Nassau Life Insurance Company Review
Last updated: July 18th, 2022
Reviewed by
Grant Desselle
Licensed Insurance Agent
Table of Contents
Our take
Started as American Temperance Life Insurance in Hartford, Connecticut, in 1860, the company is recognized as the first life insurer in New York State. The following year, the company changed its name to Phoenix Mutual, and would later provide life insurance to President Lincoln and Andrew Johnson.
Nassau Reemerged in 2015, but in 2016 the company purchased Phoenix Mutual (Phoenix Life Insurance Company). If you have a policy from Phoenix life insurance company, the parent company is now called Nassau Re. Today, the company assures its customers that they can expect the same, historically-great service to continue through Nassau Re.
Customers can especially benefit from the Safe Harbor term life insurance plans, which provide flexible coverage options thanks to the included riders. Unfortunately, these riders do increase the overall premiums, which may be off-putting to initial customers.
Nassau’s relatively new status may also contribute to their lackluster financial ratings. In the immediate future, we might expect the company to rise to greater recognition throughout the industry. In the meantime, customers can benefit from some solid term and final expense options without the need for a medical exam.
On July 20th, Nassau Financial Group, L.P. (“Nassau”) completed the acquisition of Foresters Life Insurance and Annuity Company from The Independent Order of Foresters.
Nassau Re discontinued selling life insurance and it only services existing policies.
| nassau Life Insurance Company Details | |
|---|---|
| A.M Best Rating | B+ |
| S&P Rating | BB |
| BBB Rating | A+ |
| Customer Service Phone | 800-628-1936 |
| Website | www.nfg.com |
| Address | Nassau Re 1 American Row Hartford, CT 06102 |
What we like
No Exam Option
Nassau does not provide online quotes, but applicants can still expect rapid insurance coverage without the need for a medical exam.
Available Riders
Nassau’s policies come with some excellent riders that make the plans versatile and increase their overall value.
Quality customer service
Though regarded as a new company, Nassau boasts some of the best customer service in the industry.
What we don’t like
Limited Policy Options
Nassau offers two solid choices of life insurance policies, but customers looking for whole life insurance or universal life insurance will need to look elsewhere.
Higher Pricing
While the included riders certainly add value, Nassau’s premiums and additional yearly fees aren’t competitive in today’s market.
Lower Financial Ratings
Nassau may need time to establish itself as an industry leader, but for now their financial ratings don’t inspire confidence
Products
Nassau offers two types of term life insurance, as well as final expense insurance (Remembrance Life).
Safe Harbor
| Term Life Details | |
|---|---|
| Length of Coverage | 10, 15, 20, and 30-year periods |
| Minimum Coverage: | $50,000 |
| Maximum Coverage: | $500,000 |
| Estimated Time to Approval | 1 week or less |
| Product Features: | · No Medical Exam for Select Policies · Rapid Issue · Riders Available |
| Brochure: | Safe Harbor Brochure |
Safe Harbor provides term life insurance, with coverage ranging from $50,000 to $500,000. No medical exam is necessary, but an Attending Physician Statement may be required for this policy.
Additionally, this policy’s length and benefits are limited based on age.
Age Limitations:
| Age Range | Length of Policy |
| 18-80 | 10-Year |
| 18-70 | 15-Year |
| 18-65 | 20-Year |
| 18-55 (or 50 if you use tobacco) | 30-Year |
Safe Harbor provides term life insurance, with coverage ranging from $50,000 to $500,000. No medical exam is necessary, but an Attending Physician Statement may be required for this policy.
Additionally, this policy’s length and benefits are limited based on age.
Death Benefit Limitations
| Age Range | Maximum Death Benefit |
| 18-50 | $500,000 |
| 51-60 | $400,000 |
| 61-70 | $300,000 |
| 71-80 | $150,000 |
Safe Harbor Express
| Term Life Details | |
|---|---|
| Length of Coverage | 10, 15, 20, and 30-year periods |
| Minimum Coverage: | $25,0000 |
| Maximum Coverage: | $400,000 |
| Estimated Time to Approval | 1 week or less |
| Product Features: | · No Medical Exam for Select Policies · Rapid Issue · Riders Available |
| Brochure: | Safe Harbor Brochure |
Nassau’s Safe Harbor Express policy is a modified version of their standard term life policy. This policy requires no APS, but the coverage is reduced. The death benefit for this plan ranges from $25,000 to a maximum of $400,000.
