You’ve seen the commercials late at night or during your favorite daytime show. They promise peace of mind and an affordable way to cover your final expenses. Alex Trebek’s reassuring voice, or Jonathan Lawson’s friendly face, tell you that you can’t be turned down, that rates start at just $9.95 a month, and that you can finally take care of your family’s future. But what’s the real story behind these “as seen on TV” life insurance plans? As independent experts at RiskGuarder, we’ve done the deep research for you, cutting through the marketing to reveal what these policies actually deliver—and what they don’t.
The senior life insurance as seen on TV market represents billions of dollars in annual premiums, yet it remains one of the most misunderstood corners of the insurance industry. These heavily advertised products serve a legitimate purpose for a specific segment of seniors, but they’re far from the universal solution the commercials suggest. Our comprehensive analysis is based on the official RiskGuarder Review Methodology, which evaluates insurance products across multiple dimensions including cost efficiency, financial strength, customer satisfaction, and transparency.
Consumer Alert: What You Need to Know Right Now
Before we dive into the details, here are the critical facts you need to understand about senior life insurance as seen on TV:
The Companies: The two biggest names dominating your television screen are Senior Life Insurance Company and Colonial Penn. Together, these companies spend tens of millions annually on advertising, making them household names in the final expense insurance space.
The Product: These companies are almost always selling “Guaranteed Acceptance” Final Expense Whole Life Insurance. This is a specific type of permanent life insurance designed to cover end-of-life costs like funeral expenses, burial costs, and outstanding medical bills.
The “Catch”: These policies have a mandatory 2-to-3-year “Graded Death Benefit” period. If you pass away from natural causes during the first two years, your beneficiaries only receive the premiums you paid plus a small amount of interest—not the full death benefit you thought you were purchasing. Death from accidents typically pays the full benefit immediately, but natural causes deaths are subject to this waiting period.
The Verdict: While these are legitimate insurance products backed by real companies, they represent one of the most expensive forms of life insurance available. A healthy senior can almost always find better coverage at a significantly lower price by exploring simplified issue or traditional underwritten policies.
This Guide Will: Break down the advertising claims, expose the true costs, explain the fine print, and show you exactly when these policies make sense—and when they don’t.
Table of Contents
Deconstructing the Ads: What They Say vs. What It Really Means
The advertising for senior life insurance company review products follows a remarkably consistent formula. Understanding what these claims actually mean is the first step toward making an informed decision. Here’s our detailed breakdown of the most common advertising claims:
| Ad Claim | The Reality & The Fine Print |
|---|---|
| “Guaranteed Acceptance! You Can’t Be Turned Down.” | This is technically true, but there’s a reason for it. The insurance company accepts everyone because they’ve shifted the risk through the graded death benefit. For the first two years, if you die from natural causes, your family only gets back what you paid in premiums plus 10% interest. The company isn’t taking on much risk during this period, which is why they can “guarantee” acceptance. Accidental deaths pay the full benefit immediately, but statistically, most deaths in this age group are from natural causes. |
| “Rates as Low as $9.95 a Month!” | This is perhaps the most misleading claim in insurance advertising. The $9.95 figure represents the cost for one “unit” of coverage—typically around $1,000 in death benefit for a younger senior. A 50-year-old might get $1,000 of coverage for $9.95, but you’ll need 10 units to reach a meaningful $10,000 death benefit, bringing your actual monthly cost to $99.50. The real cost for adequate coverage ($10,000-$15,000 for final expenses) typically ranges from $70 to $150 per month depending on your age and the number of units purchased. |
| “Lock in Your Rate for Life.” | This claim is accurate. As a whole life insurance policy, your premium will never increase as you age. However, this “benefit” comes at a steep price. You’re paying significantly higher premiums upfront to avoid future increases. For comparison, term life insurance offers much lower initial rates but increases over time. The question becomes: are you paying too much for rate stability? |
| “No Medical Exam Required!” | True, but incomplete. While you won’t need a medical exam, you’re paying a premium for this convenience. The insurance company assumes you have health issues (otherwise, why would you need guaranteed acceptance?), and they price the policy accordingly. Simplified issue policies also skip the medical exam but ask basic health questions, and they typically cost 30-50% less for the same coverage amount. |
| “Provide for Your Loved Ones and Cover Final Expenses.” | This is true after the waiting period expires. However, the ads rarely emphasize that for natural deaths in years one and two, your family receives only a return of premiums, not the death benefit. If you pay $100/month and pass away after 18 months, your family receives approximately $1,800 plus 10% interest—not the $10,000 death benefit shown in the commercials. This is the single most important detail that advertising minimizes or obscures entirely. |
| “Get Your Free Information Kit!” | The information kit is indeed free, but it’s also a sales tool designed to get your contact information. Once you request it, expect multiple follow-up calls from licensed agents. There’s nothing wrong with this—it’s standard insurance marketing—but be prepared for persistent outreach. The kit itself often contains more emotional appeals than hard financial data. |
The Players: A Head-to-Head Look at Senior Life vs. Colonial Penn
Understanding who you’re dealing with is crucial when evaluating any insurance product. Let’s examine the two dominant players in the TV life insurance market.
