American Pioneer -- Life Insurance for Senior Citizens

American Pioneer markets two types of whole life insurance policies to senior citizens. Both policies lock-in the premium price, and guarantee that coverage will never decrease. The policies also have a guaranteed interest rate of 4.5 percent annually.

The first policy provided by American Pioneer is Senior Tribute I. Senior Tribute I is a whole life insurance policy. It takes action immediately and will pay out any time a death occurs while the policy is in force. The only exclusion to that is if there are any outstanding loans at the time of death. The beneficiary will receive the amount of the policy, minus the loans. The benefits for the Senior Tribute I policy range from $2,500 to $35,000 and depend on the policy holder's age and location.

The second type of life insurance policy available from American Pioneer is Senior Tribute II. Unlike Tribute I, Tribute II offers a modified death benefit. If the policy holder dies within the first three years of the policy, the death benefit will be the sum amount of the premiums paid up to that point, plus the addition of 10 percent interest. The exception to this rule is if the death occurs by accident. In this scenario, the beneficiary will receive full benefits. The death benefits for Tribute II range between $2,500 to $25,000, depending on age and location.

Both policies allow an Accidental Death Benefit Rider, which is available for an additional premium. This rider doubles the amount of the death benefit if the death was caused by accident. If the death was caused by accident in a bus or an airplane, the benefit is tripled.

History Of American Pioneer Life Insurance Co.

American Pioneer was founded in 1961. It's now a subsidiary of Universal American. As a part of Universal American, Pioneer Life is one of the country's top providers of senior insurance policies. In addition to life insurance, American Pioneer also provides Medicare supplemental insurance.

American Pioneer Life Insurance Co. Ratings

According to a December 2008 A.M. Best ratings report, American Pioneer received a "B++" (Good) rating in financial strength. This means that A.M. Best believes American Pioneer has a "good" ability to meet its financial obligations to its current policy holders.