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National Life Group Review & Complaints | Life Insurance

National Life Group
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Financial Strength

National Life Insurance Company (National Life Group) is a mutual firm with roots stretching back to 1848. The Vermont-based company was founded with organizers from multiple states, and it began with intentions to sell its policies throughout the country.

Today, National Life has largely succeeded in its vision. It services just under 800,000 customers and had revenues of $1.7 billion in 2012. Altogether, the company employs around 900 people spread among its offices in Vermont, New York and California.

Aside from life insurance, National Life also offers financial and investment products, including annuities. It’s also an active participant is charitable organizations, being the founder of the National Life Group Charitable Giving Foundation, which organizes community initiatives to support local charities.

As a mutual firm, all National Life customers hold partial ownership in the business. This means that any profits above the company’s operating costs are paid back into the services provided. Policies are sold through financial representatives and agents employed in sales networks throughout the country.

Insurance Products

Life Insurance

National Life sells a variety of life insurance products to meet the needs of its customers. Among these are term, whole and universal life policies as well as living benefits coverage.

    • Term life insurance provides a guaranteed level of coverage for a pre-specified term. At the end of the term, the policy ends and all money paid in premiums is lost.
    • Whole life insurance is a permanent policy that lasts as long as premiums are paid. It has a cash value that can be borrowed against.
    • Universal life insurance is another type of permanent policy, but its more flexible than whole life. The amount paid in premiums can vary over time, and this will affect the final death benefit and cash value of the policy.

Living benefits policies allow the insured to access a portion of his or her death benefits after being diagnosed with a critical or terminal illness as a way to mitigate final medical expenses.

Anyone considering life insurance should understand the difference between term and permanent coverage. They are completely different products that serve specific needs. Which is why you should read this post: Why Term Life is Better Than Whole Life.

Additional Products

Aside from life insurance, National Life provides

several types of investments for retirement planning. Among these are annuities, which act similarly to pensions, and provide guaranteed annual benefits throughout retirement.

Other financial products offered by National Life include mutual funds, real estate investment trusts, and various other asset management services. These products are brokered through National Life but managed by its partners Sentinel Investments and Equity Services Incorporated.

Claims

There is no online claims form for National Life Insurance. Several other forms, including beneficiary change forms, are available under the “Customer Support” tab of the site. To file a claim, however, a customer should contact their agent or call the toll-free support number at 1-800-732-8939.

This customer service line is available from 8 am to 6 pm Monday through Thursday, and 8 am to 4:45 pm on Friday. It’s unavailable during the weekends.

In general, the claims process for life insurance is fairly straightforward. The beneficiary, spouse or child of the insured would call the agency or customer support line and provide basic information about the insured and the cause of death. This may then be investigated depending on whether the policy has any exclusions.

Assuming there are no exclusions preventing payout, the insurance company would provide death benefits to the named beneficiaries on the policy. This process can take anywhere from a few days to several weeks depending on the situation.

Consumer Research and Complaints

National Life Insurance Company is listed on the Better Business Bureau website with a A+ rating, but the company is not BBB accredited. The site lists just four complaints closed within the last three years, all of which were closed in the previous 12 months. Of these, two were issues with advertising or sales, one with billing or collections and one with the product or service.

Financial Strength

Rating Company Grade Financial Outlook
AM Best A Stable
Fitch N/A N/A
S&P A Stable

Bottom Line

National Life Group offers a number of products that can fit the needs of just about anyone looking for life insurance coverage. They have an A+ rating with the BBB and very few complaints filed against them. Their financial ratings are slightly above average according to the major reporting firms.

For a list of companies that we recommend, visit our Best Insurance Companies page.

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Review Information

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Category: Annuity

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