Introduction to National Life Group
Life Insurance
Introduction to National Life Group
By Leon Song
National Life Group® (NLG) is a trade name representing a diversified family of financial services companies offering life insurance, annuity, and investment products.
History
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In its more than 170 years, National Life has insured everyone from celebrities to working people, including passengers on the Titanic and the Hindenburg and victims of the great influenza epidemic of 1918-19.
The National Life Insurance Company was chartered by the Vermont Legislature on Nov. 13, 1848.
After a period of organization, National Life began selling policies in 1850 and it was just a matter of months before it faced its first claim.
National Life has weathered many other challenging times. The company paid more than $1 million in claims during the Spanish influenza epidemic of 1918-19 and continued to pay World War I claims at the same time.
The company evolved into National Life Group, offering a full range of financial services. In 1968, the company formed a broker-dealer affiliate, Equity Services, Inc. Eight years later, National Life acquired Sentinel Advisors, which now serves as the manager of National Life's investment portfolio that back its insurance assets. In 1996, National Life purchased the majority interest in Life Insurance Company of the Southwest (LSW), purchasing the remaining interest three years later.
Together, National Life Group’s member companies sell life insurance, annuities and investments in every state (with the exception of LSW who isn't licensed in NY) around the country.
Product and marketing
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NLG provides life insurance, annuities, retirement plans, living benefits, and other similar products for individuals, families, employers, business owners, etc.
NLG is financially strong:
· In 2019 it provided $3.3 billion in policyholder benefits, up 24% over 2018.
· Life sales of $361 million were up 17% over 2018.
· Total life insurance in force stood at $170 billion, an increase of 22% over 2018.
· Core earnings of $285 million were up 27% over 2018.
Ratings
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In 2019 NLG was ranked a top 10 life insurer as measured by sales.
A.M. BEST A (Excellent)
STANDARD & POOR'S A+ (Strong)
MOODY'S A2 (Good)
A.M. Best financial strength rating: A (Excellent), Third highest of 16.
Standard & Poor’s financial strength rating: A+ (Strong), Fifth highest of 21.
Moody’s financial strength rating: A2 (Good), Sixth highest of 21.
In May 2020, A.M. Best affirmed National Life’s ratings and its positive outlook, It has a very high rating.
Cause and Culture
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The Cause at National Life comes down to six words: Do good, Be good, Make good. Those are their corporate values and touchstone.
Its mission is keeping our promises.
Its vision is to bring peace of mind to everyone we touch.
Its culture is something it takes very seriously because when a company has a purpose driven culture, those who work there know why they do.
NLG even developed twelve Servant Leadership Tenets based on its mission, vision, and values. These tenets act as guideposts to the work it does every day.
Foundation and Social Responsibility
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NLG offers grants to nonprofits, but NLG also empowers its employees to give of their time by making it possible for them to volunteer for and donate even more to the organizations they care about. NLG is proud to support nonprofits where the employees live and work (Vermont and Texas), and also of the work empowering educators and students nationwide through Life Changer of the Year program and the National Coalition of Safe Schools. It makes a difference in many other ways too, including Do Good Fest and corporate cause: to help end childhood hunger in Vermont. $2 million dollar Foundation budget does a lot.
NLG's values extend to the environment. NLG believes its customers, agents, and employees share a commitment to living sustainably and environmental stewardship is something that we embrace. It encourages energy efficiency, renewable energy, recycling, and alternate transportation, leading toward a sustainable society. Plus, it is willing to judge ourselves with Corporate Social Responsibility Report.
It is one of the fastest growing U.S. individual life insurance companies. It is also an industry leading life insurer and #2 in Indexed Universal Life with 16% CAGR in Life sales in the past 5 years.
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