Senior Life Insurance Company
These guys are all-in on one thing: final expense insurance for seniors. That’s literally their whole business. They’ve got this massive network of agents who’ll come to your house, sit at your kitchen table, and walk you through the application.. Their website, seniorlifeagents.com, focuses heavily on agent recruitment and training, which tells you something about their distribution strategy.
From a financial strength perspective, Senior Life Insurance Company maintains solid ratings that indicate they can meet their policy obligations. However, they are not among the highest-rated carriers in the industry. According to available data, the company holds adequate reserves and has a stable claims-paying history, though they don’t typically receive the highest tier ratings from A.M. Best that larger, more diversified insurers achieve.
The company’s customer satisfaction metrics present a mixed picture. While they maintain acceptable NAIC complaint index scores (the industry standard for measuring customer complaints relative to company size), they don’t excel in this area. Independent review sites like Trusted Choice frequently note that while Senior Life’s policies are legitimate and the company pays valid claims, the products are expensive relative to alternatives available from other carriers.
Colonial Penn Life Insurance Company
Colonial Penn has achieved perhaps the highest name recognition in the senior life insurance space, largely due to decades of consistent television advertising and celebrity endorsements. The company’s famous “$9.95 Plan” has become synonymous with senior life insurance, though as we’ve discussed, this figure represents only a fraction of what most people actually need to pay for adequate coverage.
They’ve got slightly better ratings than Senior Life—usually an A- from A.M. Best, which is pretty good. It means they’re financially strong and can pay claims. But here’s the thing: they’re selling basically the SAME product as Senior Life. Same guaranteed acceptance, same two-year waiting period, same high prices.
The customer feedback is similar too. Legit company, pays claims, but people are often shocked by the actual cost and feel misled about that waiting period. The complaints to insurance regulators are in the normal range—not terrible, but not winning any awards either. The NAIC complaint data for Colonial Penn falls within acceptable industry ranges, though the company receives its share of complaints about aggressive sales tactics and misunderstood policy terms—particularly regarding the graded death benefit.
Both companies sell essentially the same product—guaranteed acceptance whole life insurance with a graded death benefit—at similar price points. The real differences lie in agent experience, customer service responsiveness, and minor policy features. Neither company offers a fundamentally better deal than the other; they’re competing in a market segment where the product itself has inherent limitations.
Independent analysis from consumer advocacy sites consistently reaches the same conclusion: these policies serve a purpose for seniors with serious health conditions who cannot qualify for other coverage, but they represent poor value for healthy seniors who have better options available.
The Real Cost: A Price Comparison You Won’t See on TV
Let’s cut through the marketing and look at actual numbers. Understanding the true cost of burial insurance for seniors advertised on TV requires comparing apples to apples across different policy types.
The Colonial Penn “$9.95 Plan” Reality
For a 65-year-old seeking $10,000 in coverage through Colonial Penn‘s unit-based system:
- Each unit costs approximately $9.95-$12.95 depending on age and gender
- Each unit provides roughly $1,000 in coverage
- To reach $10,000 in coverage requires 10 units
- Actual monthly cost: $99.50 to $129.50
- Annual cost: $1,194 to $1,554
- Total paid over 20 years: $23,880 to $31,080 (for $10,000 in eventual coverage)
Senior Life Insurance Company Pricing
Senior Life uses a similar structure with slightly different terminology:
- For a 65-year-old male seeking $10,000 in coverage
- Typical monthly premium: $85 to $115
- Annual cost: $1,020 to $1,380
- Total paid over 20 years: $20,400 to $27,600
Both include the mandatory 2-year graded death benefit waiting period for natural causes deaths.
