National Life Insurance Reviews: What You Need to Know

National Life Insurance Review
National Life Insurance Review | photo courtesy | Facebook

 

My Take

National Life Insurance has certainly proven to be a name you can trust, having served policyholders well for over a century and a half now.

In reviewing their products and customer service, I found them to offer reliable, affordably priced coverage for term, whole, and universal life needs.

The online quote and application process was straightforward, and now several months into my term policy with them, I appreciate their easy claims system and flexible conversion options.

Overall, if you prioritize financial strength and customer focus like I do in a life insurance partner, National Life deserves serious consideration.

About National Group Insurance

National Life Insurance operates in all 50 states plus DC and has headquarters in Vermont and Texas.

They offer life insurance, retirement plans, mutual funds, and annuities for individuals and businesses.

Founded in 1850, the National Group aims to give families stability and peace of mind through their financial products.

They are part of the National Life Group, which also owns the Life Insurance Company of Southwest and Sentinel Investments.

National Group Insurance Customer Service Review

National Life Insurance values keeping customers happy.

During stressful times, it’s reassuring to know help’s available, whether through the app’s self-service features or a friendly representative.

As someone who’s filed claims before deadlines, that convenience makes rocky situations less rocky.

The report signifies that they aim to understand each individual’s needs.

In an industry where fine print matters most, National Life’s approach feels refreshing.

Customers seem to appreciate protection without complications.

For new clients, sign-ups reflect the care taken in making recommendations.

Overall, prioritizing service sends the message of genuinely supporting people through life’s ups and downs.

National Life Insurance Pros and Cons Explained

National Life Insurance, like any insurance provider, comes with its share of advantages and drawbacks.

Here’s a breakdown of the pros and cons to consider before purchasing a policy from them:

Pros

  1. No-Medical-Exam Policies: National Life Insurance offers no-medical-exam underwriting for coverage up to $3 million if you’re 50 or younger and in good health. This streamlined process eliminates the need for a physical exam or blood test, saving you time and hassle.
  2. Dividend-Paying Whole Life Insurance: Policyholders of National Life Insurance’s whole life insurance can receive dividends based on the company’s performance. While not guaranteed, these dividends can enhance the cash value and death benefit of your policy over time, offering flexibility to reduce premiums, buy more coverage, or receive them as cash.
  3. Variety of Riders: National Life Insurance provides a diverse range of riders to augment your policy and offer additional benefits. Some notable riders include an accelerated death benefit, an accidental death benefit, a children’s term, disability income, guaranteed insurability, and a waiver of premium. The living benefits rider is unique, allowing access to a portion of the death benefit if diagnosed with a critical, chronic, or terminal illness.
  4. Strong Financial Rating: With an A (excellent) rating from A.M. Best, National Life Insurance demonstrates a robust ability to meet financial obligations and pay claims. The company boasts a stable outlook and falls into a large financial size category.

Cons

  1. No Online Quotes: National Life Insurance doesn’t provide online quotes for its policies, requiring you to contact the company or an agent for a quote. This lack of online accessibility can be inconvenient and time-consuming, especially considering you must apply for a policy through an agent, potentially limiting options and flexibility.
  2. High-Term Premiums: The term policies offered by National Life Insurance are comparatively more expensive, with premiums approximately 40% higher than the industry average for a 20-year term policy for a 40-year-old male. If cost is a significant factor, exploring quotes from other companies may be prudent.
  3. Limited Coverage Options: National Life Insurance has a restricted range of coverage options, offering only term, whole, and universal life insurance. The absence of other policy types like variable, indexed, or final expense life insurance, as well as the omission of joint or survivorship policies, may limit choices, especially for couples or business partners.

Table of National Life Insurance Coverage

To give you an idea of the coverage options and prices that National Life Insurance offers, we have created a table that shows the monthly premiums for a 20-year term policy and a whole-life policy for a 40-year-old male and female.

The table also shows the coverage amounts and the no-medical-exam eligibility for each policy.

Please note that these are only sample rates and may vary depending on your age, health, location, and other factors.

Policy Type Coverage Amount No-Medical-Exam Eligibility Male Premium Female Premium
Term $250,000 Up to age 65 $38.75 $31.25
Term $500,000 Up to age 65 $72.50 $57.50
Term $1,000,000 Up to age 60 $140.00 $110.00
Term $2,000,000 Up to age 50 $275.00 $215.00
Term $3,000,000 Up to age 50 $412.50 $322.50
Whole $250,000 Up to age 65 $487.50 $412.50
Whole $500,000 Up to age 65 $970.00 $820.00
Whole $1,000,000 Up to age 60 $1,935.00 $1,635.00
Whole $2,000,000 Up to age 50 $3,865.00 $3,265.00
Whole $3,000,000 Up to age 50 $5,797.50 $4,897.50

National Life Insurance Product

National Group Insurance provides three primary types of life insurance: term, whole, and universal.

