National Income Life Insurance Company Reviews: Are they legit?

National Income Life Insurance Company (NILICO) sells affordable life insurance, accidental death, and other supplemental policies. But are they a reputable provider you can trust?

In this comprehensive guide, we’ll examine National Income Life reviews from real customers. You’ll learn about:

• National Income Life products and coverage
• Costs and pricing
• Pros and cons of National Income Life
• Customer complaints and negative reviews
• Alternatives to consider

Armed with insights from National Income Life reviews, you can determine if their affordable life insurance is right for your needs.

Overview of National Income Life Insurance

National Income Life is a life insurance company based in McKinney, TX. They offer:

• Term life insurance
• Whole life insurance
• Accidental death insurance
• Cancer insurance
• Hospital indemnity plans

Policy premiums are collected monthly or weekly by automatic payments. Their rates are generally more affordable than other life insurance companies.

NILICO sells policies through independent agents. They market to union members, teachers, and labor associations.

The company has an A+ rating with the Better Business Bureau and has been in business since 1970.

National Income Life Insurance Reviews on Cost

Many National Income Life reviews praise their affordable rates. Here are sample comments on pricing:

• “I was able to get a policy for $16 per month. Other life insurance companies wanted $40+ for the same coverage.”

• “Their rates for accident coverage are very reasonable. I pay $11 per month to get $200 per day if I’m hospitalized.”

• “National Income life gave me a whole life policy with only $40 monthly premiums. Their prices were much less than other places.”

• “The agent saved me so much money compared to my previous life insurance.”

Lower pricing comes from their direct sales model and focus on basics policies without a lot of bells and whistles. Term life rates start around $10 monthly.

National Income Life Product Reviews

National Income Life sells value-focused life insurance and supplemental health policies:

Term life – Temporary life insurance covering 10 to 30 years. Payout if death occurs during the term.

Whole life – Permanent life insurance with level premiums. Builds cash value.

Accidental death – Pays if death is due to a covered accident. Amounts from $10k-$100k.

Cancer insurance – Pays benefits for cancer treatment and expenses.

Hospital indemnity – Fixed payment for hospital stays from illness or injury.

Here are examples of product reviews from customers:

• “I’ve had the accidental policy for years and it pays claims fast when I’ve been hospitalized.”

• “My whole life policy has been reliable and the rate never changes. The cash value is growing for retirement.”

• “The cancer policy really helped cover out-of-pocket costs during my treatments. It paid for hospital stays, transportation, and more.”

• “I got the hospital indemnity plan to supplement my health insurance. It pays me $100 for every day I’m in the hospital.”

Pros of National Income Life Based on Reviews

Looking at National Income Life reviews, here are some of the most commonly cited advantages:

• Low rates – Affordable premiums fit different budgets.

• Good service – Many reviews praise their agents and customer support.

• Reliable coverage – Customers report claims being paid quickly and easily.

• Guaranteed renewable – Policies renew every 6 months. Rates won’t increase as you age.

• Policy loans – You can borrow against cash value of permanent policies.

• No waiting period – Full benefits start immediately with no waiting period.

Negative Reviews and Complaints About National Income Life

No company is perfect. Here are some common complaints in National Income Life reviews:

• Misleading marketing – Some say agents use questionable sales tactics.

• Coverage limits – Policies have caps lower than competitors.

• Rate hikes – Some customers report rate increases at renewal.

• Premium payments – Mistakes processing monthly premium payments.

• Claims denied – Complaints about claims being unfairly denied.

• Cancellation issues – Difficulty cancelling policies and long hold times.

• Low cash value – Small cash accumulation in permanent policies.

While negative reviews should give you pause, the majority of customers have had positive experiences.

Alternatives to Consider

National Income Life offers budget life insurance, but may not be the best fit for all. Here are some top-rated alternatives to consider:

Banner Life – Low fixed rates and strong financial strength.

Bestow – Easy online application. Policies from $100k-$1.5 million.

Ladder Life – Simple digital life insurance starting at $3/month.

Ethos – Convenient online platform. Policies up to $2 million.

Fabric – Affordable coverage through an easy app.

Prudential – Established company with highly rated life insurance.

Compare quotes and get advice from an independent life insurance agent to find your best option.

The Bottom Line: Are National Income Life Reviews Positive?

The majority of National Income Life insurance reviews are favorable thanks to affordable pricing and reliable service. But there are also concerning complaints to be aware of.

The bottom line from National Income Life reviews:

• They offer budget-friendly life insurance rates. But coverage maximums are lower than other companies.

• Many customers praise their responsive claims payment. But some report claims being unfairly denied.

• Affordable pricing comes with some trade-offs in policy features and flexibility.

• Sales and marketing complaints indicate extra caution is warranted when purchasing.

• National Income Life fills a niche for basic, inexpensive policies. But they may not be the best choice for robust protection.

National Income Life reviews paint them as a legit, if imperfect, option for simple life insurance on a budget. Weigh the pros and cons to decide if their low-cost policies fit your needs.