Congratulations! You have made one of the best decisions of your life that many people still sweep under the carpet, and that’s buying life Insurance. You would be surprised how many times people avoid the whole conversation altogether because talking about life insurance means death and everyone hates to talk about death. But you looked passed that and realized the need for life insurance and cheers to you! If you stumbled across this article it means you are trying to find a review of National Income Life Insurance Company, if so, then you have stumbled across the best place! We are an independent life insurance agency who only write unbiased and informative articles because we believe our clients would better utilize our unbiased reviews rather than being swayed one way or the other purely for our benefit. In this article, we will be discussing National Income Life Insurance Company, our review of them with an accurate rating, and of course their life insurance products with highlights. The following are some key points from this article;
- National Income Life Insurance Company is based in Rochester, New York and they provide supplemental life insurance to labor unions, credit unions, and associations.
- The company has a parent company, American Income Life Insurance Company, and they were founded over 50 years ago by Bernard Rapoport with only $25,000 of borrowed capital.
- Their vision is to strive to become the premier in-home life insurance sales company who serve working families in the state of New York. So if you do not reside in New York this company will not provide you with any life insurance products out of the state.
- National Income Life offers two types of life insurance, final expense whole life and term life insurance products.
- National Income Life currently has more than $2 billion of life insurance in force.
- According to A.M Best, they have rated National Income an “A+” or superior.
- A pro of National Income Life Insurance Company has a pretty high rating which means they are financially stable.
- A con of National Income Life is that they don’t offer a traditional whole life policy, index universal life policy, variable universal life policy, or a traditional universal life policy for those who would like to make some investments.
About National Income Life Insurance Company
National Income Life Insurance Company is based in Rochester, New York and they provide supplemental life insurance to labor unions, credit unions, and associations. National Income Life has State General Agents who have offices across New York state to be able to work with the working families throughout the Empire State. The company has a parent company, American Income Life Insurance Company, and they were founded over 50 years ago by Bernard Rapoport with only $25,000 of borrowed capital. Together with American Income Life and National Income Life provide coverage to over two million policyholders and according to their website, they represent over $90 million in annual insurance product sales.
National Income Life Gives Back
Just like every other big box life insurance company, National Income Life also takes great pride in their community involvement. They work together with their parent company to provide quality service to their clients and still find it as important to give back to the communities in which they work. Over the years, both National Income Life and American Income Life have donated hundreds of thousands of dollars to groups and organizations in their local areas with the intent of further help the working families in the community. National Income Life has their own Food Bank where their agents go visit interested clients and they ask for a small food donation then, later on, they distribute to working families who fall on hard times. They also give monetary contributions to different organizations such as American Rights at Work, Campaign for America’s Future, Campaign for Migrant Worker Justice, Congressional Hispanic Caucus Institute, Elderly Housing Development and Operations Corporation Leadership Conference, Guide Dogs of America, Institute for Police Research, Jobs with Justice, and International Union of Police Associations.
National Income Life Insurance Company 2017 Review
National Income Life Insurance Company has been around since their inception in 1999 but their parent company has been around for 50 years. Their vision is to strive to become the premier in-home life insurance sales company who serve working families in the state of New York. So if you do not reside in New York this company will not provide you with any life insurance products out of the state. National Income Life offers two types of life insurance, final expense whole life and term life insurance products. National Income Life currently has more than $2 billion of life insurance in force. According to A.M Best, they have rated National Income an “A+” or superior.
Why you should care about ratings.
When looking to buy life insurance you should want to make sure you are hitting all the bases before you invest your money and time with that company. People tend to overlook ratings but they are there for you! Rating agencies don’t make up these ratings out of thin air, it takes them a lot to be able to come up with these ratings. A.M Best is one of the country’s oldest and most respected insurance rating agencies as well as Standard & Poor’s. They provide ratings for the consumers so that they can see how financially stable an insurance company is or isn’t. In order for a company to receive a rating from these popular rating agencies, the company needs to send in a request. Once the company signs the contract that allows the rating agency of their choice to look through whatever they have to go through to determine the rating of the company. The rating agency begins their hard work and analyzes the company’s financial goals and plans. After going over the information over and over again a group of associates come up with a rating that they feel is fair for the company and that gets voted on with the president or vice president present then gets sent over for the company to see their rating.
