You had a thought that you should have life insurance or need to upgrade your current coverage since your family can be devastated if something was to happen to you. Now, you’re wondering how does National Income Life stack up against the competition and whether or not you should go for this plan. I have some good news for you since we are an independent online life insurance agency we work with over 60 top rated companies and have completed 100’s of reviews thus far. Every time we review a company we dig deep to see how they rate, what products they offer, look at their history and see how they do against other large insurers. And that’s what we’re going to do in this article.
- The company is located in Rochester, NY and offer supplemental insurance plans for groups.
- National Income Life is a subsidiary of American Income Life who has been around for over 50 years now.
- National Income has about two billion dollars of life insurance in force.
- The company has an “A+” rating from A.M. Best.
- They offer final expense and term life insurance products.
- You also can get supplemental terminal illness rider added to your life product at no charge. There is another add on as well known as Accident Policy which will provide a benefit if you get hospitalized due to an accident.
- They fall short when it comes to life insurance options and you’re better off shopping with all the other carriers.
About National Income Life
This company is focused on offering insurance products to families in the state of New York. National Income Life is actually a subsidiary of American Income which operates outside of NY. It is quite common for large insurers to have a subsidiary operate in the state of New York since the regulations are so different from other states. Now, the parent company has been around for over fifty years now and was started by Bernard Rapoport. The two companies have about two million customers on the books and do close to $100 million in annual sales. The company has been able to accomplish this by working with agents and providing excellent service.
National Income Life is headquartered in Liverpool, NY. They have an “A+” rating from A.M. Best, which is one of the most popular and well-respected insurance company rating agencies. From our own experience, any company with a rating this high is usually a pretty good option to go with. As far as Better Business Bureau, they have an “A+” there as well so they deal with their customer concerns right away!
The company has also a strong focus on giving back to the community where they work. They do this by giving charitable contributions who have a sole focus on improving the local community. Another way they give is through their Food Bank program where they ask clients to donate any canned goods which can later be distributed to the less fortunate.
Unlike, other large insurers that focus strongly on the individual market. It seems like National Income Life is mostly a provider for supplemental group policies which they offer through different associations like credit unions, fraternal organizations, non-profits and more.
Products
FINAL EXPENSE WHOLE LIFE INSURANCE
- A permanent plan that is designed to cover all expenses associated with dying like the funeral cost, medical bills and any administrative charges associated with dying.
- Their Freedom of Choice plan will allow you to select the funeral home location and service that you prefer to use.
- Whole life insurance is a lifetime plan that you can count on until the old age of 100.
- This policy offers fixed premiums which mean that your rate will never go up or down but will stay level.
- The policy death benefit is guaranteed so the beneficiaries will get the full amount in the event the insured dies.
- Because this is a whole life policy, you can also generate some cash value with it.
- The cash value in the policy is available to you if you need it for small emergencies or to supplement your retirement income.
TERM LIFE INSURANCE
- Term life is a short term life insurance that is designed to provide pure protection for a certain time frame.
- Term life insurance is the most affordable type of life insurance out of all the products out there.
- This plan doesn’t have any cash value accumulation and is simply pure protection.
- If you die within the term of the plan the company will provide a death benefit to your loved ones.
- To keep this plan in force you must continue making payments on your policy.
- Term life insurance policies are available for 10, 15, 20, or 30-years.
ACCIDENT POLICY
Provides additional benefit if you have been in an accident that required hospital confinement and intensive care. This is not the same as an accidental death plan.
TERMINAL ILLNESS RIDER
An add on to your life insurance policy that you can elect without paying anything extra. This feature will allow you to get up to 50% of the death benefit amount if you have a terminal illness and the doctor says you have less than a year to live. Pretty cool living benefit feature and as you can see life insurance is not only for when you die.
Summary
There are some good and bad things about this wonderful company so let’s summarize for a bit. One of the good things that they have is a very high rating that signifies financial strength, which will give you a peace of mind knowing that they will be able to pay out any claims if something unexpected happened. The company is also very charitable and offers some quality group insurance plans through various associations. Besides that, they also have some free products that they have available to members of the group which are Child Safe Kit, AD&D, Family Info Guide, Identity Theft and Social Security Updates.
Where they fall short is that they don’t offer as many life or health products to the individual market. If you were looking for certain type of individual plan you can secure a policy right here on our site by shopping with all the different companies.
Work with Us!
In the end, we got to say that National Income Life is a great company and you are in great hands! They offer some solid products and have kick ass customer service. That doesn’t mean that you should go with the first company you see and we highly advise that you shop around. National Income has a strong focus on group products but what happens if you lose your job or move to another state. This is why we always recommend that you also have an individual life insurance policy with a highly reputable company like Prudential, Banner Life or TransAmerica. Here at InsureChance, we work with over 60 top rated insurers to get you the best rate possible. Not only that, but we will help you fill out your application, draft a cover letter and work with the underwriters until you get a plan that is ideal for your situation. If you’re ready for the next step please shop around with our term life or permanent life quoter and request an application. Otherwise, call us at 888.492.1967!
