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National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme with Premier Financial Group selling universal life insurance policies issued by National Life Group. Girard Sharp law firm filed the lawsuit. Life insurance shoppers should take this into consideration and do more research on the case before buying life insurance from National Life Group.

National Life Group was chartered in 1848 and began issuing its first life insurance policies in 1850. The company was founded by a medical doctor, Julius Dewey, in the city of Montpelier, Vermont, as a mutual life insurance company.

National Life Group offers term, whole, and universal life insurance. It also has policies for children.

View National Life Group Reviews

Over the years, the company has grown and diversified, offering life insurance, annuities, retirement planning and various investment products.

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The Good

  • High Financial Strength Rating
  • Variety of Life Insurance Products
  • For Adults and Children
  • Over 150 Years of Service
  • Living Benefits Offered

High Financial Strength Rating

National Life Group has received some of the highest financial strength ratings available in the industry. High financial strength ratings demonstrate a company's financial stability and its ability to pay the death benefit to beneficiaries when they file an insurance claim.

Variety of Life Insurance Products

Life insurance rates are determined by the size of the death benefit, the kind of life policy purchased, and the underwriting process. Life insurers do underwriting to analyze risk factors like age, current health, and health history.

National Life Group has a nice array of life insurance policies. Its permanent life insurance options are especially robust. National Life Group offers:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance
  • Variable universal life insurance
  • Indexed universal life insurance

With so many options, most people should be able to find the right kind of insurance policy to match their budget and insurance coverage needs.

The website provides clear and basic information about each policy type, making it easy for people to see what the benefits are for each one.

If people are looking for a term life policy that is simple to apply for and hassle free, National Life Group should fit the bill.

National Life Group's term life policy does not require a medical exam, so the process is quick and efficient. Clients can choose term lengths of 10, 15, 20 and 30 years for their term life insurance policy. Term life policies also have level premiums, which simplifies budgeting for policyholders.

National Life Group's whole life insurance is a permanent policy that offers insurance coverage for the insured's entire life time. It also has level premiums. Whole life insurance policies grow cash value over time and have a set death benefit.

For individuals interested in a universal life insurance policy, National Life Group offers several different kinds of universal life policies.

Its universal life policies offer more flexibility with death benefit amounts and premium payments. This flexibility allows policyholders to adjust coverage and premium payments to reach financial goals. The biggest difference between the kinds of universal life insurance policies are how the cash value is invested.

Indexed universal life insurance policies are invested in a market index fund. Variable universal life insurance policies are invested in different kinds of stocks, bonds, and money market sub-accounts based on the policyholder's preferences.

For Adults and Children

National Life Group offers life insurance policies for both adults and children.

Essentially, the company meets the life insurance need of any age group.

Life insurance coverage is available in most states, but interested people should check with the company to be sure that life insurance policies are available in their area.

Most people will be able to take advantage of National Life Group's products.

Over 150 Years of Service

The company itself has been in business a very long time. The origins of National Life Group go all the way back to 1848, so there is an established reputation for stability. Though it is not the largest life insurance company by any means, it has a lot of experience in the insurance business.

Living Benefits Offered

Though the company may have the as wide of a selection of life insurance riders compared to others, it does offer living benefits with some of its life insurance policies.

Living benefits allow the policyholder to receive the death benefit early to cover expenses from a terminal illness or long-term care. This can come in handy in a difficult situation, so it's nice to have the option.

The Bad

  • Class Action Lawsuit
  • Limited Online Information
  • Limited Contact Options

Class Action Lawsuit

National Life Group is currently undergoing a class action lawsuit for alleged involvement in a pyramid scheme selling universal life insurance policies that allegedly targeted Asian immigrants. Until a decision is made, life insurance shoppers may want to research the case or purchase a life insurance policy from another insurer.

Limited Online Information

While National Life Group does a good job giving an overview of the kinds of life insurance policies it offers, specific information is limited. For more information on available life insurance riders, policy exclusions, specific investment options for a universal life policy, and life insurance quotes, interested individuals will have to speak with a National Life Group representative.

