Nilco Life Insurance Reviews
National Income Life Insurance Company’s Available Products
National Income Life Insurance Company offers two types of coverage: whole life and term life.
Whole Life Insurance
Whole life insurance covers you for the rest of your life, with payments that will never increase as long as you own the policy. It doesn’t expire, unlike term life policies. Whole life also grows cash value, which is a savings component attached to your policy. Over time, it grows in two ways: with a portion of your premium payments, as well as with interest paid by your insurer. That interest rate is set when you buy your policy. It’s locked in and guaranteed for the duration of that policy. Later, once your cash value has had time to grow, you can borrow against it or take a partial withdrawal. That cash value can be used for anything you need: extra income, help with the kids’ college tuition, home renovations, or anything else you want to do.
As a subset of their whole life offerings, you can also buy a child’s whole life policy that provides up to $25,000 in initial coverage. That benefit will not be reduced, even if your child experiences a health issue later in life. This is called their “Head Start” program.
Term Life Insurance
Term life insurance covers you for a particular term length: 20 and 30 years are common, but you can also find policies ranging from 1-40 years. Unlike whole life, there is no cash value component. Term life is the simplest and most affordable type of life insurance, with level payments that remain the same throughout your policy. For most of our clients, term life is a great fit, providing lots of coverage at a price that won’t break the bank. Term life policies are always going to be cheaper than whole life policies since there’s no cash value. Once your term expires, you usually have the option to renew on an annual basis, but you’ll pay more each time since prices are based partly on your age. That’s why we recommend you buy the longest term you think you might need, to avoid expensive renewal costs.
Supplemental Coverage
National Income Life Insurance Company also offers accident & supplemental health insurance. Their accident protection coverage pays the policyholder cash when they are injured in an accident. The policy is guaranteed renewable and cannot be canceled as long as you stay current with your payments.
Keep in mind that you can’t buy any of these directly from NILICO. But you can buy whole life or term life through us here at LifeQuote! Since you’re already here, why not get a free quote for an affordable term life policy? Click the button below to get started or call us at (800) 521-7873!