Simplified Issue Policy Comparison
Now let’s compare this to a simplified issue final expense policy from carriers like Mutual of Omaha, Gerber Life, or Foresters Financial, which requires answering basic health questions but offers immediate full death benefit:
- Same 65-year-old male, $10,000 coverage
- Typical monthly premium: $45 to $70
- Annual cost: $540 to $840
- Total paid over 20 years: $10,800 to $16,800
- Savings compared to guaranteed acceptance: $9,600 to $14,280 over 20 years
The simplified issue policy costs 40-50% less and has no waiting period, meaning your family receives the full death benefit from day one.
Fully Underwritten Term Life Insurance
For comparison, a healthy 65-year-old could potentially qualify for a 10-year term life policy:
- $10,000 coverage amount
- Typical monthly premium: $25 to $40
- Annual cost: $300 to $480
- However, term insurance expires after the term period, leaving you uninsured if you outlive the policy
The Bottom Line on Cost
The guaranteed acceptance life insurance products advertised on television cost approximately 2-3 times more than simplified issue alternatives for the same death benefit. You’re paying an enormous premium for the convenience of guaranteed acceptance and no health questions. If you’re in reasonably good health, this represents one of the worst values in the insurance marketplace.
The “Graded Death Benefit”: The 2-Year Rule Explained
The graded death benefit represents the most commonly misunderstood feature of TV-advertised senior life insurance. This provision is the insurance company’s risk management tool that allows them to offer guaranteed acceptance, but it fundamentally changes what you’re actually buying during the first two years.
How the Graded Death Benefit Works:
Year 1 (Months 1-12):
- If you die from natural causes: Your beneficiary receives 100% of premiums paid plus 10% interest
- If you die from an accident: Your beneficiary receives the full death benefit
- Example: You pay $100/month for 8 months, then pass away from heart disease. Your family receives approximately $880 ($800 in premiums plus $80 interest), not the $10,000 death benefit
Year 2 (Months 13-24):
- If you die from natural causes: Your beneficiary receives 100% of premiums paid plus 10% interest
- If you die from an accident: Your beneficiary receives the full death benefit
- Example: You’ve paid $100/month for 20 months ($2,000 total), then pass away from cancer. Your family receives approximately $2,200, not the $10,000 death benefit
Year 3 and Beyond:
- Full death benefit pays regardless of cause of death (natural or accidental)
- The policy functions as advertised from this point forward
Why This Matters:
Here’s the thing: according to the CDC, about 95% of deaths in people over 65 are from natural causes, not accidents. So statistically, if you die in those first two years, your family’s probably getting a refund, not the full benefit.
And the commercials? They show these heartwarming scenes of families getting financial help, but they don’t exactly spell out that this help is dramatically reduced if you die too soon.
The Math Behind the Graded Benefit:
Let’s examine a real-world scenario. A 70-year-old purchases a $15,000 guaranteed acceptance policy at $125/month:
- If they pass away after 6 months: Family receives ~$825 (not $15,000)
- If they pass away after 18 months: Family receives ~$2,475 (not $15,000)
- If they pass away after 30 months: Family receives $15,000
The policy only delivers its advertised value if you survive the waiting period. For someone in declining health, this creates a significant risk that they’ll pay premiums for coverage their family will never fully receive.
Comparing to Simplified Issue Alternatives:
Simplified issue policies, which require answering basic health questions, typically offer full death benefit from day one with no waiting period. If you can honestly answer “no” to questions about recent heart attacks, strokes, cancer, or other serious conditions, you’ll qualify for immediate full coverage at a lower premium. This represents dramatically better value for anyone in reasonable health.
The Better Alternative: Who Should (and Shouldn’t) Buy These Policies
Understanding when guaranteed acceptance policies make sense—and when they don’t—is crucial for making an informed decision about final expense insurance.
