Policyholders: Frequently Asked Questions

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POLICYHOLDERS

FREQUENTLY ASKED QUESTIONS

Policyowner Forms

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 info@srlife.net. Thank you for putting your trust in Senior Life.

Prepared by the National Association of Insurance Commissioners

Current Policyholder FAQs

If your policy builds cash value and this value has accumulated, it may be borrowed. Please see your policy for details.

Yes. You can add additional coverage at any age up to age 85. Issuance may depend on your answers to a few health questions.

The policyowner may 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.

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.

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. You can reach us at (877) 777-8808.

You can call us toll free at (877) 777-8808. You can also click here to find out more about our Whole Life Policies and click here to find out more about our Term Life Policies.

Only the policyowner can discuss matters regarding their policy with us.*

*Those who have power of attorney from the policyowner may also be privy to this information.

The policyowner can contact us, and we will send you a duplicate. You can call us at (877) 777-8808 or email your request to info@srlife.net.

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

Please note that only a policyowner may change the ownership of a policy. You can find our Transfer of Ownership form by visiting our policyholder forms page. All requests to change ownership of a policy must be notarized and submitted in writing in its original form.

Prospective Policyholder FAQs

Life insurance will provide a cash death benefit that your selected beneficiary or beneficiaries can use for whatever they choose.

Yes. Even those with health conditions may still be eligible for coverage under Senior Life Insurance Company policies.

Premium rates for life insurance are typically based on factors such as age, sex, height, weight, and health status including tobacco/nicotine use. 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.

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.

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.

The designated beneficiary will receive your death benefit.

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

Lesson 1

Background

Recognizing the need for a more comprehensive anti-money laundering regime to fight drug trafficking, organized crime, and international terrorism, the U.S. Congress passed and President George W. Bush signed into law the USA PATRIOT ACT (Patriot Act), which, among other things, amended the Bank Secrecy Act (BSA) to require all businesses defined in the BSA as financial institutions to implement an Anti-Money Laundering (AML) program and report suspicious transactions to the Financial Crimes Enforcement Network (FinCEN). An insurance company is defined as a "financial institution." The characteristics of financial products, including certain life insurance products, make them potentially vulnerable to those seeking to launder money. FinCEN relies upon a network of state, federal and international law enforcement agencies to collect, analyze and disseminate information about money laundering. FinCEN is also the repository for all Suspicious Activity Reports (SAR).

Bank Secrecy Act (1970)

The BSA grants the Treasury Department the authority to require firms under its jurisdiction to develop written policies and employee training programs for compliance with the provisions of the BSA. Additionally, the reporting and recordkeeping rules within the BSA require a financial institution to:

  • Maintain certain records in order to allow investigators to trace transactions.
    • Maintain certain records in order to allow investigators to trace transactions.
    • This includes information such as the identity and address of the participants in a transaction.
    • The legal capacity in which a participant in a transaction is acting.
    • The identity of the beneficial owner of the funds involved in any transaction.
    • A description of the transaction.
  • File a Currency Transaction Report (CTR) with the Internal Revenue Service (IRS) for each transaction in currency of more than $10,000. The types of transactions include: deposits, withdrawals, or currency exchanges in an amount exceeding $10,000.
    • For purposes of the CTR, multiple transactions taking place on the same day, for the same person, and the at the same financial institution count as a single transaction; this is known as the Aggregation Rule.
  • File a Report of International Transportation of Currency or Monetary Instruments (CMIR) when the amount of currency or monetary instruments transported into or outside of the U.S. exceed $10,000. Monetary instruments include any traveler’s checks or other checks, securities, or stocks that have been signed over or are otherwise in such a form that ownership goes to the bearer.
  • Maintain information concerning sales of monetary instruments purchased with cash in amounts from $3,000 to $10,000 to prevent structuring transactions.
  • Keep records for any transmittal of funds over $3,000 (the "Travel Rule").
  • Certain financial institutions must file a Suspicious Activity Report (SAR) for any suspicious transaction or activity.

USA Patriot Act (2001)

On the heels of the terrorist attacks on September 11, 2001, the Patriot Act was signed into law to combat terrorism. The Patriot Act gives law enforcement agencies broader powers in dealing with money laundering and terrorism, and makes it more difficult for money launders to use their traditional financial channels to launder money. The Patriot Act created new anti-money laundering responsibilities for insurance companies.

Money Laundering

Money laundering is the illegal practice of placing money gained from criminal activity, "dirty money," through a series of apparently legitimate transactions in order to hide the criminal origin of the money. The goal is to make money from criminal activity appear to be from legitimate sources. Money is usually associated with cash though non-cash transactions can play a role. Any financial transaction can be a part of the process to hide the origin of the money

Mechanics

Although money laundering is a diverse and often complex process, it basically involves three independent steps that can occur simultaneously, separately or overlap.

