Nassau Re Final Expense Insurance Review & Complaints: Life Insurance (2024)

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Nassau Re is the new brand name of a much older insurance company, Phoenix Life Insurance. They offer a variety of life insurance products and annuities across the country.

What is Nassau Re?

Nassau Re was founded in 2015 with the purpose of bringing several much older companies under one brand. Within two years after its creation, the business had purchased various other companies, including their main insurance branch, Phoenix Life Insurance Company.

Phoenix Life Insurance Company was first founded in 1851 as the American Temperance Life Insurance Company; the insurer sold policies only to those who abstained from drinking alcohol. In 1861, the business became Phoenix Mutual Life Insurance Company and insured the life of President Lincoln at the time of his assassination.

The provider racked up a list of firsts over the decades, including being the first life insurer to have an agent training course and the first to use direct mail marketing. They were also the first to reduce rates both for women and for non-smokers.

In 2001, Phoenix Life Insurance Company converted to a stock company, launching its IPO. In 2018 the transition to the Nassau Rebrand was announced, and the insurer now operates under that name. Their headquarters is located in Hartford, Connecticut, and they sell coverage through independent agents across the country.

What is Nassau Re’s Final Expense Product?

Nassau Re’s final expense plan is called Remembrance Life. It is a simplified issue whole life insurance policy with a level death benefit and a cash accumulation account.

The plan includes three riders at no extra charge. The first is an accidental death benefit that doubles the death benefit. This rider is only offered to those under 65 at the time of the policy issue and is no longer available after age of 75

The other two are living benefits, one for critical illness and the other for terminal illness. They allow the insured to take up to 95% of the face value of the policy early in the event of a serious illness. The actual amount that will be paid out depends on the prognosis and how the illness impacts the insured’s life expectancy and may be less than 95% of the face value. After the payout, the premium is reduced in keeping with the lowered remaining death benefit.

The site does not provide issue ages for coverage, nor is there any information on available death benefit amounts.

Are the rates reasonable?

Information on the final expense policy is somewhat limited, so it is no surprise that there is no online quoting available. This is standard for most life insurance companies that sell primarily through agents but is frustrating to those trying to gather rate information without being subjected to a lot of solicitation.

We normally expect final expense life to be relatively affordable – at least for insurance being issued to a senior – due to the lower death benefits offered. But rates can still vary as well as they are based on the health of the applicant.

Nassau Re Final Expense Claims Process

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

The claims process for Nassau Re Final Expense Insurance involves a straightforward three-step approach. To file a claim, the insured needs to complete a beneficiary statement, which is readily available for download on the Nassau Re website. The process offers convenience for beneficiaries as it can be initiated online.

Average Claim Processing Time

Nassau Re aims to streamline its claims processing. Once the required documentation, including the beneficiary statement, is submitted to Nassau Re’s claims department via regular or express mail, the company efficiently handles the claim.

The processing time may vary depending on the complexity of the case, but Nassau Re strives to expedite the process to provide timely assistance to beneficiaries.

Customer Feedback on Claim Resolutions and Payouts

While specific customer feedback on claim resolutions and payouts for Nassau Re Final Expense Insurance is not available in the provided content, the insurer’s Better Business Bureau (BBB) page under the name “The Nassau Companies of New York, Inc.” indicates an A+ rating.

While there have been three customer service complaints in the past three years, this is generally considered a positive sign. However, there are no detailed customer reviews available on the BBB page, making it challenging to provide more specific feedback on claim resolutions and payouts.

Digital and Technological Features of Nassau Re Final Expense

Mobile App Features and Functionality

The content does not provide detailed information about Nassau Re’s mobile app features and functionality. For a comprehensive understanding of the insurer’s digital capabilities through its mobile app, potential policyholders or customers are encouraged to visit the Nassau Re website or directly inquire with the company.

Online Account Management Capabilities

The content does not delve into the specifics of Nassau Re’s online account management capabilities. To assess the insurer’s online account management features and functionalities, individuals interested in Nassau Re Final Expense Insurance should explore the official website or reach out to Nassau Re’s customer service.

Digital Tools and Resources

The content does not provide explicit information regarding Nassau Re’s digital tools and resources. To gain insights into the digital tools and resources offered by Nassau Re for policyholders and customers, it is recommended to visit the official Nassau Re website or contact the company directly for a comprehensive overview of their digital offerings.

Are the ratings and consumer reviews positive?

The insurer’s Better Business Bureau (BBB) page is found under the name The Nassau Companies of New York, Inc. They have an A+ rating with three customer service complaints in the past three years and one closed in the past 12 months. There are no reviews left on the BBB page.

We were unable to find much else for Nassau Re, which may be the result of the name change having taken place so recently. Even under the Phoenix Life name, however, consumer reviews are hard to find. The provider appears to have a good reputation.

Nassau Re Final Expense Insurance Review: What’s the bottom line?

There are not a lot of details regarding the life insurance products this insurer offers and no rate information. That makes it hard to compare them to other options. They do appear to have a good reputation and certainly have a long history, but we are unable to form a solid opinion with the lack of information available.