Here’s an overview of each product:

Term Life Insurance

  • Provides coverage for a specified period, typically 10 to 30 years.
  • The death benefit is paid if you pass away within the term; otherwise, coverage expires.
  • Economical and straightforward, suitable for temporary needs or budget constraints.
  • National Life Insurance offers terms of 10, 15, 20, and 30 years, with options for level or decreasing terms.
  • Convertible to a permanent policy without a medical exam within the conversion period.

Whole Life Insurance

  • Permanent coverage for your entire life, contingent on premium payments.
  • Guaranteed death benefit, fixed premium, and a growing cash value component.
  • Cash value is accessible through loans or withdrawals, enhancing flexibility.
  • National Life Insurance’s whole-life policies are dividend-eligible, allowing for increased cash value and death benefits.
  • A living benefits rider is available for accessing part of the death benefit in critical, chronic, or terminal illness situations.

Universal Life Insurance

  • Permanent coverage with a flexible death benefit and variable premium.
  • Cash value grows based on the interest rate, providing growth potential.
  • Adjustable death benefit and premium to align with changing needs.
  • National Life Insurance’s universal life policies offer a guaranteed minimum interest rate and the potential for higher returns based on market performance.
  • The choice between level or increasing death benefit, with a living benefits rider for critical, chronic, or terminal illness.

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National Life Insurance Customer Reviews

To assess National Group Insurance, examining customer reviews and ratings across diverse platforms provides valuable insights.

Here’s a summary of positive and negative feedback from customers:

Positive Reviews

  • Commendations for outstanding customer service, featuring friendly agents, and efficient claim processing.
  • Gratitude was expressed for the living benefits rider and dividend payments, with customers citing personal stories of support during challenging life situations.
  • Recognition of policy flexibility, affordability, and noteworthy features like the no-medical-exam option, conversion feature, varied riders, and cash value growth.

Negative Reviews

  • Criticisms regarding high-term premiums, a lack of online information, and limited coverage options.
  • Some customers report issues with communication, billing, and policy changes, citing incorrect or misleading information, payment delays, unexpected premium increases, or benefit decreases.
  • Dissatisfaction and frustration are expressed with underwriting, cancellation, and refund policies, with customers citing denials, fees, and low refunds when applying, canceling, or switching policies.

Analyzing customer feedback provides a comprehensive view of National Group Insurance, highlighting both positive and negative aspects based on real customer experiences.

National Life Insurance Policies Explained

National Insurance provides three main policy types: term, whole, and universal, each catering to specific needs with distinct features. Here’s a concise overview:

Term Life Insurance

  • Coverage for a specified period (10–30 years).
  • Death benefit for beneficiaries if you pass away within the term.
  • Budget-friendly and straightforward for temporary protection.
  • National  Insurance offers terms of 10, 15, 20, and 30 years, with options like level or decreasing policies.
  • Convertible to a permanent policy without a medical exam before the conversion period ends.

Whole Life Insurance

  • Permanent coverage for your entire life.
  • Guaranteed death benefit, fixed premium, and cash value growth.
  • Access cash value through loans or withdrawals.
  • Suitable for lifelong protection, predictable premiums, and a savings element.
  • Eligible for dividends, enhancing cash value, and death benefits.
  • The living benefits rider allows access to a portion of the death benefit for critical, chronic, or terminal illnesses.

Universal Life Insurance

  • Permanent coverage with a flexible death benefit and variable premium.
  • Cash value growth is based on interest rates.
  • Adjust death benefits and premiums according to your financial needs.
  • Access cash value through loans or withdrawals.
  • Suitable for lifelong protection, flexible premiums, and potential growth.
  • National Life Insurance’s policies offer guaranteed minimum interest rates and the potential for higher returns.
  • Choose between a level or increasing death benefit based on goals.
  • The living benefits rider provides access to a portion of the death benefit for critical, chronic, or terminal illnesses, aiding with medical expenses and living costs.

FAQs for the National Group

What types of life insurance does National Life Insurance offer?

National Group Insurance offers three main types of life insurance: term, whole, and universal.

How does term life insurance work with National Insurance?

Term life insurance from National Group provides coverage for a specific period (e.g., 10, 15, 20, or 30 years). If the policyholder passes away during the term, beneficiaries receive a death benefit.

What are the features of whole insurance with National Insurance?

Whole life insurance offers permanent coverage for life, a guaranteed death benefit, fixed premiums, and a cash value component that grows over time. Dividends may be available to policyholders.

Can term policies be converted to permanent policies with National Insurance?

Yes, National Insurance allows the conversion of term policies to permanent policies without a medical exam, provided it’s done before the end of the conversion period.

How does universal life insurance differ from whole life insurance at National Group?

Universal life insurance provides flexible death benefits and premiums, with a cash value component that grows based on interest rates. It offers more customization options compared to whole life insurance.

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