Is National Income Life Insurance Company Legit? What You Need to Know
National Income Life Insurance Company (NILICO) sells life insurance to union members and working families in their homes. The company is headquartered in Syracuse, New York.
NILICO focuses on offering supplemental life insurance to licensed professionals and members of labor unions, credit unions, associations, fraternal organizations, sporting groups, and non-profit organizations.
NILICO is a subsidiary of American Income Life (AIL), which is owned by Globe Life Inc., a publicly traded company that sells life and supplemental health insurance to middle-income families through its partner carriers.
National Income Life Insurance Company Reviews
NILICO has faced criticism for how it presents its offerings to potential customers.
The company often portrays itself as a supporter of union members and their families, referring to its benefits as free no-cost benefits or free union benefits, which can be misleading.
NILICO’s offerings are not free. It’s important to recognize that NILICO is ultimately an insurance company seeking to sell its products to union members and their families.
Despite the marketing tactics used by their agents, this fact remains unchanged.
To purchase a policy or explore coverage options with NILICO, you must go through a local, independent agent.
Additionally, NILICO agents earn commissions by recruiting new agents, leading some to perceive the company as operating like a multi-level marketing (MLM) scheme.
However, based on our observations, NILICO is a legitimate and respected company with high ratings from industry regulators.
While its sales structure may resemble MLM practices, this is common in the insurance sales industry.
Is National Income Life financially strong?
National Income Life Insurance Company is a wholly-owned subsidiary of American Income Life (AIL) Insurance Company and is licensed to operate in New York.
AIL, in turn, is a wholly-owned subsidiary of Globe Life Inc. Together, AIL and NILICO have assets exceeding $5 billion, with life insurance policies totaling more than $73.7 billion.
NILICO holds an A+ (Superior) Financial Strength Rating from A.M. Best, indicating strong financial health and a high ability to pay policyholder claims.
This ownership structure is said to provide a solid financial foundation and allows NILICO to offer competitive rates in the industry.
National Income Life Contact Information
Company Phone Number: 800-516-4466
Company Email: CL@nilife.com
Headquarters: Syracuse, New York
Who has the best life insurance policy?
Here are some of the best life insurance companies in various categories:
- Best from a big-name insurer: Northwestern Mutual.
- Best for customer satisfaction: State Farm.
- Best for seniors: Mutual of Omaha.
- Best for term life insurance: Guardian.
- Best for whole life insurance: MassMutual.
- Best for universal life insurance: Pacific Life.
How do you make money investing in life insurance?
The cash value component in most permanent life insurance policies serves as the main investment vehicle.
As you pay premiums, a portion funds the death benefit, while the rest goes into a tax-deferred account that grows over time.
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Is National Family Life Insurance a legitimate company? National Family, a nationally licensed insurance brokerage, offers term, whole life, and final expense life insurance.