National Life Insurance

Learn More About National Life Insurance Company

Established in Montpelier, Vermont in 1848, the National Life Insurance Company is the flagship of the National Life Group. The company is licensed in all 50 states and the District of Columbia. Currently, it is looking to expand in Europe starting with UK and France. National Life Insurance Co. has been one of the pioneers of life insurance providers in America since its early beginnings.

Sticking with the basics

The company has many insurance products in its arsenal just like other insurance companies, but what separates them from everybody else is that they stick to traditional products such as whole life, and term life.

Many of today’s leading insurance companies apply different investment concepts in their life insurance products, thereby making them entirely different products altogether. With this, people tend to be confused with these new insurance packages. Thankfully, the National Life Insurance Company does not fall victim to this trend. Perhaps there are only a couple of insurance products that are rather contemporary for the company’s standards, but common in the industry. These are Universal Life and Annuities. Let’s have a look at both products.

Universal Life

Universal life is a form of whole life insurance that allows the insured person to vary premium payments, to pay premiums at any time he wishes, at any amount subject to minimums and maximums. In other words, it’s a whole life insurance plan that provides the insured to have very flexible payment terms, just as long as the total amount of premiums paid is enough to the keep the policy in force. Also, it is important to note that the minimum amount as premium payment increases as the policyholder gets older.

Annuities

Annuities are financial products that allow the policyholder to receive a series of payments at regular intervals starting on a certain maturity period. Unlike a life insurance benefit where the money to be received would be in lump sum, the series of payments in an annuity can be in a monthly, quarterly, or annual basis, depending on the policyholder’s whims. People purchase annuities to obtain an income upon retirement or to supplement retirement income from pension benefits or Social Security.

National Life Insurance Company offers two types of annuities; immediate and deferred. Immediate annuity contracts provide payments that begin within a year after the policyholder has paid his premiums, while deferred annuity contracts provide payments that begin after many years. The more common of the two would be deferred annuity as people use annuities as retirement income. GP