You SHOULD Consider a Guaranteed Acceptance Policy If:
You’ve got serious health problems that make you uninsurable anywhere else. I’m talking recent cancer treatment, heart attack in the last year or two, stroke, dialysis, severe COPD where you need oxygen 24/7, advanced Alzheimer’s—that level of serious. If other insurance companies have literally said “sorry, we can’t cover you,” then yeah, guaranteed acceptance might be your only option.
You’re in hospice care or have a terminal diagnosis with limited life expectancy. While the 2-year waiting period seems like a major drawback, if you’re seeking coverage primarily to ease your family’s burden and are willing to accept the return-of-premium provision, these policies provide at least some financial benefit.
You have a specific need for coverage that cannot wait and you cannot qualify elsewhere. Perhaps you need to secure coverage before an upcoming surgery, or you have a combination of health conditions that disqualify you from simplified issue policies.
You Should Look for a Simplified Issue Policy Instead If:
You’re a non-smoker in reasonably good health. If you haven’t had a heart attack, stroke, or cancer diagnosis in recent years, you’ll almost certainly qualify for simplified issue coverage. This means no waiting period, lower premiums, and full death benefit from day one.
You can honestly answer “no” to basic health questions about serious recent medical events. Most simplified issue applications ask 5-10 straightforward questions about major health conditions. If you can answer these honestly without disclosing disqualifying conditions, you’ll qualify for coverage that costs 40-50% less than guaranteed acceptance.
You’re willing to undergo a medical exam for even better rates. Fully underwritten policies that include a paramedical exam offer the lowest premiums for healthy seniors. While the application process takes longer, the savings can be substantial.
Red Flags That You’re Paying Too Much:
You’re paying more than $100/month for $10,000 in coverage and you’re under 70 years old. This suggests you could likely find better rates with a simplified issue policy.
The agent tells you guaranteed acceptance is your “only option” without asking detailed health questions. A good agent will explore all alternatives before recommending the most expensive product.
You’re being pressured to buy immediately with claims that “rates are going up” or “this offer expires soon.” Legitimate insurance products don’t require high-pressure sales tactics.
The Best First Step:
Talk to an independent insurance agent. Not someone who works FOR Colonial Penn or Senior Life, but an independent agent who can compare policies from like 20 different companies. They can show you guaranteed acceptance options AND simplified issue options AND fully underwritten options, all side by side.
These agents have access to the same TV-advertised products, PLUS all the alternatives. It takes them like 10 minutes to run quotes from multiple carriers. This comparison shopping—which those commercials definitely don’t encourage—is how you actually get a good deal.
Financial Strength and Customer Satisfaction: What the Data Shows
Beyond advertising claims and premium costs, evaluating the financial stability and customer service record of any insurance company is essential. After all, you’re entering into a contract that may last decades, and you need confidence that the company will be there to pay claims when the time comes.
Financial Strength Ratings:
A.M. Best, the leading insurance rating agency, evaluates insurance companies’ financial strength and ability to meet policyholder obligations. Colonial Penn typically maintains an A- (Excellent) rating, indicating strong financial health and claims-paying ability. Senior Life Insurance Company maintains adequate ratings that demonstrate financial stability, though they don’t typically achieve the highest tier ratings reserved for the largest, most diversified insurers.
For context, an A- rating means the company has excellent financial strength and a strong ability to meet its ongoing insurance obligations. Both companies maintain sufficient reserves to pay expected claims and have operated profitably for many years. The risk of either company failing to pay legitimate claims is very low.
NAIC Complaint Index:
The National Association of Insurance Commissioners (NAIC) tracks customer complaints relative to each company’s market share, producing a complaint index where 1.0 represents the industry average. Scores above 1.0 indicate higher-than-average complaint rates, while scores below 1.0 indicate fewer complaints.
Both Senior Life and Colonial Penn maintain complaint indices in the acceptable range, typically between 0.8 and 1.5 depending on the year and specific product line. However, neither company excels in this metric. Common complaints include aggressive sales tactics, misunderstanding about the graded death benefit, and disputes over premium amounts versus coverage received.
