Ozark National Life Insurance Company, Missouri: Overview, Contacts, Services, Financial Aspects, Quote, Claim Process, Renewal and Cancellation policy

How Ozark National Life Insurance Company Can Help You Balance Your Life and Retirement Goals

Life insurance is one of the most important financial decisions you can make for yourself and your loved ones. It can provide protection, peace of mind, and a source of income in case of unexpected events. But life insurance is not only about death benefits. It can also help you achieve your retirement goals and enjoy a comfortable lifestyle in your golden years.

If you are looking for a life insurance company that can offer you both protection and growth, you may want to consider Ozark National Life Insurance Company, Missouri. Ozark National is a company that has been in business for over 50 years, serving customers in 29 states with over $5 billion of life insurance in force. Ozark National is known for its innovative product, The Balanced Program®, which combines life insurance coverage and mutual fund investments in a skillful way.

 

What is Ozark National and what does it do?

Ozark National Life Insurance Company is a life insurance company that was founded in 1964 in Kansas City, Missouri. The company specializes in providing life insurance products that are designed to help customers save money for their future while also providing protection in case of death or disability.

Ozark National’s flagship product is The Balanced Program®, which was launched in 1969. The Balanced Program® is a unique product that combines a modified whole life insurance policy with a mutual fund investment plan.

 

An Image illustration of Ozark National
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The life insurance policy provides guaranteed cash values and a decreasing death benefit that can be paid to the beneficiaries in a lump sum. The mutual fund investment plan provides potential growth through periodic investments in a mutual fund account that can be set up as a non-tax qualified account, a Roth IRA account, or an IRA account.

 

What are the company details of Ozark National?

Ozark National is a privately held company that is owned by National Western Life Group, Inc., a publicly traded company that operates in the insurance and financial services industry. National Western Life Group acquired Ozark National in 2019 for $203 millio3. Ozark National and its affiliated broker-dealer, N.I.S. Financial Services, Inc., continue to operate from their headquarters in Kansas City, Missouri.

The current president and CEO of Ozark National is Charles D. Wood, who has been with the company since 1978. The company has a team of over 100 employees and over 1,000 agents who serve customers across the country. The company also has a board of directors that oversees its strategic direction and governance.

Ozark National does not disclose its market share or revenue figures, but according to its latest annual report, it had total assets of $1.2 billion, total liabilities of $1 billion, and total equity of $200 million as of December 31, 2019. The company also reported a net income of $12.7 million and a return on equity of 6.4% for the year 2019.

 

What are the partnerships and affiliates of Ozark National?

Ozark National has several partnerships and affiliates that help it provide quality products and services to its customers. Some of these include:

 

N.I.S. Financial Services, Inc.: This is an affiliated broker-dealer of Ozark National that offers mutual fund investments and other financial products to customers who participate in The Balanced Program®. N.I.S. also provides training and support to Ozark National’s agents and customers.

American Funds: This is one of the largest mutual fund families in the world that offers a variety of funds for different investment objectives and risk profiles. Ozark National’s customers can choose from several American Funds to invest in through their mutual fund accounts as part of The Balanced Program®.

Pershing LLC: This is a leading provider of clearing and custody services for broker-dealers, registered investment advisors, and financial institutions. Ozark National’s customers’ mutual fund accounts are held at Pershing LLC, which provides account statements, tax reporting, online access, and other services.

Kansas City life insurance company: This is a regional life insurance company that offers individual and group life, annuity, and health products. Ozark National has a reinsurance agreement with Kansas City Life Insurance Company, which means that Kansas City Life assumes some of the risk and liability associated with Ozark National’s life insurance policies.

National Western Life Insurance Company: This is the parent company of Ozark National that offers life insurance and annuity products in domestic and international markets. National Western Life provides financial backing and strategic guidance to Ozark National as its subsidiary.

 

What services does Ozark National offer?

Ozark National offers life insurance products that are designed to help customers balance their life and retirement goals. The main product that Ozark National offers is The Balanced Program®, which combines a modified whole life insurance policy with a mutual fund investment plan. However, Ozark National also offers other types of life insurance products, such as:

 

Term Life Insurance:

This is a type of life insurance that provides coverage for a specified period of time, usually 10, 15, 20 or 30 years.  Additionally, Term life insurance policies have lower premiums than permanent life insurance policies, but they do not have any cash value or investment component. Term life insurance policies are suitable for customers who need temporary protection or who have limited budgets.

