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National Life Group Life Insurance Review

National Life Group Life Insurance review

National Life Group is among the oldest and most well-established life insurance companies in the United States, tracing its origins back to 1848. This review will delve into the company’s history, financial ratings, and product offerings to help readers determine if National Life Group fits their unique needs and objectives.

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About National Life Group

National Life Group is a conglomerate of affiliated financial services companies whose history dates back to the founding of the original National Life Insurance by the Vermont state legislature before the American Civil War in 1848. As one of the original mutual insurers formed in the U.S., National Life has maintained the mutual company structure throughout its history.

The company’s marketing efforts highlight its long-standing financial stability and resilience history, citing examples of its ability to pay claims stemming from historical events like the sinking of the Titanic, the Hindenburg disaster, the Spanish Flu epidemic, and both world wars. National Life Insurance Company is the group’s principal life insurance affiliate, headquartered in Vermont’s capital city of Montpelier and a facility in Addison, Texas.

Available in all 50 States

National Life markets life insurance and annuities in all fifty states through a network of independent agents and brokers.

Other members of the National Life Group include Texas-based Life Insurance Company of the Southwest and Sentinel Investments out of Boston. National Life’s products qualifying as securities are distributed through its affiliate, Equity Services, Inc.

National Life Group’s charitable arm, the National Life Group Foundation, focuses on philanthropic causes oriented toward helping children and has an annual budget of about $2 million.

National Life Group Financial Ratings

  • A.M. Best: A
  • S&P: A+
  • Moody’s: A2
  • Fitch: NR
  • Comdex Ranking: 82

National Life’s financial ratings place it around the top 25% of the top-rated U.S. life insurance companies, as judged by the major rating services.

National Life’s 2019 report showed it was among the top ten U.S. companies in life insurance sales.

In 2019, National Life’s earnings totaled about $285 million, and the company held around $34 billion in total assets.

Its strong balance sheet makes National Life a low-risk company for insurance purchasers. It puts it in an excellent position to pay out policyholder dividends, which it did to the tune of almost $50 million in 2019.

National Life Group Consumer Ratings:


Though not accredited by the Better Business Bureau, National Life holds an A+ rating from BBB. That rating generally means that National Life is responsive to consumer complaints filed with BBB.

The total number of BBB complaints for National Life seems slightly higher than the average for a company its size. In consumer ratings on BBB’s site, National Life earns just under two stars (out of five) in a sample size of 27 reviews.

What Products Does National Life Group Offer?

National Life’s primary focus is life insurance, with a variety of term, whole Life, universal Life, indexed universal Life, and variable universal life policies available from the company.

National Life also markets retirement products and services and annuities.

Annuity products include fixed, variable, and indexed annuities, with immediate, deferred, and flexible payment options available.

For businesses, National Life offers retirement account administration and products designed to facilitate business continuity.

Life Insurance from National Life Group:

National Life offers a full menu of life insurance, with term, whole Life, universal Life, indexed universal Life, and variable universal Life all on offer.

Indexed Universal Life seems to be a point of emphasis for National Life, as the company’s 2019 report proudly declares that National Life was second in IUL sales for 2019.

Riders available with National Life policies include terminal, chronic, and critical illness accelerated-benefits riders, a premium waiver rider (waiving premiums if the insured becomes totally disabled), and a children’s term rider (extending term coverage to the insured’s children until age 23).

Term Life Insurance from National Life Group:

National Life sells level term life insurance policies with initial term periods of 10, 15, 20, and 30 years. Coverage amounts start at $100,000 and can go over $1 million for qualifying applicants.

New applicants for term coverage can be any age from 18 through 75, though older applicants are not eligible for longer terms.

After a policy’s term expires, policyholders can renew coverage annually (for a higher premium) until the insured reaches age 95.

All of National Life’s term policies include a built-in conversion option, allowing policyholders to convert term coverage to a permanent policy. The option can be exercised until the end of the policy’s initial term or the insured reaches age 70 (whichever happens first).

No Exam

No exam life insurance is available for eligible applicants between 18 and 60. National Life offers “EZ Underwriting,” which involves a health history and medical records review but does not require a physical exam or body fluid samples, such as blood and urine.

In addition to the longer-term policies, National Life also sells annual renewable term (“ART”) policies that provide coverage that can be renewed year-to-year, with premiums increasing upon each renewal.

Whole Life Insurance from National Life Group:

National Life’s whole life insurance policies provide permanent coverage with a guaranteed death benefit, fixed premiums, and cash value that grows tax-deferred.

Whole life policies are participating life insurance and are eligible for dividends, which National Life has paid out every year since 1856.

Whole life policyholders can add a guaranteed insurance option (allowing future purchase of additional coverage) and an additional paid-up option (allowing purchase of paid-up insurance, increasing cash value, and death benefit).

Universal Life Insurance from National Life Group:

National Life’s Universal Life Insurance policies provide permanent coverage with death benefits and premium flexibility.

Like whole Life, UL policies accrue cash value that grows tax-deferred. The growth measure varies depending on the type of policy—standard UL, indexed UL, or variable UL.


Standard UL grows at a set rate, with a guaranteed minimum. Credited amounts depend on market conditions and the general performance of National Life’s assets.


Indexed Universal Life Insurance grows based on the performance of a selected index, such as the S&P 500. IUL policies come with a no-loss guarantee, ensuring policies won’t decrease in value in bad markets. In return, policy growth is subject to a cap (maximum interest credited) and/or participation rate (percentage of index growth actually credited to the policy).


VUL policies emphasize the investment aspect of a policy and are distributed by Equity Services, Inc., National Life Group’s broker/dealer affiliate. Growth rates are determined according to the performance of investment “sub-accounts” made available by National Life and selected by the policyholder. Sub-accounts include stocks, bonds, and money markets, and poor investment performance can result in the loss of a policy’s principal.

Lastly, it’s important to note that…

While National Life Group has a long and reputable history and offers a variety of life insurance and annuity products, it may not be the best fit for everyone. Potential policyholders need to shop around and compare policies from multiple insurers to determine which best fits their needs and goals. Ultimately, only through comparison and careful consideration can a person determine if National Life Group, or any other insurer, is the best choice for them.

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