National Life Group is a life insurance company offering a variety of products, from life insurance to annuities, mutual funds, and IRAs. The company has been around for over 170 years, offering protection to all sorts of people.
In this article, we will drill down into the life insurance products offered by National Life Group to help our readers make an informed decision about the insurers they choose to trust with their business.
NOTE: We are not National Life Group. If you need to contact the company, please call them at (800) 732-8939 or contact them through their website at www.NationalLife.com.
National Life Group
15455 Dallas Parkway Ste. 800
Addison, TX 75001
Company Overview and Highlights
National Life Group is the trade name for a group of life insurance and financial services companies. They sell individual and group life insurance policies, and as of 2019, they had $170 billion in life insurance policies in force.
The company distributes its products through independent insurance and financial professionals who work on a commission basis and are not employed by the company.
Notice: National Life Group is currently involved in a class-action lawsuit filed by the Girard Sharp law firm which has alleged that National Life Group is participating in an illegal pyramid scheme. This filing by Girard Shard alleges that National Life Group targeted Vietnamese, Chinese, and Filipino immigrants with unusually high returns for recruiting others to purchase and then sell universal life insurance policies.
National Life Group’s Financial Ratings
National Life Group’s subsidiary life insurance companies, National Life Insurance Company and Life Insurance Company of the Midwest, both of which have a long operating track record and have earned high ratings with the national rating companies:
|
RATING SERVICE |
CURRENT RATING |
|
A.M. Best |
A+ (Superior) |
|
Standard & Poor’s |
A+ (Strong) |
|
Moody’s |
A1 (Good) |
|
Better Business Bureau |
A+ (Not BBB Accredited |
National Life Group Life Insurance Products
National Life Group offers a variety of policies to meet your needs, including term, whole, universal, indexed universal, and variable universal.
National Life Group also provides a living benefit rider. All of their products require an application and a medical exam for eligibility.
It’s recommended that prospective customers inquire about National Life Group through an independent insurance broker to obtain more information regarding underwriting guidelines and coverages.
Term Life Insurance
Term insurance is the most popular life insurance product for families with budget limitations but requires large protection needs temporarily. Term Life Insurance offers:
- A guaranteed death benefit for the length of your selected term as long as periodic premiums are paid.
- A level periodic premium amount for the term (length) of the policy
- A variety of optional riders that allow the applicants to customize their coverage to meet specific needs and budget.
National Life Group Term Life Insurance Rates
Rate indicator for a $500,000 20-year policy for a Male in Preferred Health:
| Company | 30 Year Old Monthly | 40 Year Old Monthly | 50 Year Old Monthly |
|---|---|---|---|
| Protective | $19.30 | $29.09 | $71.55 |
| Banner Life | $19.43 | $31.53 | $72.67 |
| AIG | $19.66 | $29.83 | $73.10 |
| Principal | $19.87 | $29.34 | $72.30 |
| Lincoln Financial | $20.42 | $31.40 | $75.52 |
| Pacific Life | $20.19 | $30.26 | $75.22 |
| American National | $20.74 | $31.54 | $77.76 |
| Mutual of Omaha | $20.29 | $32.90 | $82.78 |
| National Life | $25.08 | $36.96 | $92.40 |
Rates are subject to medical underwriting and final approval of the company.
Rate indicator for a $500,000 20-year policy for a Female in Preferred Health:
Company 30 Year Old Monthly 40 Year Old Monthly 50 Year Old Monthly
Protective $16.52 $25.07 $54.39
Banner Life $16.32 $24.60 $56.83
AIG $16.67 $25.26 $56.43
Principal $16.81 $25.28 $56.24
Lincoln Financial $17.47 $26.53 $58.50
Pacific Life $17.51 $25.69 $56.10
American National $19.01 $29.38 $60.91
Mutual of Omaha $18.28 $28.17 $61.71
National Life $22.00 $36.96 $72.63
Rates are subject to medical underwriting and final approval of the company.
Whole Life Insurance
Whole life insurance offers a death benefit and a cash value account for a lifetime. It’s the most expensive type of life insurance, but it also offers guarantees, such as locking in your premiums and the coverage amount.
Whole Life Insurance has gained in popularity over the last 10 years because it is often used as a tool to accumulate wealth that can be added to a policyholder’s tax-exempt income stream.
In an unstable economy with a congress full of tax-hungry legislatures, it makes good economic sense to invest in life insurance that offers annual dividends and guaranteed compounded interest that can be taken from the policy using tax-exempt policy loans.
Universal Life Insurance
Another popular insurance product that is generally chosen by applicants who prefer lifetime insurance coverage along with a cash account that will earn tax-deferred interest that is compounded annually is universal life insurance.
Additionally, unlike term life and whole life insurance, universal life insurance policies are flexible. This means that the policyholder has the option to change premium payments and the death benefit to accommodate life events.
National Life Group also offers two additional types of universal life insurance that can be used to accumulate wealth for retirement while retaining life insurance coverage for a lifetime.
- Indexed Universal Life – The cash in the cash account is linked to selected indices such as the S&P 500, and earns interest based on the performances of each equity fund linked to. Although each company places a cap on the amount of interest they will pay, they also have a “floor rate” that protects the policyholder from losing money in a down market.
- Variable Universal Life – A variable universal life policy is similar to the indexed universal life policy but the growth is based on the actual performance of the investments and does not contain a “floor” rate, meaning the policyholder can lose money if the investments do not perform as expected.
Optional Riders Available from National Life Group
Like most life insurers, National Life Group offers a comprehensive group of optional riders that allows the applicant to customize the policy to meet the needs and circumstances of the individual and or the family:
- Waiver of Premium – Provides for the insurer to waive the policy premium if the policyholder is disabled and cannot work.
- Accidental Death Benefit – If purchased, this rider provides for the insurance company to increase the death benefit (usually a multiple of one or two times) of the policy if the insured’s death is the result of an accident.
- Children’s Term Rider – The CTR provides for the dependent children of the policyholder to have term life insurance up to the limit provided by the insurer. This rider will cover all current children in the household and any children born at a later date.
- Accelerated Death Benefit – The accelerated death benefit provides for the insurer to advance a large portion of the death benefit to an insured who has been diagnosed with a critical or chronic illness. When the insured dies, the amount of the advance will be deducted from the death benefit payable to the beneficiary listed on the policy.
In Conclusion
To learn more about National Life Group and the policies they offer, contact an experienced and reputable independent insurance broker like LifeInsure.com.
We will be happy to answer any questions you have about National Life Group or any of the other highly-rated companies we represent and provide you with the information you need to make an informed decision about your life insurance protection.
I believe that when people shop for insurance (or anything else, for that matter) on the Internet, they are looking for a simple, non-intrusive, non-pressure method of doing so.
I strive to treat my prospective clients with the utmost respect and I believe an educated prospect can make the right decision without sales pressure.
Being independent, I represent many highly-rated insurance companies and, because I am not beholden to any one insurance company, my focus is to find the right company and policy for each individual client.
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