National Life Group Review
I started Insurance Blog by Chris™ because I have a passion for insurance. Here at the blog, our job is to educate and inform people about the best insurance for them.
Since then, we have grown into national brands with a large team of researchers helping people understand all forms of insurance.
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Written by
Chris Huntley
Founder of Huntley Wealth & Insurance Services
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Nov 19, 2021
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What’s New in 2021 for National Life Group
How Has Covid-19 Affected National Life Group
Covid-19 has not affected National Life outside of a small controlled employee reduction. The company continues to grow substantially in profits and as well as in donations to charities.
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New Products or Changes
National Life Group created a new permanent life insurance product called BasicSecure Fixed Universal Life.
National Life Group in the News
The National Life Group announced a workforce reduction by around 100 employees in response to the pandemic. The reduction spans multiple offices and includes some of their remote employees. Recently, National Life stated they broke their annual report records for 2020.
National Life also recently donated $35,000 to the Branches of Hope cancer patient fund. Generally, the company holds a Do Good Fest, but this year, they decided to donate to the Central Vermont Medical Center instead.
2021 Latest National Life Group Reviews
National Life Group offers five different policies while most insurance companies only provide one. Their policies require that you contact a sales representative for quotes and other details, which then the representative will try to sell additional products per their incentive. Some of these instances have ended with customers saying they feel the representatives did fraudulent acts that were not agreed upon by them.
Customers overall are happy with the policies themselves but have some complaints about the company. According to reviews on Better Business Bureau, some customers have been unhappy with the cancellation policies. A lot of the complaints centered around well after having multiple charges when there should have only been a single charge for the policy.
National Life Group has been around since the mid-1800s, showcasing longevity that is uncommon in the world of life insurance.
Few companies have stood the test of time quite like this company, and for a good reason. You don’t stick around that long without doing something right.
After being in business for their first decade, they started paying a dividend to their clients that continue to this day.
The best practice has cemented them as a reliable force in the life insurance field, with solid values over nearly 170 years in operation.
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Is National Life Group a Good Company?
National Life Group consistently ranks as one of the best insurance groups in the country, and one of the companies with the highest customer satisfaction rate.
It’s not just their life insurance, either. Their financial services and business programs have both been hailed as some of the best in the industry.
When it comes to life insurance, this kingpin has built a reputation as a noteworthy competitor. They put their clients before everything and provide them with the coverage promised.
How does National Life Group Work?
Like many life insurance companies, National Life Group has its potential clients qualify for life insurance before any policies can be granted. Several factors can hold you back at this stage, including whether you have a history of diabetes or obesity.
These are part of the industry standard, as they need to check that you won’t pass away immediately due to a severe medical condition. If you do have these conditions, though, it won’t necessarily bar you from receiving coverage. It is considered on a case-by-case basis but having preexisting health concerns may affect your options–such as pricing and payouts.
It all comes to a head during a process called “underwriting.” It is where you give personal information and health reports to National Life Group, and they pass the details on to one of their underwriters.
RELATED: 5 Critical Tips You Must Know Before Buying Life Insurance
It’s important to note that no medical examinations are required to specifically qualify for their services, which can save you money. These unique offers are quite uncommon in the industry and usually offer coverage up to a certain threshold when it comes to the payout. If you do conceal health problems, it could result in your payout being declared null.
The underwriter will take your information, examine it, and determine your inherent risk for their life insurance policies. According to the company, this process can take anywhere from days to weeks. You will then be informed about where you stand.
An agent will reach out to you and discuss your options based on their policies. From there, you will be able to determine the best course of action for your unique requirements.
What Does National Life Group Offer?
National Life Group has a myriad of options for you, depending on a few factors, like how much coverage you’re looking for, and how long you want to pay premiums. They offer five primary options: term, whole, universal, indexed universal, and variable universal.
Let’s break these down.
Term
You will have the option of choosing between ten, fifteen, twenty, and thirty-year policies with term insurance. Included in the selection is the choice of adding more detailed plans, such as accidental death clauses and unemployment options.
Whole
Through their National Life Builder program, you’ll be able to attain propriety permanent insurance plans that come with assurances.
If you choose whole insurance, you’ll be guaranteed benefits upon your passing, reliable premium payments, and the unique ability to pay off your policy faster than usual. It gives you peace of mind for a lifetime.
Universal
Unlike term insurance, the universal policy has your entire life in mind. This program comes with a cash accumulation opportunity that can allow you to build up a sum over time, which can come in handy.
Indexed Universal & Variable Universal
These two options come with the standard features of universal coverage, but you’ll have the opportunity to invest the money that you accumulate.
You can choose to invest in certain markets and mutual funds, which grow considerably over time.
It comes with a higher level of inherent risk, however, so these options are only available to qualified candidates.
RELATED: Check Sample Life Insurance Rates by Age (No Personal Info Required)
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What is the Rating of National Life Group?
National Life Group is generally highly rated by both industry professionals and customers alike.
In October 2019, BestLifeRates gave the company 4 out of 5 stars due to its popularity and excellence in the industry. They also received a heralded “A+” rating from Standard & Poor’s, an “A” from A.M. Best, and a notable “A2” by the analysts at Moody’s Investor Services.
All these ratings added up to 83 on their Comdex score, which accounts for several factors, including cost, coverage, and reputation.
Pros & Cons of National Life Group
Pros
National Life Group has been a trusted member of the insurance industry since 1848. Over the years, they have paid out through all the significant tragedies that the United States has faced. They are still in business for a reason.
The company offers a wide variety of policies for people, healthy and not. The policies are affordable, and the payouts are generally considered to be timely and helpful.
They genuinely seem to put the customer first, and their reviews state that the employees are helpful with whatever issue you face.
National Life Insurance Group own multiple other insurance companies that they use to underwrite their products. One of the better known is LSW Life Insurance Company of the Southwest.
Cons
There aren’t many cons evident for National Life Group, with the exception of issues involving human error. These complaints were primarily around financial advice or advice surrounding the best policies to select.
The grievances that have been expressed are standard fare for life insurance companies. They employ a vast number of representatives who can make clerical mistakes or suffer lapses of judgment to affect your experience with the company. It is to be expected.
The wisest move is to consider all your options before committing to National Life Group (or any other company). There are so many other services in the field, and there may be a better option for your unique needs.
