Settlers Life Insurance Review & Ratings (2022)

Settlers Life is a smaller company that operates under its parent company, National Guardian Life. You can find an assortment of Settlers Life insurance policies that feature different variations of traditional whole life insurance. Settlers Life has an "A" rating from A.M. Best and a reasonable NAIC Complaint Index.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent

UPDATED: Dec 17, 2021

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The Rundown

  • Settlers Life Insurance Company is a subsidiary of National Guardian Life
  • Settlers Life specializes in whole life insurance policies and offers different policy and payment options
  • The financial strength ratings for Settlers Life are strong but the company’s customer service has some derogatory remarks

If you’re looking to move on from a major life insurance company like State Farm or Allstate, you might want to consider Settlers Life Insurance Company. Settlers is a simple company that may be able to fill your life insurance needs.

It’s hard to know which life insurance companies you can trust. We’ll help by breaking down the life insurance policies, ratings, and everything else you’ll want to know about Settlers Life.

Keep scrolling to learn more about Settlers life insurance or enter your zip code to get free quotes from the best life insurance companies in your area.

Is Settlers Life Insurance Company any good?

Settlers Life isn’t a particularly popular company. They don’t advertise heavily like many other life insurance companies. Most people don’t realize that Settlers Life is a member of NGL Insurance Group.

NGL stands for National Guardian Life which is considered the parent company of Settlers Life. This becomes important as you start to look into a company’s ratings and reviews.

Sometimes smaller subsidiaries won’t have many reviews or ratings but their parent companies will. In this case, you can anticipate more accurate financial strength and customer service ratings from the parent company.

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Are the Settlers Life insurance reviews any good?

There’s no guarantee that you’ll be able to find many life insurance ratings and reviews for Settlers Life. Even so, you don’t want to blindly invest in a company that you don’t know you can trust.

In 2021, National Guardian Life and its subsidiaries, including Settlers Life, recorded an “A” A.M. Best Financial Strength Rating, indicating that the company has excellent financial strength.

Together, National Guardian Life Insurance and Settlers Life have recorded the following ratings from major rating agencies:

  • Standard & Poor’s (S&P): A
  • Fitch: BBB
  • Better Business Bureau (BBB): Not Rated
  • NAIC Complaint Index: 1.14

While you might not find a plethora of life insurance ratings for Settlers Life, there are some available. Based on the available ratings, it appears that Settlers Life is financially reliable.

In essence, this means that there shouldn’t be any concerns about Settlers Life being able to distribute a death benefit when the time arises. Multiple organizations have reinforced the company’s financial aptitude.

Contrarily, Settlers Life has very few ratings revolving around the company’s customer service experience. Organizations like the BBB, J.D. Power, and ConsumerAffairs can typically provide these reviews, but Settlers Life is currently unrated in all cases.

While Settlers Life may not be rated by the BBB, National Guardian Life is accredited and boasts an “A+” BBB rating. It’s also encouraging to see that Settlers Life has a respectable NAIC Complaint Index score.

This score indicates that Settlers Life has a typical number of complaints whereas the BBB score suggests that the company is proactive in resolving any complaints. These are both positives for Settlers Life.

What type of Settlers Life insurance policy can I get?

Settlers Life offers an assortment of life insurance policies. For starters, the company specializes in whole life insurance policies. To supplement, they also offer the following riders:

  • Child/grandchild death benefit
  • Accidental death benefit rider
  • Accelerated benefit rider

Life insurance riders can be valuable resources that make your life insurance policy more flexible in unique circumstances. Be aware that most life insurance riders come at an added cost.

There are different tiers of policies available with Settlers Life, labeled by traditional medals. The individual policy details for each tier are included below.

Settler Life Insurance Policy Options
FeaturesBronze IIBronzeSilverGold
Policy TypeModified Whole LifeModified Whole LifeImmediate Whole LifeImmediate Whole Life
Waiting PeriodTwo YearsTwo YearsNoneNone
Benefit Range$1,000-$10,000$1,0000-$15,000$1,000-$25,000$2,500-$50,000
Age Range40-75 years40-80 years6 mo-85 years15 days-85 years
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Above, you can see that there are different policy options to meet the needs of different customers. These policies vary by coverage amount, waiting period, and age range.

To offer even more flexibility, Settlers Life offers different payment methods for their whole life insurance policies. You can pay using any of the following payment schedules:

  • Lifetime: Continue paying throughout your lifespan
  • 10-Pay: Pay your policy in full in 10 years
  • 20-Pay: Pay your policy in full in 20 years
  • Single Pay: One-time premium payment in full

While Settlers Life may not offer the flexibility of many life insurance types, they do have an assortment of whole life insurance options with flexible payment methods and policy features.

How much does Settlers Life insurance cost?

It’s unclear exactly how much you’ll pay for Settlers Life insurance. Typically speaking, it’s more difficult to replicate whole life insurance rates when compared to term life insurance rates.

When you add additional variables, such as varied payment structures, this can be increasingly difficult. There are some averages that might help paint a clearer picture as it relates to monthly life insurance expenses.

Average Monthly Whole Life Insurance Rates by Age for Preferred Policyholders
AgeAverage Monthly Preferred Life Insurance Rates
25-years-old$89.31
30-years-old$102.53
35-years-old$120.59
40-years-old$143.03
45-years-old$173.48
50-years-old$213.28
55-years-old$269.01
60-years-old$355.44
65-years-old$474.85
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If you were to choose the “Lifetime” payment option with Settlers Life, you could expect your rates to be somewhere around the rates provided above. Keep in mind that your coverage amount and cash value contribution also play a big factor in your monthly rates.

This variance in life insurance premiums is a great example of why you should shop rates from different life insurance providers to avoid overpaying for life insurance.

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Overall, you can almost always expect to pay more on a monthly basis for whole life insurance when compared to term life insurance. If you simply want the cheapest rate, Settlers Life might not be the best option.

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More About Settlers Life

Settlers Life appears to be a reasonable option for anyone who is looking to invest in a whole life insurance policy. Before you commit to any company, you’ll want to take a deeper look into the company’s claims process.

Settlers Life doesn’t offer many convenient features relating to policy details or claims. One convenient benefit of larger companies is the availability of account details on a mobile app.

Unfortunately, you’ll have to use a traditional web browser to access your account information with Settlers Life. There doesn’t appear to be a claims form available to access or submit on the Settlers Life insurance website. Their website and Google reviews suggest you may have trouble reaching an actual representative when calling the Settlers Life insurance phone number.

Some recent Google reviews suggest there is nothing a beneficiary can do once a Settlers Life owner of a life insurance policy dies. This is a major red flag and may be in result of COVID-19.

Settlers Life Insurance Company: The Bottom Line

Settlers Life offers a myriad of whole life insurance options that could serve as viable options but there are some doubts about the company’s integrity. You may want to call an agent to see if their customer service flaws have been resolved.

By now, you should have a better understanding of whether or not Settlers Life insurance is right for you. Before you go, enter your ZIP code to get free quotes from the best life insurance companies in your area.

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