We are back and here to provide you with some recent news and Settlers life insurance reviews. No, we didn’t try to rhyme in that previous sentence. It just happened naturally. We are sure many of you may have some questions regarding Settlers Life Insurance Company and if they are still around?
Are your policies still active and in force protecting your family?
However, we always recommend that if you are trying to save time that you should stick to comparing rates and quotes with all life insurance companies.
You can do this easily below using our instant life insurance quotes rate engine to compare rates with 50 of the top rated life insurance companies.
Settlers Life Insurance will even be one of the options for the rates displayed that you can view depending on the parameters and coverage amount you are searching for.
What’s the deal here?
Some of you may not even know who Settlers Life Insurance even is and we will cover that as well.
At Good Life Protection we like to keep you up to date, provide unbiased reviews and keep you informed with the best information we must help you make the best possible decision you can when purchasing life insurance for your family.
It’s an important decision, and we want to help as much as possible.
Enough small talk, let’s jump into the reviews on Settlers Life Insurance Company.
Settlers Life Insurance Company and National Guardian Life (NGL)
National Guardian Life (NGL) is in Madison Wisconsin. It all began back in 1910.
National Guardian Life started as a Mutual company and operates in 49 total states and the District of Columbia.
NGL began its journey under the name Wisconsin State Life Insurance Company.
They sold their first policy in September of 1910 for a face amount 5,000 in coverage.
Crazy how some of the more significant policies back in the day were considered 5,000 or 10,000 in coverage and now those are the minimums
Never underestimate inflation in this country.
It wasn’t until 1920 that they changed the name over to The Guardian Life Insurance Company of America.
In 1999 NGL began grabbing some market share by purchasing other life insurance companies.
They purchased All Nation Life Insurance Company from Blue Cross/ Blue Shield.
They also purchased roughly 3900 policies from Wisconsin Life Insurance.
At the end of 1999, NGL purchased Settlers Life Insurance company and acquired of 350,000 total life insurance policies that Settlers Life Insurance had in force at the time.
Settlers Life Insurance was in Bristol Virginia currently and still is.
Well, sort of.
More on that later.
Financial Strength Rating of NGL and Settlers Life Insurance- Settlers Life Company Rating
NGL and Settlers Life Insurance has been boasting an A- financial strength rating according to A.M. Best which is one of the most reputable and trusted names in the industry for handing out these financial strength ratings.
Settlers Life Complaints, Reviews of Customer Service and BBB (Better Business Bureau Rating)
Settlers Life Insurance has always been known for top-notch service and claims being handled timely and professional.
It wasn’t until recent years that Settlers Life began getting some complaints lodged against them for numerous reasons, but all sources of the complaints seem to indicate that Settlers Life is willing to handle and address the complaints in an orderly, organize and timely manner.
It’s not unusual for a life insurance company to have some complaints lodged over time.
Some clients or policyholders may be upset that a claim can be processed instantly or can be frustrated about prices hiking after a stipulation in the policy has activated.
It’s important always to ask your agents questions and fully understand your policy to avoid issues in the future.
There probably isn’t one life insurance company that doesn’t currently have at least some complaints lodged against them for one reason or another.
Settlers Life Insurance Company Products Offered
Settlers Life offers excellent products in the final expense and burial insurance markets.
They were involved with other lines of products but for the most part, Settlers primary business consisted of life insurance and life insurance products.
Here’s a look at how these policies stacked up.
The Gold Plan required you to have and maintain good health for the past 5 years.
The plan also included or entailed
Permanent Life Insurance with Settlers Life
- 2500-50,000.00 in coverage
- Level Premiums (Your monthly cost won’t go up)
- Age’s Available- 15 Days- 85 Years Old
- Level and Immediate Life Insurance Coverage (No waiting period)
- Silver Plan requires good health for the past 2 years consecutively
- 1,000.00-25,000 in coverage available
- Available for ages 1-85
Silver Plan 2- With Silver Plan two, some health issues are permittable.
1-25,000 in coverage available
50-75 ages available
Non-tobacco users (smokers only)
Bronze Plan allows for to currently have health issues
- 1-15,000 in coverage is available
- Available for ages 40-80
- Only two total health questions asked
- Graded Modified 2-year period on full coverage
Bronze Plan 2 was designed for burial needs only and allows for current health issues.
- 1-10,000 in coverage available
- Age 40-75 available
- No health questions
- 2 year waiting period on coverage to begin
If you currently have a policy with Settlers Life, you should have had the option of or possibly currently have 1 of the three riders built into your policy.
Riders Offered By Settlers Life Insurance Company
Child Life Rider- This is just a rider that allows you to place coverage on your child usually between the coverage amounts 5-25,000.00.
Accelerated Death Benefit Rider- This rider allows to collect usually between 5-75% of the death benefit while living if you trigger health event that qualifies. This can be a nice added benefit when the health cost starts piling up and jeopardizing the family’s financial wellbeing.
Accidental Death Rider- This is merely a rider that allows a death benefit to be collected in the event of a death due to an accident instead of natural causes.
Is Settlers Life Insurance Closing?
Let’s clear the air on this asap. According to Heraldcourrier, Settler’s life insurance is not closing.
It closed one office in Bristol Virginia and is packing its bags and moving back to Madison Wisconsin where the National Guardian Life headquarters is located.
The closing in this office will have absolutely zero effect on your policy, and nothing will change.
Your death benefits and policy benefits will still be 100% honored and you will experience no interruption in service or customer service related issues.
There is no concern with the company’s financial strength or outlook.
It’s merely a move in the direction that the company is striving for and an asset re-allocation.
They are still sitting on a 40 plus million-dollar surplus.
Settlers Life is urging and encouraging policyholders to act as if nothing is changing because theoretically for the policyholders, nothing is changing.
Again, let us re-state this again, your policy will remain active and in force and the service and company will stay intact with no changes.
The most significant impact this change had on Settlers Life was a loss of 57 employees out of the Bristol Virginia location that is now being closed.
The new plan is for the employees from the Madison Office to come down and review procedures taking place at the Bristol office and seems that it’s going to be relatively complex and is expected to take 4-6 months to complete.
Long story short, your company and current life insurance policy will remain unchanged, and the outlook of Settlers life insurance company remains strong and intact.
Our Thoughts on Settlers Life Insurance: You Can Certainly Find Better Coverage
Settlers life insurance offers some unique and valuable final expense/ burial plans and caters to a group that could fall into very strong rating classes or classes of individuals that are currently going through some health difficulties.
None the less, they are an excellent company to work with, but you should never settle for just one option.
It would help if you always worked with the independent life insurance agency and agent model.
This can help in situations where you may be deemed high risk life insurance as well.
It’s always in your best interest.
If you have any questions or additional comments, make sure to leave a comment below.
We would love to hear from you.
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