Settlers Life Insurance Review & Ratings (2024)
Uncover the strengths, weaknesses, and customer experiences of Settlers Life Insurance through our in-depth review and ratings. We delve into the company's policies, coverage options, financial stability, and customer service to provide you with a comprehensive understanding. With our unbiased analysis, you can make an informed decision about your insurance coverage, ensuring it aligns with your needs.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
UPDATED: Oct 14, 2024
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Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
UPDATED: Oct 14, 2024
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We are not affiliated with any one insurance company and cannot guarantee quotes from any single insurance company.
Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code above to use the free quote tool. The more quotes you compare, the more chances to save.
On This Page
Welcome to our comprehensive Settlers Life Insurance review and ratings. In this article, we will provide you with an in-depth analysis of Settlers Life Insurance, including a thorough evaluation of their policies, coverage options, financial stability, and customer experiences.
- Settlers Life Insurance Company is a subsidiary of National Guardian Life
- Settlers Life specializes in whole life insurance policies and offers different policy and payment options
- The financial strength ratings for Settlers Life are strong but the company’s customer service has some derogatory remarks
To ensure you find the best rates and coverage tailored to your needs, we invite you to enter your ZIP code below. Compare rates from top insurance providers in your area and secure the protection your loved ones deserve.
Is Settlers Life Insurance Company any good?
Settlers Life isn’t a particularly popular company. They don’t advertise heavily like many other life insurance companies. Most people don’t realize that Settlers Life is a member of NGL Insurance Group.
NGL stands for National Guardian Life which is considered the parent company of Settlers Life. This becomes important as you start to look into a company’s ratings and reviews.
Sometimes smaller subsidiaries won’t have many reviews or ratings but their parent companies will. In this case, you can anticipate more accurate financial strength and customer service ratings from the parent company.
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Are the Settlers Life insurance reviews any good?
There’s no guarantee that you’ll be able to find many life insurance ratings and reviews for Settlers Life. Even so, you don’t want to blindly invest in a company that you don’t know you can trust.
In 2021, National Guardian Life and its subsidiaries, including Settlers Life, recorded an “A” A.M. Best Financial Strength Rating, indicating that the company has excellent financial strength.
Together, National Guardian Life Insurance and Settlers Life have recorded the following ratings from major rating agencies:
- Standard & Poor’s (S&P): A
- Fitch: BBB
- Better Business Bureau (BBB): Not Rated
- NAIC Complaint Index: 1.14
While you might not find a plethora of life insurance ratings for Settlers Life, there are some available. Based on the available ratings, it appears that Settlers Life is financially reliable.
In essence, this means that there shouldn’t be any concerns about Settlers Life being able to distribute a death benefit when the time arises. Multiple organizations have reinforced the company’s financial aptitude.
Contrarily, Settlers Life has very few ratings revolving around the company’s customer service experience. Organizations like the BBB, J.D. Power, and ConsumerAffairs can typically provide these reviews, but Settlers Life is currently unrated in all cases.
While Settlers Life may not be rated by the BBB, National Guardian Life is accredited and boasts an “A+” BBB rating. It’s also encouraging to see that Settlers Life has a respectable NAIC Complaint Index score.
This score indicates that Settlers Life has a typical number of complaints whereas the BBB score suggests that the company is proactive in resolving any complaints. These are both positives for Settlers Life.
What type of Settlers Life insurance policy can I get?
Settlers Life offers an assortment of life insurance policies. For starters, the company specializes in whole life insurance policies. To supplement, they also offer the following riders:
- Child/grandchild death benefit
- Accidental death benefit rider
- Accelerated benefit rider
Life insurance riders can be valuable resources that make your life insurance policy more flexible in unique circumstances. Be aware that most life insurance riders come at an added cost.
There are different tiers of policies available with Settlers Life, labeled by traditional medals. The individual policy details for each tier are included below.
Settlers Life Insurance Policy Options
| Features | Bronze II | Bronze | Silver | Gold |
|---|---|---|---|---|
| Policy Type | Modified Whole Life | Modified Whole Life | Immediate Whole Life | Immediate Whole Life |
| Waiting Period | Two Years | Two Years | None | None |
| Benefit Range | $1,000-$10,000 | $1,0000-$15,000 | $1,000-$25,000 | $2,500-$50,000 |
| Age Range | 40-75 years | 40-80 years | 6 mo-85 years | 15 days-85 years |
Above, you can see that there are different policy options to meet the needs of different customers. These policies vary by coverage amount, waiting period, and age range.
