November, 23 2017

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NEA Life Insurance Review

NEA Life Insurance Review

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NEA Life Insurance Review

Pros: No Medical Exam on Group Plan– No physical exam is required (only health qualifying questions) for coverage amounts under $300,000. Unemployed Benefit– A nice added benefit is that the NEA Insurance Trust will pay your premiums for up to twelve months if you lose your job.  Family Plan– A spouse and dependent children are eligible for coverage. Issuing Company– Prudential Insurance Company of NJ is the life insurance company who issues the policy and is one of the top life insurance companies in the nation.  Instant Quotes– The NEA life insurance website is very user friendly and provides instant rates for all of their life insurance products.

Cons: Expensive– For both the Group Term Life Insurance Plan and the Level Premium Term Life Insurance Plan, cheaper rates are available on the open market (See the Price Comparison Tables Below).  In addition, the rates increase every four years on the Group Plan.  Duration– For the NEA Group Plan, at age 70 the coverage amount reduces by 50% then at age 75 the coverage reduces to 10% of the original policy amount. 

Bottom Line: The life insurance available for NEA members is typical of what is offered by a large group/association for its members through a third party life insurance company.  There are some benefits such as the convenience of not having to take a medical exam on the group plan for coverage amounts under $300k and a nice feature that the NEA Insurance Trust will pay your life insurance premium for up to a year if you become unemployed.  However, as with most of life insurance plans offered by a group or association, much better rates (for smokers and non-smokers) and terms are available on the open market. 

 

 About

Type: Professional Organization (NEA- National Education Association)

Issued by: Prudential Life Insurance Company

Website: neamb.com/insurance/life-insurance.htm

Phone: (800) 637-4636

Hours: Mon-Friday 8:00 am to 8:00 pm, Sat 9:00 am to 1:00 pm EST

Address: (Prudential) 751 Broad Street, Newark, NJ 07102

A.M Best Rating: A+ (Excellent) Second highest of 16 possible ratings

Comdex Ranking: 91 out of 100

BBB Rating: N/A

NEA-Life Insurance Products: Complimentary coverage (up to $1,000 term insurance, up to $5,000 AD&D, $50k AD&D on the job and $150k homicide on the job), Group Term Life Insurance, Level Premium Term Life, AD&D (Accidental Death and Dismemberment), Guarantee Issue Life Insurance.

Competitors: New York Life, Northwestern Mutual, MassMutual, Grange Life Insurance Company, Symetra Life Insurance Company, Mutual of Omaha, John Hancock, PennMutual, Principal, State Farm, Farmers, Allstate, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, ANICO, Assurity, Colonial Penn, AARP, Globe Life, Ohio National Life.

Price Comparison

Group Plan

Sample rates for a $250,000 policy on a 10-year term at each company’s best health class, female, non-smoker compared to NEA Group Term Insurance Plan

AgeNEA Group PlanProtective LifeBanner LifeGenworth Life
40$16.15$11.83$12.25$12.25
50$37.47$22.36$22.97$23.19
60$92.11$47.34$46.48$48.34

Level Premium

Sample rates for a $250,000 policy on a 20-year term at each company’s best health class, female, non-smoker compared to NEA Level Premium Term Life Plan

AgeNEA LevelBanner LifeAmerican GeneralGenworth Life
40$27.05$17.50$17.41$17.72
50$56.96$35.22$36.01$36.53
60$160.45$86.63$92.23$93.63

To receive an instant quote from NEA click here.  To compare rates from the nation’s top life insurance companies click the green button below.

 

 

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Summary
Review Date
Reviewed Item
NEA Life Insurance
Author Rating
3