Customer Satisfaction Data:
Yes. When someone dies and the claim is legitimate, these companies pay. The issue isn’t whether they’ll pay—it’s whether you’re getting good value for what you’re paying.
Frequently Asked Questions
Is the $9.95 life insurance plan legit?
Okay, so you see those ads for “life insurance for just $9.95!” and you’re thinking, “Woah, that’s a steal!” Well, it’s legit, but it’s also a total trick (and kinda sneaky, if you ask me).
Here’s the scoop: that $9.95 price is usually for “one unit” of coverage, which typically means you’re only getting a measly $1,000 in death benefit. Seriously, who’s having a funeral for a grand these days? Maybe a pet goldfish, but not a human!
To get enough coverage for actual funeral costs (we’re talking like $10,000 to $15,000 to cover everything), you’d have to buy a bunch of those “units.” And guess what? That 9.95quicklyturnsintosomethingmorelike∗∗9.95quicklyturnsintosomethingmorelike∗∗
100-$150 (or even more!) a month.**
So, yeah, the plan is real, but that super low advertised price? It’s definitely not what most people will actually pay to get coverage that’s, you know, useful. It’s like seeing a car advertised for $100 and then realizing that’s just the price for one tire!
What is the catch with Colonial Penn?
The primary “catch” is the 2-year graded death benefit. If you die from natural causes during the first two years, your beneficiaries only receive the premiums you paid plus 10% interest—not the full death benefit. Additionally, the cost per dollar of coverage is significantly higher than simplified issue alternatives. Colonial Penn’s policies are legitimate and the company pays claims as promised, but you’re paying a substantial premium for guaranteed acceptance that you may not actually need.
Is senior life insurance company a good company?
Senior Life Insurance Company. You’re probably wondering, are they any good? Are they trustworthy?
The short answer is, yes, they’re a legitimate company, and they’re financially stable enough to pay out valid claims. So, you don’t have to worry about them disappearing with your money.
But here’s the kicker, and this is where it gets tricky: whether they’re “good” really, really depends on your specific situation.
If you’ve got some serious health issues and can’t qualify for any other kind of life insurance, then honestly, Senior Life can be a lifesaver. They offer “guaranteed acceptance” policies, which means they’ll take you no matter what. For those folks, it’s a valuable service.
However, if you’re a pretty healthy senior and you do have other options, then their guaranteed acceptance policies are usually a pretty bad deal. Why? Because you’re paying a premium for that “guaranteed acceptance.” You could likely get what’s called a “simplified issue” policy (where you answer a few basic health questions) for a whopping 40-50% less!
My Honest Take: The company itself is solid. They’ll pay claims. The real question is, is their specific product the right fit for you and your health status? Don’t just jump in because they say “yes” to everyone; if you’re healthy, you’re probably overpaying.
How much does $10,000 in coverage actually cost?
This is where the rubber meets the road, financially speaking. Let’s say you’re 65 and you want $10,000 in coverage for final expenses.
If you go with those guaranteed acceptance policies (the ones advertised on TV that don’t ask health questions), you’re probably looking at 85−85−
130 a month. That’s 1,020−1,560 a year! Ouch.
But, if you go for a “simplified issue” policy (where you answer some simple health questions and are generally healthy), that same 10,000coveragetypicallycostsonly∗∗10,000coveragetypicallycostsonly∗∗
45-$70 a month**. That’s 540−540−
840 a year.
Think about that difference! Over 20 years, you could be paying $12,000 MORE in premiums for the exact same $10,000 coverage, just because you picked the guaranteed acceptance route when you might not have needed to. That’s a lot of money that could be in your pocket!
Can I cancel if I find a better deal?
Yep, good news here! If you get a whole life insurance policy (which these typically are), you can cancel it any time you want. You’re not stuck!
However, here’s the catch with those guaranteed acceptance policies: they usually build up almost no cash value in the early years. So, if you cancel soon after starting, you won’t get much (if any) money back. It’s like throwing those first few payments out the window.
My Advice: If you’re thinking about a guaranteed acceptance policy as just a temporary fix (maybe you want to improve your health and then find something cheaper), just understand that you’ll probably lose most of the money you’ve paid if you bail within the first few years. Factor that into your plan!
What happens if I miss a payment?
