Facts You Should Know
- Nassau offers term life and final expense insurance
- Nassau provides coverage starting at $16.14 per month
- Nassau has been rated a B+ by A.M. Best
The Nassau Life Insurance Company offers final expense and term life insurance quotes to customers in the United States. The company has competitive rates but only provides two riders. Additionally, the company has been rated a B+ by A.M. Best.
Examining the Nassau Life Insurance Company will help you decide if the company is a good option.
Before starting this Nassau Life Insurance Company review, enter your ZIP code to find free life insurance rates in your area.
Does the Nassau Life Insurance Company have competitive rates?
Life insurance companies use various factors to determine rates. Each company weighs these factors differently, so it’s impossible to provide an accurate quote without personal information. However, some of the factors used to determine rates include:
- Age
- Gender
- Health
- Family history
- Location
The best way to determine if a company is a cost-effective option is to compare it with other companies. With that in mind, the following chart shows the affordable Nassau Life Insurance Company rates with other companies for a $20,000 whole life plan based on age.
Male $20,000 Whole Life Average Monthly Nassau Life Insurance Company Rates vs. Other Companies by Age
| Company | Average Monthly Rates for a 50 Year Old | Average Monthly Rates for a 60 Year Old | Average Monthly Rates for a 70 Year Old | Average Monthly Rates for a 80 Year Old |
|---|---|---|---|---|
| American-Amicable | $58.96 | $88.88 | $150.50 | $300.08 |
| Americo | $60.33 | $83.56 | $142.06 | $287.51 |
| Assurity | $55.44 | $81.10 | $143.90 | $308.93 |
| Foresters | $60.85 | $87.22 | $142.66 | $290.33 |
| Liberty Bankers Life | $56.39 | $86.97 | $141.99 | $288.97 |
| Mutual of Omaha | $55.11 | $82.31 | $144.20 | $262.11 |
| Nassau | $56.16 | $82.40 | $141.34 | $289.69 |
| Settlers | $62.90 | $90.61 | $145.69 | $291.13 |
| Transamerica | $57.89 | $84.05 | $145.74 | $276.88 |
| United Home Life | $57.68 | $85.03 | $144.91 | $272.05 |
The following chart shows the same information for females.
Female $20,000 Whole Life Average Monthly Nassau Life Insurance Company Rates vs. Other Companies by Age
| Company | Average Monthly Rates for a 50 Year Old | Average Monthly Rates for a 60 Year Old | Average Monthly Rates for a 70 Year Old | Average Monthly Rates for a 80 Year Old |
|---|---|---|---|---|
| American-Amicable | $49.28 | $71.81 | $114.75 | $218.24 |
| Americo | $45.32 | $64.07 | $103.06 | $221.75 |
| Assurity | $48.77 | $67.28 | $110.62 | $225.58 |
| Foresters | $48.95 | $67.67 | $103.69 | $219.01 |
| Liberty Bankers Life | $46.51 | $64.71 | $104.95 | $213.69 |
| Mutual of Omaha | $46.14 | $62.53 | $103.28 | $193.66 |
| Nassau | $49.12 | $68.78 | $106.37 | $216.34 |
| Settlers | $52.02 | $72.76 | $111.52 | $226.95 |
| Transamerica | $47.07 | $63.87 | $104.41 | $204.65 |
| United Home Life | $47.76 | $66.49 | $100.59 | $204.87 |
As you can see, Nassau provides cheaper coverage than many competitors. Additionally, rates are lower for females than males and increase as customers age.
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What coverages are offered by the Nassau Life Insurance Company?
Nassau only offers term life insurance and final expense insurance. The company previously provided universal life coverage but stopped offering that policy recently. As a result, Nassau only provides two coverage types to customers.
The company’s term life policy is called Safe Harbor Term Life and is available in 10, 15, 20, and 30-year terms. The coverage is accessible for applicants between 18 and 80, but the available values depend on the applicant’s age and the specific plan.
Nassau’s term life policy comes as a simplified issue express plan or a fully underwritten non-express plan. Both of these options are no-medical-exam policies, but applicants still must fill out a medical questionnaire.
The primary difference between these options is that the non-express plan has a higher maximum value. While the express plan is available from $25,000 to $400,000, the non-express plan value ranges from $50,000 to $500,000.
The non-express plan also has a higher value, but it might require an Attending Physician’s Statement (APS), depending on the answers to the questionnaire. Conversely, the express plan will never need an APS. Additionally, the underwriting process is quicker for the express policy.
