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National Guardian Life Insurance Company Review
June 28, 2018
In the following review of National Guardian Life Insurance Company we will cover the company's history, its ratings, and the company's products and services offered. You can also check out our quotes page to compare life insurance quotes of many top rated companies offering both fully underwritten and accelerated underwriting policies.
With over 800 life insurance companies in the U.S. it can be overwhelming trying to figure out who you should choose for your coverage. At TermLife2Go, we do our best to help educate our visitors and potential clients by providing up to date resources on the best life insurance policies, including:
- level term life insurance
- whole life insurance
- universal life insurance
- indexed universal life insurance
Our goal is to educate you so you can make your own informed decision on which company and policy is best for you---based on your needs, health and lifestyle.
About National Guardian Life Insurance Company
History – Formed in 1910, National Guardian Life Insurance Company (sometimes shortened to NGL) now has over 100 years of experience in the market as an independent mutual life insurance company. As of 2017, they can do business in a total of 49 states as well as the District of Columbia. Originally, they operated under the name of The Wisconsin State Life Insurance Company in 1909 but actually changed to Guardian Life Insurance Company less than a year later before selling their very first policy.
After some successful first ten years, they were forced to add ‘National’ to their name since Germania Life Insurance Company changed their name to The Guardian Life Insurance Company of America.
In the 1930s, they became a mutual company and they reached $100 million of insurance in force just before the start of the 1950s. Ever since then, they’ve kept on growing and now stand today as a superb option for those looking for life insurance products.
Finances – According to statistics in 2015, NGL had a total of nearly $4 billion in assets while another $3.5 billion in liabilities. Compared to figures just eight years earlier, their assets had nearly doubled which meant they did well in recovering after the economic crisis while others were struggling. In terms of financial size, the most recent report from A.M. Best suggested category IX which is a value between $250 and $500 million. With billions of dollars’ worth of coverage, they now present themselves as a financial powerhouse.
National Guardian Life Insurance Company Ratings
A.M. Best – When it comes to financial ratings, A.M. Best seems like the best place to start because it’s a universal system. With life insurance and annuity companies, they’re judged on an equal playing field and this allows us to compare accurately without having to worry about company size, the number of customers they have, and various other small details.
With National Guardian Life Insurance Company, they were rated in December 2016 and were awarded with an A-. If you don’t know how the scale works with A.M. Best, this is one of the best scores one can receive. Ahead, there’s only three more steps to the top but most companies seem to settle within the ‘A’ range for some time and this means they’re more than financially secure. Considering an A- rating is considered ‘Excellent’, we can’t really complain as customers.
With A.M. Best, there’s also a second rating that doesn’t get too much attention but could be pivotal for the long-term success of your policy; Long-Term Issuer Credit Rating. Essentially, the aim of this rating is to assess the long-term stability of the company and how they will look financially in the future. With a rating of a-, NGL should be able to keep paying claims long into the future which is great news for us.
Standard and Poor’s – Next up, we have Standard & Poor’s who like to provide a credit rating for all financial institutes and this includes life insurance and annuity companies. Thanks to strong capital and increased revenues over the last decade, NGL’s rating was recently upgraded to Api and this leaves them in good standing for the future.
BBB – Moving away from the finances, looking into customer service can also be a great way to assess the health of a company. When we get left alone with no help from insurance companies, we feel frustrated and as though we made a bad decision. Therefore, the Better Business Bureau looks to provide a rating depending on how well a company deals with complaints as well as looking at their experience within the market and many other factors.
Nowadays, there are very few businesses who are actually accredited by the BBB but National Guardian Life Insurance Company joins this exclusive list. With a rating of A+, they have the best possible grade and this means they achieved a rating of over 97 out of 100. As you can probably guess, this is a sensational score and should mean that no customers will have problems getting hold of NGL or having problems fixed thereafter.
Customer Service – Finally, NGL is actually known for their friendly customer service and the employees at the company even take part in charity drives regularly which shows the type of business the owners are trying to promote. Once you become a customer, you’ll have the full support of an expert team behind you and this is always good to know. While some companies like to leave us to our own devices, National Guardian Life Insurance Company is available through email, phone, fax, and even social media. With their Facebook page, they tend to post most days which is a bonus.
Products offered by National Guardian Life Insurance Company
So here it is, the all-important question; what products do National Guardian Life offer and will they meet your needs?
Final Expense Whole Life
If you need to cover the final expenses in life and ensure your family has money to use for your funeral, medical bills, and other related expenses, this could be the final expense insurance policy you need.
Known as ‘AssetGuard’, the final expense whole life insurance policy from NGL is available with several payment options depending on whether you want to pay everything up over single premium, three, five, seven, or ten years. The policy has one health question and is available in standard or as guaranteed issue life insurance.
The whole life policy offers $50,000 face amount for single pay and $25,000 for 3pay, 5 pay, 7 pay and 10 year pay. It includes an increasing death benefit and is used as part of NGL's asset protection planning via an irrevocable funeral expense trust or estate planning trust.
Single Premium Immediate Annuity
A single premium immediate annuity allows you to make a lump sum payment and receive an income stream for life or for a certain period of time, typically 10 or 20 years.
Student Health Insurance
NGL also offers student health insurance through its affiliate company, Commercial Travelers Insurance Company (CT).
Finally, the NGL also offers products in Group Markets, including:
- Group Dental & Vision
- Accident Only
- Critical Illness Insurance
