Madison National Life Review - Group and Worksite Carrier

Madison National Life Insurance Company, founded in 1961 in Madison, Wisconsin, has been a subsidiary of Horace Mann Educators Corporation since 2022. It is not a retail consumer carrier: its business centers on group life, disability, and specialty worksite coverage, historically strong in the education sector. Individuals encounter Madison National through employer benefits rather than personal policies.

Madison National Life at a glance

✓Founded 1961 in Madison, Wisconsin; a Horace Mann subsidiary since 2022.

✓Writes group life, disability, and specialty worksite coverage, not retail consumer policies.

✓Historically strong in the education sector, aligning with Horace Mann's teacher focus.

✓Individuals typically encounter it through employer benefit plans.

✓Personal coverage shoppers should compare retail carriers such as Banner Life and Transamerica.

Quick answer

Madison National Life is a group and specialty carrier, not a retail consumer insurer. Founded in 1961 in Madison, Wisconsin, and a subsidiary of Horace Mann Educators Corporation since 2022, it writes group life, disability, and worksite coverage, with historic strength in the education sector. If you carry Madison National coverage, it almost certainly came through an employer. Shoppers seeking personal policies should compare retail carriers such as Banner Life, Protective, and Transamerica instead.

Ben PeetermansLast updated: July 21, 2022

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

Frequently asked questions

What kind of insurance company is Madison National Life?+

A group and specialty carrier: it underwrites employer-sponsored life, disability, and worksite products rather than selling individual policies to consumers. Its education-sector strength is why school employees encounter it frequently in benefit packages.

Who owns Madison National Life?+

Horace Mann Educators Corporation, the educator-focused insurance group, which acquired Madison National in 2022. The acquisition deepened Horace Mann's supplemental and group benefits reach in schools.

Can I buy an individual policy from Madison National?+

Not in the ordinary retail sense; its products flow through employers and benefit programs. For personal term or permanent coverage, quote retail carriers through an independent broker instead.

I have Madison National coverage through work. What should I know?+

Group life typically provides base coverage of one to two times salary with no medical questions, plus optional supplemental amounts. It usually ends or must be converted when you leave the employer, so pairing it with an individually owned policy protects against job changes.

How do claims work on Madison National group coverage?+

Through your employer's benefits process: HR or the plan administrator initiates the claim, and beneficiaries provide a claim form with a certified death certificate. The plan documents on file with your employer govern amounts and beneficiaries.

Is Madison National financially sound?+

It operates within the Horace Mann group, a long-established NYSE-listed insurer serving educators since 1945. Check current financial strength ratings at ambest.com if the detail matters for a decision you are making.

What is Horace Mann known for?+

Insurance and financial products for educators: auto, property, retirement annuities, and supplemental coverage marketed to teachers and school employees. Madison National extends that franchise on the group benefits side.

What should I buy for personal life insurance coverage?+

Individually owned level term sized to your family's real need, from sharp retail carriers such as Banner Life, Protective, or Transamerica, with Prudential for complex health histories. Group coverage is a foundation, not a substitute, because it rarely follows you between jobs.

About the authors

Reviewed by

Lisa A KoosisMedical Claims Specialist

Lisa worked as a medical claims specialist for five years, adjudicating claims, developing appeals training programs and liaising with insurance auditors. As a full-time freelancer, she now completes work that includes writing and fact-checking life and health insurance content for a variety of online publications.