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.
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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.
National Western Life Insurance Company Ratings
- A (Excellent) by A.M. Best
- A- (Strong) by Standard & Poor’s
Types of Life Insurance Offered
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 is the most basic life insurance coverage.
With cheap term life insurance, you are covered with only pure death benefit protection.
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 time is over, the premium may rise or expire. In some cases, the insured may have the option to convert the term policy into a permanent form of coverage. This can allow him or her to have life insurance 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:
- NWL Term and NWL Secure Term – Each of these products requires a medical exam for underwriting purposes
- NWL Rapid Issue Term – No exam required
- NWL Graded Death Benefit Term – No exam required
- NWL Living Benefits Term – No exam required
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.
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.
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 of a whole life insurance policy will grow based on an interest rate that is set by the issuing insurance company.
Whole life insurance options:
- 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 offers more flexibility than whole life.
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, the principal in the cash value component is protected.
National Western Life Insurance Company offers two Indexed Universal Life insurance policies, including the:
Life Insurance Offerings by National Western: A Brief Overview
| Type of Insurance | Key Features | Products Offered by National Western Life Insurance |
|---|---|---|
| Term Life Insurance | Basic Coverage for a Specific Term, Convertible to Permanent Coverage | NWL Term, NWL Secure Term, NWL Rapid Issue Term, NWL Graded Death Benefit Term, NWL Living Benefits Term |
| Permanent Life Insurance | Offers Lifelong Coverage, a Cash Value Component, and Tax-Deferred Growth | Whole Life (NWL Rapid Issue, Graded Death Benefit, MAXWealth), Universal Life (NWL Lifetime Returns), Indexed Universal Life (NWL Lifetime Returns Select, Solutions) |
| Whole Life Insurance | Guarantees Fixed Premiums, a Set Death Benefit, and Cash Value Growth | NWL Rapid Issue Whole Life, NWL Graded Death Benefit Whole Life, NWL MAXWealth |
| Universal Life Insurance | Flexible Coverage With a Cash Value Element, Providing More Options | NWL Lifetime Returns Universal Life Insurance |
| Indexed Universal Life Insurance | Cash Value Linked to Market Performance With Protection Against Losses | 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.
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 annually.
The rate of interest is declared by the offering insurance company. One key benefit to a fixed annuity is that it offers the safety of the 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 Ultra Value
- NWL Future Assurance
- NWL Benefit Assurance
- NWL Income Plus
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 the 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
The Bottom Line – National Western Life Insurance Company Review
National Western Life Insurance Company stands out as a seasoned player in the insurance realm with its six-decade legacy. With its commendable ratings from reputable agencies and diverse insurance offerings, it caters to varied consumer needs.
From traditional term life to innovative indexed universal life policies and added financial products like annuities, the company presents a comprehensive suite for those seeking financial security.
With a strong commitment to quality service and flexibility in its product range, National Western is undeniably a formidable choice for individuals seeking to safeguard their financial future.
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Product Name: National Western Life Insurance Company Product Description: National Western Life Insurance Company, headquartered in Austin, Texas, offers a comprehensive range of life insurance and financial products for over 60 years. Catering to both domestic and international markets, they specialize in term and permanent life insurance solutions, as well as annuities. Summary With a longstanding legacy, National Western Life Insurance Company has made a mark in the insurance industry, especially with its no-exam life insurance offerings. Serving 49 U.S. states and multiple territories, they focus on high-quality life insurance products tailored to specific market segments. Additionally, their diversified product range extends beyond life insurance to include fixed and fixed-indexed annuities, making them a holistic provider for those seeking financial security and growth. Pros Cons
National Western Life Insurance Company Review
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