Life happens, sometimes you miss a payment. What then?
Good news: most policies have a grace period, usually around 30-31 days. So, you’ve got about a month to catch up on your payment without losing your coverage. Phew!
But, if you keep missing payments past that grace period, then your policy will usually lapse, and poof! Your coverage is gone. Some policies might let you reinstate it within a certain time frame, but don’t count on it as a given.
Given how expensive these policies can be, affordability is a real concern. Make sure you can actually keep up with those monthly payments for the long haul before you sign on the dotted line! You don’t want to pay for years and then lose it all because you can’t afford it anymore.
Are there better alternatives for covering funeral costs?
Absolutely! Life insurance isn’t the only way to handle funeral expenses. You’ve got options:
Pre-Paid Funeral Plans: You can actually pay a funeral home directly in advance. This locks in today’s prices, which is pretty smart!
Dedicated Savings: Just set up a special savings account or a Certificate of Deposit (CD) specifically for final expenses. Keep it separate so you’re not tempted to spend it!
Simplified Issue Life Insurance: As I mentioned before, if you’re generally healthy, this is usually a much cheaper life insurance option than guaranteed acceptance. You answer a few health questions, and if you qualify, you save a ton.
My Takeaway: The best option for you really depends on your health, your bank account balance, and what you’re most comfortable with. Don’t feel pressured into just one solution! Explore your options, get some quotes, and pick what makes the most sense for your situation.
Look Beyond the TV Screen: Our Final Verdict
The “as seen on TV” life insurance ads are powerful, emotionally resonant, and ubiquitous—but they don’t tell the whole story. The products sold by Senior Life Insurance Company, Colonial Penn, and similar advertisers are legitimate insurance policies backed by financially stable companies. They serve a genuine purpose in the insurance marketplace, providing coverage to seniors with serious health conditions who cannot qualify for other policies.
However, these guaranteed acceptance products represent one of the most expensive forms of life insurance available. The combination of high premiums, the 2-year graded death benefit waiting period, and limited coverage amounts means you’re paying significantly more per dollar of coverage than virtually any alternative. For the majority of seniors watching these commercials—people in reasonable health without recent serious medical events—better and more affordable options exist.
The key insight is this: guaranteed acceptance policies are a solution for a specific problem (serious health conditions that make you uninsurable elsewhere), not a universal product suitable for all seniors. The television advertising creates the impression that these policies represent the standard, go-to option for senior life insurance, when in reality they should be a last resort after exploring simplified issue and fully underwritten alternatives.
Our Recommendations:
If you’re considering life insurance after seeing these advertisements, start by speaking with an independent insurance agent who can compare options across multiple carriers and product types. Be honest about your health history and ask specifically about simplified issue policies that require no medical exam but do ask basic health questions. If you can qualify for simplified issue coverage, you’ll receive the same death benefit with no waiting period at 40-50% lower premiums.
Only consider guaranteed acceptance if you have serious, recent health conditions that disqualify you from simplified issue policies. Even then, shop around—multiple companies offer guaranteed acceptance products, and rates can vary by 20-30% for identical coverage.
Read all policy documents carefully before purchasing, paying particular attention to the graded death benefit provisions. Make sure you understand exactly what your beneficiaries will receive if you pass away in years one, two, or three. This clarity prevents the disappointment and confusion that generates so many customer complaints.
If you’ve got health issues and can’t qualify for simplified issue, then okay, guaranteed acceptance might be your best bet. But at least you’ll KNOW that, instead of just assuming it.
Read everything before you sign. Especially the parts about the graded death benefit. Make sure you understand exactly what your family will get if something happens in year one, year two, or year three.
Ready to Compare Your Options?
Contact our team of independent, licensed agents today for a free, no-obligation comparison of all the top-rated senior life insurance plans—not just the ones on TV. We’ll help you understand what you qualify for, what each option truly costs, and which solution provides the best value for your specific health and financial situation.
Get Your Free Comparison Quote | Read Our Full Methodology
Disclaimer: This article provides educational information about insurance products and should not be considered personalized financial or insurance advice. Insurance availability, pricing, and terms vary by state, age, health status, and individual circumstances. Always consult with a licensed insurance professional before making insurance purchasing decisions.
