If you’re looking for Nilco life insurance reviews, you may need a little background on the company before you’re able to find them. Nilco is better known as National Income Life Insurance Company (NILICO). Founded in 1999, they provide life insurance and supplemental health policies to organizations in New York state, including labor unions, credit unions, and group associations.
National Income Life Insurance Company has a parent company, American Income Life, which is itself a subsidiary of Globe Life Inc. (which trades on the NYSE as GL). All three companies are focused on selling life and supplemental health policies to middle-income American families.
One thing that might not be obvious if you’re looking for Nilco life insurance reviews is the fact that the company doesn’t sell policies to consumers directly. If you’re shopping for coverage, you won’t be able to get a quote from their website or call them to get a policy. On their website, they will ask you to enter your zip code; if you live in New York state, they will show you a Google map with nearby agents. If you live outside New York state, you won’t be shown any results.
Instead of looking for coverage with a company that wants to send you elsewhere, why not use our website to get started? Life insurance is all we do – it’s our specialty, and as a result, we know the policies and insurers in today’s marketplace inside and out. Our licensed agents are friendly and knowledgeable – and available to help you in all 50 states. Call us at (800) 521-7873 and let’s get you the coverage you need to protect your loved ones from financial insecurity!Get a Free Quote Now
National Income Life Insurance Company offers two types of coverage: whole life and term life.
Whole life insurance covers you for the rest of your life, with payments that will never increase as long as you own the policy. It doesn’t expire, unlike term life policies. Whole life also grows cash value, which is a savings component attached to your policy. Over time, it grows in two ways: with a portion of your premium payments, as well as with interest paid by your insurer. That interest rate is set when you buy your policy. It’s locked in and guaranteed for the duration of that policy. Later, once your cash value has had time to grow, you can borrow against it or take a partial withdrawal. That cash value can be used for anything you need: extra income, help with the kids’ college tuition, home renovations, or anything else you want to do.
As a subset of their whole life offerings, you can also buy a child’s whole life policy that provides up to $25,000 in initial coverage. That benefit will not be reduced, even if your child experiences a health issue later in life. This is called their “Head Start” program.
Term life insurance covers you for a particular term length: 20 and 30 years are common, but you can also find policies ranging from 1-40 years. Unlike whole life, there is no cash value component. Term life is the simplest and most affordable type of life insurance, with level payments that remain the same throughout your policy. For most of our clients, term life is a great fit, providing lots of coverage at a price that won’t break the bank. Term life policies are always going to be cheaper than whole life policies since there’s no cash value. Once your term expires, you usually have the option to renew on an annual basis, but you’ll pay more each time since prices are based partly on your age. That’s why we recommend you buy the longest term you think you might need, to avoid expensive renewal costs.
National Income Life Insurance Company also offers accident & supplemental health insurance. Their accident protection coverage pays the policyholder cash when they are injured in an accident. The policy is guaranteed renewable and cannot be canceled as long as you stay current with your payments.
Keep in mind that you can’t buy any of these directly from NILICO. But you can buy whole life or term life through us here at LifeQuote! Since you’re already here, why not get a free quote for an affordable term life policy? Click the button below to get started or call us at (800) 521-7873!Get a Free Quote Now
NILICO has been accredited with the Better Business Bureau (BBB) since 2012, with a current rating of A+. As of October of 2023, their BBB customer reviews have an average rating of 3.88/5 (with 43 reviews contributing). The company has had 53 complaints submitted to the Better Business Bureau in the last 3 years. Quite a few of these complaints have to do with the company’s marketing strategy: people who submit the names of their beneficiaries have complained that agents have subsequently called those beneficiaries and tried to sell them life insurance. To many of the people who complained, this was frustrating and unwanted. To read some of these complaints for yourself, check out NILICO’s BBB complaint page.
Let’s also take a look at the company’s complaint ratio with the National Association of Insurance Commissioners. As of October of 2023, they have a complaint index of 0.79, which means the company has fewer complaints than average. The National Complaint Index stands at 1.00, which represents the average number of complaints expected. When a company has an index higher than 1.00, it means they have more complaints than average. But with an index of 0.79, it means that NILICO has about 20% fewer complains that similar companies. For a little perspective, the total number of complaints received in 2020 was 1; the total for 2021 was also 1; and the total for 2022, the most recent year available, was 3. You can view their current complaint index here.
However, despite the complaints about intrusive marketing, the company has a solid financial rating as of August 2023 (see below). Not sure what financial ratings even mean? Check out our post that explains how financial ratings affect you and your choice of insurer.
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What you won’t learn from Nilco life insurance reviews is that unless they’re offered by your union or organization, you need to work with an independent insurance agent licensed in New York state to buy a policy. If you’re shopping now, why not start here with us? You can’t get a quote online for NILICO’s products, but you can get a quote online for dozens of other insurers here and start shopping from home, without a phone call or agent visit. If you see something you like, call us and let’s get your application started!
If you already have a policy with NILICO, you can call the number listed above for their customer service department to get the help you need.
At LifeQuote, life insurance is all we do. We know the policies and insurers in today’s marketplace. Our licensed agents are friendly and knowledgeable – and available to help you in all 50 states! Call us at (800) 521-7873 and let’s get your family protected!Get a Free Quote Now