Nassau’s only whole life policy is its final expense plan, called Remembrance Life. This policy pays for final expenses, like funeral and burial costs, and is available for customers 50 years old and older.
The value of this plan only ranges from $10,000 to $50,000. However, it includes all riders offered by the company.
In addition to these life insurance options, customers can purchase annuity policies. Nassau’s investments allow customers to create a cash value that they can use to cover protection from unplanned healthcare costs.
Does the Nassau Insurance Company offer any riders?
Most life insurance companies offer various options, allowing policyholders to customize their policies. While some of these options, usually called riders, are included free of charge, most require an additional fee.
The accelerated death benefits rider is the most common option offered by life insurance companies. Nassau’s option allows customers to access up to 95% of the death benefit before death if they have a terminal illness, and it’s included with all policies.
The accidental death benefit rider pays an additional lump sum if the insured dies from a covered accident. This option is included free of charge with the Remembrance Life plan and is available for term life customers for a fee.
Since the accelerated death benefits rider and accidental death benefit rider are free for most policies, it won’t increase rates. However, adding the accidental death benefit rider to a term life policy will increase Nassau Life Insurance Company quotes.
How is the Nassau Life Insurance Company rated?
Credit rating agencies review insurance companies and rate them on their financial strength. These ratings allow customers to determine the likelihood of receiving a payout when they file a claim.
Nassau RE has been rated a B+ by A.M. Best, the most respected rating agency. This rating isn’t at the top of the scale but indicates that the company will provide a payout in most situations.
The Better Business Bureau (BBB) also rates companies based on their business practices. For example, the BBB has rated Nassau an A+, indicating that the company is trustworthy when working with customers.
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Does the Nassau Life Insurance Company have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) review complaints made about insurance companies. Examining these reviews allow customers to determine the quality of service they’ll receive.
At the time of this review, the BBB has received three complaints about Nassau insurance. These complaints include the company’s services, billing, and delivery.
According to the NAIC, Nassau has received five complaints. Additionally, Nassau’s complaint index ratio is 0.79, indicating that the company has fewer complaints than the average company of a similar size.
How can you file Nassau Life Insurance Company claims?
Customers that buy Nassau Life Insurance Company policies can file claims online or by phone. The easiest way to file is online. Customers can log into the website and follow a three-step process, which includes:
- Notifying Nassau about the death
- Sending Nassau the original death certificate
- Informing Nassau about any trust
Customers that prefer to file a claim by phone can call the Nassau Life Insurance Company phone number at 1-877-815-8097. Representatives can assist with claims Monday through Friday between 9 a.m. and 5 p.m. (EST).
How can you make Nassau Insurance Company payments?
Nassau allows customers to make payments online or by phone. Customers can pay online by accessing the website’s customer portal. From there, customers can set up a future payment schedule, allowing them to avoid the responsibility of keeping up with payments.
Additionally, customers can make payments by calling 800-349-9267. Representatives can take payment information Monday through Friday from 9 a.m. to 5 p.m. (EST). Customers can make payments by debit card or credit card.
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How can you cancel a Nassau Life Insurance Company policy?
Insurance companies usually don’t allow customers to cancel a policy online, and Nassau isn’t any different. Instead, customers can only cancel a policy by calling the company.
Depending on the policy, a cancellation fee might apply. However, the company offers a 10-day free-look period, during which customers can cancel their policy without penalty.
Who is the Nassau Insurance Company?
Business and religious leaders in Hartford, Connecticut, began the American Temperance Life Insurance Company in 1851. The purpose was to provide life insurance to locals who didn’t drink alcohol.
The company expanded to include all residents in 1860, at which time they renamed it the Phoenix Mutual Life Insurance Company. Phoenix Life Insurance remained until 2016 when the Nassau Financial Group bought it.
Nassau Life Insurance Company: The Bottom Line
Nassau provides term life and final expense insurance to customers throughout the United States. The company has competitive rates but only offers two riders. Additionally, the company has been rated a B+ by A.M. Best.
Knowing more about the Nassau Life Insurance Company will help you decide if it’s right for you.
Now that you know about the Nassau Life Insurance Company, enter your ZIP code to get free life insurance quotes in your area.
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Tim Bain
Life Insurance Agent
Tim Bain is a licensed life insurance agent with 23 years of experience helping people protect their families and businesses with term life insurance.
His insurance expertise has been featured in several publications, including Investopedia and eFinancial. He also does digital marking and analysis for KPS/3, a communications and marking firm located in Nevada.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.
