Our review of National Life Group for 2019.
When searching for the most appropriate and beneficial life insurance policy, it’s important that you find adequate coverage at an affordable price.
Other important factors that you want to keep in mind are the life insurance carrier’s financial stability and strength because this demonstrates a company’s ability to pay policyholders claims.
Although many life insurance companies are financially sound, one such insurance company that meets these requirements is the National Life Group.
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National Life Group History
As one of the very first mutual life insurance providers in the U.S., National Life Group has been providing life insurance coverage to consumers for 170 years. Today, the national insurance conglomerate manages $26.8 billion in insurance company assets and is serving 783,062 customers.
The insurance company primarily works to offer regular, hard-working American families financial stability that will carry them through the good times and bad. The mission of National Life Group is to make the world a better place by providing grants from its charitable organization, Life Changer, and by paying its employees to volunteer for nonprofits.
National Life Group operates in several areas around the U.S. while maintaining a campus in Addison, Texas, and Montpelier, Vermont. Located in Boston, Massachusetts is the company’s subsidiary, Sentinel Investments.
Ratings and Better Business Bureau (BBB) Grade
National Life Group has continually earned high ratings from the leading insurance rating agencies due to their financial strength and stability. This includes an “A” excellent rating from A.M. Best and an “A+” strong rating from Standard & Poor’s. Additionally, even though the company is not accredited by the Better Business Bureau (BBB), the carrier still has received an “A+” grade.
Life Insurance Products Available
Offering products to both companies and individuals, National Life Group has a wide range of life insurance policies to choose from. Included are both permanent and term life insurance options.
The carrier’s convertible term life insurance offers a guaranteed death benefit for a specified term period and their level term life insurance maintains a consistently level premium throughout the policy’s term. The premiums for term life insurance is rather affordable since the policy provides only a death benefit without a cash value component. These policies are typically attractive to the younger, healthier applicant but can also be purchased with no medical exam.
Additionally, National Life Group offers various permanent life insurance plans as well. Permanent life insurance provides a death benefit, as well as a cash value feature. The cash value is able to grow on a tax-deferred basis, and policyholders are able to withdraw against it if needed.
The following are the types of permanent life insurance offered through National Life Group:
Whole Life Insurance
Primarily for those seeking guaranteed coverage that lasts a lifetime, this form of life insurance affords a guaranteed death benefit with a cash value that grows. Furthermore, the premiums for whole life insurance remain level through the policy term, even with aging and future medical conditions.
Universal Life Insurance
Providing more flexibility than a whole life policy, universal life insurance allows policyholders to adjust their death benefit coverage and premiums, within certain parameters. The cash value component of this policy is credited with a set minimum interest rate, which allows the cash value to grow and compound.
Indexed Universal Life Insurance
These policies also provide both a death benefit and a cash value component. The gains earned on the cash value is dependent on the performance of the selected market index, such as the S&P 500. In the event that there’s a positive return on the underlying index, the policy’s cash value will be credited. However, if the market index performs poorly, the cash value will be credited 0%, but the principal will remain unaffected.
Variable Universal Life Insurance
This policy is great for those who want more control over the investments associated with the policy’s cash value feature. The return of the variable universal life insurance policy is based on investment options such as mutual funds. While providing the policy the ability to attain higher gains, it also can present more risk.
Additional National Life Group Products and Services
Besides life insurance protection, National Life Group offers other products and services beneficial to consumers, including:
- IRAs (Individual Retirement Accounts) – This individual retirement account helps consumers save on a tax-deferred basis. The company provides both Roth and traditional IRAs.
- Mutual Funds – National Life group has a sizable market of mutual funds available. These include money market funds, income/bond funds, index funds, and stock/equity funds. They also offer EFTs, or exchange-traded funds.
- Retirement Plans – Not only does National Life Group cater to the needs of a company’s employees, but they also help to serve that company’s financial needs as well. One way it achieves this is by providing retirement plans, known as 403(b) and 457(b). These retirement options allow the employee to save for retirement on a tax-deferred basis, which allows their funds to increase and compound. Additionally, National Life Group offers retirement plan sponsor services.
- Retirement Annuities – With the climbing life expectancy rates, living beyond one’s income is a huge concern for most. An annuity can help in relieving this concern by providing a steady income for life. National Life Group suggests either their deferred or immediate annuities, which are classified as variable, fixed, or fixed indexed. Certain factors need to be considered when deciding on which annuity is appropriate, such as overall financial needs and goals, applicant’s time until retirement, and risk tolerance.
Getting the Best Rates with National Life Group
Working with an independent life insurance broker or agency is the best way to ensure that you receive the most preferred premium rates of coverage from National Life Group, or any other life insurance provider for that matter. This way you are able to compare carriers, plans, and premium prices, and from there decide which is most advantageous for your budget and personal needs.
Purchasing life insurance is a major decision, and there are many different factors to examine. In the end, you want to be confident that you’ve purchased the right plan for your specific requirements. We’re here to help you – call us today!
Make sure you read our review on other IUL carriers: