Is National Life Group a Good Insurance Company?
Is National Life Group a Good Insurance Company?
Jason Stolz CLTC, CRPC, DIA, CAA
National Life Group has been around since 1848 — chartered by the Vermont legislature before the Civil War — making it one of the oldest insurance companies in the United States. The company has paid dividends to policyholders every year since 1855, a streak spanning more than 170 years through wars, depressions, financial crises, and every major market cycle in US history. It operates as a mutual holding company under NLV Financial Corporation, with no outside shareholders and no private equity ownership. Policyholders are members of the organization rather than customers of it. The financial strength profile is genuinely top-tier: AM Best A+ (Superior) reaffirmed most recently, S&P A+, Moody’s A1, and a Comdex composite score of approximately 90 — firmly in the upper echelon of all rated US insurers. If you are evaluating National Life Group, the financial foundation is not in question. The question is whether the specific product being offered — whether life insurance or annuity — is the right structure for your retirement income goals, your underwriting situation, and your planning timeline. At Diversified Insurance Brokers, Jason Stolz, CLTC, CRPC, DIA, CAA, evaluates National Life Group products the same way we evaluate every carrier: with a live market comparison that puts NLG’s pricing, product mechanics, and income outcomes alongside the best available alternatives for your specific situation.
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Company Snapshot
| Category | Details |
|---|---|
| Founded / History | Chartered 1848 by Vermont legislature; uninterrupted dividend payments since 1855; one of the 25 largest US life insurers |
| AM Best Rating | A+ (Superior) — 2nd highest of 13 categories; reaffirmed most recently; stable outlook |
| S&P / Moody’s / Comdex | S&P A+; Moody’s A1; Comdex ~90 — top tier of all rated US insurers |
| Ownership | Mutual holding company — no outside shareholders, no private equity; policyholders are members; $47B AUM; 1.6 million policyholders |
| Issuing Entities | National Life Insurance Company (Montpelier, Vermont); Life Insurance Company of the Southwest — LSW (Addison, Texas); both carry A+ AM Best |
| Life Insurance Products | Term (10/15/20/30-year); TotalSecure whole life; FlexLife, PeakLife, SummitLife IULs; BasicSecure UL; RapidProtect instant-issue IUL; EZ Underwriting program |
| Annuity Products | Income Driver 10 FIA; Zenith Income 10 FIA; RetireMax fixed annuity; Green Mountain Freedom Flex flexible premium deferred; Wichita National Life Security 5 |
| Notable Achievements | 2nd largest IUL provider in the US; Forbes Best Insurance Companies list; $3.4 billion record annuity sales; industry-first Alzheimer’s Disease rider on all permanent policies |
Why the Mutual Structure Matters Here
National Life Group’s mutual structure is one of the most practically meaningful features of the company — not just a marketing point. When you buy a policy from a mutual insurer, you become a member with a stake in the organization. There are no Wall Street shareholders whose quarterly return expectations compete with your long-term policy commitments. Every decision about capital allocation, product design, dividend policy, and underwriting flexibility is made in the context of policyholder obligations first. The 1855 dividend record — more than 170 uninterrupted annual payments across every conceivable market environment — is the most tangible demonstration of what that structure produces. Many carriers pay dividends in good years; very few maintain them through the Great Depression, the 1970s inflation crisis, the dot-com collapse, the 2008 financial crisis, and the 2020 pandemic simultaneously. National Life’s record reflects genuine structural alignment between the organization’s incentives and the policyholder’s interest in long-duration guarantee fulfillment. The $4.9 billion reinsurance transaction completed with a private equity-backed reinsurer is worth noting as a potential point of future monitoring — it does not affect current policy guarantees, but the use of PE-backed reinsurance for a block of MYGA and FIA reserves is a structure that regulators and advisors are watching industrywide for long-term implications.
Life Insurance: Where NLG Genuinely Stands Out
National Life Group’s strongest product differentiation is in indexed universal life insurance — the carrier is the second-largest IUL provider in the United States. The three-tier IUL lineup covers distinct client profiles: FlexLife for clients prioritizing flexible premium accumulation, PeakLife for clients seeking higher growth potential within the IUL structure, and SummitLife for clients targeting maximum illustrated performance. Each tier offers indexed interest crediting tied to external market indices with a 0% floor — cash value cannot decline from index performance, though premium loads, cost of insurance charges, and policy fees can reduce cash value in years of flat or low crediting. The RapidProtect IUL product offers instant-decision coverage up to $500,000 with no medical exam — a significant access improvement for clients who need coverage quickly or dislike the traditional underwriting process. The EZ Underwriting program extends that no-exam advantage further, qualifying applicants ages 18 to 65 for up to $3 million in permanent coverage or $2 million in term coverage without a medical exam. For clients who have historically struggled with traditional underwriting, NLG’s flexible approach is a meaningful competitive advantage. Our resources on final expense life insurance and special needs life insurance cover adjacent life insurance planning needs that NLG also serves.
NLG also offers TotalSecure whole life and BasicSecure universal life for clients who prefer simpler permanent coverage designs without the indexed crediting complexity of IUL. The Wall Street Journal’s most recent ranking placed NLG second among best whole life insurance companies — a strong validation of the TotalSecure product in competitive context. The industry-first Alzheimer’s Disease rider and Fertility Journey rider available on all NLG permanent policies are genuine differentiators that no other carrier currently matches. Term life options cover 10, 15, 20, and 30-year terms, with the EZ Underwriting program extending the no-exam advantage to these products as well. Our resources on 15-year term life, 20-year term life, 25-year term life, and 30-year term life cover the term length decision framework that applies regardless of which carrier is ultimately selected.
Business Planning Applications
National Life Group is also a meaningful carrier for business planning applications — buy-sell agreements, key person coverage, and executive benefit designs. The A+ rated permanent life products from NLG are frequently used in buy-sell agreements to fund partner buyouts at death, in key person insurance to protect businesses against the financial loss of critical employees, and in non-qualified executive benefit structures where the life insurance cash value serves as the funding mechanism for deferred compensation plans. Our resources on buy-sell life insurance, the benefits of key person insurance, and contract indemnity life insurance cover the business planning applications where NLG products are commonly deployed. For business owners evaluating both personal life insurance and business continuity planning simultaneously, NLG’s breadth across personal and business product applications in a single A+ rated mutual carrier is a genuine convenience.
NLG Annuity Products
National Life Group reported $3.4 billion in annuity sales — a record — demonstrating that the carrier’s annuity presence is not incidental. The primary FIA products available through the independent channel are the Income Driver 10 and the Zenith Income 10 — both income-focused fixed indexed annuities with guaranteed lifetime withdrawal benefit riders. Our full product reviews of the National Life Group Income Driver 10 and the National Life Group Zenith Income 10 cover the crediting strategies, income rider mechanics, payout rates, and how these products compare in a multi-carrier income context. The RetireMax is NLG’s fixed deferred annuity for clients who want guaranteed accumulation without indexed crediting complexity. The Wichita National Life Security 5 covers clients seeking a shorter-term predictable growth option from the affiliated Wichita National Life entity. The Green Mountain Freedom Flex is one of the very few flexible premium deferred annuities in the market — accepting ongoing contributions including 403(b) salary reduction deposits, which makes it particularly relevant for educators and non-profit employees in retirement accumulation plans. For the broader income planning context — how an annuity works alongside Social Security and other retirement income sources — our resource on special needs life insurance services and why a special needs trust matters cover the adjacent planning dimensions for clients with dependent family members.
The Customer Service Reality
National Life Group’s institutional ratings are top-tier, but consumer feedback is more mixed. The company is not BBB-accredited, and consumer reviews skew negative in aggregate, with common complaints around customer service responsiveness, claims processing timelines, and difficulty reaching support. This pattern — strong institutional complaint metrics but weaker consumer sentiment — is not unusual for large, complex insurance carriers, but it is worth acknowledging honestly. For permanent life insurance and annuity products where the service relationship spans decades, the service experience during policy changes, claims filing, and income elections matters as much as the product quality at issue. Recent litigation alleging misleading sales practices is another data point worth monitoring, though it does not affect existing policy guarantees. Our resources on Protective, Principal, Voya, and Thrivent cover other A-rated carriers that compete with NLG across life insurance and retirement product lines, each with their own service and product trade-offs. Our resource on 5 signs it’s time to review your life insurance policy covers when re-evaluating an existing NLG policy — or any carrier’s policy — against current market alternatives makes sense. For clients who smoke and are concerned about underwriting, our resource on life insurance for smokers covers how NLG’s underwriting compares to the broader market for this specific profile.
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Frequently Asked Questions: Is National Life Group a Good Insurance Company?
What is National Life Group’s financial strength rating?
National Life Group holds AM Best A+ (Superior) — the second-highest of thirteen AM Best categories — reaffirmed most recently with a stable outlook. Both primary issuing entities (National Life Insurance Company and Life Insurance Company of the Southwest) carry this A+ designation. S&P rates NLG A+. Moody’s rates A1. The Comdex composite score is approximately 90, placing NLG firmly in the top tier of all rated US insurers. These ratings reflect a 175-year operating history, $47 billion in assets under management, mutual ownership structure with no outside shareholders, and uninterrupted dividend payments since 1855. For practical purposes, National Life Group’s financial strength profile is among the strongest available in the independent insurance market — substantially above the A- minimum most advisors require, and competitive with the largest mutual carriers in the country.
What makes National Life Group different from other insurance companies?
Several things stand out in genuine comparison. First, the 1848 founding date and 1855 dividend record — 170+ consecutive annual dividend payments — are among the longest uninterrupted obligation records in US insurance, demonstrating that the mutual structure has functioned as designed through every major economic disruption in modern US history. Second, NLG is the second-largest indexed universal life insurance provider in the country, giving it economies of scale and product development depth in IUL that most carriers cannot match. Third, the EZ Underwriting and RapidProtect programs offer no-exam access to significant coverage amounts — up to $3 million in permanent coverage without a medical exam — which is meaningfully more accessible than most carrier programs. Fourth, industry-first riders including Alzheimer’s Disease coverage and Fertility Journey coverage on all permanent policies represent genuine product innovation that no competitor currently matches. The mutual holding company structure with no private equity ownership or public shareholders is also increasingly differentiated in a market where many carriers have been acquired by PE firms over the past decade. Our resource on contract indemnity life insurance covers business planning applications where NLG’s mutual structure and financial strength are particularly relevant.
What is an indexed universal life policy and is NLG a good choice for it?
An indexed universal life (IUL) policy is a permanent life insurance contract that builds cash value through indexed interest crediting — interest is linked to the performance of an external market index like the S&P 500, with a 0% floor (cash value cannot decline from index performance) and typically a cap or participation rate that limits the upside. Premiums are flexible, coverage is permanent, and the cash value accumulates on a tax-deferred basis accessible through policy loans and withdrawals. As the second-largest IUL provider in the US, National Life Group has more experience, product depth, and competitive motivation in this category than almost any other carrier. The three-tier lineup (FlexLife, PeakLife, SummitLife) allows advisors to match product complexity and illustrated performance to specific client objectives rather than using a one-size-fits-all design. The RapidProtect IUL adds instant-decision access for clients who want IUL without the traditional medical exam. For clients who have been shown an IUL illustration from NLG, the most important step is comparing that illustration against the same premium and coverage amount from at least two or three other A-rated IUL carriers — because illustrated performance varies meaningfully across product designs and the index crediting parameters matter as much as the carrier name. Our resource on special needs life insurance covers IUL applications for clients with dependents who require long-term care planning alongside the life insurance objective.
What annuity products does National Life Group offer?
National Life Group offers a focused annuity lineup through its LSW (Life Insurance Company of the Southwest) and affiliated Wichita National Life entity. The Income Driver 10 and Zenith Income 10 are income-focused fixed indexed annuities — both designed with guaranteed lifetime withdrawal benefit riders as the primary objective, competing directly against income FIAs from carriers like Allianz, Athene, and North American. The RetireMax is a fixed deferred annuity for clients who want guaranteed accumulation without indexed crediting. The Wichita National Life Security 5 provides a shorter-term fixed growth option. The Green Mountain Freedom Flex is one of the only flexible premium deferred annuities in the market that accepts ongoing premium contributions including 403(b) salary reduction deposits — making it particularly valuable for educators, hospital employees, and non-profit workers building retirement assets through salary deferral. NLG reported $3.4 billion in annuity sales in a recent year, a record demonstrating that these products are genuinely competitive in the independent market. Full reviews of each product are linked above and in the related pages section. Our resource on why a special needs trust matters covers legacy and planning considerations that often arise alongside NLG annuity discussions for clients with beneficiaries who have disabilities.
Is National Life Group good for smokers or people with health conditions?
National Life Group’s EZ Underwriting program is one of the most accessible no-exam platforms in the market. It allows qualified applicants ages 18 to 65 to obtain up to $3 million in permanent coverage or $2 million in term coverage without a medical exam — substantially higher no-exam limits than most carriers offer. Whether a specific health condition or smoking history qualifies for EZ Underwriting depends on the specific health answers in the application, but the program is deliberately designed for broader eligibility than traditional fully underwritten processes. For smokers specifically, NLG is worth including in a multi-carrier comparison because its underwriting guidelines for tobacco users are competitive in certain rate classes. That said, “competitive” still depends on the specific tobacco type, frequency of use, and how long since cessation — and the best way to know is a parallel quote from an independent broker who can shop multiple carriers simultaneously. Our resource on 15-year term life insurance covers the comparison framework for medium-duration term coverage where NLG frequently competes well for certain health profiles.
What are the concerns about National Life Group?
Three areas warrant honest attention. First, consumer reviews and service feedback: NLG is not BBB-accredited, and consumer reviews are disproportionately negative relative to the carrier’s institutional strength ratings, with common complaints about service responsiveness, claims timelines, and support accessibility. For long-duration permanent policies, the service relationship matters over decades, and mixed consumer feedback is a legitimate consideration. Second, recent litigation alleging misleading sales practices — filed in early 2026 — does not affect existing policy guarantees but is worth monitoring for how it resolves. Third, the $4.9 billion reinsurance transaction with a private equity-backed reinsurer (26North Re) completed recently — while not affecting current policyholders’ contractual rights, it represents a trend in the industry that regulators and some advisors are watching carefully for long-term implications on how reserves are managed. None of these concerns override the carrier’s A+ financial strength or 175-year track record, but they are worth weighing alongside the institutional positives when committing to a permanent policy or long-duration annuity.
About the Author:
Jason Stolz, CLTC, CRPC, DIA, CAA and Chief Underwriter at Diversified Insurance Brokers (NPN 20471358), is a senior insurance and retirement professional with more than 25 years of real-world experience helping individuals, families, and business owners protect their income, assets, and long-term financial stability. As a long-time partner of the nationally licensed independent agency Diversified Insurance Brokers, Jason provides trusted guidance across multiple specialties—including fixed and indexed annuities, long-term care planning, personal and business disability insurance, life insurance solutions, Group Health, Travel Medical and Evacuation Insurance, and short-term health coverage. Diversified Insurance Brokers maintains active contracts with over 100 highly rated insurance carriers, ensuring clients have access to a broad and competitive marketplace.
His practical, education-first approach has earned recognition in publications such as VoyageATL, and contributions from his agency featured in Kiplinger and GoBankingRates— highlighting his commitment to financial clarity and client-focused planning. Drawing on deep product knowledge and years of hands-on field experience, Jason helps clients evaluate carriers, compare strategies, and build retirement and protection plans that are both secure and cost-efficient. Visitors who want to explore current annuity rates and compare options across multiple insurers can also use this annuity quote and comparison tool.
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Last Reviewed: June 21, 2026 |
Reviewed by: Jason Stolz, CLTC, CRPC, DIA, CAA
Chief Underwriter, Diversified Insurance Brokers, Inc. | NPN: 20471358 | Diversified Insurance Brokers, Inc. — Licensed in all 50 states
Fact Checked by: Tonia Pettitt, CMIP©
Medicare Specialist, Diversified Insurance Brokers, Inc. | NPN: 14374308 | Diversified Insurance Brokers, Inc. — Licensed in all 50 states
Editorial Standards: Diversified Insurance Brokers maintains rigorous editorial standards to ensure accuracy, clarity, and independence in all content. Learn more about our editorial standards and commitment to transparency.
