In the following Settlers Life review we will discuss the pros and cons of the company, as well as provide a recommendation. Our goal is to equip our readers with the knowledge they need to make the best decision on which company to choose for their coverage needs. Is Settlers Life the best life insurance company for you?
Review of Settlers Life
About Settlers Life Insurance Company
- Headquarters: Bristol, Virginia
- Phone: (800) 542-8711
Settlers Life merged with NGL Insurance Group in 1999. The NGL Insurance Group is made up of National Guardian Life (NGL) and Settlers Life. National Guardian Life Insurance Company is a mutual company. Mutual Companies are controlled by the policy holders and not by investors or stock holders. Settlers Life focuses on final expense insurance via simplified issue whole life policies.
Settlers Life has not been around as long as some other final expense burial insurance companies. Although they are a little newer than some of the competitors in the market, they still serve thousands of people each year and provide valuable insurance to those who need it. Focusing mainly on final expense life insurance, they have created quite a niche for themselves in this marketplace.
Pros of Settlers Life
With many years of experience, Settlers Life now boast a well-informed employee base who are always willing to help any potential client with advice and their knowledge of the industry. Although customer reviews are a good gauge of how a business performs, it is also important to look into the official data and the reviews of A.M. Best, BBB, and the like. For this reason, we have compiled a list of their ‘pros’ within the industry and the services that they offer.
To start, A.M. Best has been assessing and then rating companies now for many years and have become one of the more trusted names to look out for. As far as Settlers Life goes, they have been awarded an ‘A-’ rating which is the equivalent to ‘Excellent’. In fact, they have had this rating since 2007 which means that they have been at this height for nearly a decade. With this in mind, it suggests that the company has significant financial strength heading into the future.
In terms of their outlook, they were recently given a rating of ‘stable’ which means that they have no immediate concerns. In the long-term, they should also remain stable and Settlers Life has commented on how their dedication to meet the needs of policyholders has allowed them to achieve these two ratings.
As we have mentioned previously, Settlers Life has placed a particular focus on the happiness of their customers and this can be heard in the way that the company talks about them. For this reason, Settlers Life has a number of sources by which clients and potential clients alike can contact. As a key member in the NGL Insurance Group, Settlers Life is primarily based in Bristol, Virginia but it has grown over the years and now has over 4,000 independent agents across 42 states.
When people need to contact the company, there are various routes to pursue. For policyholders, there are dedicated phone lines to help with any problems or if they want to make a claim. Furthermore, there are also various email addresses for the different departments that can help to solve problems. For those who are looking for something a little more informal, Settlers Life also has a presence on social media and many customers take advantage of this. Not only are they on Facebook, they have also built a following on Twitter which can be a great place to get quick answers to small questions.
Reviews from BBB
Over the years, the Better Business Bureau (BBB) has gone on to accredit some of the biggest businesses across the US and it helps potential clients to gauge how well any particular company performs. However, it should be noted that no business is under an obligation to seek accreditation so some businesses remain without this rating. Therefore, the fact that Settlers Life hasn’t been accredited isn’t a strange one as some companies simply do not seek the rating. Despite this, they have been awarded a rating of ‘A’ by the BBB who judge on a scale that falls down to a potential ‘F’.
Although there is no official accreditation for Settlers Life, they have had a file at the BBB since way back in 1970 and the company has gone on to improve its rating over time. In recent years, the company has received a handful of complaints but the customer service team at Settlers Life fixed the problems in a timely manner. When a complaint comes into Settlers Life, many sources suggest that they are quick to act and find solutions to the problem.
As we said a little earlier, Settlers Life are well-known for their life insurance policies and this is what they have built their foundation upon when growing over the years. Although they have diversified a little, life insurance is very much their market and they offer an extensive service to show this.
Firstly, they have different tiers of service available starting with Silver, moving up to Silver II, and then finishing with Gold. Different people qualify for different coverage depending on the length of time that they have been in good health as well as their overall health in general. Over these three options, the policies cover different amounts and work in different circumstances so all clients are advised to meet up with an agent to discuss their options fully.
In addition to these three intermediate benefit policies, Settlers Life has also created two modified plans – Bronze and Bronze II. In essence, these policies have been created for those who might have certain health issues and have struggled to get life insurance from anywhere else. Nowadays, it can be nearly impossible for those with health problems to get a good burial insurance policy but Settlers Life has taken a jump into this market and it seems to be working for them so far.
- Good health the past 5 years
- Permanent life insurance
- Level premium
- Ages 15 days to 85 years
- Coverage goes into effect immediately upon approval
- Good health the past 2 years
- Ages 1-85
Silver II Plan
- Some health issues
- Ages 50-75
- Non-smokers only
- Current health issues
- Ages 40-80
- Two health questions
- 2 year graded death benefit
Bronze Plan II
- Current health issues
- Ages 40-75
- 2 year graded death benefit
With the child life rider, the policyholder can add coverage for each child that they might have.
With the accelerated benefit rider, the policyholder can receive up to 75% of the death benefit if they have been diagnosed with a terminal illness or have been forced into moving to a care home.
Finally, the accidental death rider allows for additional coverage if death is due to an accident.
When it comes to commitment, there are very few companies that show the key characteristic to so many people. Although most companies claim to have commitment to their policyholders, Settlers Life have been known to pay out around 98% of claims in any given year. Furthermore, their website makes it easy for customers to change certain details on a policy, edit the beneficiary, and even apply for coverage in the first place thanks to all of the available forms and contact information.
On the whole, Settlers Life is an outstanding company that is providing a superb service but every company has little flaws or flaws that have the potential to become a drawback so let’s take a look. First, it should be noted that the Settlers Life website can be somewhat temperamental at times and this can be frustrating for customers who are looking for information regarding their policy. However, it does work well for the majority of the time and you shouldn’t have a problem as long as you keep one of their numbers in your phone as this will be a good alternative.
Second you could also say that it can be frustrating for the other states that don’t have access to the fantastic service. Although Settlers Life does have thousands of agents across much of the US, there are still some areas out in the cold. Who knows, maybe it is just a matter of time before agents reach these areas?
Third, Settlers Life focuses primarily on final expense insurance. Final expense policies typically only provide coverage up to $25,000-$50,000. Depending on which plan you qualify for, Settlers Life max coverage offered is capped at $50,000.
There we have it, one of the most respected insurance companies in the US. With great ratings from all the official agencies as well as the customers themselves, Settlers Life has a built a great company boasting a great reputation who can help with a number of different services.
If you are considering Settlers Life but you are curious what other options may be available to you, give the professionals at TermLife2Go a call. We work with many of the top companies in the U.S. Our goal is to align each client with the right company based on each client’s unique need, health and lifestyle.
So what are you waiting for? Give us a call today for a free life insurance consultation!
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