Madison National Life Insurance
The Madison National Life Insurance Company can trace its roots back to the 1960s, when it was formed in Madison, Wisconsin. Today, the company has expanded to operate in 49 states, as well as the District of Columbia. Madison National is part of the wider IHC (Independence Holding Company) group. This group provides health, life, and other insurance products.
Employer-based plans can be a solid option, as they are typically more cost-effective than purchasing a plan off the market. The trade-off, however, is that their options can be limited by the details set by your employer.
Still, the included riders make this guaranteed-issue policy a good investment for employees that are offered this plan by their employers.
Madison National Life Insurance Company Details
| A.M. Best Rating | A- |
| S&P Rating | Not Yet Rated |
| BBB Rating | A |
| Customer Service Phone | 800-356-9601 |
| Website | www.madisonlife.com |
| Address | Madison National Life Insurance Company, Inc P.O. Box 5008 Madison, WI 53705 |
What we like
Solid Workplace Benefits
For a workplace plan, the group term life insurance policy offers near-universal coverage and living benefits.
Madison National boasts strong financial ratings from third-party consumer watch groups.
Additional Workplace Plans
In addition to group term life insurance, the company offers a variety of additional workplace plans.
What We Don’t Like
Workplace-Only Policy
Madison National only offers policies through employers at this time, which may limit the options available to policyholders.
Limited Options
Only group term life insurance is presently available, with no option for whole life policies or universal life insurance plans.
Vague Details
Details on the death benefit and term length are not listed on the website, nor is there an option for online quotes.
American Continental Life Insurance Products
Group Term Life
Madison National advertises a group term life insurance product, though details on this product are almost non-existent. Their website claims that this product is good for paying for final expenses, suggesting a low death benefit amount.
Using term life insurance as a final expense plan has its own risks and benefits. While this policy can provide reliable coverage until the end of the term, the coverage has a maximum age of 65.
Typically, final expense insurance is a modified version of whole life insurance, which provides permanent coverage that lasts for your lifetime. A term plan may not make the most sense if you’re seeking to cover the cost of a funeral or other expenses.
However, the group policy does have some features that make it an attractive plan:
Available to 1099 Employees
1099 workers are eligible to participate in the group plan.
Guaranteed Issue
No medical exam is required, and applicants won’t be disqualified based on pre-existing health conditions.
24/7 Coverage
Though the policy is designed for the workplace, coverage applies even when workers are at home or otherwise “off the clock.”
Living Benefits
This plan includes several riders at no additional cost:
- Accelerated death benefit rider
- Accidental death benefit riderr
- Waiver of premium riderr
These riders are not uncommon, but policyholders typically have to pay an additional fee for each benefit.
Other Workplace Policies Madison National currently only offers term life insurance, but they provide other workplace solutions that are worth mentioning:
Group Critical Illness Insurance
If you are diagnosed with a qualifying illness, you can receive a lump-sum payment to cover expenses while you receive treatment.
Accident Insurance
This policy provides funds if you are injured in an accident, covering expenses relating to initial treatment, as well as follow-up treatment.
Limited Benefit Fixed Indemnity
If you are injured or hospitalized, this plan will pay a daily, fixed benefit to cover the cost of treatment, transportation, etc.
Short and Long-Term Disability
These policies will provide a financial safety net for workers who have to go on disability for any length of time.
Policy benefits
Riders
Madison National’s life insurance policy automatically includes the following riders:
Accelerated Death Benefit Rider
If an employee is diagnosed with a terminal illness, this rider entitles him or her to a portion of the death benefit to pay for treatment, transportation, groceries, etc.
Accidental Death Benefit Rider
If an employee dies as the result of an accident, their beneficiary will receive an additional payment as part of the overall death benefit.
Waiver of Premium Rider
With this rider, the employee can keep his or her insurance policy even if they do not pay their premiums if they have become disabled.
Cost
Group policies are a double-edged sword. On the one hand, group policies can often be more affordable when compared to a single person purchasing a plan off the market. On the other hand, you may be limited to the options provided by the company or offered by the employer.
This makes it difficult to compare the rates of Madison’s group term policies. The included riders give the policy greater value compared to other group policies available, but it’s hard to know just how much value they provide without knowing the overall death benefit.
If these policies are intended to be little more than final expense coverage, employees may find simpler options elsewhere. Additionally, while they advertise that their term policy can be extended to age 65, there are plenty of final expense policies that provide a lifetime of coverage.
Performance
Financial ratings
Madison National has solid financial ratings from consumer agencies:
- A.M. Best: A-
- BBB: A
This indicates strong financial performance, providing confidence in the company’s ability to pay out for claim