To offer even more flexibility, Settlers Life offers different payment methods for their whole life insurance policies. You can pay using any of the following payment schedules:
- Lifetime: Continue paying throughout your lifespan
- 10-Pay: Pay your policy in full in 10 years
- 20-Pay: Pay your policy in full in 20 years
- Single Pay: One-time premium payment in full
While Settlers Life may not offer the flexibility of many life insurance types, they do have an assortment of whole life insurance options with flexible payment methods and policy features.
How much does Settlers Life insurance cost?
It’s unclear exactly how much you’ll pay for Settlers Life insurance. Typically speaking, it’s more difficult to replicate whole life insurance rates when compared to term life insurance rates.
When you add additional variables, such as varied payment structures, this can be increasingly difficult. There are some averages that might help paint a clearer picture as it relates to monthly life insurance expenses.
Average Monthly Whole Life Insurance Rates by Age for Preferred Policyholders
| Age | Average Monthly Preferred Life Insurance Rates |
|---|---|
| 25-years-old | $89.31 |
| 30-years-old | $102.53 |
| 35-years-old | $120.59 |
| 40-years-old | $143.03 |
| 45-years-old | $173.48 |
| 50-years-old | $213.28 |
| 55-years-old | $269.01 |
| 60-years-old | $355.44 |
| 65-years-old | $474.85 |
If you were to choose the “Lifetime” payment option with Settlers Life, you could expect your rates to be somewhere around the rates provided above. Keep in mind that your coverage amount and cash value contribution also play a big factor in your monthly rates.
This variance in life insurance premiums is a great example of why you should shop rates from different life insurance providers to avoid overpaying for life insurance.
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Overall, you can almost always expect to pay more on a monthly basis for whole life insurance when compared to term life insurance. If you simply want the cheapest rate, Settlers Life might not be the best option.
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More About Settlers Life
Settlers Life appears to be a reasonable option for anyone who is looking to invest in a whole life insurance policy. Before you commit to any company, you’ll want to take a deeper look into the company’s claims process.
Settlers Life doesn’t offer many convenient features relating to policy details or claims. One convenient benefit of larger companies is the availability of account details on a mobile app.
Unfortunately, you’ll have to use a traditional web browser to access your account information with Settlers Life. There doesn’t appear to be a claims form available to access or submit on the Settlers Life insurance website. Their website and Google reviews suggest you may have trouble reaching an actual representative when calling the Settlers Life insurance phone number.
Some recent Google reviews suggest there is nothing a beneficiary can do once a Settlers Life owner of a life insurance policy dies. This is a major red flag and may be in result of COVID-19.
Your Partner in Settlers Life Insurance Claims Assistance
Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)
Settlers Life Insurance aims to provide its customers with a straightforward and efficient claims process. While the company doesn’t offer a dedicated mobile app for managing claims, they do offer online account access for policyholders. This means you can file a claim conveniently through their website.
However, it’s important to note that there have been some reports of challenges in reaching a live representative when contacting Settlers Life Insurance by phone.
Average Claim Processing Time
The average claim processing time at Settlers Life Insurance can vary depending on the complexity of the claim. Like many insurance companies, the time frame for processing claims can range from a few days to several weeks, particularly if additional documentation or underwriting is required.
It’s advisable to contact Settlers Life directly for more specific information regarding the claim processing time for your individual case.
Customer Feedback on Claim Resolutions and Payouts
While Settlers Life Insurance has received an “A” A.M. Best Financial Strength Rating, indicating excellent financial stability, there is limited customer feedback available regarding their claim resolutions and payouts. The company’s parent company, National Guardian Life, holds an “A+” BBB rating and maintains a respectable NAIC Complaint Index score, suggesting a proactive approach to resolving customer complaints.
However, it’s worth noting that Settlers Life itself has few ratings for its customer service experience from organizations like the BBB, J.D. Power, and ConsumerAffairs.
Innovations: Settlers Life Insurance Digital Insurance
Mobile App Features and Functionality
Settlers Life Insurance may not offer a dedicated mobile app for managing policies or claims, which can be a drawback for customers seeking mobile convenience. Policyholders looking to access their account information will need to do so through a traditional web browser. This limitation in mobile app features and functionality may be a factor to consider when choosing insurance providers.
Online Account Management Capabilities
Settlers Life Insurance provides online account management capabilities, allowing policyholders to access their policy details, view account information, and potentially file claims through the company’s website. While it lacks the convenience of a dedicated mobile app, this online access can still be a valuable tool for policyholders to manage their insurance policies and claims efficiently.
