In our culture, freedom is defined by choices—the more, the merrier. However, when it comes to choosing the best life insurance company for your needs, most individuals feel disproportionate and therefore put off purchasing life insurance.

They have questions: What rate class can I qualify for? Which company is best for my health conditions? What is the best policy for me? These are some concerns we observe every day from clients such as yourself.

We at Effortless Insurance try to educate our readers through life insurance company reviews in which we go into great detail about the company’s products and rates. Today, we bring you just that, our unbiased review of National Life Group.

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National Life Group History

The National Life Insurance Company was established on November 13, 1848, as a mutual life insurance company, built on sharing the profits with its policyholders as opposed to shareholders. Its name, “National Life”, was a signal to the company’s organizers that they intend to sell policies throughout the nation. The first policy was sold on February 1, 1850. Dr. Julius Yemans Dewey, a physician in Vermont was among the company’s originators.

Later, he became a general agent and then president of the company and delivered the company’s first claim on July 26, 1850. Today, National Life Group employs nearly 1,000 people and has more than $30 billion in assets under management.

National Life Group Financial Ratings

  • A.M. Best: A (Excellent)
  • Standard & Poor’s: A+ (Strong)
  • Moody’s: A2 (Good)

Products Offered by National Life Group

National Life Group specializes in diverse products for individuals, business owners, and employers. They provide retirement, annuities, IRA, mutual funds, and life insurance policies. Our National Life Group review will focus only on the life insurance products for individuals and families.

Level Premium Term insurance

Term life insurance is the most affordable coverage you can buy. Simply put, it’s the best bang for your buck. Unlike a permanent policy, term life provides coverage for a specific span as opposed to your entire lifetime. It gives you the flexibility and affordability to safeguard what’s most important to you now.

Obligations such as mortgage protection, income replacement, or college tuition are some of the reasons people opt for term life insurance. National Life Group offers 10-, 15-, 20-, and 30-year term plans from which to choose, with the ability to convert the coverage to whole life at the end of the contract without proving insurability or going through underwriting.

Optional Riders

  • Disability income
  • Waiver of premium
  • Living benefit
  • Accidental death benefit
  • Children’s term
  • Unemployment rider

Whole Life Insurance

Whole life insurance may be the most recognized coverage even among newbies because its name says it all. Whole life is permanent protection that lasts for your entire existence. Additionally, whole life builds cash value over time that grows, on a tax-deferred basis, which can be used for loans or withdraws.

The most appealing feature for buying whole life is guaranteed death benefit payment to your beneficiary, tax-free, upon your death, whenever that time is. For most, this is the only reason for purchasing a policy in the first place.

National Life Group offers two whole life coverages:

  1. LifeBuilder: This is a unique form of whole life coverage. It has the same great cash value growth and death benefit payment guarantees, but it allows you to structure the premium to fit your budget or even increase or decrease your death benefit as your circumstance requires. You will have the option to pay-up your policy in 5, 10, 15, or 20 years. You can also elect to pay level premiums for the entire life of the policy, the choice is yours. This policy acts like universal life.
  2. ProtectorLife: This is another fantastic idea for those who think whole life is too expensive or don’t have the budget currently. This policy uses Automatic Conversion Rider (ACR) which allows the purchase of a term policy rider that is slowly converted into whole life following a 10- or 20-year schedule. As the term insurance decreases, the whole life insurance and premiums increase, which permits individuals who are starting a new business or a new family the option to have a permanent policy at a starting lower price.

Fixed Universal Life Insurance

Universal life, or UL for short, is a permeant solution for those who need extra flexibility and customization and still need to maintain lifetime coverage that pays death benefit proceeds to heirs. Universal life builds cash value on a tax-deferred basis, which you can withdraw or borrow at any time in the future.

One of the most significant highlights of UL is the ability to increase or decrease the death benefit amount through your life as you see fit. Lastly, with UL, you can have total control of the premium payment amount and schedule (skip payments) as long as there is enough cash to pay the cost of insurance (COI).

