Our Products: Whole Life Insurance Policies

Permanent, Whole Life coverage for ages 0 – 85, guaranteed regardless of medical history!

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PROSPECTIVE POLICYHOLDERSWHOLE LIFE POLICIES

We Offer A Variety Of Whole Life Insurance Plans

Senior Life offers several permanent Whole Life Insurance Plans that build cash value/loan value over the life of the policy. These plans are available for individuals who are ages 0 to 85, with face amounts ranging from $1,000 to $30,000 in protection. Once the application is approved, the first premium is honored by the bank, and the policy is issued, premiums will never increase, the benefits will never decrease, and the policy cannot be cancelled by the company except for non-payment of premiums.

NO MEDICAL EXAM NEEDED!

At Senior Life, you do not need to take any type of medical exam. Simply answer a few yes/no health questions to qualify.

Our Whole Life Insurance Policy Guarantees

  • YOUR DEATH BENEFIT WILL NEVER DECREASE.*Your death benefit will remain the same for the life of your policy. When a claim is made, the benefit will be paid to the beneficiary tax free.
  • YOU HAVE LIFETIME COVERAGE.**Your policy can only be cancelled by you. As long as premiums are paid, you are covered for the rest of your life.
  • YOUR PREMIUMS WILL NEVER INCREASE.Your premiums are guaranteed to remain the same for the life of your policy.
  • YOUR POLICY BUILDS CASH VALUE.Your policy will begin to accrue cash value and have loan value over time.
  • IMMEDIATE BENEFIT
  • LIMITED BENEFIT
  • ACCIDENTAL DEATH

With one of our Immediate Benefit Whole Life Insurance Plans, your coverage is the full face amount from the moment the application is approved, the first premium is honored by the bank, and the policy is issued. These policies cannot be cancelled by Senior Life except for the non-payment of premiums, and we have a variety of these plans for clients ranging from those with no health issues to those with moderate health issues. With an Immediate Benefit Plan, you have full coverage from day one.

ULTIMATE PREFERRED

SUPER PREFERRED

PREFERRED

STANDARD

20 PAY STANDARD

SUBSTANDARD

Our Limited Benefit Whole Life Insurance Plans are designed to offer coverage to clients with moderate or significant health issues. These policies cannot be cancelled by Senior Life except for the non-payment of premiums.

MODIFIED

EASY ISSUE

GUARANTEED ISSUE

MODIFIED GRADED

EASY ISSUE GRADED

UPGRADE A WHOLE LIFE POLICY WITH AN ACCIDENTAL DEATH BENEFIT RIDER

The Accidental Death Benefit Rider is available for Whole Life Insurance Policies and provides an accidental death benefit equal to the policy’s face amount. This added benefit will pay in addition to the face amount of the base policy if the insured’s death meets the guidelines of “Accidental Death” as defined within the Rider.

DOUBLE THE DEATH BENEFIT FOR AN ACCIDENTAL DEATH

Insurance plans, riders, and features may not be available in all states. Terms and features may vary by plan and/or state. For more details on coverage, costs, and restrictions, contact us.

*A 100% Return of Premium is based on annual mode of payment; monthly mode of payment will result in a 98% Return of Premiums. The Return of Premium Benefit is only available if the policy is in-force at the end of 20-year term. Policy does not offer return of premiums if the death benefit is paid, policy lapses, or is cancelled by the owner. Full details and disclosures for POLT5750 and POLT5770 are included in the policy.

Senior Life policies are not funeral or burial contracts. This life insurance does not specifically cover funeral goods or services and may not cover the entire cost of your funeral at the time of your death. The beneficiary of the life insurance policy may use the proceeds for any purpose, unless otherwise directed.

Senior Life is continually expanding, researching, and offering products to meet the different needs of individuals. As we continue in our efforts, we strive to stay on top of the insurance market by providing the newest, most valuable, and most attractive products for our customers. We are currently licensed in the following jurisdictions: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Washington, D.C.

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.

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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

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Easy Issue Graded

  • Whole Life Coverage Offered Only In Missouri
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 10,000
  • Issue Ages: 66 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • Year 1: 50% Of Face Amount; Year 2: 50% Of Face Amount; Year 3: 65% Of Face Amount; Year 4+: Full Face Amount
  • For Those With Significant Health Conditions

Modified Graded

  • Whole Life Coverage Offered Only In Missouri
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 10,000
  • Issue Ages: 76 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • Year 1: 50% Of Face Amount; Year 2: 75% Of Face Amount; Year 3+: Full Face Amount
  • For Those With Moderate Health Conditions

Guaranteed Issue

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 10,000
  • Issue Ages: 0 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • Benefit: Years 1-3 110% Of Premiums Paid; Year 4+ Full Face Amount
  • Guaranteed To Anyone 0 - 85, Regardless Of Health Conditions

Easy Issue

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 10,000
  • Issue Ages: 0 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • Benefit: Years 1-3 110% Of Premiums Paid; Year 4+ Full Face Amount
  • For Those With Significant Health Issues

Modified

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount 15,000
  • Issue Ages: 0 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • Benefit: Years 1-2 110% Of Premiums Paid; Year 3+ Full Face Amount
  • For Those With Moderate Health Conditions

Substandard

  • Whole Life Coverage Only Offered In Massachusetts And Minnesota
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 5,000
  • Issue Ages: 40 - 85
  • No Restrictions For Tobacco/Nicotine Use
  • For Those With Moderate Health Issues

20 Pay Standard

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 20,000
  • Issue Ages: 0 - 85
  • No Restrictions For Tobacco/Nicotine Use

Standard

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 20,000
  • Issue Ages: 0 - 85
  • No Restrictions For Tobacco/Nicotine Use

Preferred

  • Whole Life Coverage
  • Minimum Face Amount: 1,000
  • Maximum Face Amount: 20,000
  • Issue Ages: 0 - 85
  • No History of Tobacco/Nicotine Use (Within Past 12 Months)
  • For Those With Minor Health Issues

Super Preferred

  • Whole Life Coverage
  • Minimum Face Amount: 5,000
  • Maximum Face Amount: 30,000
  • Issue Ages: 0 - 85
  • No History of Tobacco/Nicotine Use (Within Past 5 Years)
  • For Those Free Of Health Issues

Ultimate Preferred

  • Whole Life Coverage
  • Minimum Face Amount: 10,000
  • Maximum Face Amount: 30,000
  • Issue Ages: 0 - 85
  • No History Of Tobacco/Nicotine Use (Within Past 10 Years)
  • Not Available In Minnesota
  • For Those Free Of Health Issues