Settlers Life Insurance Rates: How They Compare
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Founder of Huntley Wealth & Insurance Services
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 insu…
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Reviewed by
Rachael Brennan
Licensed Insurance Agent
UPDATED: Mar 14, 2022
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Here’s the Scoop
Settlers Life has been in business for over 80 years
You can shop for life insurance quotes online
National Guardian Life owns Settlers Life
Life insurance is a great tool that empowers you to leave behind a legacy or to provide your loved ones one final gift when you pass on. If you need life insurance, Settlers Life may be able to help you acquire the coverage you need.
Free Settlers Life insurance reviews, like this one, can help you determine if Settlers Life is one of the best life insurance companies for your coverage needs. Continue reading to learn more about Settlers Life, the coverages it offers, and how much you may pay for life insurance.
What is Settlers Life?
Founded in 1933, the Settlers Life Insurance Company is now a National Guardian Life (NGL) subsidiary. Settlers Life underwrites life insurance policies for NGL, so any policy that you decide to procure from Settlers Life will bear the NGL name and will have to be purchased through NGL channels.
However, individuals who are already in possession of a Settlers Life insurance policy can still visit the Settlers Life website to review their coverages and to utilize the Settlers Life insurance bill pay tool to make payments online.
If you need to submit documentation for a claim, you won’t be able to send anything to the Settlers Life insurance address. Instead, you can mail any paperwork to National Guardian Life Insurance Company (NGL), 123 Town Square Place, PMB 749, Jersey City, NJ 07310. You can also send an email to [email protected] to contact the claims department.
No Settlers Life insurance phone numbers are listed for either customer service or claims assistance on the Settlers Life website. This missing form communication could cause frustrations for beneficiaries attempting to file a claim who either don’t have your policy account number or need assistance with the claims filing process.
There are, however, downloadable documents shared on the website that you can use to make changes to your policy, like the Multi Purpose Change form and the Bank Authorization Payment form. The Multi Purpose Change form allows you to make several changes to your policy.
For example, the Multi Purpose Change form serves as more than merely a Settlers Life Insurance change of beneficiary form. You can also use this document to update your beneficiaries and even request a loan, among other things.
The Bank Authorization Payment form allows you to make automatic withdrawals directly from your bank account to pay for your policy. Unfortunately, aside from these tools, the Settlers Life website is incredibly sparse and doesn’t disclose much information about its policies.
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What insurance products does Settlers Life offer?
Although the Settlers Life website makes no mention of the life insurance company’s policies, you can examine what policies Settlers Life still services here:
FeaturesBronze IIBronzeSilverGold
Policy TypeModified Whole LifeModified Whole LifeImmediate Whole LifeImmediate Whole Life
Waiting PeriodTwo YearsTwo YearsNoneNone
Benefit Range$1,000-$10,000$1,0000-$15,000$1,000-$25,000$2,500-$50,000
Age Range40-75 years40-80 years6 mo-85 years15 days-85 years
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As you can see, some policies vary in coverage amount, age range, and waiting period. This variety allows the needs of a wider range of clientele to be met. Individuals with a current Settler’s Life policy even had the choice to select among these different payment options:
Lifetime
10-Pay
20-Pay
Single pay
Typically, a lifetime payment option allows you to make smaller payments, but you will be required to pay for your policy for the entirety of your life. On the other hand, a 10-Pay or 20-Pay option will require you to make larger payments, but your policy will be completely paid off in 10 or 20 years, respectively.
If you would like to purchase a life insurance policy outright and avoid worrying about making any additional payments, you could use the Single Pay option. To do this, you will usually need to have access to a large amount of funds to make one considerable payment up front to purchase your policy.
Does Settlers Life offer life insurance riders?
Payment flexibility isn’t the only aspect of a Settlers Life insurance policy that can be customized. Supplements like these are also available to interested consumers:
Child/grandchild death benefit
Accidental death benefit
Accelerated benefit
While riders can be very useful, you should note that most insurance companies offer these add-ons at an additional cost.
When shopping for life insurance, remember to request free online whole life insurance quotes from at least three companies, so that you can compare the policies and determine which ones provide the least expensive riders. Some policies may even come with riders that are free of charge.
Are Settlers Life insurance rates competitive?
Sample rates aren’t featured on the Settlers Life website, so it is unclear as to how much a policy through this company could cost. You can, however, begin to plan your budget by examining life insurance averages:
Average Monthly Rates for A $100,000 Whole Life Policy
AgeWhole Life Insurance Monthly Rates (Male)Whole Life Insurance Monthly Rates (Female)
25$93.70$84.91
30$107.71$97.35
35$128.24$112.93
40$153.90$132.15
45$190.79$156.17
50$234.90$191.66
55$294.84$243.17
60$399.24$311.63
65$528.00$421.69
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Now, if you would like to ascertain if you can afford, for example, Settlers Bronze life insurance rates, you’ll most likely need to contact an NGL agent as a quote tool isn’t accessible online.
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Is Settlers Life highly rated?
One of the best insiders tips for buying life insurance is to set aside time to study potential life insurance companies. Since life insurance is a huge financial commitment, you need to trust that your insurance company is not only reputable but is also financially secure enough to pay out any claims.
Since NGL owns Settlers Life, you’ll need to review the parent company’s ratings to determine its strength as a company. Fortunately, it doesn’t look like there would be much call for a National Guardian Life Insurance class action lawsuit anytime soon, as this company has an A rating from A.M. Best and an A+ rating from the Better Business Bureau (BBB).
What You Need to Know About Settlers Life
While Settlers Life has been in operation for over 80 years, its services have been whittled down dramatically. You can’t purchase a policy directly from Settlers Life, as it now writes policies for its parent company, NGL. You can, however, still use the Settlers Life website to determine where to send your Settlers Life Insurance Company claim forms and to make payments if a Settlers Life insurance policy is currently in your possession.
Since very little information is available on the Settlers Life website, it may behoove you to request free quotes from different companies to ensure that you are receiving the best coverage at the most affordable rates.
