Is National Income Life Insurance Legit? A Guide to Its Policies, Financial Strength, Customer Reviews

Is National Income Life Insurance Legit?

National Income Life Insurance Company is a subsidiary of American Income Life Insurance Company, which is a part of Globe Life Inc.

An image to illustrate: National Income Life Insurance
National Income Life Insurance claims to offer affordable and quality life insurance products and services to working families in New York. But is it true? Read this article to learn everything you need to know about National Income Life Insurance/PHOTO COURTESY: Facebook

It provides life insurance products and services to working families in New York.

But is National Income Life Insurance legit?

In this article, we will explore its history, financial strength, policy options, customer reviews, and pros and cons to help you make an informed decision.

What is National Income Life Insurance Company

National Income Life Insurance Company was founded in 2000 as a New York-based subsidiary of American Income Life Insurance Company, which was established in 1951.

American Income Life Insurance Company is a mutual insurance company that operates in 49 states, the District of Columbia, Canada, and New Zealand.

American Income Life Insurance Company and National Income Life Insurance Company share the same mission of providing affordable and quality life insurance products and services to working families, especially those who belong to labour unions, credit unions, associations, and other organizations.

Financial Strength of National Income Life Insurance Company

National Income Life Insurance Company has a strong financial reputation and stability.

It has an A+ (Superior) rating from A.M. Best, which is a leading rating agency that evaluates the financial performance and solvency of insurance companies.

This rating indicates that National Income Life Insurance Company has a superior ability to meet its ongoing obligations to policyholders.

It is also a part of Globe Life Inc., which is a publicly traded holding company that has over $28 billion of insurance in force and more than 4.2 million policyholders.

Policy Options of National Income Life Insurance Company

National Income Life Insurance Company offers two main types of life insurance policies: term life and whole life.

Term life insurance provides coverage for a specific period, usually 10, 20, or 30 years.

If the insured dies within the term, the beneficiaries will receive the death benefit.

If the insured outlives the term, the coverage will end unless the policy is renewed or converted to a permanent policy.

Whole life insurance provides coverage for the insured’s entire life, as long as the premiums are paid.

It also builds cash value over time, which can be accessed through loans or withdrawals.

National Income Life Insurance Company also offers optional riders.

These are additional benefits that can be added to the base policy for an extra cost.

Some of the riders that National Income Life Insurance Company offers are:

  • Accidental Death Benefit Rider: This rider pays an additional amount to the beneficiaries if the insured dies as a result of an accident.
  • Waiver of Premium Rider: This rider waives the premium payments if the insured becomes disabled and unable to work.
  • Child Rider: This rider provides coverage for the insured’s children until they reach a certain age or get married.
  • Terminal Illness Rider: This rider allows the insured to access a portion of the death benefit if they are diagnosed with a terminal illness with a life expectancy of less than 12 months.

Customer Reviews of National Income Life Insurance Company

National Income Life Insurance Company has high customer satisfaction and loyalty.

According to ConsumerAffairs, National Income Life Insurance Company has a 4.1 out of 5 rating based on 91 reviews.

Most of the positive reviews praise the company’s products, prices, staff, and claims process.

For example, one reviewer wrote:

  • They have great rates and have been good throughout the years with payouts. Yearly they even offer to do a review to make sure that no claims are owed to us and ensure everything is up to date. Would recommend.

However, National Income Life Insurance Company also has some negative reviews, mainly regarding sales tactics, customer service, and policy cancellation.

For example, one reviewer wrote:

  • Policy since 2015 while living in Utica, NY, with automatic premium payment deducted from checking account. Moved to Cookeville, TN in 2021, and have been trying to arrange monthly automatic premium payments from a new bank checking account here in TN, since all bank accounts in NY have been closed. Repeatedly, I have been assured that the matter has been taken care of; I even sent them a VOIDED check for confirmation of bank info… NOW, I have received notice that since my premiums are in arrears, this ignorant company has decided to take the necessary payments as a “LOAN” from the money contained in the policy, with an 8% interest rate – Are You Kidding Me? I told them yesterday to get it right, or cancel me and send the money contained in my two policies! Thanks, Marlene

Pros and Cons of National Income Life Insurance Company

National Income Life Insurance Company has some advantages and disadvantages that you should consider before buying a policy.

Some of the pros and cons are:

Pros

  1. National Income Life Insurance Company has a strong financial rating and stability, which means that it can fulfil its promises to policyholders.
  2. It has high customer satisfaction and loyalty, which means that it provides quality products and services to its clients.
  3. It has flexible and customizable policy options, which means that you can choose the coverage that suits your needs and budget. You can also add optional riders to enhance your protection.
  4. It has a simple and convenient application and claims process, which means that you can easily get a quote, apply for a policy, and file a claim online or over the phone.

Cons

  1. National Income life insurance Company has a limited product selection, which means that it only offers term life and whole life insurance. It does not offer other types of permanent life insurance, such as universal life or variable life, which may offer more flexibility and investment options.
  2. It has a higher premium than some competitors, which means that you may find cheaper rates elsewhere. National Income Life Insurance Company’s rates may also vary depending on your state of residence, which means that you may not get the best deal in your area.
  3. It has a strict underwriting process, which means that it requires a medical exam for most of its policies. This may be inconvenient or uncomfortable for some people.
  4. It also has strict underwriting guidelines. This may result in higher premiums or denial of coverage for some applicants with pre-existing conditions or risky hobbies.

Conclusion

National Income Life Insurance Company is a legit and reputable company that offers life insurance products and services to working families in New York.

It has a strong financial rating, high customer satisfaction, flexible and customizable policy options, and a simple and convenient application and claims process.

However, the Company also has some drawbacks.

Therefore, you should compare National Income Life Insurance Company’s policies with other options in the market and choose the one that best fits your needs and budget.

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