Settlers Life Insurance Company Review (2022)
Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance.
Not only does he strive to provide you with the …
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Written by
Jeffrey Manola
Founder & Licensed Agent
Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs.
She has since used that knowledge in her more than ten years as a writer, largely in the insur…
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Reviewed by
Leslie Kasperowicz
Farmers CSR for 4 Years
UPDATED: Feb 9, 2022
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Facts You Should Know
Settlers Life Insurance Company was bought out by the National Guardian Life Insurance Company on January 15, 2022
It is not possible to purchase a life insurance policy with Settlers Life at this point, but the company does still serve its existing policyholders
Life insurance rates vary based on a person’s age, gender, health status, and other factors
Searching for life insurance can seem daunting and discouraging. If you’re currently looking for the best life insurance policy in your area, you may want to read more Settlers Life Insurance reviews to learn more about the company.
Settlers Life Insurance Company, which was recently bought out by the National Guardian Life Insurance Company, offers different types of life insurance policies to its clients.
As you shop around to find the best life insurance available, be sure to compare quotes from a lot of different companies at once. This will help you make sure you don’t end up paying too much for coverage; and you can also see how each company differs when it comes to coverage options and customer service.
You can use our free quote tool above to find and compare life insurance rates from top insurance companies in your area today.
What does Settlers Life Insurance offer?
Unfortunately, Settlers Life is no longer selling policies, as the company was bought out by National Guardian Life. But Settler Life Insurance still offers policies to its current policyholders.
With Settlers Insurance Company, policyholders can purchase different permanent life insurance policies. The company also offers options for life insurance policy riders for added protection and as a way to personalize a policy to meet the client’s needs.
Some of the most common permanent life insurance policy options with Settlers Insurance include:
Whole life
Universal life
Variable life
Variable-universal life
With each of these permanent life insurance policies, the following riders may be added for additional coverage with Settlers:
Guaranteed insurability
Accidental death
Waiver of premium
Family income benefit
Accelerated death benefit
Child term
Long-term care
Return of premium
If you currently have a policy with Settlers Life Insurance, but you don’t currently have any riders included in your life insurance policy, you may want to call the company to ask if you have the option of adding a rider to your existing coverage. You can also visit mysettlerslife.com to get more information.
Anyone who does not have an existing life insurance policy with Settlers cannot purchase a policy as the company only exists to serve its current customers and is no longer taking on new clients.
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How much is a Settlers life insurance policy?
It’s hard to know how much you would pay for a Settlers life insurance policy. Because the company is no longer issuing life insurance policies to new clients, you will not be able to get a direct quote from Settlers Life Insurance to see where its rates stand compared to other companies.
If you know you’re looking for a permanent life insurance policy, you can expect your rates to be higher than those with the typical term life policy. The table below shows the average monthly rates for a guaranteed issue whole life policy based on age and policy amount.
Average Monthly Guaranteed Issue Whole Life Insurance Rates by Age and Gender
Age$100,000 Policy Average Monthly Rates (Female)$100,000 Policy Average Monthly Rates (Male)$250,000 Policy Average Monthly Rates (Female)$250,000 Policy Average Monthly Rates (Male)$500,000 Policy Average Monthly Rates (Female)$500,000 Policy Average Monthly Rates (Male)
25-years-old$84.91$93.70$203.14$225.12$400.19$444.14
30-years-old$97.35$107.71$234.24$260.14$462.39$514.19
35-years-old$112.93$128.24$273.19$311.47$540.29$616.84
40-years-old$132.15$153.90$321.24$375.62$636.39$745.14
45-years-old$156.17$190.79$381.29$467.84$756.49$929.59
50-years-old$191.66$234.90$470.02$578.12$933.94$1,150.14
55-years-old$243.17$294.84$598.79$727.97$1,191.49$1,449.84
60-years-old$311.63$399.24$769.94$988.97$1,533.79$1,971.84
65-years-old$421.69$528.00$1,045.09$1,310.87$2,084.09$2,615.64
As you can see, monthly life insurance rates increase as you age and are automatically higher if you purchase a larger life insurance policy amount. In comparison to whole life insurance rates, the tables below show the average monthly term life insurance rates for men and women based on age and policy amount.
Sample Monthly Rates for a Male on a 20-Year Term Life Insurance Policy
Age$100,000 Policy Sample Monthly Rates for Males$250,000 Policy Sample Monthly Rates for Males$500,000 Policy Sample Monthly Rates for Males$1,000,000 Policy Sample Monthly Rates for Males
20$9.03$12.90$19.69$34.62
30$9.03$13.11$20.12$38.27
40$10.92$19.01$32.68$58.48
50$22.27$40.85$74.39$143.96
60$53.23$110.28$205.97$406.54
70$207.52$411.85$804.87$1,546.62
Notice the rates in the table above and how they tend to be more expensive than the rates in the table below. As you shop for a life insurance policy, you can expect your age, gender, and the policy amount that you choose to have a significant impact on your monthly rates.
Sample Monthly Rates for a Female on a 20-Year Term Life Insurance Policy
Age$100,000 Policy Sample Monthly Rates for Females$250,000 Policy Sample Monthly Rates for Females$500,000 Policy Sample Monthly Rates for Females$1,000,000 Policy Sample Monthly Rates for Females
20$8.26$11.52$16.68$27.86
30$8.26$11.70$17.11$28.72
40$10.23$15.26$25.37$50.09
50$18.09$31.56$56.67$113.73
60$36.98$77.90$144.96$294.55
70$157.21$382.48$730.14$1,406.10
If you’re on the fence about whether to choose a term or whole life insurance policy, the tables above may help you make an educated choice based on your budget and how much you can afford to pay each month for life insurance coverage.
Does Settlers have good ratings and reviews?
It is quite difficult to find a Settlers Life Insurance Company rating with many of the online rating services you may know and trust.
Settlers no longer has any ratings with companies like A.M. Best or the Better Business Bureau. But the National Guardian Life Insurance Company that acquired Settlers has an A (excellent) rating with A.M. Best and an A+ rating with the Better Business Bureau.
If you’re looking for a life insurance policy, you may be interested in learning more about National Guardian. But it’s still a good idea to find and compare rates from several different life insurance companies at once to make sure you’re getting the best deal possible.
In fact, you can use our free quote tool below to find and compare life insurance rates for term and whole life insurance policies today.
