National Family Life Assurance. Also known as Assurance IQ.
A polarizing name online, boasting very respectable third-party ratings yet a plethora of claims saying National Family Assurance calls excessively and spams you.
So, which is it? Trustworthy? Scam? Or maybe a combination of both?
Let’s find out.
National Family Insurance and Assurance IQ are the same company, both owned by Prudential Insurance. Assurance’s website seems to be promoting their insurance products, has details about quotes and pricing, and evokes family-friendly energy to illicit customers to buy from them. Their National Family Insurance webpage, however, is designed to generate leads for their insurance carriers. It is lacking in any kind of policy information, who they carry, coverage amounts, or any other useful information to consumers.
National Family Assurance acts as a broker for Assurance IQ. Assurance IQ has information regarding all of its insurance plans and loans. They offer a wide variety of insurance types like Medicare supplements, home and auto, and life insurance. Upon filling out any of their quote tools, you might notice two disclaimers just before you submit all of your personal health information.
One disclaimer states, “I agree to be contacted by select insurance carriers and financial institutions…, their agents, individual insurance ages, or Assurance for marketing purposes…” You may think that you are contacting one carrier but you are agreeing to multiple phone calls and emails from different agents trying to sell you insurance. Not only that, there is a stipulation in their disclaimer saying that they can contact you even if you are on a Do-Not-Call list. An unethical practice but not an illegal one.
The second disclaimer says, “I agree to Assurance sharing my information with Prudential companies and affiliates so that they can market their products and services to me…” The moment you click “view my results” you are agreeing to Prudential sharing your information. You will get unsolicited phone calls and emails constantly due to their fine print.
National Family Life Insurance offers a surprising amount of coverage options, with Term, Whole Life, Universal, and Final Expense all included because they are a brokerage firm. On top of this, they offer a large number of riders to customize your policy as well depending on which carrier you choose to go with.
Standard Coverage, or “pure” life insurance. Generally, you’re provided with a term, such as 20 years for example, wherein you’re guaranteed payment as stated by the death benefit if the policyholder dies within the stated term. If alive at the end of term, one may renew for an additional term, or convert the existing coverage to permanent coverage.
The perks of this coverage involve the introductory price point, which is generally the most budget-friendly option for the relative amount of coverage received. Depending on if it’s simplified or guaranteed, This form of insurance usually requires a medical examination.
On the other side of the same coin, Whole Life insurance is generally what Term Life Insurance leads into, providing an entire lifetime of coverage at a fixed rate decided at the time of purchase as long as premiums continue to be paid.
Whole Life is a great middle-ground for a large amount of coverage as well as a fixed premium that isn’t too high.
Similar to a whole life insurance policy, a Universal Life Insurance Policy offers long-term protection and coverage, although without the luxury of fixed premiums. As a result, your premium can change depending on current economic conditions. With this in mind, your policy could substantially increase in price as you get older. The upside to this policy type, though, is the fact that the payment schedule associated with such a policy is very flexible and allows for payments to be made at the discretion of policyholders.
Otherwise known as National Family Life Insurance Final Expense Insurance, or National Family Assurance Funeral Insurance, this form of insurance offers to cover beneficiaries’ funeral expenses. This insurance type excels in providing plan holders with a large payout relative to the length of coverage, usually providing beneficiaries with a surplus after all expenses are accounted for. National Family Assurance Burial Insurance, like most other insurance companies, never requires a medical examination but may ask you general medical questions such as if you use tobacco, your age, weight, etc.
If you’re looking for a policy with $10,000 in coverage that remains instated throughout the remainder of your life at the premium you locked in at, then we’d like to recommend a few names that may be of interest to you and your wallet.
Final expense insurance is the type of insurance that’s in place to cover the funeral costs after your passing. While final expense coverage is generally used to cover funeral/burial costs, one may use the funds in any way desired. Final expense coverage usually exists as a simplified issue plan, meaning that you are approved regardless of any previous medical conditions, 99% of the time.
