Life insurance is a crucial component of financial planning, offering financial protection and peace of mind for families and individuals.
Settlers Life Insurance Company is a reputable provider of life insurance products, committed to helping people secure their future by offering a variety of insurance plans tailored to meet their unique needs.
In this blog post, we will explore the different aspects of Settlers Life Insurance, including its insurance plans, premium payment options, policy management, and other relevant information.
Settlers Life Insurance to Everly Life Insurance
Settlers Life Insurance Company has been providing life insurance coverage to individuals and families for over 40 years.
As an industry leader, Settlers Life Insurance offers a range of policies that can be customized to meet the unique needs and budgets of its policyholders.
If you’re considering Settlers Life Insurance for your life insurance needs, you may have questions about the policies, premiums, and payment options available.
Settlers Life Insurance Company has recently been acquired by Everly Holdings, LLC, and will be changing its name to Everly Life Insurance Company.
The company has assured policyholders that there will be no changes to policy numbers or terms, and that a Company Name Change Endorsement will be issued to reflect the new name once regulatory approval is received.
Policyholders are advised to continue sending payments to the address on their billing notices, and to contact the company with any questions or concerns.
What about Settlers Life Insurance Bristol VA?
Settlers Life Insurance Company had an administrative offices in Bristol, Virginia which has recently been acquired by Everly Holdings, LLC.
The company is undergo a name change and known as Everly Life Insurance Company. Despite the change in ownership and name, policyholders can rest assured that there will be no changes to policy numbers or terms.
Once regulatory approval is received, a Company Name Change Endorsement will be issued to reflect the updated name.
Please note that effective January 15, 2022, all letters and forms should be directed to the following address:
National Guardian Life Insurance Company (NGL)
123 Town Square Place
PMB 748
Jersey City, NJ 07310
However, the address for premium payments remains the same as listed on the billing notice. Please continue to send your premium payments to the designated billing address.
Everly/Settlers Life Insurance Plan
Everly Life Insurance Company (formerly Settlers Life), provides a range of comprehensive insurance solutions tailored to meet the diverse needs of individuals and families.
The company offers various plans, such as Gold, Silver, and Bronze, along with optional riders for added coverage and protection.
Gold Plan
The Gold Plan is an Immediate Benefit Whole Life Policy designed for individuals aged 15 days to 85 years. With face amounts ranging from $2,500 to $50,000, this policy offers a level premium for life.
Silver Plan
The Silver Plan is another Immediate Benefit Whole Life Policy catering to individuals aged 6 months to 85 years. Face amounts for this policy range from $1,000 to $25,000, with a level premium for life.
Bronze Plan
The Bronze Plan is a Modified Whole Life Policy with reduced death benefits during the first two years. Available to individuals aged 40 to 80 years, this policy offers face amounts from $1,000 to $15,000.
Bronze II Plan
Similar to the Bronze Plan, the Bronze II Plan is a Modified Whole Life Policy with reduced death benefits during the first two years. It is available to individuals aged 40 to 80 years and offers face amounts from $1,000 to $15,000.
Child/Grandchild Benefit & Final Expense Riders
Settlers Life also offers additional riders like Child/Grandchild Death Benefit, Accidental Death Benefit Rider, and Accelerated Benefit Rider for added coverage and protection.
Gold Plan
Immediate Benefit Whole Life Policy
Face amounts from $2,500 to $50,000
Eligible ages 15 days – 85 years
Permanent policy and level premium
Silver Plan
Immediate Benefit Whole Life Policy
Face amounts from $1,000 to $25,000
Eligible ages 6 months – 85 years
Permanent policy and level premium
Bronze Plan
Modified Whole Life Policy
Face amounts from $1,000 to $15,000
Eligible ages 40 – 80 years
Permanent policy and level premium
Bronze II Plan
Modified Whole Life Policy
Face amounts from $1,000 to $15,000
Eligible ages 40 – 80 years
Permanent policy and level premium
Everly/Settlers Life Insurance Payment Options
Everly Life Insurance Company (formerly Settlers Life Insurance Company) offers several convenient payment options for its policyholders. Here is the options for payment-
- Lifetime Pay
- 10-Pay
- 20-Pay
- Single Pay
- Online Payment
Lifetime Pay
The Lifetime Pay option entails a level premium payment for the rest of the policyholder’s life. While this is the most common payment option, it may not be the best choice for everyone.
For those who want a paid-up policy within a set timeframe, there are other options available.
10-Pay
The 10-Pay option allows policyholders to pay a slightly higher premium to have a paid-up policy in 10 years.
This provides peace of mind knowing that the policy will be paid off in a shorter amount of time.
20-Pay
The 20-Pay option option involves paying a slightly higher premium to have a paid-up policy in 20 years. This option is especially beneficial for younger clients, as the difference in monthly premiums between 20-Pay and Lifetime Pay is minimal.