National Life Group offers four universal life coverages:

  1. AssurePlus Protector: Is a universal life policy that helps you protect what’s important to you: your business, family, goals, and income. It comes with premium and death amount flexibilities just like any other UL has with optional riders which can enhance your coverage even further.
  2. Horizon Universal Life Insurance: A UL policy that comes with a living benefit rider at no additional cost. The accelerated benefit rider (ABR) allows the policy owner to tap into the policy’s death benefit while he is still alive to cover expenses associated with a terminal, chronic, or critical illness. It’s a policy that you don’t have to die to use.
  3. IncomeBuilder UL: The IncomeBuilder UL policy has the potential to grow higher cash value than the other UL above. It provides a guaranteed rate of three percent per year regardless of market volatility. Hence, it provides growth for you and guaranteed death benefit protection to your beneficiaries should you die untimely. The accelerated death benefit rider comes at no additional cost, which enhances your coverage considerably.
  4. Foundation UL: A UL policy that comes with even more options and cash accumulation potential. It comes with the other insured rider which allows the policyholder to purchase a renewable term life insurance on a spouse within one policy for one premium. Foundation UL offers a very attractive minimum guaranteed interest rate of four percent per year.

Indexed Universal Life

Indexed universal life or IUL is another form of permanent coverage derived from the traditional universal life. It allows the same exceptional flexibilities UL has but with an elevated cash growth potential. The cash value portion is tied to market’s indexes (it is not invested directly), and the total amount credited to your account with interest is based on increments in an equity index.

You can choose which index to invest based on the buckets or accounts a company offers, with an option to fund it in a fixed account which generates a fixed interest rate each year. Note that if the index goes down in value, you are not sharing a loss, you would just earn a minimum interest rate for the year. You only participate in the gains of an index.

National Life Group offers three types of IUL:

  1. SecurePlus Provider: As most people continue to live longer, the fear of outliving retirement income is a pragmatic concern for most individuals. SecurePlus provides lifetime income benefit rider (LIBR) at no additional cost which helps you plan for the future. This guarantees a stream of income that you cannot outlive. It also comes with a living benefit rider which can help if you are diagnosed with terminal, chronic, or terminal illness by allowing you to withdraw the death benefit while you are still alive. You can select the cash account growth based on changes in the value of the S&P 500 or the MSCI Emerging Markets Index.
  2. LifeCycle Solution: This coverage, also called a survivorship policy, is meant to cover two individuals and pay the proceeds on the death of the second insured. LifeCycle is innovative survivorship coverage which offers five crediting strategies to park your money, four based on the S&P 500 index and one based on the MSCI Emerging Markets index.
  3. FlexLife II: An IUL coverage that comes with six crediting strategy options from which to choose. You can have all the upside potential with downside protection. In the event of a declining index, you are guaranteed zero percent interest crediting floor. It also comes with the same two riders at no extra cost: living benefit and the Lifetime Income Benefit Rider (LIBR).

Lifetime Income Benefit Rider (LIBR)

This is a unique provision which is offered on select universal life policies. Most think that life insurance’s goal is to protect against premature death—which, essentially, is correct. However, have you considered how to protect yourself if you live longer? Are you able to sustain your financial needs with your 401(k) or even worse, your Social Security benefits?

Here is the ultimate question to ask: What if I outlive my retirement income altogether?

This is where the optional Lifetime Income Benefit Rider comes into play. If your policy is sufficiently funded and the death benefit is no longer needed, you can retire and exercise the rider to guarantee yourself tax-free income for the rest of your life.

National Life Group vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Banner $13.05 $19.01 $40.44 $110.28
 Protective $13.05 $17.80 $41.26 $110.61
 AIG $13.17 $19.37 $42.24 $118.76
 Pacific Life $13.18 $18.79 $41.44 $110.29
 Lincoln$13.28 $18.16 $41.15 $109.77
 Mutual of Omaha $13.55 $20.64 $45.80 $134.59
 Principal $14.00 $18.55 $41.19 $109.81
 North American $14.30 $20.02 $43.56 $115.06
 National Life Group $18.70 $25.52 $59.62 $154.44
 Prudential $20.35 $24.50 $45.50 $128.85

