National Life Group Insurance Review & Complaints: Life Insurance & Annuities (2024)

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Founded in Vermont, National Life Group reached its 170th anniversary in 2018. The group of companies provides life insurance and retirement planning products across the United States.

What Is National Life?

The National Life Insurance Company was chartered in 1848 and sold its first policy two years later. The company would go on to pay millions in claims resulting from World War II, the sinking of the Titanic, and the Spanish Influenza epidemic.

Through the decades the company expanded and acquired other companies moving into financial services and operating as National Life Group. In 2006 the company created the National Life Group Foundation, which has an annual grant budget of $2 million dollars to be granted to chosen projects.

The company writes life insurance for individuals as well as providing a range of financial services, including annuities. They also provide financial services including retirement plans for businesses.

Whether you want an inexpensive temporary policy or flexible permanent coverage, National Life Group has options to meet your needs.

National Life Group’s headquarters is located in Montpelier, Vermont, and they also have an office in Addison, Texas.

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What type of life insurance products are offered?

National Life Group still sells its original product – life insurance – as well as several other financial planning products. Information on these products is limited.

Life insurance

The company has a full range of types of life insurance products available, both permanent life insurance and term life insurance coverage. The website provides only a basic overview of these options.

Whole life insurance is available to provide level premiums with a guaranteed death benefit and cash accumulation. The policy also has the possibility of dividends, as National is a mutual company.

Universal policy options are basic, indexed, and variable, offering a range of flexible options for premium payments, death benefits, and cash accumulation with an investment approach.

Term life is also offered as a short-term choice for those needing a large amount of coverage for a specific time period.

A living benefits rider can be added to life insurance policies to provide financial assistance in the event of critical illness or injury.

Variable Universal

Variable universal life insurance is a form of permanent life insurance.

Annuities

Annuities

The company offers both immediate and deferred annuities that can be paid for either in a lump sum or as payments over time.

Types of annuities offered are fixed interest rate, indexed, and variable. Like the life policies, living benefits riders can be attached to these products as well.

Financial Planning

In addition to annuities, the company offers several other retirement planning services and financial products.

Options include mutual funds, 403(B) and 457(B), and both traditional and Roth IRAs.

They also offer retirement plans for businesses, both for business owners and as group benefits.

National Life Group offers multiple coverage options, including more complex insurance plans like indexed universal life policies.

Are the rates competitive?

Online quoting or rate information is not available. There is a contact request form as well as the option to find a local agent in order to obtain rate information.

The lack of product details along with the lack of any online quoting option indicates that this company relies mainly on agent sales and word of mouth to bring in new business rather than on internet searches by potential customers.

Can you get quotes online?

Online quotes not available: You cannot get rate quotes or details about National Life Group’s policies online.

Claims Procedure at National Life Group

Ease of Filing a Claim (online, over the phone, mobile apps)

National Life Group offers a straightforward claims process that can be initiated both online and over the phone. Policyholders have the convenience of submitting their claims electronically through the company’s official website or by calling the dedicated toll-free number. This flexibility ensures that customers can choose the method that suits them best.

Average Claim Processing Time

While specific processing times may vary depending on the nature and complexity of the claim, National Life Group strives to provide a prompt response to its customers. Typically, the company commits to responding to submitted claims within five days of receipt. This quick turnaround time can provide policyholders with peace of mind during challenging times.

Customer Feedback on Claim Resolutions and Payouts

National Life Group maintains a solid reputation with an A+ rating from the Better Business Bureau (BBB). Moreover, customer complaints are relatively low, which suggests that the company handles claims efficiently and resolves issues to the satisfaction of its policyholders. While there may be some complaints, they do not appear to be of major concern.

National Life Group Digital and Technological Features

Mobile App Features and Functionality

National Life Group understands the importance of modern technology and offers a mobile app that provides convenient access to policy information and account management. The app likely offers features such as policy details, premium payments, and claims tracking, allowing customers to manage their insurance needs on the go.

Online Account Management Capabilities

In addition to the mobile app, National Life Group offers robust online account management capabilities through its website. Policyholders can access their accounts, view policy documents, update personal information, and make premium payments online. This digital convenience simplifies the insurance management process.

Digital Tools and Resources

National Life Group’s commitment to digital innovation likely includes providing customers with a range of digital tools and resources. These resources may include calculators, educational materials, and informative blog posts to help customers make informed decisions about their insurance and financial planning.

Are the ratings and consumer reviews positive?

Is National Life Group Good? The company has an A+ rating with the Better Business Bureau (BBB), with 21 complaints on file in the past three years. There are 19 reviews on the site, with a star rating of just over one star. Considering the size of this company, this is a low complaint volume, and there is nothing of major concern in the complaints. (For more information, read our “How to File a Complaint Against a Life Insurance Company“).

AM Best Affirms Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries

We were unable to find much else in the way of reviews for this company. A lack of reviews is generally a good thing for insurance companies since people are much more likely to take the time to write one when they are unhappy.

What’s the Bottom Line?

There is not enough information on National Life’s products to provide any opinion on the value and benefits they offer. They have been around for a long time, however, and have a solid reputation. They are a good pick for anyone who is looking for a full-service financial planning company that can handle both retirement and final expenses planning together.

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