Nassau Re Life Insurance: What is Nassau Re?
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: Feb 24, 2022
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Quick Facts
Nassau Re offers term life and final expense insurance
Nassau Re doesn’t require a medical exam for any coverage
Nassau Re has been rated a B+ by A.M. Best
Nassau Re provides no medical exam life insurance to customers. The company’s term life and final expense plans have lower rates than several competitors, but they only provide two riders. Additionally, Nassau Re has been rated a B+ by A.M. Best.
Knowing more about Nassau Re (Nassau Reinsurance) will help you determine if the company is right for you.
Before starting this Nassau Re review, enter your ZIP code to get free life insurance quotes in your area.
Does Nassau Re have competitive rates?
The cost of life insurance is often a primary factor when choosing a company. Life insurance companies use various factors to assess a customer’s risk, and higher-risk applicants will experience more expensive coverage. Some of these factors include:
Age
Gender
Personal health history
Family health history
Location
The best way to determine if a company is affordable is by comparing its rates with competitors. The following chart shows the average monthly Nassau Re life insurance rates for a $20,000 whole life plan vs. other companies based on age and gender.
The following chart shows the same information for females.
As you can see, Nassau Re’s rates are competitive compared to other companies. Additionally, rates are lower for females than males and increase as customers age.
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What coverages are offered by Nassau Re?
Nassau Re only offers term life and final expense insurance. The term life option lasts for a specific period, and final expense coverage pays for the insured’s final expenses, like a funeral or burial.
The term life policy offered by Nassau Re is called Safe Harbor Term Life and is available in 10, 15, 20, and 30-year terms. The plan is for customers between 18 and 80 years old, and the value depends on the applicant’s age and the term length.
Nassau Re provides a simplified express plan and a fully underwritten non-express plan. Neither of these options requires a medical exam, but applicants must fill out a medical questionnaire.
The primary difference between these options is that the express plan features easier acceptance and the non-express plan has a higher maximum value. The following are the coverage value ranges of each option:
Express plan. $25,000 to $400,000
Non-express plan. $50,000 to $500,000
Additionally, the non-express plan requires an Attending Physician’s Statement (APS), which summarizes your health condition.
Nassau Re’s only permanent life option is the Remembrance Life plan. This final expense option pays for funerals, burials, and memorial services. The policy is available for customers 50 years and older and ranges from $10,000 to $50,000.
In addition to life insurance, Nassau Re also offers annuity options, which helps customers build up income for retirement. Customers can access their annuity plans on a separate Nassau Re annuity login page.
Does Nassau Re offer any riders?
Most life insurance companies offer options that customers can add to a policy. These options are called riders and allow policyholders to customize their plan, usually for an additional fee.
Nassau Re only offers two riders to customers, which include:
Accelerated death benefits rider. Allows policyholders to access up to 95% of the death benefit early to cover medical expenses if they have a critical, chronic, or terminal illness.
Accidental death benefit rider. Pays a lump sum of $250,000 or less if the insured’s death is due to an accident.
Term life policyholders can add these riders for an additional fee. Meanwhile, Nassau Re’s final expense plan includes these riders free of charge.
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How is Nassau Re rated?
Credit rating agencies examine insurance companies and provide ratings based on their financial strength. Customers can use these ratings to determine the likelihood of receiving a payout when they file a claim.
Nassau Re has been rated a B+ by A.M. Best. This rating is lower than most competitors, indicating that the company might have trouble providing a payout in some situations. Additionally, the company has a withdrawn rating of BB+ by the Fitch.
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Does Nassau Re have any complaints?
The Better Business Bureau (BBB) and the National Association of Insurance Commissioners (NAIC) allow insurance customers to list complaints on their websites. Reviewing these complaints helps customers determine the company’s quality of service.
At the time of this review, the BBB has received three complaints about Nassau Re during the past three years. Two of these three complaints have come in the last 12 months and are about the company’s products, billing, and delivery issues.
The NAIC lists Nassau Re as having five complaints and a complaint index ratio of 0.79. These numbers indicate that Nassau Re has fewer complaints than the average company of a similar size.
How can you file Nassau Re claims?
Customers can file Nassau Re claims by contacting the company and following a three-step process. The process for filing a claim includes:
Notifying the company about the insured’s death
Sending the original death certificate to the company
Informing the company of an existing trust
Nassau Re directs customers looking to file a claim to contact the Nassau Service Center at 1-800-541-0171. Representatives are available Monday through Friday from 9 a.m. to 5 p.m. (EST).
How can you make Nassau Re payments?
Payment options for Nassau Re include online and by phone. Customers can make a Nassau Re online payment through the customer and Nassau Re agent login page. In addition to making one-time payments, customers can also set up a future payment schedule.
Additionally, Nassau Re customers can make payments by calling the Nassau Re insurance phone number at 1-800-349-9267. Representatives can take credit card or debit card payments Monday through Friday from 9 a.m. to 5 p.m. (EST).
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How can you cancel a Nassau Re policy?
Nassau Re is similar to most insurance companies in that customers can only cancel a policy over the phone. This requirement gives representatives the chance to change the customer’s mind about the cancellation.
While customers can cancel a policy at any time, canceling during a policy period might result in a cancellation fee. However, the company offers a 10-day free-look period, allowing customers to cancel without penalty.
Customers that wish to cancel their policy can do so by calling the Nassau Service Center at 1-800-541-0171.
What are the pros and cons of Nassau Re?
All insurance companies have positives and negatives, and Nassau Re is no different. Knowing these pros and cons allows customers to determine if the company is a good choice.
The following table shows the pros and cons of buying a Nassau Re life insurance policy.
This table shows that Nassau Re provides easy-to-access coverage with no medical exams. Additionally, the company offers some riders and has received few complaints about its services.
On the negative side, Nassau Re has few policy options, only offering term life and final expense insurance. Given the lack of permanent life plans, term life policies aren’t convertible to long-term solutions. The company also has low financial ratings.
Who is Nassau Re?
Nassau Re was founded in 1851 by Hartford, Connecticut’s business and religious leaders. Originally called the American Temperance Life Insurance Company, its purpose was to provide coverage for residents that abstained from drinking alcohol.
In 1860, the company decided to expand its offerings to all residents. At that time, the company became the Phoenix Mutual Life Insurance Company. The company remained Phoenix Life until 2016, when it was purchased by the Nassau Financial Group.
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Nassau Re: The Bottom Line
Nassau Re provides term life and final expense insurance to Nassau Financial Group customers. The company has competitive rates but only two riders and has been rated a B+ by A.M. Best.
Learning more about Nassau Re will help you decide if the company is the best option for you.
Now that you know about Nassau Re, enter your ZIP code to find free life insurance rates in your area.
