National Life Group
2.7
5.2
Overall Score
Author: Kaitlyn Short
3 Things to Look for in a Life Insurance Company
- Financial Strength — Look for an insurer with high financial strength ratings or an agency that works with highly-rated insurers because it indicates the insurer is financially stable.
- Underwriting — Look for whether policies are guaranteed issue, simplified underwriting, or fully underwritten because it will affect how quickly you can get coverage in place.
- Purchase Process — Look for purchase processes that suit your preferences. Some companies offer a fully online process, require you to meet with an agent, or offer an online-agent hybrid.
National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group selling universal life insurance policies issued by National Life Group. Girard Sharp law firm filed the lawsuit. Life insurance shoppers should take this into consideration and do more research on the case before buying life insurance from National Life Group.
The insurer offers term, whole, and universal life insurance plans. It also has life policies for children.
National Life Group has also consistently received high financial strength ratings from A.M. Best, a rating agency. This rating indicates that National Life Group is in a good position financially. The life insurance carrier has also received high ratings from other rating agencies, though the recency of those ratings is unclear from its website.
While the ratings and policy options are good, potential clients should keep the current lawsuit in mind, pay attention to what customer reviews say, and see how National Life Group ranks when compared to other life insurers.
View National Life Group Reviews
The insurance company was chartered in 1848 and began issuing its first life insurance policies in 1850. Over the years, the company has grown and diversified, offering life insurance, annuity products, retirement planning, and various investment products.
The Good
- High Financial Strength Rating
- Variety of Life Insurance Products
- Over 150 Years of Service
- Living Benefits Offered
- Nice Contact Options
High Financial Strength Rating
National Life Group has received some of the highest financial strength ratings available in the industry. High financial strength ratings demonstrate a company's financial stability and its ability to pay the death benefit to beneficiaries when they file an insurance claim.
Variety of Life Insurance Products
Life insurance rates are determined by the size of the death benefit, the kind of life policy purchased, and the underwriting process. Life insurers do underwriting to analyze risk factors like age, current health, and health history.
National Life Group has a nice array of life insurance policies. Its permanent life insurance options are especially robust. National Life Group offers:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable universal life insurance
- Indexed universal life insurance
With so many options, most people should be able to find the right kind of insurance policy to match their budget and insurance coverage needs.
The website provides clear and basic information about each policy type, making it easy to see what the benefits are for each one.
If you're looking for a term life policy that is simple to apply for and hassle free, National Life Group should fit the bill.
National Life Group's term life policy appears to come with two different options: one with a fixed premium rate and one with increasing premiums as the insured ages. These options allow potential clients to choose which term life insurance structure would work best for their situation.
National Life Group's whole life insurance is a permanent policy that offers insurance coverage for the insured's entire life time. It also has level premiums. A whole life policy grows cash value over time and has a set death benefit.
This cash accumulation is a living benefit because you can access it while the insured is alive. Keep in mind that whatever you borrow without paying back will be deducted from the death benefit when you make a claim.
For individuals interested in a universal life insurance policy, National Life Group offers several different kinds of universal life policies.
Its universal life policies offer more flexibility with death benefit amounts and premium payments. This flexibility allows policyholders to adjust coverage and premium payments to reach financial goals. The biggest difference between the kinds of universal life insurance policies are how the cash value is invested.
Indexed universal life insurance policies are invested in a market index fund. Variable universal life insurance policies are invested in different kinds of stocks, bonds, and money market sub-accounts based on the policyholder's preferences.
Over 150 Years of Service
The company itself has been in business a very long time. The origins of National Life Group go all the way back to 1848, so there is an established reputation for stability. Though it is not the largest life insurance company by any means, it has a lot of experience in the insurance business.
Living Benefits Offered
Though National Life Group may not have as wide of a selection of life insurance riders compared to others, it does offer living benefits with some of its life insurance policies.
Living benefits allow the policyholder to receive the death benefit early to cover expenses from a terminal illness or long-term care. If you have a chronic illness or experience a critical illness per your insurance policy's criteria, you can also benefit from your life insurance coverage early. This feature is also called an accelerated death benefit. It can come in handy in a difficult situation, so it's nice to have the living benefit included in your insurance product.
Customer Review: Linda Young from Sugar Land, Texas
"Comprehensive coverage in living benefits that one does not have to die to use - that is a 'must' in an aging society like ours. Low monthly policy fee. Options to use the cash value as a supplement retirement income that removes the worry for living too long."
Nice Contact Options
National Life Group clients can contact the company via phone, contact form, online account, or through it's mobile app.
With these options, clients should find it convenient and easy to work with National Life Group.
The Bad
- Class Action Lawsuit
- No Burial Insurance
- Limited Online Information
Class Action Lawsuit
National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme selling universal life insurance policies that allegedly targeted Asian immigrants. Until a decision is made, life insurance shoppers may want to research the case or purchase a life insurance policy from another insurer.
No Burial Insurance
National Life Group does not list burial insurance or final expense insurance among its offerings. These policies are a kind of permanent life insurance designed to cover funeral expenses.
Because they're just for funeral expenses, the coverage amounts are lower than other life policies. If you want a final expense policy, you'll need to find another insurance provider.
Limited Online Information
While National Life Group does a good job giving an overview of the kinds of life insurance policies it offers, specific information is limited. For more information on available life insurance riders, policy exclusions, specific investment options for a universal life policy, and life insurance quotes, interested individuals will have to speak with a National Life Group representative.
Life insurance premiums are determined based on the policy-type and underwriting process. The underwriting process determines the risk of insuring the applicant based on age and health information. Because premium rates vary, most life insurers do not list specific premium amounts.
However, meeting with a representative can make it harder for some people to turn down a policy that they might otherwise reconsider because of sales pressure.
Some life insurance companies make this information available online, which is convenient for those researching their options.
The Bottom Line
National Life Group offers a nice life insurance product selection. Whether you are looking for a term policy or a permanent policy, customers should be able to find a good life policy. National Life Group 's permanent coverage options include whole life and universal life policies. The life insurance company also has received high financial ratings and has several ways that clients can contact the insurance company.
While National Life Group has several positive aspects, it is currently undergoing a class action lawsuit for alleged involvement with a universal life insurance selling pyramid scheme.
Take time to learn more about the case and how the outcome may affect current National Life Group life insurance policyholders before spending money on a National Life Group life insurance plan. It's also worthwhile to research customer reviews.
National Life Group could also do a much better job with the website by providing more detailed information about policy particulars. For premium rates and coverage details, you'll need to work with a National Life Group representative.
Depending on what you find in customer reviews, you may want to research other companies before purchasing an insurance policy from National Life Group.
