National Life Insurance Review

Overview

Its shares are owned by NLV Financial Corporation, which is the wholly-owned subsidiary of the parent holding company, National Life Holding Company. The holding company and all its subsidiaries belong to the National Life Group which operates out of Montpelier, Vermont. They have attained strong ratings from A.M. Best, Moody’s and Standard & Poor’s.

Policies / Plans

National Life Insurance offers 3 basic types of life insurance:

Term Life Insurance

A death benefit is paid to the beneficiaries in the event of the policy holder’s death while the policy is in force and there is no lapse in payments. There is no potential to accumulate cash values and coverage is for a certain term period or up until a certain age.

Whole Life Insurance

Individual whole life insurance, often called permanent or traditional insurance, is intended to provide lifelong protection and does not need any renewal. As long as the owner of the policy continues to pay the premiums, the insuring company will pay the death benefit. These policies are designed and priced for an individual to keep over a long period of time. The premiums are set according to the insured's age at the time of purchase and they generally remain level for the life of the policy.

Universal Life Insurance

National Life Insurance offers universal life insurance plans in form of cash value insurance which permits the customer to adjust premium payments, at a frequency of their own convenience, at any amount within a certain range. Fixed premium payments are not required. Death benefit can be increased or reduced. However, premiums will increase in keeping with the age of the insured. Cash values that have accrued are tax deferred and can earn both a guaranteed interest rate in addition to the potential for additional interest which reflects the company’s investment profits. National Life Insurance provides a variable universal life insurance plan which offers more flexibility and customization in order to meet individual needs. Optional riders ensure even more flexibility combined with tax-deferred growth of cash values linked to the market performance of sub-accounts at no additional cost to the policy holder.

Pricing / Rates

There is no indication of pricing whatsoever so customers will literally have no clue to what kind of payments will they be making prior to meeting a financial representative or agent from National Life Insurance.

Getting A Quote

Quotes are only available through their agents. Their products are sold through agents and financial representatives. Customers may opt to fill in a Contact Us form so that National Life Insurance representatives may contact them.

Customer Service

Customers may contact National Life Insurance via their website through email or post or they may choose to meet customer service representatives at National Life Insurance offices located across certain states in the U.S.A. Existing customers may log into their website to view their insurance policy information only. Any changes they would like to effect will have to be through their appointed representatives. Printable customer service forms are readily available on their official website. A toll-free phone number is also provided for customer’s inquiries and complaints. Documents such as prospectuses; annual reports; financial reports etc are available in electronic format are only currently available for Variable Product owners.

Summary

Based on the factors stated, National Life Insurance scored what it did, primarily because information about their products are not readily available, quotes can only be obtained offline i.e. through a representative and their product offerings are scarce.