 or email us at FAQ@srlife.net.