Life insurance premiums are determined based on the policy-type and underwriting process. The underwriting process determines the risk of insuring the applicant based on age and health information. Because premium rates vary, most life insurers do not list specific premium amounts.

However, meeting with a representative can make it harder for some people to turn down a policy that they might otherwise reconsider because of sales pressure.

Some life insurance companies make this information available online, which is convenient for those researching their options.

Missing Information

Also, it is difficult to locate specific information about policy exclusions. In fact, it appears that the only way to get this kind of detailed information is to speak directly to a company representative. 

However, meeting with a representative can make it harder for some people to turn down a policy that they might otherwise reconsider because of sales pressure. 

The website could provide more information overall. It's not just specifics about exclusions that are missing. Some of National Life Group's competitors includes detailed multi-page documents filled with exhaustive financial information about each and every policy. 

Limited Contact Options

Customer service options are also limited. National Life Group directs people to either phone or email. Email is convenient, of course.

There could be more options for contacting the company, such as online chatting, which presumably some of their customers would prefer over phone calls or email. Every customer is different, so having a wide variety of communication options is always beneficial.

The Bottom Line

National Life Group offers a nice array of insurance policies. Whether you are looking for a term policy or a permanent policy, customers should be able to find a good life policy. It also has received high financial ratings.

While National Life Group has several positive aspects, it is currently undergoing a class action lawsuit for alleged involvement with a universal life insurance selling pyramid scheme. The outcome of the case may affect National Life Group's financial stability.

Take time to learn more about the case and how the outcome may affect current National Life Group life insurance policyholders before purchasing a National Life Group life insurance plan. It's also worthwhile to research customer reviews.

National Life Group could do a much better job with the website by providing more detailed information about policy particulars. It could also go a better job of providing customer service options. People with busy work schedules might find it inconvenient trying to contact the company directly.

Those looking for life insurance coverage may want to choose another life insurer when purchasing an insurance policy.

View Best Life Insurance Companies

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User Reviews

Star Rating

2.8
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14 Reviews

Review Breakdown

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Aliza Henline
October 15th, 2019 Provo, UT DETAILS
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Our representative is so helpful! I always feel like my family will be easily taken care of if something were to happen (in terms of making contact with a real person and not a robot). It was really easy to understand as we navigated income changes and new policies.

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Dominique
September 16th, 2019 Manor, TX DETAILS
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I have been with National Life for over a year, lost my job recently; so I pulled my annuity from the company.. I had got a loan just previous to that.. however I had enough money to pay the loan and still pull out a hefty amount, anyways I spoke with an agent just before closing the account and she stepped me through the process.. during this she noticed something didn’t really tell me, but assure me that she put notes into my account to be able to get my money, I call into speak with an agent about what’s going on with my account and if I could get a statement of what’s going on with my account and she told me I had to go to the attorney generals office to get a statement of what happened to my account.. has anyone ever heard this before?? I do have the emails sent back and forth about this..

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Linda Young
May 13th, 2019 Sugar Land, TX DETAILS
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Comprehensive coverage in living benefits that one does not have to die to use - that is a “must” in an aging society like ours. Low monthly policy fee. Options to use the cash value as a supplement retirement income that removes the worry for living too long.

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Daicy Massiah
January 29th, 2019 Brooklyn, NY DETAILS
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Bought an IUL product from NL, very happy about their terms, especially the Annual Income, to 120 years old, never saw one with other insurance company. Customer Service is great, need to wait a little time though, hope they increase more helper there.

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jel
October 23rd, 2018 Mountain Top, PA

delay, delay, delay. just try to get your money as a beneficiary. 10 business days (NOT calendar days) plus mail delivery time for a paper check. Thought this was the 21st century with electronic transfer. I can move more money faster with my cell phone than these people can using their "state of the art" systems.

