When you are reviewing life insurance companies, you want to consider a number of factors. Cost is obviously a concern, but many consumers today want to do business with companies that share their values.
National Income Life Insurance Company is an insurance company that provides supplemental life insurance to members of labor unions, credit unions, and associations. Labor union benefits are often great. However, even the greatest employer benefits can leave a gap.
National Income Life supports working families by advocating for key issues publically. When you use National Income Life to protect your family, you are supporting a company that defends workers rights, advocates for financial reform, and champions for a fair economy.
National Income Life History
That National Income Life brand was founded in 2000 and is currently headquartered in Syracuse, NY. However, National Income Life’s parent company, American Income Life (AIL), was founded over 50 years ago by Bernard Rapoport with $25,000 of borrowed capital.
Bernard was an American entrepreneur, philanthropist, author, and founder of American Income Life. American Income Life originally sold low-cost hospital insurance plans, but later moved into life insurance.
As the company grew, AIL started to provide supplemental insurance labor union member in revolutionary ways foreign to the industry. For example, AIL waived payments of premiums for its members during authorized labor strikes.
AIL also began to develop a college scholarship program for children of union members and contributed to strike funds of unions engaged in lawful strikes. The company become the only 100% union insurance company, and coined the phrase “Be Union-Buy Union.”
In 1994, American Income life was sold to Torchmark Corporation for $563 million, which was founded in 1900 in Birmingham, Alabama and based in McKinney, Texas. Torchmark is a financial services holding company listed on the New York Stock Exchange.
National Income Life Ratings and Financial Strength
A+ ( Superior )
No matter what great deeds a life insurance company provides its members, they need to have solid financials. National Income Life does not disappoint in the financial strength department.
The A.M. Best Company issued an A+ (Superior) financial strength rating as of July 2018 for National Income Life. A.M. Best is a third-party rating agency that evaluates the likelihood that an insurance company can meet its obligations.
An A+ (Superior) rating is one of the highest marks an insurance company can receive from A.M. Best and indicates that National Income Life is in rock-solid financial shape.
National Income Life Insurance Company is an accredited business of the Better Business Bureau (BBB) since May 1, 2012. The National Income Life Insurance Company BBB rating is an A+, which is the highest rating issued by the BBB.
National Income Life Insurance Solutions
A life insurance company is only as good as the products that it offers its policyholders. While cost is certainly a huge factor, there are other features within a life insurance policy that add value and can justify paying a higher premium under the right circumstances.
National Income Life Term Life Insurance
Life insurance is not about you. Life insurance is something you do to protect the people that you love so they do not suffer financially if your income is not there to support them. Some life insurance needs are only temporary, which makes term insurance a perfect solution.
Term life insurance provides coverage for a limited period of time. While you are working, your income is paying off the mortgage and providing for your children. Eventually, your kids will be grown and you will own your home. Term life insurance covers you in the meantime.
Term life insurance can be purchased in durations, typically 10, 15, 20, and 30-year policies. During the term period that you select, the life insurance insurance company locks in your monthly rate.
As long as you pay your premium, your rate cannot be increased and your death benefit is guaranteed. If you die while the coverage is active, then the insurance company will pay your beneficiary the death benefit income-tax-free.
If you outlive the term period your selected, the life insurance company can increase your premiums annually. This can become very expensive. Therefore, it is better to either replace that term with a new policy or convert that policy to permanent life insurance if it is eligible.
An individual term life insurance policy is portable as well. If you leave your job for any reason, your policy stays with you with no additional cost. Finally, you can add on a free rider for terminal illness protection.
The terminal illness rider allows you to accelerate 50 percent of the death benefit if you are diagnosed with a terminal illness and have a life expectancy of fewer than 12 months. This is a great benefit if you are in a hospice scenario at the end of your life, which can be costly.
There are companies like Phoenix Life that take living benefits beyond just terminal illness. With living benefits life insurance, you can accelerate the death benefit while you are alive for a chronic illness or critical illness in addition to terminal illness.
National Income Life Whole Life Insurance
Whole life insurance is a form of permanent life insurance. Whole life insurance is great to cover your final expenses, estate planning, or to leave money to your loved ones.
Once you purchase your whole life insurance policy, your monthly premiums never will increase again for the remainder of your life and your death benefit is guaranteed as long as you pay your monthly bill.
The whole life policy will begin to accumulate cash value within the policy. If you decide to surrender your whole life policy (cancel) then the life insurance company will pay you the surrender value of the policy.
You can also borrow against your policy’s cash value through tax-free loans. These loans are secured by the death benefit so you do not need to qualify financially. If the loan is not repaid, the life insurance company will simply remove the debt from your death benefit proceeds.
Some whole life policies receive non-guaranteed dividends from the life insurance company’s These dividends can be reinvested within the policy to grow the death benefit and cash value, or taken as a return of premium.
National Income Life’s whole life policy also has the optional terminal illness that advances 50 percent of the death benefit if you are diagnosed with a terminal illness and a life expectancy of under 12 months.
National Income Life Supplemental Health Insurance
National Income Life also offers an accident and supplemental health policy. Some jobs can be perilous. If you are in an accident that lands you in intensive care, that can be devastating to both your health and your financial wellbeing.
National Income Life accident protection protects you from the “what ifs” in life. There are no primary/secondary rules. You get the benefits that you signed up for period! National Income Life’s accident policy pays cash benefits for accidental injuries.
The National Income Life accident policy is guaranteed renewable and cannot be canceled as long as premiums are paid on time. This means you can rely on your protection to be there when you need it the most.
National Income Life No-cost Products
National Income Life offers additional products at no cost as added protection for your family. These value-add products are complementary.
The National Income Life No-cost Child Safe Kit stores critical information about your children that you can give to the police if your child goes missing. It will contain a description of your child’s build, their blood type, and fingerprints, as well a photograph.
The National Income Life Safe Surfin Guide helps you identify unsafe online activities and eliminate cyberbullying. It also can record online passwords for your children’s social media accounts. This guide will help you protect your children from the dangers of the internet.
Final Thoughts: Is National Income Life Right for my Family?
National Income Life is certainly a worthy consideration to protect your family. People who are in labor unions cause may find working with Nationa Income Life fulfilling since a portion of your premium dollars is used to fund labor causes and workers rights.
National Income Life has an iron-clad financial rating from A.M. Best and a long history of making good on its commitments to its policyholders. While the product offerings are limited relative to other life insurance companies, the products they have are reliable.
However, we always recommend that you compare the rates of multiple life insurance companies before you make your final decision. Every life insurance company has slightly different rates, features, and underwriting views.
If you have a pre-existing medical condition or want no-exam life insurance a different life insurance company may be a better fit. You can give one of our licensed agents a call or request a quote on our website to discuss your options.
Thank you for reading our National Income Life insurance review. If you have any questions, please contact us or leave a comment.
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Resources : National Life Insurance
Joe is a lifelong learner with a passion for sharing what he has learned with others. Joe has publicly spoken on life insurance in the past to both colleagues at industry conferences and to consumers in educational settings and as a contributor to industry blogs. Additionally, Joe is studying for certifications such as the CFP, CLU, and RICP to further his professional knowledge.