Universal Life Insurance:

This is a type of permanent life insurance that provides flexible coverage and cash value accumulation. Furthermore, Universal life insurance policies allow customers to adjust their premium payments, death benefits, and cash value withdrawals according to their changing needs and circumstances. Universal life insurance policies also have an interest-bearing account that grows based on the current market rates or a minimum guaranteed rate. Universal life insurance policies are suitable for customers who want long-term protection with some flexibility and growth potential.

Indexed Universal Life Insurance:

Is a type of universal life insurance that links the growth of the cash value account to the performance of an external index, such as the S&P 500 or the Nasdaq 100. Indexed universal life insurance policies offer customers the opportunity to participate in the upside potential of the stock market without risking their principal in case of market downturns

Variable Universal Life Insurance:

This is a type of universal life insurance that allows customers to invest their cash value account in a variety of subaccounts that are similar to mutual funds. Furthermore, Variable universal life insurance policies offer customers the highest growth potential among all types of life insurance policies, but they also involve the highest risk and volatility. Variable universal life insurance policies are suitable for customers who want long-term protection with maximum control and flexibility over their investments.

Among these types of life insurance products, Ozark National’s The Balanced Program® stands out as a unique and innovative product that offers customers the best of both worlds: guaranteed protection and growth potential. The Balanced Program® is not only a life insurance product, but also a retirement planning tool that can help customers achieve their financial goals.

 

What is Ozark National’s “Balanced Program®”

The Balanced Program® is designed to provide for customers’ future in three scenarios: long life, premature death or disability. In case of long life, customers can enjoy the benefits of both the cash values of the life insurance policy and the growth potential of the mutual fund investments.

However, In case of premature death, customers’ beneficiaries can receive the death benefit from the life insurance policy plus an additional amount that allows them to purchase mutual funds to complete the investment portion of the program. In case of disability before age 60, customers can benefit from the total and permanent disability rider and the waiver of premium benefit that will pay for their fund investments and insurance premiums as long as they remain disabled.

Ozark National claims that The Balanced Program® is a simple and effective way for customers to save money for their future while also having peace of mind that their loved ones are protected. The company also claims that The Balanced Program® can revolutionize the life insurance industry by providing a combination of guarantees and growth that neither product can provide alone.

 

How can you contact Ozark National?

If you are interested in learning more about Ozark National and its products, or if you have any questions or concerns, you can contact the company through various channels, such as:

Phone: You can call Ozark National’s toll-free number at 1-800-228-5001 to speak to a customer service representative or an agent. The phone lines are open from Monday to Friday, 8:00 a.m. to 4:30 p.m. Central Time.

Address: You can visit or mail Ozark National’s headquarters at 500 E. 9th Street, Kansas City, MO 64106.

Email: You can send an email to Ozark National’s customer service department at customerservice@ozark-national.com or to its agent support department at agentsupport@ozark-national.com.

Fax: You can fax Ozark National at 816-842-5215.

Website: You can visit Ozark National’s website at https://www.ozark-national.com/ to access information about the company and its products, download forms and brochures, view your account details, make payments, and more.

Ozark National strives to provide excellent customer service and support to its customers and agents. The company values your feedback and suggestions and encourages you to contact them with any questions or comments you may have.

 

What are the financial details of Ozark National?

Ozark National is a financially sound and stable company that has been in business for over 50 years. The company has a strong balance sheet and a solid track record of profitability and growth. Some of the financial details of Ozark National are:

 

Premium Costs: The premium costs of Ozark National’s products vary depending on the type of product, the amount of coverage, the age and health of the customer, and other factors. However, Ozark National claims that its products are competitively priced and affordable for most customers. The company also offers flexible payment options, such as monthly, quarterly, semi-annual, or annual payments.

Discounts and Promotions: To begin with, Ozark National does not offer any discounts or promotions on its products, but it does offer incentives and rewards to its customers and agents who participate in The Balanced Program®. For example, customers who invest in mutual funds through The Balanced Program® can receive bonus units that increase their fund value over time. Agents who sell The Balanced Program® can earn commissions, bonuses, trips, and other recognition awards.