These ratings are important to read as a consumer because it will give you an understanding of the company’s financial stability. Being financially stable is important because you want to make sure the company will be around for the pay out of your policy and if they are not financially stable chances are higher that they will not be around for an additional 5 years and no one will be there to pay out your policy leaving you to find another policy and go through the whole process all over again. A high rating obviously shows how financially stable they are and more than likely they can manage their money and have your policy payout there when your family needs it the most. That’s why it is important to read a company’s rating so do yourself a favor that will save you both time and money and look for a company’s rating before investing in their life insurance products!
National Income Life Insurance Company Product Offerings
Like we mentioned above, National Income Life Insurance Company offers two types of life insurance. There are many elements that need to be taken into account before choosing the plan for you. This includes the type of coverage, the amount of coverage you will need, your budget and debts. The following are life insurance products offered by National Income Life.
Final Expense Whole Life Insurance
- This whole life insurance policy offers a final expense plan which means that your death benefit will only pay what final expenses you may be faced before your passing and when you pass away.
- This product is called The Freedom of Choice and as the name implies, your family will have the freedom of choosing your funeral home, location, and type of funeral when that is needed.
- Whole life is a form of permanent life insurance that provides you with coverage for you guessed it, your WHOLE life!
- You will have permanent coverage with fixed premiums which means that your premiums will never increase it will remain the same throughout the existence of the policy.
- There is also a guarantee of your policy’s benefit amount and it will be paid in full to your beneficiary.
- Since this product is a permanent life insurance product you will have the opportunity to create cash value over time.
- One a per-$1,000 basis, your whole life policy will create the highest cash value.
- Your cash value is also accessible so if you ever need to pay your premiums with it or an unexpected event occurs, you can borrow against the policy. Keep in mind that doing this means you will have to pay back the policy or your death benefit will be affected.
Term Life Insurance
- Term life is a form of temporary life insurance and provides coverage for only a short and specified period of time.
- Term life insurance is the cheapest life insurance product on the market.
- Since this policy offers coverage for a specified period of time you will not be able to accumulate cash value.
- Your death benefit is payable upon your death only during a specific number of years.
- Premiums are payable during the entire term period.
- You can convert this term life policy into a permanent life insurance policy without having to show evidence of good health.
- Most term life insurance policies offer coverage for 10, 15, 20, or 30-years.
Pros and Cons of National Income Life Insurance Company
A pro of National Income Life Insurance Company has a pretty high rating which means they are financially stable. Another pro of theirs is that they offer two of the best policy riders around and that is accident policy rider and terminal illness rider. Accident policy is a plan that provides benefits for accidental death and dismemberment as well as hospital confinement and intensive care treatment if related to an accident. Terminal illness rider is a rider that is already added to your life insurance policy at no cost and the accelerated benefit pays 50% of the coverage face amount if you are diagnosed with a terminal illness and have a life expectancy of less than 12 months. A con of National Income Life is that they don’t offer a traditional whole life policy, index universal life policy, variable universal life policy, or a traditional universal life policy for those who would like to make some investments. Another con is that they have not been around for as long as their parent company, seventeen years is not that long when their competitors have been around for 50-100 years.
Work with us!
Whether you decide to buy coverage from National Income Life Insurance Company or not we always recommend for our clients to shop around for quotes before they make up their mind. Shopping around for quotes will help you find the best life insurance company because you really won’t know which one is the best without comparing the worst with them. If you have 30 seconds feel free to go below this article and fill out our super simple quote engine and see for yourself what other life insurance companies are offering you. Not only will you be able to see quick and free quotes but you will also be able to compare these quotes with other companies at the same time! You can also take advantage of our FREE services, yes we said FREE! We will compare quotes for you and shop around on your behalf until we find you the best life insurance company who reflect your specific need, health, and lifestyle. We work with over 60 top rated companies but have zero ties with any of them because our loyalty is reserved for our clients and our clients only. Not only will we not stop until we find you the best life insurance company but we will also fill out the necessary paperwork to get you covered in no time! Give us a call today and let us guide you until the end so that you can spend more time with those who matter the most, your family, instead of worrying about life insurance. Welcome to InsureChance!
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