Age Limitations:
| Age Range | Length of Policy |
| 18-80 | 10-Year |
| 18-70 | 15-Year |
| 18-65 | 20-Year |
| 18-55 (or 50 if you use tobacco) | 30-Year |
Death Benefit Limitations:
| Age Range | Maximum Death Benefit |
| 18-50 | $400,000 |
| 51-60 | $300,000 |
| 61-70 | $200,000 |
| 71-80 | $100,000 |
Remembrance Life
Nassau’s Remembrance Life Policy is a form of final expense insurance. It provides a lump-sum death benefit, designed to handle remaining credit card debts, medical bills, and any outstanding expenses. Coverage amounts range from $10,000 to $50,000, though the maximum coverage is capped at $40,000 for applicants in their 60s, and capped at $35,000 for applicants over age 70.
Borrow from the Cash Value
Policyholders may borrow as much as 100% of the cash value from this policy, and typically this money is tax-free. This reduces the death benefit, but it permits the insured to use the money to cover medical bills and other end-of-life obligations.
No Medical Exam Required
The Remembrance Life policy requires no medical exam, but applicants will have to answer a brief questionnaire prior to receiving coverage
Policy benefits
Conversion options
Nassau’s website indicates that term life customers have the option of converting their policy into a permanent policy during the first portion of their term. However, given that they don’t advertise whole life or other permanent policies, it’s unclear how this is meant to work.
Riders
Both the Safe Harbor and Remembrance Plans offer riders to customize the policy even further. These riders must be elected at the time that the policy is issued, and some have an added expense.
- Accelerated Death Benefit Rider – If the insured is diagnosed with a qualifying medical condition, they may borrow as much as 95% of the death benefit to cover medical and other expenses. This applies to terminal, chronic, and critical illnesses.
- Accidental Death Benefit Rider – If the insured dies as the result of an accident, this rider pays an additional lump sum of $250,000 or less. To qualify, the insured must be under 65 at the time of issue, and the rider terminates on the policyholder’s 70th birthday. This rider comes standard with the Remembrance Life plan, but term life customers will have to pay an additional fee.
Cost
Higher than Industry Average
As of 2020, a 30-year-old male could receive a 20-year term with $250,000 of coverage for around $14.00 according to the industry average. Nassau offers the same man the same policy for $24.00 with their Safe Harbor plan, and $34.00 with their Safe Harbor Express plan.
Additionally, Safe Harbor customers can expect to pay an annual fee of $72.00, and the accidental death rider is available only at an additional cost.
While the included riders add value, many customers may find Nassau to be cost-prohibitive compared to their competitors.
Remembrance Life Is an Affordable Option
Remembrance Life is an affordable policy option, but customers are still required to pay a minimum of $360 in annual premiums, in addition to the $48 annual policy fee.
Policies Include Annual Fees
Some customers may dislike being charged with an annual policy fee. While these fees tend to be negligible, they nonetheless add to the annual cost of their policies.
Performance
Financial ratings
SBLI’s high ratings provide assurance that they can be trusted to provide the coverage you need. They are ranked as follows:
- A.M. Best: B+
- S&P: BB
- BBB: A+
These lower scores may reflect the fact that the company is relatively new. Founded in 2015, Nassau may still be establishing its identity and reputation, meaning we may see its scores increase in the near future.
Customer reviews
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Brian is the founder and CEO of Insurist and carries Life, Health, and Property & Casualty licenses in all 50 U.S. states. Since 2013, Brian has been a member of Million Dollar Round Table, a designation for the top 1% of financial advisors worldwide. Brian has been featured in Yahoo! Finance, Money.com, Entrepreneur.com, Life Happens, Forbes, MSN, and Good Financial Cents. Brian’s goal is to show customers the best products, the quickest answers to their questions, and provide expert advice.
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Grant's past experience includes work as a licensed sales agent for Hagerty Insurance. He has reviewed thousands of existing auto policies across the nation and issued hundreds of new ones on everything ranging from classic cars undergoing restoration to modern exotics and motorcycles.
