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AUTHOR: R Quinn on 2/26/2026
Maybe not a scam, but certainly misleading. You have probably seen the ads for senior life insurance- no physical, no health questions- no problem protecting loved ones for $9.95 per month with premium guaranteed for life as long as you are not over age age 80. What the ads don’t shout about is the $9.95 is “per unit”. Once you learn that, you need to find out what a unit of insurance represents.
What $9.95 a month will buy in terms of coverage varies by your age and the insurer. The short answer is that for an 80-year-old, $9.95 a month typically buys less than $650 in total coverage, sometimes even less. It also varies between male and female.
But there is more. The 2-Year Waiting Period. These “guaranteed acceptance” policies don’t ask health questions, but they usually won’t pay the full death benefit if you die of natural causes within the first two years. If that happens, your family typically only gets back the premiums you paid plus a small amount of interest.
To get a meaningful amount of coverage—say, $10,000 for a funeral—an 80-year-old man would need about 15 units. That would cost roughly $150 per month assuming $650 in coverage per unit.
I guess this coverage fills a need for people who have not planned ahead, but you need to proceed with eyes open.
Insurance may not be a good investment, but I see it as essential for most people as part of protecting survivors, especially spouses.
QUINNSCOMMENTARY 
“Globe Life – Buy Direct | Buy $100,000 Life Insurance Sponsored No Medical Exam-Simple Application. As Low As $3.49/Mo. No Waiting. Adults or Children. No Waiting Period · No Credit Required · Coverage You Can Afford · Apply Online”
“Insurance coverage: Term Life, Children’s Life Insurance, Senior Life Insurance”
Sounded interesting, so I applied. A little extra for the kids, maybe. My wife should be fine when I go. My pension continues unchanged, and we have enough savings and investments for almost any emergency. At this time we are still adding more to the investments every month.
So I looked at the materials sent, but figured, instead of life insurance, I could just continue investments. I still get regular flyers from Globe Life, though.
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Yeah, it’s not a scam. You just have to read the small print when considering it. I think it gathers in those, usually lower income folks, who never accumulated much and they don’t want to leave a bunch of final bills behind. It’s especially appealing to those who have cancer or heart disease and figure for a few monthly payments they can leave a little legacy. The small print goes unnoticed.
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Don’t remember who sold us the policy, but my older brother and I had my mom buy a policy at age 73, given her significant medical issues (multiple heart attacks, etc.) It had a premium refund provision if you passed within the first two years. She did not. The policy proceeds were sufficient to pay off a number of debts upon her passing.
Yes, read the fine print.
Recognize that the insurance companies are experts, and, consistently profitable. Given the administrative and actuarial and operational costs involved, profitability doesn’t happen unless everyone who buys a policy pays premiums far, far in excess of the benefits they will receive.
You pays your money, you takes your chances.
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