The Nassau Life Insurance Company is a relatively new company that offers term life insurance. While the company has been around for a few years, it is still new and needs some reviews. Am Best has affirmed the company’s B+ Financial Strength Rating (FSR) of B+ and Long-Term Issue Credit Ratings (LONG-ICR) of bb-. The company’s policy forms are limited, and its premiums are not competitive in today’s market.
Nassau life insurance company ratings
Am Best’s ratings are based on the company’s overall financial health and its securities’ underlying assets and liabilities. Nassau’s economic performance has improved recently, with the company reporting increased capital through the third quarter of 2020. The company has expanded its capital position by improving its operating results and investment income and acquiring Foresters Life Insurance and Annuity Company. The company’s financial leverage ratio has improved substantially, with intangible assets now representing 75% shareholder equity.
The Nassau Companies of New York, Inc. (Nassau) is a holding company for several insurance companies. It is headquartered in Hartford, CT. Its three insurance subsidiaries include Nassau Life Insurance Company, Nassau Life and Annuity Company, and Nassau Life and Annuity Company of Kansas. The ratings reflect Am Best’s assessment of Nassau’s balance sheet strength, marginal operating performance, neutral business profile, and appropriate enterprise risk management.
Am Best has affirmed the Financial Strength Ratings of NFG at B+ (Good) and Bb (“Poor”). The company’s FSR and LTCR are unchanged from the previous year. The company has made considerable progress in addressing its material weaknesses and strengthening its ERM framework in the past few years. The company has ceded a highly volatile business to a captive entity that reinsures the total retained risk in PHL. NFG and its subsidiaries will be negatively affected if the captive entity performs poorly. However, despite the improvements, earnings may decline.
AM Best has affirmed Nassau Life Insurance Company’s Financial Strength Ratings of B+ (Good) and bb (“Poor”) while lowering its Long-Term Issue Credit Ratings to bb (“Poor”), thereby making the company less likely to meet its obligations.
The company is relatively new
Although the Nassau Life Insurance Company is relatively new, its reputation is already solid. Listed among the top 10 new companies, it hasn’t been advertised on television yet, but the company’s website has several helpful resources, including FAQs. Listed below are some of the most frequently asked questions. The company’s website also includes a phone number and answers to common questions. The company has also been a good community partner, providing scholarships, grants, and volunteer work to local communities.
The company’s simplified-issue life insurance policy offers four riders at no additional cost. This policy also requires no medical exam. Other policy options offered by Nassau include an express life insurance policy and a no-exam life insurance policy. The company is also considering offering riders to allow policyholders to tap into the death benefit prior to their death. While the company does not advertise its non-express products, its simple-issue policy may be worth considering.
The company is also a bit more expensive than the top life insurance brands. The reason for this is that Nassau Re Life offers built-in riders that would otherwise cost more than other companies. This is particularly true in the age group category since men pay more for insurance than women. Additionally, the company’s rates increase as one gets older. However, overall, the rates for this type of policy are very competitive and should suit any budget.
Although the company is relatively new, the quality of its policies is solid. Nassau Life Insurance offers a single-premium policy and several annuity plans, ranging from accumulation products to market-loss offset contracts. It also offers a 5% free withdrawal option for existing policyholders. Apart from offering annuities, Nassau Financial Group also services life insurance policies for other insurers. The quality of service is generally high.
Nassau Life Insurance Company reviews often highlight their transparency, flexible policies, and user-friendly digital tools.
It offers term life insurance
Term life insurance is a simple way to protect yourself against financial disaster. Typically, it lasts for ten to thirty years, and the monthly premiums are relatively inexpensive. If you outlive your plan, you can either renew it or convert it into a permanent policy. Some carriers may not offer such a conversion option, however, and you may need to purchase a whole life insurance policy instead. But if you aren’t ready to commit to a lifetime policy, term life insurance may be a good option for you.
