Here’s What You Need to Know About Settlers Life Insurance
Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states.
After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in…
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Written by
Rachael Brennan
Licensed Insurance Agent
Benjamin Carr was a licensed insurance agent in Georgia and has two years’ experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.
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Reviewed by
Benji Carr
Former Licensed Life Insurance Agent
UPDATED: Dec 28, 2021
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The Rundown
National Guardian Life is the parent company to Settlers Life Insurance Company
Most reputable organizations rate Settlers Life highly, but the company’s Google reviews are concerning
Settlers Life is a whole life insurance specialist with multiple policy and payment options
Buying a permanent life insurance policy requires a long-term commitment that has major financial ramifications. Settlers Life Insurance Company could be a viable option as a whole life insurance specialist.
If you’ve never heard of Settlers Life, it might be hard to justify buying a policy from them. That’s why we’ll break down the company’s ratings, reviews, and more.
Below, you’ll find a comprehensive Settlers Life Insurance Company review. While you’re here, use our free quote tool to get quotes from top life insurance companies in just a few clicks.
Should I buy a Settlers Life insurance policy?
Settlers Life Insurance Company is an established insurance provider that is part of National Guardian Life (NGL). Collectively, both companies have been operating for almost 90 years.
As the primary parent organization, NGL provides an assortment of specialty insurance products, life insurance policies, and annuities. Different subsidiaries will have different policy options.
With Settlers Life, you will be able to purchase life insurance, but it doesn’t seem like you will be able to purchase annuities or any other specialty insurance directly through this subsidiary.
Does Settlers Life have good reviews?
As a smaller subsidiary, it can sometimes be challenging to find reputable ratings and reviews. In most cases, the parent company offers a more comprehensive assortment of ratings and reviews, though this isn’t always a direct reflection of a subsidiary’s performance.
Below, we’ve listed the key ratings and reviews for Settlers Life.
A.M. Best: A+
Standard & Poor’s (S&P): A
Fitch: BBB
Better Business Bureau (BBB): A+ (NGL)
NAIC Complaint Index: 1.14
We were able to find a handful of trustworthy ratings and reviews, although most of these were for National Guardian Life as a whole. The company’s A.M. Best rating did clarify that all subsidiaries were honored with that same rating.
Altogether, A.M. Best, S&P, and Fitch have collectively reinforced the notion that Settlers Life is a reliable life insurance provider from a financial standpoint.
The company appears to be in good financial standing with a positive future outlook. In addition, Settlers Life also has favorable customer service ratings based on the available information from the BBB and NAIC.
In short, the NAIC Complaint Index score for NGL states that the company fields an average number of complaints. The BBB rating suggests that those complaints are proactively resolved by the company.
Regardless of these reviews, there seem to be growing concerns surrounding the Settlers Life customer service experience based on the company’s Google reviews.
Customers complain that the Settlers Life insurance phone number doesn’t typically lead you to a customer service representative. This can be extremely frustrating as a policyholder or beneficiary.
The Settlers Life Insurance Company ratings are positive overall, but their recent customer service woes are worth keeping an eye on.
It doesn’t help that, in 2018, one of the Settlers Life offices closed, although President Michael Lowe suggested it was just to manage funds differently. Settlers Life stopped taking new business that November.
Most of the negative Google reviews are more recent, so there may have been some changes related to this closure that has gone unresolved.
What life insurance policies are available with Settlers Life?
As mentioned earlier, Settlers Life could be a good option for a permanent life insurance policy. While most companies tend to offer term life insurance as a more affordable option, Settlers Life focuses on policies that build cash value.
With Settlers Life, you’ll have an assortment of options for whole life insurance. There are different levels that have different coverage limitations, age restrictions, and accessibility.
For starters, it could be helpful to use a life insurance calculator to determine how much you’ll want for a death benefit. From there, you can select the most practical policy option.
What’s unique about the Settlers Life whole life insurance policies is the different payment options. You can pay your policy in one payment, over 10 years, 20 years, or for the remainder of your life.
Your budget will play a big role in which payment option you select. It’s not clear whether or not Settlers Life offers any incentive to choose one option over another.
If you’re curious about policy flexibility, there are a handful of policy riders available with Settlers Life. These include a children’s rider, accidental death rider, and an accelerated benefit rider.
Learning about life insurance riders could be a helpful way to provide flexibility to your policy if you fit into a category that puts you in risky situations.
What else should I know about Settlers Life Insurance Company?
Settlers Life Insurance Company is rated well overall and is considered a whole life insurance specialist, but that’s not the only thing that’s important. Even if the company’s service to the policyholder is excellent, you’ll need to be sure your beneficiaries will have a similar experience.
Most of this comes down to the claims process. How difficult will it be for your beneficiaries to submit a life insurance claim? Unfortunately, Settlers Life doesn’t make it particularly easy.
For starters, it might be a challenge to find the appropriate documents required to submit a Settlers Life Insurance Company claim. To make matters worse, claims can’t be submitted electronically.
The Settlers Life website seems to be lacking some necessary features for your beneficiaries, as noted by a handful of the aforementioned Google reviews.
Naturally, you’ll have no problem accessing your Settlers Life insurance bill pay online. It’s hard to guarantee that Settlers Life has your family’s best interests in mind given the circumstances.
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Settlers Life: Quick Recap
As a whole, Settlers Life could be a viable option for anyone looking into a whole life insurance policy. The company has decent ratings and reviews, but their customer service might be worth a second look.
We hope you enjoyed reading our Settlers Life Insurance Company review. Before you go, use our free quote tool to get instant rates from multiple insurers near you.
