Life insurance is an important part of most any financial plan. This is because, without this key tool, those who you love and care about may be left to deal with tremendous hardship if the unexpected should occur.
The proceeds from a life insurance policy can be used for any number of reasons – including the payoff of large debts, the replacement of ongoing living expenses, and / or the payment of funeral and other final expenses.
When you purchase a life insurance policy, there are several essential criteria that you will want to be aware of. These will, of course, include the type and the amount of coverage that you are obtaining. But there is also another factor that is just as important. This is the insurance company that you are purchasing the policy through.
Here, you will want to ensure that the insurance carrier is one of the best in the United States, is strong and stable from a financial standpoint, and also that the insurer has a good solid reputation for paying out its policyholder claims. This can help you to be better assured that if or when the time comes for your loved ones to file a claim, the insurer will be there to make good on their promise. One insurance company that has been there for many years to do just that is National Western Life Insurance Company.
The History of National Western Life Insurance Company
National Western Life Insurance Company has been offering insurance and financial products for approximately 60 years. These products are offered to consumers in both the United States and internationally. The company is headquartered in Austin, Texas.
The mission of National Western Life Insurance Company is to provide high-quality life insurance coverage on a global basis to meet the financial security needs of the company's well-defined market segments. It also vies to offer both friendly and professional customer service.
For many years, this insurer was well known in the life insurance industry for offering no exam life insurance coverage. However, the company also provides a wide variety of other good life insurance products.
While the company stood on its own for six decades, as of October 1, 2015, National Western Life Insurance Company became a wholly owned subsidiary of National Western Life Group, Inc., which now acts as its parent company.
National Western Life Insurance Company Review
National Western Life Insurance Company is chartered by the State of Colorado. It offers its products in 49 of the U.S. states (all but New York), as well as in the District of Columbia, and in four U.S. territories. In doing so, it works toward achieving its overall mission.
In June of 2015, the National Western Life Insurance Company shareholders approved a proposal to reorganize the company into a wholly owned subsidiary of a parent holding company, National Western Life Group, Inc. Therefore, as of October 1, 2015, National Western Life Insurance Company became a subsidiary of this parent company.
National Western Life Insurance Company Ratings and Grades
National Western Life Insurance Company is considered to be both strong and stable financially, and it is known for paying out its policyholder claims promptly. Because of that, the company has been given high ratings from the insurer rating agencies. These ratings include the following:
- A (Excellent) by A.M. Best
- A (Strong) by Standard & Poor's
In addition, National Western Life Insurance Company has been an accredited company with the Better Business Bureau (BBB) since April 25, 1991. The company has been given a grade of A+ (on a grade scale of A+ through F), similar to AIG Life insurance and Banner life insurance company.
Throughout the past three years, National Western Life Insurance Company has closed nine total complaints. All of these complaints have centered on problems with the company's products and / or services.
Life Insurance Products Offered By National Western
National Western Life Insurance Company offers a wide variety of life insurance products. This can be helpful in ensuring that its clients can meet their protection needs and that they can alter their life insurance coverage as their requirements change over time. The policies that National Western Life Insurance Company offers include both term and permanent.
Term Life Insurance Coverage
Term life insurance is considered to be the most basic type of life insurance coverage. With cheap term life insurance, the insured is covered with pure death benefit protection – and because of this, coverage is typically quite affordable, especially if the applicant is young and in good health.
As its name implies, term insurance is purchased for a set period, or “term.” These time periods can range from a one-year annual renewable time frame, to 10 years, 15 years, 20 years, 25 years, and even 30 years. During this time, the premium that is charged is usually level. Once the policy's period has elapsed, the premium may rise, or the policy may expire. In some cases, the insured may have the option to convert the term policy over into a permanent form of coverage. This can allow him or her to have life insurance protection for the remainder of their life (provided that the premium is paid), regardless of their age and / or future health condition.
National Western Life Insurance Company offers a number of different term life insurance products. These include the following:
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- NWL Term and NWL Secure Term – Each of these products require a medical exam for underwriting purposes
- NWL Rapid Issue Term
- NWL Graded Death Benefit Term
- NWL Living Benefit Term
The NWL Rapid Issue, NWL Graded Death Benefit, and the NWL Living Benefit Term life insurance products are simplified underwriting policies, meaning that no medical exam is required for approval.
Permanent Life Insurance Coverage
With permanent life insurance, the insured is covered with a death benefit, and there is also a cash value component included with the policy. The cash in the cash value is allowed to grow on a tax-deferred basis. This means that there are no taxes due on the growth of the funds unless or until the money is withdrawn. Funds from the cash value may be borrowed or withdrawn for any reason, including the supplement of retirement income, paying off debts, and / or even taking a nice vacation.