Digital Tools and Resources
Settlers Life Insurance offers various digital tools and resources on their website to assist customers in understanding their policies and making informed decisions. These resources may include educational articles, policy information, and frequently asked questions.
While they may not have the most advanced digital offerings in the industry, these tools can be helpful for customers seeking information and guidance related to their insurance coverage.
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Settlers Life Insurance Company: The Bottom Line
Settlers Life offers a myriad of whole life insurance options that could serve as viable options but there are some doubts about the company’s integrity. You may want to call an agent to see if their customer service flaws have been resolved.
By now, you should have a better understanding of whether or not Settlers Life insurance is right for you. Before you go, enter your ZIP code to get free quotes from the best life insurance companies in your area.
Frequently Asked Questions
What types of life insurance policies does Settlers Life Insurance offer?
Settlers Life Insurance offers three types of life insurance policies:
- Whole life insurance: This is a permanent life insurance policy that provides coverage for your entire life. It offers a guaranteed death benefit, builds cash value over time, and premiums remain level for the life of the policy.
- Term life insurance: This is a temporary life insurance policy that provides coverage for a specified period of time, such as 10, 15, 20, or 30 years. It offers a guaranteed death benefit, but does not build cash value, and premiums are typically lower than whole life insurance.
- Final expense insurance: This is a type of whole life insurance policy designed to cover end-of-life expenses, such as funeral costs, medical bills, and other debts. It offers a smaller death benefit than traditional whole life insurance policies, typically ranging from $2,500 to $50,000, and premiums are often lower as well.
What is Settlers Life Insurance’s financial strength rating?
Settlers Life Insurance had a financial strength rating of A- (Excellent) from A.M. Best. This rating indicates that the company has a strong ability to meet its ongoing insurance policy and contract obligations, and is considered a financially stable and secure insurance provider. It’s important to note that ratings are subject to change, so it’s always a good idea to check the most recent ratings available when considering an insurance provider.
Does Settlers Life Insurance offer any discounts?
Yes, Settlers Life Insurance offers a few different discounts to help make their policies more affordable. These discounts may vary by state and policy type, here’s four commonly used discounts:
- Non-smoker discount: If you are a non-smoker and can pass a nicotine test, you may be eligible for a discount on your policy premiums.
- Preferred health discount: If you are in good health and meet certain health criteria, you may be eligible for a preferred health discount on your policy premiums.
- Family discount: If you and one or more family members purchase policies from Settlers Life Insurance, you may be eligible for a discount on your policy premiums.
- Multi-policy discount: If you have more than one policy with Settlers Life Insurance, such as a life insurance policy and a homeowners insurance policy, you may be eligible for a multi-policy discount on your premiums.
It’s important to note that not all discounts may be available in all states, and eligibility requirements may vary. Be sure to check with Settlers Life Insurance or your insurance agent for more information on available discounts.
How long does it take to get approved for coverage with Settlers Life Insurance?
The time it takes to get approved for coverage with Settlers Life Insurance varies depending on these four factors:
- The policy type
- age
- health history
- underwriting process
It can take as little as a few days or several weeks or longer, particularly if a medical exam or additional underwriting is required. It’s best to check with Settlers Life Insurance or a licensed agent for an accurate estimate.
Does Settlers Life Insurance offer any additional riders or add-ons to its policies?
Yes, Settlers Life Insurance offers several optional riders and add-ons to its life insurance policies. These riders may vary by policy type and state, here’s the five common examples:
- Accelerated death benefit rider: This rider allows you to receive a portion of your death benefit if you are diagnosed with a terminal illness or meet certain other medical criteria.
- Children’s term rider: This rider provides term life insurance coverage for your children, up to a specified age.
- Guaranteed insurability rider: This rider allows you to purchase additional life insurance coverage at specific intervals, without having to undergo additional underwriting or provide evidence of insurability.
- Accidental death benefit rider: This rider provides an additional death benefit if you die as a result of an accident.
- Waiver of premium rider: This rider waives your premium payments if you become totally disabled and are unable to work.
It’s important to note that not all riders may be available with all policy types, and eligibility requirements may vary. Be sure to check with Settlers Life Insurance or your insurance agent for more information on available riders and add-ons.
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Brad Larson
Licensed Insurance Agent
Brad Larson has been in the insurance industry for over 16 years. He specializes in helping clients navigate the claims process, with a particular emphasis on coverage analysis. He received his bachelor’s degree from the University of Utah in Political Science. He also holds an Associate in Claims (AIC) and Associate in General Insurance (AINS) designations, as well as a Utah Property and Casual...
Licensed Insurance Agent
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.