Today there are more insurance companies offering burial insurance for seniors than ever before. With the number of baby boomers coming into the marketplace, there is definitely a huge market for Final Expense and Burial Insurance. Some of the insurers who are targeting the senior market with products that are designed to meet the unique needs of seniors have redesigned their product selection so that their products will become a great fit for every circumstance. If you are considering burial insurance for seniors from Settlers for your insurance needs, read on to learn about the company and the life insurance products they offer.
Originally founded as Huff-Cook Mutual Burial Association, Settlers Life has been providing superior insurance products for over eight decades. Originating in the Virginia area, Settlers gradually increased its footprint to cover 44 states under the direction of National Guardian Life Insurance, its parent company.
Settlers’ Financial Stability
It’s always important to review the financial ratings of an insurer before pulling the trigger and purchasing a policy. To that end, Settlers enjoys an A- rating from A.M. Best Rating Services. In their ratings report for Settlers, A.M. Best goes on to say…
this rating is assigned to companies which have, in our opinion, an excellent ability to meet their ongoing obligations to policyholders
The A- rating from A.M. Best places Settlers Life well within A.M. Best’s “secure” range. In other words, Settlers will meet their claims and operation obligations.
Settlers reports that as of the end of 2017, the company’s assets exceeded $415 million with more than $44 million in capital and surplus and more than $1.87 billion of life insurance in force.
Why Settlers is Different
The Settlers’ mission is to partner with their customers to share life’s financial risks and rewards. They are adamant about taking pride in creating excellent final expense and burial insurance products and then standing behind them with outstanding personalized service. The company continually makes good on their promise to take care of their policyholders just as they would take care of their own families.
Agents and brokers remain proud in representing Settlers because of their commitment to pay beneficiaries within 48 hours of a death claim, because this is when the funds are needed the most.
Final Expense and Burial Insurance from Settlers
Settlers takes a unique approach to offering burial insurance for seniors, their product selection is made up of three different plans that the applicants can qualify for using one application. Applicants start with the Bronze Plan and if they answer no to each question they will proceed on to the Silver plan and eventually the Gold Plan. Any “yes” question will determine which plan you qualify for.
Settlers Life Bronze Plan
The Settlers Life Bronze plan is a modified life insurance plan. With this plan, the policyholder has a two year waiting period before the company will pay the full death benefit for death from natural causes. If an insured dies from natural causes during the waiting period, the beneficiary will receive all the premiums paid in the policy plus additional interest depending on the state you live in. If the insured dies as a result of an accident, the company will pay the full death benefit from the first day of coverage.
Available face amounts: $1,000 to $15,000
Eligible Issue Ages: 40 to 80-years old (depending on your state)
The Settlers Bronze Plan is the solution for applicants who have multiple serious health issues and applicants do not have to be concerned about their weight versus their height. This plan easily competes with Lincoln Heritage, Colonial Penn, and other companies who regularly advertise to seniors on TV.
Settlers Life Silver Plan
Settlers’ Silver Plan is the best solution for applicants who have been in good health over the previous two years. This plan pays the full death benefit from the first day of coverage for death from natural causes or accidental causes.
Available face amounts: $1,000 to $25,000
- 6 months to 65-years old: $25,000
- 66 to 75-years old: $20,000
- 76 to 85-years old: $15,000
Eligible issue ages: 6 months to 85-years old
Settlers Life Gold Plan
The gold plan has the lowest rates because the applicant has to have been in good health for the last 5 years. This plan also provides the full death benefit from the first day of coverage for death due to natural or accidental causes.
Eligible issue ages: 15 days to 85-years old
Face amounts range from $2,500 to $50,000
- 15 days to 80-years old: $50,000
- Age 81 to 85-years old: $20,000
Available Riders (varies by state)
Accelerated Death Benefit
Accidental Death Benefit
Settlers Life Premium Payment Options
With Settlers, applicants not only have three solid choices for their insurance solutions, Settlers Life also offers four payment plans to fit your circumstances and budget:
LIFETIME PAY – This plan allows the policyholder to spread their payments out over a lifetime.
10-PAY PLAN – The 10-pay plan allows the policyholder to make premium payments over a 10-year period at which time the policy will be paid in full for a lifetime.
20-PAY PLAN – The 20-pay plan allows the policyholder to pay their policy in full over 20 years.
SINGLE PAY PLAN – This plan provides for a one-time payment for a paid-up policy.
Settlers Life Insurance is all about providing options to their policyholders. The company offers multiple insurance plans, multiple optional riders, and multiple payment plans.
These are all whole life insurance policies that provide the peace of mind and guarantees that seniors look for in a final expense policy.
- The policy cannot be canceled by the insurer unless premiums are not paid.
- The premium amount can never be changed by the company for any reason.
- These whole life policies build cash value over time that can be accessed by the policyholder.