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Daniel Jang
October 12th, 2018 Hesperia, CA DETAILS
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If it's possible to give negative star, I already gave them negative 1000 stars. This company is under National Life Group which has multiple subsidiaries (National Life Group; National Life Holding Company; NLV Financial Corporation; National Life Insurance Company; Life Insurance Company of the Southwest). All these companies are ready to rip you off at anytime when your love (wife; husband; parents) pass away. My father was passed away in 2016 with liver disease, but these companies come up with another person's medical record (different first/last name, different birth date, different age) regarding cancer and denied life insurance benefit. These companies still haven't paid benefit for more than 2 years. Also these companies have been sued by consumers regarding BAD Faith for more than 150 times for past 11 years. I individually sued these companies in 2017 and still ongoing (X:XX-XX-XXXXX-XXX-XXX and related case X:XX-XX-XXXXX-XXX-XXX). I sued these companies in State Court, but these companies removed my case to Federal to give me more financial burden. However, I will keep continuing for justice of our society. Denying life insurance policies are their main strategy to maximize their profits. "National Life" and its subsidiaries are the worst companies of the United States.

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Roger Hamilton
October 10th, 2018 New Haven, VT DETAILS
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Buyer beware. Be sure to read everything, double check everything. I used to be a smoker, but I wanted a life insurance policy. So I bought a 10 year smoker. I had to be smoke free for a year. Once the year was up, I told my agent I wanted to change my 10 year smoker into a 20 year non smoker. I filled out all the paperwork and I was approved. Turns out he only gave me a 10 year smoker. I've even reached out to the agent and basically all I got was an "oops" and "well, you signed it".

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cd
October 8th, 2018 DETAILS
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I have called their customer service a few times and every single time, my experience had always been good. They have answered my question and informed me of what I needed to do. They do get back to you on time if you email them too.

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RONALD GRANT
May 16th, 2018 Los Angeles, CA DETAILS
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Many years ago my then agent sold me a National Life Insurance Whole Life policy. I paid the premiums until my agent told me that the dividends would be applied to pay the premiums. That continued for several years until I started getting billed for the annual premiums (I was past age 65). I inquired of National Life and was told my agent had made an error and that the policy I purchased did not permit applying dividends to pay the premium. Unfortunately I have had a running dispute with them ever since. These people have been nasty and refuse to provide information about their practices.

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Michael Merced
April 30th, 2018 Las Vegas, NV DETAILS
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Thieves. They sctre me out of 6k dollars. First they don't tell you about the 20% fee monthly on your investment off the top. Than they keep 83 percent of your investment when you surrender ypur policy. Liars is what the agents are and they don't have the courage to call you when they know they screwed you over! Stay away from these crooks!

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Melly
March 26th, 2018 Arlington, TX DETAILS
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Incredible customer service ! ? I’m happy with the agent I encounter. She is very humble, patient, and very informative. She did all her best to help us for the life insurance that suit our situation. Keep up the Good job Theresa S. and to all of the staff ? just hoping that you will expand your offices.

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Katie
February 27th, 2018 Leesville, LA DETAILS
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Terrible service! The 1-800# always has "high call volume" which means they don't have enough staff members employed. You will wait for 30 minutes plus for your call to get answered just to be transferred somewhere else. Who has ever heard of a company that doesn't have a phone number listed on ANYTHING (literature, website, account information, NADA). And when you try to register online, something is always wrong so you can't do it. I don't have time for this MADNESS!

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Tiff
February 27th, 2018 San Jose, CA DETAILS
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Customer service was great! She helped me to register my policy and the rest of family's policies online. She was very helpful and walked me through step by step. They have the best Indexed Universal Life product with great savings and best three living benefits that's built in the product with no charge.

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C Anderson
February 20th, 2018 Spring Hill, FL DETAILS
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They are extremely difficult to deal with. Whenever you call they have unusually high call volume, even at 0830. Then when you get a person they are rude. They act like your money belongs to them. There are much better companies to work with

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