Settlers Life Insurance Review & Ratings (2026)

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Welcome to our comprehensive Settlers Life Insurance review and ratings. In this article, we will provide you with an in-depth analysis of Settlers Life Insurance, including a thorough evaluation of their policies, coverage options, financial stability, and customer experiences.

• 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

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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.

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.

Settlers Life Insurance Policy Options

Features	Bronze II	Bronze	Silver	Gold
Policy Type	Modified Whole Life	Modified Whole Life	Immediate Whole Life	Immediate Whole Life
Waiting Period	Two Years	Two Years	None	None
Benefit Range	$1,000-$10,000	$1,0000-$15,000	$1,000-$25,000	$2,500-$50,000
Age Range	40-75 years	40-80 years	6 mo-85 years	15 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

Age	Average 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.

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.

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.

Your Partner in Settlers Life Insurance Claims Assistance

Ease of Filing a Claim (Online, Over the Phone, Mobile Apps)

Settlers Life Insurance aims to provide its customers with a straightforward and efficient claims process. While the company doesn’t offer a dedicated mobile app for managing claims, they do offer online account access for policyholders. This means you can file a claim conveniently through their website.

However, it’s important to note that there have been some reports of challenges in reaching a live representative when contacting Settlers Life Insurance by phone.

Average Claim Processing Time

The average claim processing time at Settlers Life Insurance can vary depending on the complexity of the claim. Like many insurance companies, the time frame for processing claims can range from a few days to several weeks, particularly if additional documentation or underwriting is required.

It’s advisable to contact Settlers Life directly for more specific information regarding the claim processing time for your individual case.

Customer Feedback on Claim Resolutions and Payouts

While Settlers Life Insurance has received an “A” A.M. Best Financial Strength Rating, indicating excellent financial stability, there is limited customer feedback available regarding their claim resolutions and payouts. The company’s parent company, National Guardian Life, holds an “A+” BBB rating and maintains a respectable NAIC Complaint Index score, suggesting a proactive approach to resolving customer complaints.

However, it’s worth noting that Settlers Life itself has few ratings for its customer service experience from organizations like the BBB, J.D. Power, and ConsumerAffairs.

Innovations: Settlers Life Insurance Digital Insurance

Mobile App Features and Functionality

Settlers Life Insurance may not offer a dedicated mobile app for managing policies or claims, which can be a drawback for customers seeking mobile convenience. Policyholders looking to access their account information will need to do so through a traditional web browser. This limitation in mobile app features and functionality may be a factor to consider when choosing insurance providers.

Online Account Management Capabilities

Settlers Life Insurance provides online account management capabilities, allowing policyholders to access their policy details, view account information, and potentially file claims through the company’s website. While it lacks the convenience of a dedicated mobile app, this online access can still be a valuable tool for policyholders to manage their insurance policies and claims efficiently.

Digital Tools and Resources

Settlers Life Insurance offers various digital tools and resources on their website to assist customers in understanding their policies and making informed decisions. These resources may include educational articles, policy information, and frequently asked questions.

While they may not have the most advanced digital offerings in the industry, these tools can be helpful for customers seeking information and guidance related to their insurance coverage.