National Western Life Insurance Review

National Western provides a wider range of simple-issue life insurance products than other companies. For the purpose of our review, we’ll review these simple-issue plans separately.

Fully-Underwritten Term Life Insurance

National Western offers two term life insurance products that require a medical exam. Policies are available in 10, 15, 20, or 30-year increments. National Western does not specify minimum or maximum amounts for these policies, but the fact that their simple-issue term life policies offer coverage as high as $250,000 suggests that these policies would be significantly higher.

NWL Term

This is the most basic offer, providing term life coverage with no real frills.

NWL Secure Term

The NWL Secure Term provides the option to convert your policy to a permanent policy after the initial term expires.

Simple-Issue Term Life Insurance

National Western also offers simple-issue term products that do not require a medical exam. They are available in the same term lengths as their other term life products, though the death benefit varies by policy.

NWL Rapid Issue

This is the basic plan for applicants who forgo a medical exam. Coverage depends on your answer to a few medical questions. Approved applicants can receive coverage ranging from $25,000 to $250,000.

NWL Graded Benefit

A graded benefit plan does not provide the full death benefit until after the graded period—in this case, three years. If you die within this period, your beneficiaries receive a graded benefit plan according to the following timetable:

• Year 1: Death benefit is equal to refund of premiums plus 15% interest
• Year 2: Death benefit is equal to 30% of the death benefit
• Year 3: Death benefit is equal to 60% of the death benefit
• Year 4: Full death benefit is now available

The maximum coverage for this plan is $150,000.

NWL Living Benefit Term

This policy comes with a living benefit at no additional cost, offering a payout in the event that you are diagnosed with a critical, chronic, or terminal illness.

Simple-Issue Whole Life Insurance

All of National Western’s whole life insurance products are available without a medical exam. There are three policies available.

NWL Rapid Issue

This policy offers level premiums, and coverage ranging from $25,000 to $250,000.

NWL Graded Death Benefit

This policy offers the same graded benefit schedule as the term life product (see above).

NWL MAXWealth

This policy guarantees a 3% interest rate on the cash value of your policy, which allows you to borrow money from your policy to pay for late-life expenses.

Fully-Underwritten Universal Life Insurance

Universal life insurance provides permanent coverage, but allows for flexible premiums and an adjustable death benefit. Like whole life insurance, universal coverage provides cash value accumulation that can be added to the value of your policy.

National Western offers a product called NWL Life 100. The minimum death benefit for this plan is $25,000. It tends to be the most affordable universal plan that the company offers.

Fully-Underwritten Indexed Universal Life Insurance

Indexed universal life insurance is a variation of traditional universal policies. In an indexed plan, the cash value of your policy can be invested in indexed markets, such as the S&P 500.

The NWL Lifetime Returns plan provides an indexed universal life policy with a traditional medical exam required prior to approval.

Simple-Issue Indexed Universal Life Insurance

National Western offers indexed universal life policies with no medical exam requirement. There are two options available:

NWL Lifetime Returns Select

This plan provides four interest crediting options. Policyholders can also choose from payment schedules ranging from 5 years, 10 years, or a single lump-sum payment.

NWL Lifetime Returns Solution

This policy offers three indexed interest options, and policyholders can choose from either the 5-pay or 10-pay payment plan.