The National Western Life Insurance Company received its charter as an insurance company in 1956 from the State of Colorado. It is currently licensed to sell insurance in 49 states plus the District of Columbia as well as four territories and possessions of the U.S. The company is likewise licensed to operate in Haiti and can issue life insurance coverage to non-U.S. residents. The operations of National Western have been organized based on geographic areas and product lines. The products offered by this insurer include annuities and domestic and international life insurance.
The annuities business of National Western Life is offered only in the U.S. This product is offered in the 49 states plus the District of Columbia. Annuities are being distributed through independent marketing organizations, insurance brokers, and independent agents. Sales made through independent marketing organizations are even higher than the company's life insurance business making it the main thrust of the company's operations. National Western also offers annuities to international markets, the bulk of its annuities sales are from U.S. sales. The types of annuities offered by the insurer include flexible and single premium deferred annuities, equity-indexed annuities, and single premium immediate annuities. The annuities can either be non-qualified or tax-qualified.
The domestic life insurance business of National Western is focused on marketing efforts targeted to senior citizens, employee groups, government employees, and individuals. The life insurance products offered by National Western are universal and traditional life including whole and term life insurance. The domestic products are being distributed primarily by insurance brokers, independent agents, and independent marketing organizations. The marketing organizations help the company recruit, contract, and manage insurance agents and they also provide product marketing financial resources. The markets where these distributors work include the 49 states plus the District of Columbia. National Western has no operations in the State of New York.
The international life business of National Western focuses mostly on foreign nationals. These clients are mostly from the high-income group having the financial capacity to purchase life insurance. This segment of the company's operations is vital to diversification and in minimizing huge fluctuations that may come up because of business, economic, political, and other pressures in different countries. Most of the insurance products issued to the international market comprise of traditional and universal life insurance. Risk exposure in foreign countries is kept at a minimum and premiums and claims are in U.S. dollar denomination. Policies sold to international customers are offered by independent contractor insurance agents and brokers who have been bringing in business to National Western for over 20 years and more.
National Western focuses on answering two of the most important questions a consumer asks when thinking of buying life insurance: what kind of insurance to get and how much. The company takes the time to explain life insurance to its customers. It starts with the premise that all life insurance policies pay a certain amount of money when the insured passes away. Then the company and its representatives go on to explain the different types of life insurance policies. There are policies that offer permanent coverage while others provide coverage for a fixed period of time. Some policies can be structured to incorporate elements of various types of insurance products and some where the customers get to pick the features and types of coverage they want. The main advice the company would give its customers is to get a policy that they can afford.
National Western offers both term and universal life insurance policies. Universal life features flexible premium that lets customers change their premium payments annually or even skip a payment. Premiums paid are added to an interest-earning account and the costs of maintaining the policy are taken out of this account later on. This policy remains in force for as long as there are enough funds in the account to cover the insurance fees and charges.
National Western will assist customers on determining just how much coverage they need based on their personal circumstances. The benchmark that the company uses is the amount a family will have when the breadwinner passes away and how much they actually need at that point. The difference between these two amounts can be the reference point for how much coverage a person needs. The life insurance policy should be able to bridge the gap between these two amounts as much as the customer can afford. However, coming up with this amount can be a bit tricky as the potential customers have a lot of expenses to consider. This is where the experts of National Western will come in with their deep knowledge in conducting a needs analysis particular to the customers' situation.