The premiums are also generally low (depending on the condition of the applicant) and whole life, meaning that your rate does not change within the span of your lifetime. Additionally, these plans can coexist with Medicaid, depending on your total assets. If said assets are too high to qualify, one may withdraw and use these funds to purchase additional coverage or what have you, maximizing your beneficiaries’ payout.
Although it is confirmed that National Family Life Insurance provides Final Expense Coverage, we were unable to find any parameters regarding who can apply and for how much, unless you think to go on the Assurance website. The method National Family Life Insurance utilizes on their site funnels you to a call center in which your information is placed into a system with call agents. There have been reports online that this is commonly followed by an excess of spam/unsolicited calls.
National Family Life Insurance consistently see themselves at the top of paid searches involving their name, meaning that google has verified them acceptable to be in this ad space.
On that note, as a result of their lack of a quote tool, on top of funneling your information into a call center, National Family Life Insurance also outright states that National Family Assurance shares your information with other insurance companies, such as Prudential and its subsidiaries. As it’s required by law to be transparent with the sharing of information, you can expect to get a barrage of third-party phone calls if you ever come across this.
So, although National Family Life Insurance are “legit”, we’d like to note that their practices aren’t the most ethical.
They utilize a rating, similar to the letter ratings placed on restaurants, meant to help you discern their overall quality. This letter ranking varies from A+ to F, similar to a scholastic grading system, and this organization is overseen by the chief insurance regulators regarding any US-affiliated territory.
The rating itself is determined by a variety of different factors, such as performance, management, financial flexibility, shareholder safety, etc. National Family Life Insurance boasts an A+ rating by AM’s best, meaning National Family Life Insurance carry exceptional financial strength with them.
Typically, Final Expense Benefits looks at the NAIC, or The National Association of Insurance Commissioners, rating. They are a regulation standard support organization based in America meant to add credibility to insurance companies. Essentially, the goal of this organization is to protect consumers and to mandate that insurers deliver on their promises made. However, no such rating exists for National Family Assurance or Assurance IQ. This may be a result of them being aligned with Prudential but that is unknown for now.
What is known is that the BBB, Better Business Bureau, gave a B rating due to the high volume of negative National Family Assure Group reviews.
JD Power ratings are essentially nationwide surveys that allow consumers an unbiased opinion regarding what other consumers say about said company. Generally, these surveys take a group of companies, usually around 21, and rate the companies in relation to each other. This is done either through focus groups, paid calls, or what have you. JD Power spends large sums of money annually simply on data specifically for this reason.
We were unable to find a JD power ranking regarding National Family Life Insurance.
Overall, National Family Life Insurance is represented by figures that lead you to believe National Family Life Insurance offers nothing but optimal customer service and coverage, but once you utilize their website and see the lack of resources available, that usefulness quickly fades away.
There’s also the predicament involved with sharing your personal information, and the overwhelming spam that can bring you. It’s possible that your time and money may be wasted here, as their options are not competitively priced, and there’s always a chance you’ll receive unwanted calls just by participating with them.
We do not recommend this brokerage firm. National Family Assurance Life Insurance provides the flexibility of your monthly premium at the cost of your personal information. We’d recommend looking for an agent elsewhere as the risk of your information being given to other agencies is high.
If you’ve ever considered getting a policy for yourself, but don’t want a group policy, we at Final Expense Benefits partner with over 20 carriers such as:
Reduce the stress involved with life insurance and let us do all of the heavy lifting for you. You can reach us at 1 (866) 311-4338, and we’re open from 9-5, Monday through Friday.
National Family Assurance is their full name. This is the brokerage mentioned in this article.
Debatably no, as their main goal is to generate as much information as possible in an attempt to sell this information to others.
Yes. National Family Assurance Group and Assurance IQ are both under Prudential Financial and are used to generate leads. They are the same company.