In the following review of Madison National Life Insurance Company we will cover the history of the company, its ratings and products offered. Our goal is to help our visitors and potential clients gather information in order to make the best, most informed decision on which company to choose, who will offer the most affordable life insurance quotes, and who will cater to their specific health or lifestyle niche. Is Madison National the best company for you—based on your unique need, health and lifestyle?
Review of Madison National Life Insurance Company
Madison National is one out of over 800+ companies offering life insurance, health insurance and annuities in the U.S.
About Madison National Life Insurance Company
Founded towards the beginning of the 1960s, Madison National Life Insurance Company now has nearly 60 years of experience within the life insurance industry after forming with the goal of providing a strong financial future for others. After starting in Madison, Wisconsin, Madison National quickly expanded and can today be found in 49 states.
Currently, Madison National is a part of the wider IHC Group which has been providing life, health, and many other types of insurance for over three decades. In addition to Madison National Life Insurance Company, this group includes Independence Holding Company, Independence American Insurance Company, and Standard Security Life Insurance Company.
Madison National Life Insurance Company Ratings
When it comes to financial ratings, it’s hard to find one that has the reputation of A.M. Best so this is where we’ll start. Luckily for us all, Madison National has been given an ‘Excellent’ rating of A- and this is one of the highest ratings you can get. Considering not all life insurance companies get into the ‘A’ bracket, we can trust in Madison National’s ability to keep covering people in the short-term while paying out all claims in the long-term.
After their finances, we need to know just how well they deal with customers. With some companies, they have some fantastic products and even the finances to back them up but this means nothing if the customer service doesn’t exist because this is something we take seriously. Although not accredited, the Better Business Bureau (BBB) score for Madison National is actually another great score in an A-. Once again, this is one of the highest scores you can achieve with the BBB and it means the company scored between 90 and 94 from a total of 100.
In addition to the rating of the two trusted agencies, we also like to look at the general customer service of a brand and it’s fair to say Madison National does well in this regard. When on the website, you can select the area for which you need help before then being provided with all sorts of contact information including specialized phone numbers and mail addresses.
It should be noted that, although A.M. Best and BBB has given the company good ratings, we also came across this site in our research that had many negative reviews from alleged customers.
Products offered by Madison National Life Insurance Company
Nowadays, Madison National Life Insurance Company tends to focus on group insurance for employers. Available at competitive prices, their service, along with the disability insurance options, are one of the best in the industry.
Thanks to exclusive partnerships, Madison National is able to offer
- Accidental Death and Dismemberment,
- Child Life,
- Spouse Life,
- Group Term Life,
- Group Short-Term Disability,
- Group Long-Term Disability Insurance,
- Supplemental Life,
- Dependant Life, and
- many more options.
At this point, we should note that not all services will be available in every single state so this is one downside to choosing Madison National. However, you can get in contact with a local advisor to see what is available and whether they can meet your needs moving forward.
As mentioned previously, Madison National is also available in the health insurance market.
Whether you want insurance for just yourself or your family too, the Fixed Indemnity option is a guaranteed-issue supplemental health insurance policy for those looking for a little extra coverage on top of another policy (possibly one provided by an employer).
In addition to health coverage, you’ll find dental insurance as the company works with over 130,000 dentists across the country.
Finally, critical illness insurance is another option which pays out a lump sum should you come down with a critical medical condition.
Madison National Company Review Conclusion
If you are considering employer sponsored group life insurance and disability, Madison National is a great option. With an A- ‘Excellent’ rating from A.M. Best and a large product line, Madison National will be an excellent choice for many companies.