Nassau Financial Group Life Insurance Review 2021

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The Nassau Financial Group is not one of our highest rated life insurance companies. You can check out our list of the best life insurance companies for what we think are better options.


Benefits explained

  • Several annuity options: If you are looking for ways to prepare financially for your retirement, the Nassau Financial Group offers several annuities. You can choose from options that offer investment growth as well as plans that protect you against unforeseen health care costs.


Disadvantages Explained

  • Life insurance is no longer available: If you are shopping for a new life insurance policy, Nassau is not an option for you; it has stopped selling life insurance and only maintains existing policies.
  • Limited insured forms online: Since Nassau no longer sells life insurance, it has very limited information about its policies online. Existing policyholders may have difficulty finding information on their policies or the necessary forms. Instead, you’ll need to contact your insurance agent to make changes to your beneficiaries or start a claim.
  • Best relatively low AM rating: While the best life insurance companies are rated A ++ by AM Best, Nassau Financial Groups’ rating is only B + (Good). This rating indicates that the rating agency believes that Nassau is less likely to be able to meet future contractual obligations than other major insurers.

If you have previously purchased life insurance from Nassau Financial Group or its subsidiaries, your policy will not change; Nassau will continue to manage life insurance policies and process submitted claims.


Packages available

Previously, the Nassau Financial Group sold term life, whole life, universal and variable insurance policies. However, this segment of its business has been discontinued and it no longer issues new policies.

The company currently sells seven different annuities:

Nassau Growth Annuity

This annuity is a single premium product. It allows you to accumulate money using indexed accounts that earn interest based on the performance of stock indices.

Nassau Personal Annuity

Like the Nassau Growth Annuity, the Nassau Personal Income Annuity is a single premium product. However, it offers protection against market losses and can provide retirement income for life.

Nassau MyAnnuity

The Nassau MyAnnuity is a long-term retirement planning tool. It has a fixed account and 10 indexed accounts linked to the performance of the S&P 500 and CS Tactical Multi Asset indices.

Nassau MyAnnuity, 5X, 7X

With this annuity option, you get a guaranteed multi-year annuity with a choice of five or seven year guarantee periods.

Nassau Personal Protection Choice

With Nassau Personal Protection Choice, you get a single premium indexed annuity. It has a 10 year redemption fee period and is designed to protect against market fluctuations.

Personal retirement choice from Nassau

The Nassau Personal Retirement Choice Plan is a long-term retirement planning vehicle. It has a fixed account and 10 indexed accounts. It includes accumulation features like a premium bonus on show.

Nassau simple annuity

The Nassau Simple Annuity is a guaranteed, single premium, multi-year annuity. You can choose a four- or six-year warranty period, and a 5% free withdrawal each year.


Jumpers available

When you buy life insurance, companies usually allow you to add optional insurance riders to your plan for an additional fee. You can use endorsements to purchase life insurance for your spouse or children, use some of your benefits if you become terminally ill, or even purchase additional coverage if your needs change.


Customer service

Although the Nassau Financial Group no longer sells life insurance, it still manages the policies it previously issued. It also manages life insurance contracts for other insurers.

To obtain information about your policy or to initiate a claim, you should contact your insurance agent. While other companies have agent locator tools on their sites, Nassau does not have this option. However, you can call their customer service center to find an agent near you.

Existing policyholders can get help by sending a secure message or calling 1-800-814-3692. Customer service is available Monday through Friday 8:30 am to 5:00 pm EST.


Complaints index

If you are trying to decide which insurer to use or if you need to change your life insurance company, it is wise to research the company complaint ratios published by the National Association of Insurance Commissioners (NAIC). By using the number of complaints submitted relative to the size of the business, the NAIC complaint ratios can help you compare the customer service of businesses.

In 2020, Nassau’s complaint ratio for its individual life insurance segment was 0.45, better than the industry standard of 1.00.


Third party evaluations

Since the Nassau Financial Group no longer sells life insurance, it was not part of the JD Power 2020 US Life Insurance Study. In the study, researchers rated the best life insurance companies based on their available plans, pricing, and communication.

At the end of 2020, AM Best, the credit rating agency dedicated to the insurance sector, confirmed the B + (good) financial strength rating of Nassau Financial Group. According to the credit agency, a B + rating indicates that the company has a good capacity to meet its outstanding insurance obligations. While a B + rating isn’t bad, it’s lower than what you see from major insurers.

Top life insurance companies like Northwestern Mutual and New York Life, two of the largest companies in the United States based on direct premiums written, have an A ++ (superior) financial strength rating, reflecting the opinion of AM Best that they have an excellent ability to meet their insurance obligations. .


Cancellation policy

As with all insurance companies, Nassau adheres to a 10-day “free consultation” period, although the free consultation period may be longer in some states. During the 10 days after your policy is issued, you can cancel your policy without penalty and get a full refund.

If you already have a policy and decide to cancel your contract, you may have to pay a surrender charge. Check with your insurance agent and review your plan’s contract to see how cancellations are handled.


Price

Because the Nassau Financial Group no longer sells life insurance, it does not provide information on its rates.

Keep in mind that whenever you apply for life insurance, companies will usually ask you to select “male” or “female” on the application. Being non-binary doesn’t stop you from purchasing life insurance, but you should be aware that most insurance companies haven’t updated their underwriting processes to reflect a current awareness of gender issues.


Competetion

Since Nassau no longer offers life insurance coverage, you will need to purchase insurance from another insurer if you want this protection for your family. Based on our research, we recommend that you select a leading insurer like Prudential, our pick for the best overall life insurance company in 2021.

Prudential offers a choice of 12 life insurance plans, including term life, whole life, universal and variable insurance policies. You can also use endorsements to personalize your coverage, as Prudential offers several insurance endorsements, including accidental death, duration for children, and basic needs.

Prudential has an A + (superior) rating from AM Best, and it was ranked 11th out of 23 life insurance companies by JD Power.

Nassau Financial Group Prudential
Market share Not applicable Fifth largest in the United States, 5%
Number of packages 0 12
Dividends for 2020 Not applicable $ 6.2 billion
Wellness Program Discounts / Smoking Cessation Incentives Not applicable Not applicable
Method of service Insurance agent Financial professional, online
AM Best grade B + (Good) A + (Superior)
Trend in complaints 0.45 4.09

Final verdict

Previously, the Nassau Financial Group sold term life, whole life, universal and variable insurance plans. However, this segment of her business has ended and she no longer sells new policies. If you are looking for life insurance, you will need to purchase a policy from another insurer who is actively selling coverage.

If you are researching your retirement options and are considering purchasing an annuity, Nassau Financial Group may be a good choice for you. It offers seven different annuity options, ranging from products designed for accumulation to contracts that compensate for market losses.



How we rate life insurance companies

Our reviews of life insurance companies are based on a quantitative methodology that analyzes each insurer on its stability and reliability, customer service, claims experience, diversity of product lines and costs. We compare the terms of each type of policy offered, including available coverage amounts, optional endorsements and premium payment options, with those of other major life insurance companies. Finally, we look at how the business is rated by third party organizations to determine its reliability and overall reputation.

Investopedia requires that writers use primary sources to support their work. These include white papers, government data, original reports, and interviews with industry experts. We also reference original research from other reputable publishers where applicable. You can read more about the standards we follow to produce accurate and unbiased content in our editorial policy.



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