Permanent life insurance, unlike term, is not in force for any set period of time, but rather it is intended to remain for the life of the insured – provided that the premium is paid. There are many different types of permanent life insurance. These include:
Whole Life Insurance
Whole life insurance offers a death benefit that is guaranteed, as well as a premium that will remain fixed throughout the life of the policy. This can be a good option for someone who wants their coverage to remain in force for life, as well as someone who is budget conscious.
The cash value in a whole life insurance policy will grow, based upon an interest rate that is set by the issuing insurance company. National Western Life Insurance Company offers several different whole life insurance policy options, such as the:
- NWL Rapid Issue whole life
- NWL Graded Death Benefit Whole life
- NWL MAXWealth
Universal Life Insurance
Universal life insurance is also a form of permanent life insurance coverage. This, too, offers both death benefit protection and cash value, but it is more flexible than whole life. One big reason for this is because the policyholder may, within certain guidelines, decide how much of his or her premium dollars will go towards the policy's cash component, and how much will go towards the death benefit. The policyholder may also be able to change the premium due date. National Western Life Insurance Company offers the NWL Lifetime Returns universal life insurance policy.
Indexed Universal Life Insurance
Indexed universal life insurance is a form of universal life insurance whereby the return on the cash value component is determined in large part by the performance of an underlying market index such as the S&P 500.
Yet, while the policyholder has the opportunity to increase returns based on positive market performance if the underlying index performs poorly and has negative returns in a given time period, principal in the cash value component is protected.
National Western Life Insurance Company offers two Indexed Universal Life insurance policies, including the:
- NWL Lifetime Returns Select
- NWL Lifetime Returns Solutions
Other Products Offered
In addition to life insurance coverage, National Western Life Insurance Company also offers annuities. Because people today are living so much longer, one of the biggest concerns on the minds of retirees is that of outliving their income. An annuity can help to solve that concern by offering them guaranteed lifetime income – regardless of how long they may live.
National Western Life Insurance company offers both fixed and fixed indexed annuities. A fixed annuity typically offers its holder a fixed amount of interest. This is usually credited on an annual basis.
The rate of interest is declared by the offering insurance company. One key benefit to a fixed annuity is that is offers safety of principal. It also offers a known amount of income that can last for the entire life of its holder, as well as that of another individual, if that option is chosen.
The fixed annuities that are provided by National Western Life Insurance Company include the following:
- NWL Accumulator Five
- NWL Prevail Seven
- NWL Protector One
- NWL Value Assurance
- NWL Future Assurance
- NWL Benefit Assurance
- Single Premium Immediate Annuity
The company also offers fixed indexed annuities. With these products, growth in the account is based in large part on the performance of an underlying market index, such as the S&P 500. If, however, the market has poor performance during a given period, the account is simply credited with a 0%, protecting principal. This can be beneficial for those who are saving for retirement and wish to take part in market gains but do not want to worry about market losses and volatility. The fixed indexed annuities that are offered by National Western Life Insurance Company include the following:
- NWL Ultra Classic
- NWL Ultra Future
- NWL Ultra Benefit
- NWL Ultra Value
- NWL Impact 10
- NWL Impact 7
- NWL Impact 7S
- NWL Global Lookback
How and Where to Find the Best Life Insurance Premium Quotes
When seeking a life insurance premium quote on coverage, it is often best to work with either a company or an agency that has access to more than just one insurance carrier. That way, you will be able to make a direct comparison among numerous insurance products and companies – and from there, you can determine which one will be the best for you and your specific needs. This is not only true when seeking the best life insurance policy, but also when seeking other forms of coverage as well, such as the best auto insurance companies and policies.
If you are ready to move forward with the purchase of a life insurance policy, we can help. We work with many of the top life insurers in the marketplace today, and we can assist you with obtaining all of the key details that you will require for making a well-informed purchasing decision. We can do so for you quickly and conveniently – all from your computer. So, if you wish to begin the process, just use the quote form on the side of this page.
Should you find that you still have any questions regarding National Western Life Insurance Company and its products – or even if you just have a question about life insurance in general – please feel free to contact us directly. We can be reached via phone, toll-free, by dialing 888-836-7071.
We understand that the purchase of life insurance coverage can be a big decision – and one that includes some variables. You want to ensure that you are obtaining the coverage that is right for you – and at a premium price that fits well into your budget. We can help you to find the policy that is best. So, contact us today – we're here to help.