Ratings: Ozark National has received positive ratings from independent rating agencies that evaluate the financial strength and performance of insurance companies. For instance, Ozark National has an A+ (Superior) rating from A.M. Best Company, which is the highest rating possible. This rating indicates that Ozark National has a superior ability to meet its ongoing obligations to policyholders. Ozark National also has an A+ (Strong) rating from Standard & Poor’s Corporation, which is the fifth highest rating out of 21 possible ratings. This rating indicates that Ozark National has a strong capacity to meet its financial commitments.

These financial details show that Ozark National is a reliable and trustworthy company that can deliver on its promises to its customers.

 

Ozark National Claim Process

To file a life insurance claim with Ozark National, you will need to contact the company by phone, email, or mail and request the claim forms. The claim forms will require you to provide personal information about the policyholder, such as their full name, date of birth, and social security number. You will also need to submit a certified copy of the death certificate and any other documents that the company may request. The company will then review your claim and notify you of the outcome within a reasonable time.

 

Ozark National Customer Reviews

Ozark National has a 3.9 star rating out of 5 based on 55 customer reviews on Birdeye. Most customers praised the company for its innovative product, The Balanced Program®, which combines life insurance coverage and mutual fund investments. They also appreciated the company’s customer service and support. However, some customers complained about the company’s high fees, poor communication, and misleading sales practices.

 

How to get a quote from Ozark National Life Insurance Company

According to my web search results, Ozark National does not provide online quotes for its products. To get a quote, you will need to contact an agent who can help you choose the right product and coverage for your needs. You can find an agent near you by visiting the company’s website and clicking on the “Find an Agent” button. Alternatively, you can call the company’s toll-free number at 1-800-228-5001 and ask for an agent referral.

 

How to file a claim with Ozark National Life Insurance Company

Ozark National does not provide online claims services. To file a claim, you will need to contact the company by phone, email, or mail and request the claim forms. The claim forms will require you to provide personal information about the policyholder. Additionally they include their full name, date of birth, and social security number. You will also need to submit a certified copy of the death certificate and any other documents that the company may request. The company will then review your claim and notify you of the outcome within a reasonable time.

 

Ozark National Renewal and Cancellation Policy

To begin with, Ozark National does not provide any specific information about its renewal and cancellation policy on its website. However, according to its product brochure, The Balanced Program® is a modified whole life insurance policy that provides coverage for the lifetime of the policyholder as long as the premiums are paid. The policy also has a grace period of 31 days for late payments. If you want to cancel your policy, you may need to contact the company and follow their instructions.

Pros and Cons of Ozark National

Ozark National has some pros and cons that you should consider before choosing it as your life insurance provider.

Some of the pros are:
  • It offers a unique and innovative product, The Balanced Program®, that combines guaranteed protection and growth potential.
  • It has positive ratings from independent rating agencies, such as A.M. Best and Standard & Poor’s.
  • It has over 50 years of experience in the life insurance industry and serves customers in 29 states.
  • It has incentives and rewards for customers and agents who participate in The Balanced Program®.

 

Some of the cons are:

 

  • It does not offer any discounts or promotions on its products.
  • It does not provide online quotes or claims services.
  • It does not disclose its market share or revenue figures.
  • It has some negative customer reviews and complaints.

What are some of the frequently asked questions (FAQs) about Ozark National

What is The Balanced Program®?

The Balanced Program® is a product that combines a modified whole life insurance policy with a mutual fund investment plan. Additionally, It is designed to provide for customers’ future in three scenarios: long life, premature death or disability.

What types of mutual funds can I invest in through The Balanced Program®?

You can choose from several American Funds to invest in through your mutual fund account as part of The Balanced Program®3. Furthermore, American Funds is one of the largest mutual fund families in the world that offers a variety of funds for different investment objectives and risk profiles.

How can I contact Ozark National?

You can contact Ozark National by phone at 1-800-228-5001, by email at customerservice@ozark-national.com or agentsupport@ozark-national.com, by mail at 500 E. 9th Street, Kansas City, MO 64106, or by visiting its website at https://www.ozark-national.com/.

 

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