Nassau Life Insurance Review 2021

Nassau Re is regarded as a relatively new life insurance company, but it boasts a surprisingly rich history.
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Author: Ben Peetermans
Last updated: September 8, 2021

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. 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.

nassau Life Insurance Company Details
A.M Best RatingB+
S&P RatingBB
BBB RatingA+
Customer Service Phone800-628-1936
Websitewww.nfg.com
AddressNassau 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

Full starFull starFull starFull starEmpty star
4.0/5
Nassau provides some solid offerings, but customers looking for whole or universal options will find Nassau limiting.

Nassau offers two types of term life insurance, as well as final expense insurance (Remembrance Life).

Safe Harbor

Term Life Details
Length of Coverage10, 15, 20, and 30-year periods
Minimum Coverage:$50,000
Maximum Coverage:$500,000
Estimated Time to Approval1 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 RangeLength of Policy
18-8010-Year
18-7015-Year
18-6520-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 RangeMaximum 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 Coverage10, 15, 20, and 30-year periods
Minimum Coverage:$25,0000
Maximum Coverage:$400,000
Estimated Time to Approval1 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 RangeLength of Policy
18-8010-Year
18-7015-Year
18-6520-Year
18-55 (or 50 if you use tobacco)30-Year

Death Benefit Limitations:

Age RangeMaximum 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

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4.0/5
Nassau offers riders that can be used to customize your life insurance plans and provide peace of mind to the insured and their families.

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

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2.0/5
Nassau offers quality services with riders that add considerable value, but many customers may find these prices exceed their expected budget and look elsewhere.Nassau’s prices are generally a bit higher than current industry averages. Some customers may be willing to pay higher premiums for the benefit of the riders and options that Nassau provides, but others may wish to look elsewhere for affordable life insurance coverage.

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

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3.0/5
As a newer company, Nassau’s rankings fall below those of their competitors.

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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4.0/5
Nassau’s NAIC complaint index is 0.18, meaning they receive fewer customer complaints than other companies their size. Additionally, Nassau RE has an average rating of 4.5 out of 5 from verified True Blue Life Insurance customers.
4.7 /5
Based on 63 reviews

Excellent
81%
Great
14%
Average
3%
Poor
0%
Bad
2%
Feb 05, 2020
The application process was a little long but only because of the underwriters but overall good
Taka Harmon
Agent: Nikki Walker
Jan 30, 2020
Extremely great customer service
Antonio Fulton
Agent: Cheryl Schlenkert
Jun 29, 2019
This entire process was straightforward and easy. I knew what I needed and thankfully Nassau Re was able to provide it to me at a reasonable cost.
William Segal
Agent: Cheryl Schlenkert
Jun 13, 2019
Application process was great!!
Marva Mosby-Gordon
Agent: Nikki Walker
Apr 16, 2019
NIKKI Walker took the time to explain to me different options and was wonderful to communicate with with..she great at job....i am so grateful for NIKKI helping me and I strongly recommend her.
Steven Efferin
Agent: Nikki Walker
Apr 12, 2019
Jennifer was great to work with and very knowledgeable.
Thomas Niedermayer
Agent: Jennifer Plisch

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About the author
Ben Peetermans author
Ben Peetermans
Life Insurance Expert
Ben Peetermans is a life insurance editor. He enjoys blogging about various topics, including finance. He has been writing about insurance since 2015. Ben has been featured in various press outlets including FOX, CBS, and NBC.