  1. Placement. This is the first step in the washing cycle. Money laundering is a cash intensive business, generating vast amount of cash from illegal activities. The monies are placed into the financial system or retail economy or are smuggled out of the country. The aims of the launderer are to remove the cash from the location of acquisition so as to avoid detection from the authorities and to then transform it into other asset forms. A common method is “structuring” which breaks up the currency transactions into portions that fall below the reporting threshold. Examples for disposal of bulk cash include:
    • Payment of premiums on life insurance policies or annuity contracts;
    • Large number of transactions;
    • Using cash;
    • Using cash equivalents;
    • Not using normal banking channels.
  2. Layering. In the course of layering, there is the attempt at concealment or disguise of the source of ownership of the funds by creating complex layers of financial transactions designed to disguise the audit trail and provide anonymity. The purpose of layering is to disassociate the illegal monies from the source of the crime by purposely creating a complex web of financial transactions aimed at concealing any audit trail as well as the source and ownership of funds. Examples of layering include:
    • Multiple transactions
    • Purchasing financial products such as life insurance and annuities
    • Cash transfers
    • Currency exchanges
  3. Integration. Integration is the final step in the process. It is this stage at which money is integrated into the legitimate economic and financial system and is assimilated with all other assets in the system. Integration of the "cleaned" money into the economy is accomplished by the launderer making it appear to have been legally earned. By this stage, it is very difficult to distinguish legal and illegal wealth. Methods popular to money launderers at this stage are:
    • Purchasing legitimate businesses
    • Borrowing against insurance policies
    • Termination of insurance policies
    • Early termination of annuities

Ramifications

Penalties for money laundering can be severe. Fines could be twice the amount of the transaction up to 1 million dollars. Any property involved in the transaction or traceable to the proceeds of the criminal activity may be subject to forfeiture. Individuals are subject to prison terms for being willfully blind to the fact that the transaction involved illegal funds. In addition, insurance companies risk losing their charter, and agents risk being removed and barred from insurance. Insurance companies have their own disciplinary policies and procedures.

Agents not complying could be subject to disciplinary action up to and including termination and will be reported to the proper legal authorities. To protect yourself from a willful blindness charge:

  • Report suspicious behavior to the Senior Life Market Compliance Department and keep documentation of communication;
  • Know your clients; and
  • Stay alert for any suspicious behaviors.

Reputational Risks

One of the most harmful outcomes from involvement in a money laundering investigation is damage to the agent and insurance company's reputation. Being aware of and following money laundering requirements helps protect our most valuable sales tool, your reputation.

Order Your Name Badge

Complete the form below to submit your order for a name badge to the Home Office.

Click or drag a file to this area to upload.

As an agent, you're able to purchase a Senior Life business cards. Each set contains 500 business cards and is $32. If you've met your production quota, then you may order these cards for no charge. To order business cards, please download the form linked here. This form can also be found on our Agent Resources site. Once you've downloaded and completed the form, please email it to businesscards@srlife.net. If you have any questions about our business cards, please contact our Marketing Department.

As an agent, you're able to purchase a Senior Life name badge. To order one of these name badges, please submit the form linked here. If you have any questions about our name badges, please contact our Marketing Department.

Agent Resources is where you can access applications, downloads, memos, and more. If you ever have any trouble logging in, please contact our IT Department or our Marketing Department for assistance.

The Senior Life Anti-Money laundering course allows you to be trained to be aware of anti-money laundering practices. Use the link here or on our Agent resources to read the material and take the quiz. You must complete this course within 90 days of beginning your contract with Senior Life. If you have any questions about the quiz, please contact our Licensing Department.

On the Senior Life Store, you can order a variety of marketing material, from apparel to brochures. If you ever have any questions about any materials on the store site, please call our Marketing Department and we'll be happy to assist you.

The agent portal allows you to see what lead charges you have and what agents may be working under you, along with other helpful information.

Finish Contracting

In order to finish the contracting process, please click the button below to visit our contracting site. From there, you'll need to register with your 6-digit hiring code. Once you've registered, add licensing@srlife.net and you'll be able to start writing business within 24-48 hours.

VISIT OUT CONTRACTING SITE

We're Hiring Nationwide

Interested in joining our team? Fill out this form to receive your contracting code.

Robert Shiver

Executive Vice President

 

At Senior Life, it is our goal to continue to build a company where our support for our policyholders and agents is second to none.

Robert Shiver has served Senior Life Insurance Company since 2009, but he did not start out in insurance. Robert attended Brookwood School here in Thomasville, Georgia where he played football, baseball, and basketball. His passion for football led him to be a walk on for Auburn University, where his determination and talent would ultimately earn him a three-year scholarship for the Auburn Tigers. By his senior year, Robert was named team captain. After graduating, he earned the opportunity to advance to the NFL and play for the Atlanta Falcons. Robert's ambitions brought him here to Senior Life where his persistence and commitment has made him an integral part of the Company's operations. Today, he focuses on agent development, recruitment, and the strategic growth of Senior Life.

Ron Powell

CEO & President

 

Senior Life is always looking for newer, better ways to serve our agents and clients. For that reason, we are growing stronger every day.

Dale "Ron" Powell, Jr. has been in the insurance industry his whole life. He officially entered the workforce at 20 years old and immediately soared as a leader in the insurance world. Ron has worked hard to become a successful final expense agent and a trailblazer of the industry. He consistently sets ambitious goals that extend Senior Life’s exceptional service, and monitors market trends to secure its continuing expansion. Ron is dedicated to helping Senior Life’s agents by providing them with expert leadership, cutting-edge tools, and education, to ensure their success at Senior Life.