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Banner $11.61 $15.39 $32.21 $78.83
 Protective $11.76 $15.44 $31.65 $77.17
 AIG $11.67 $16.59 $33.90 $87.98
 Pacific Life $11.71 $16.00 $31.83 $77.91
 Lincoln$11.82 $15.67 $31.57 $82.47
 Mutual of Omaha $12.26 $17.63 $35.69 $101.91
 Principal $12.54 $16.19 $32.07 $77.18
 North American $12.76 $16.94 $34.10 $81.84
 National Life Group $15.84 $21.56 $44.44 $103.62
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Banner $20.00 $32.68 $73.52 $204.89
 Protective $20.01 $28.75 $75.24 $207.86
 AIG $20.01 $30.27 $76.86 $218.79
 Pacific Life $20.19 $30.26 $75.22 $207.36
 Lincoln$20.39 $30.50 $74.99 $213.02
 Mutual of Omaha $21.29 $32.90 $82.78 $249.19
 SBLI $21.32 $34.97 $87.00 $286.85
 Principal $21.43 $30.54 $75.82 $213.06
 National Life Group $25.08 $36.96 $92.40 $246.84
 Prudential $33.25 $41.57 $83.57 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Banner $17.37 $25.20 $58.35 $150.93
 AIG $17.44 $26.85 $58.05 $161.51
 Pacific Life $17.51 $25.69 $56.10 $144.97
 Protective $17.53 $25.11 $54.88 $138.51
 Lincoln$17.68 $25.64 $55.31 $144.95
 SBLI $18.18 $27.33 $63.08 $173.03
 Mutual of Omaha $18.28 $28.17 $61.71 $172.65
 Principal $18.52 $25.81 $57.58 $147.79
 National Life Group $22.00 $36.96 $72.60 $171.60
 Prudential $27.13 $37.63 $72.63 $171.07

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 AIG $32.83 $53.35 $141.42 $415.02
 Lincoln$32.91 $53.12 $142.11 $409.07
 Protective $33.78 $51.67 $141.51 $393.73
 SBLI $34.34 $55.91 $147.73 $457.62
 Pacific Life $34.72 $54.10 $141.44 $406.55
 Principal $36.21 $54.51 $145.08 $418.34
 Banner $36.33 $54.74 $141.41 $411.08
 Mutual of Omaha $36.34 $59.56 $157.60 $470.64
 National Life Group $43.56 $83.16 $174.68 $468.60
 Prudential $48.57 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Banner $25.98 $46.96 $110.42 $294.55
 Protective $28.50 $43.52 $101.32 $265.48
 AIG $25.99 $44.80 $109.78 $311.56
 Pacific Life $28.73 $44.50 $103.19 $274.04
 Lincoln$27.48 $43.41 $102.73 $282.01
 Mutual of Omaha $30.32 $48.38 $112.88 $327.88
 Principal $30.35 $44.89 $105.26 $283.06
 North American $32.12 $48.84 $113.08 $283.80
 SBLI $29.04 $43.67 $103.07 $270.11
 National Life Group $37.40 $56.76 $135.08 $333.08

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Jan 2019 and are subject to underwriting approval.*

Bottom Line

Here you go, our National Life group review. National Life has been around for more than 170 years and is a leader in the insurance and financial industry. The type of coverage you are looking for will dictate if you should go with them or not. If you are seeking term life, they are not competitive, price wise (see the table above with all comparable rates).

However, if you need universal life insurance, I suggest you get a quote from them and compare the rates against the rest. I like the Lifetime Income Benefit Rider (LIBR) which allows you to dismiss the fear of living too long by providing you with a tax-free retirement income for the rest of your life. (Who says that I have to die to use my life insurance benefit?)

Lastly, life insurance isn’t a one-size-fits-all puzzle. Don’t tackle this yourself, because you won’t save money by doing so. Life insurance prices are fixed by law. The rates you get are based on the underwriting decision and not if you find a “good deal online”.

Give us a call today at 866-326-3053 for unbiased life insurance quotes from 50 top-rated companies. Alternatively, you can use the form on the right-hand side to run the quotes yourself.

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