What To Know About Madison National Life Insurance in 2022

Madison National Life Insurance Company is a group life insurance specialist that currently operates as a subsidiary of Independence Holding Company. Madison National primarily offers group term life insurance but has additional policy options such as long-term disability insurance.

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Ashley Dannelly has a Master of Arts in English and teaches English at Columbia International University and other higher education institutions. She is also a certified personal trainer with the American Council on Exercise and trains clients in both individual and group settings. Ashley’s background in English and fitness has allowed her the opportunity to write and create content for many ...

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Written by Ashley Dannelly
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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Former Licensed Life Insurance Agent Benji Carr

UPDATED: Jun 29, 2022

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The Rundown

  • Madison National Life Insurance Company is an IHC subsidiary but appears to be merging in the near future
  • Madison National specializes in group term life insurance policies for educators
  • A.M. Best suggests that Madison National has excellent financial strength and a stable future outlook

Madison National Life Insurance Company is one of many companies that offers some type of term life insurance. Who’s to say that Madison National doesn’t offer competitive life insurance policies?

Nobody wants to purchase life insurance from a company they can’t trust. This article will help you learn more about Madison National life insurance, so you know whether or not they’re worth investing in.

Read on to learn more about Madison National Life Insurance Company.

Is Madison National life insurance any good?

Madison National Life Insurance Company is an emerging life insurance provider that has been in business for roughly 60 years. The company’s name stems from its headquarters in Madison, Wisconsin.

The company claims to be a specialist in health, life, and disability insurance. It appears that Madison National is a subsidiary of Independence Holding Company (IHC).

Unlike many other life insurance companies, Madison National focuses on group life insurance policies to “strengthen your workforce.” More specifically, Madison National targets public schools.

According to Dun & Bradstreet, Madison National’s corporate family consists of 35 companies, showing the affiliation’s diversity.

While multi-faceted companies tend to offer great financial stability and reliability, we don’t want to infer that any company is trustworthy without seeing some measurable support.

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Does Madison National have good ratings?

Madison National is a smaller company which means there may be some challenges when searching for the company’s ratings and reviews. Sometimes it’s more convenient to use the parent company as a resource for this type of information.

Since Independence Holding Company has so many affiliates, it’s more likely that they will hold the majority of the ratings and reviews.

Below, you can find a summary of the ratings and reviews for Madison National Life Insurance Company.

  • A.M. Best Financial Strength Rating: A-
  • A.M. Best Long-Term Issuer Credit Rating: a-
  • Better Business Bureau (BBB): A+
  • NAIC Complaint Index: 0.33

There are a very limited number of reviews for Madison National and Independence Holding Company. Ironically enough, the ratings that were available were directly related to Madison National rather than IHC.

Of the few reviews that were available, Madison National rates well for financial strength and customer service. The company’s A.M. Best ratings indicate that they are financially stable and have a strong future outlook.

In addition, you shouldn’t have to worry about many Madison National Life Insurance Company complaints. Madison National’s NAIC Complaint Index suggests that the company fields fewer complaints than the average life insurance company.

To supplement that notion, the BBB rating suggests that any complaints the company receives are handled promptly. These are all great signs for a smaller life insurance company.

What life insurance policies does Madison National offer?

As mentioned earlier, Madison National specializes in group life insurance, more specifically for educators. Some life insurance companies will offer both group and individual life insurance policies, but Madison National appears to solely offer group policies.

From what we could gather on the company’s website, Madison National offers term life insurance policies that can be fully or partially paid by an employer.

These policies are considered guaranteed issues so there is no medical exam required. There are a handful of supplementary features available with Madison National life insurance policies.

For example, policyholders can add on spouses or dependents or invest in policy upgrades known as life insurance riders. Madison National offers four primary riders which include:

These are nice features that could pay off for those who have dangerous hobbies that put them at an increased risk of injury or death.

Unfortunately, it’s not clear what coverage limits there are with Madison National. The policy options, coverage limits, and pricing may all be dependent on the group agreement per educational institution.

While they may not be traditional life insurance policies, Madison National does offer other group life insurance options that could be helpful and that are sometimes able to be added as riders.

These policy options include:

  • Critical illness insurance
  • Accident insurance
  • Short-term disability insurance
  • Long-term disability insurance

Each of these policy options can be affordable ways to prevent incurring major expenses in emergency situations. For example, Madison National Life Insurance Company’s long-term disability insurance might help prevent major income deficits if you need a long-term leave of absence from work.

More About Madison National Life Insurance

There are many variables that could help persuade a prospective policyholder to buy a life insurance policy from a small insurance company and many ways to deter them.

Naturally, the cost associated with a life insurance policy will be of utmost concern. Ratings and reviews are clearly important as well. The company’s user experience and other business changes could play a role too.

In this case, it’s worth mentioning that Madison National Life Insurance will be undergoing a transition between parent companies. According to Fitch, IHC is selling Madison National to Horace Mann Educator Corporations in 2022.

For what it’s worth, Madison National allegedly sold for $172 million. This would indicate that the company is indeed financially adept and that it should be considered trustworthy for those who have the option to buy a policy.

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Beyond company news, it’s important to look into a life insurance company’s user experience for your beneficiaries. If you pay life insurance premiums for years and they can’t access the death benefit, you’ve wasted a small fortune.

With Madison National, you can conveniently submit claims online or via mail, whichever you prefer. In many cases, it’s much more convenient to submit claims online.

To date, Madison National doesn’t have a mobile app. This means that policyholders will have to use a traditional web browser to update policy details like your address or beneficiary.

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Madison National Life Insurance Company: The Bottom Line

Madison National Life Insurance Company is a niche company that specializes in group term life insurance for educators. The company boasts strong ratings and convenient policy additions.

We hope you enjoyed learning more about Madison National Life Insurance.

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