Single Pay
The Single Pay option is a one-time premium payment for immediate peace of mind. It is not available for Bronze or Bronze II Plans.
For those who want immediate peace of mind, this option is a one-time premium payment that provides coverage right away.
Pay Settlers Life Insurance online
Settlers Life Insurance offers an online payment system for one-time premium payments. You can use Visa, Mastercard, or your bank account information (checking or savings) to make a payment.
To make a payment, you’ll need your policy number, the insured’s last name, a valid email address, and your payment information.
Everly/Settlers Life Insurance Company Phone Number & Info
| Department | Contact Information |
|---|---|
| Policy Holder Services |
Email: [email protected] Phone: 800.542.8711 Fax: 888.551.5716 |
| Mailing |
National Guardian Life Insurance Company (NGL) 123 Town Square Place PMB 748 Jersey City, NJ 07310 |
| Claims |
Email: [email protected] Phone: 800.542.8711 |
Policy Management
Change of beneficiary, owner, and face amount
Settlers Life provides policy owners with the flexibility to make changes to their policies in order to suit their changing needs.
If you need to make a change to the beneficiary of your policy, you can do so by completing Section 3 of the Policyowner Request for Service Form.
Note: At least one primary beneficiary must be named, and if the policy was purchased in a community property state, the owner’s spouse must also sign the form.
If you need to change the owner of your policy, you can do so by completing Section 2 of the Policyowner Request for Service Form.
Both the current and new owners must sign the form, and if the policy was purchased in a community property state, the owner’s spouse must also sign the form.
Finally, if you need to change the face amount of your policy, you can do so by completing Section 11 of the Request for Service form.
Loans, policy lapse, and reinstatement
In the event that you need to take out a loan on your policy, you must ensure that your policy is paid within the 30-day grace period.
You can then complete Section 19 of the Policyowner Request for Service Form to apply for a loan.
The amount available is determined by the current cash value and outstanding loans, and the interest rate for the loan is set at 8%.
If your policy has lapsed and you wish to reinstate it, you may be able to do so by sending in any back premiums and completing an application. Please contact Settlers Life to review your policy for reinstatement.
Nonforfeiture options
In the event that you wish to stop paying premiums or your policy lapses, Settlers Life offers nonforfeiture options that allow you to maintain some benefits from your policy.
You can choose between Extended Term Insurance or Reduced Paid Up Insurance by completing the relevant section of the Policyowner Request for Service Form.
It is important to note that you can change your default option by completing Section 7 of the same form.
Other Relevant Information
Settlers Life burial insurance
Settlers Life offers various types of burial insurance to fit the needs of individuals and their families.
Their burial insurance plans are designed to cover the cost of a funeral or cremation, as well as any other end-of-life expenses.
The plans come with different coverage amounts, premiums, and eligibility requirements. Settlers Life burial insurance is a great option for those who want to alleviate the financial burden on their loved ones after they pass away.
Average cost of cremation Settlers Life Insurance
The cost of cremation can vary depending on a number of factors, including the location, the service provider, and any additional services requested.
On average, the cost of cremation can range from $1,000 to $5,000. Settlers Life Insurance offers different types of burial insurance plans that can help cover the cost of cremation.
It is important to contact Settlers Life for more information on their burial insurance plans and how they can assist with cremation costs.
General counsel of Settlers Life Insurance Co
Settlers Life Insurance has a team of legal professionals who provide guidance and support to the company’s management team.
The general counsel provides legal advice and ensures that the company’s business practices comply with all applicable laws and regulations.
They also oversees the company’s litigation matters, negotiates contracts, and assists with corporate governance.
Hope Hampton Settlers Life Insurance
Hope Hampton was a famous American actress during the early 20th century. She was also one of the first policyholders of Settlers Life Insurance Company.
In 1933, Hope Hampton purchased a $5,000 life insurance policy from Settlers Life, which she later donated to the Motion Picture Relief Fund.
Her donation helped provide financial assistance to members of the motion picture industry who were struggling during the Great Depression.
The donation also helped raise awareness about the importance of life insurance and the role it can play in supporting families during difficult times.
Frequently Asked Questions (FAQs) to Form
By addressing common queries, we aim to make the process of handling your life insurance policy smoother and more transparent.
Here go frequently asked questions regarding Settlers Life Insurance Forms.
How to change the policy owner if the current owner is deceased?
To change the policy owner after the current owner’s death, contact Settlers Life office. They will review the policy and provide you with the necessary requirements.
How to reinstate a lapsed policy?
To reinstate a lapsed policy, send in any back premiums and fill out an application. Contact Settlers Life office to review your policy for reinstatement.
How to surrender a policy?
To surrender a policy, follow the steps outlined in the Policyowner Request for Service Form, which include completing specific sections, providing necessary signatures, and adhering to any community property state rules.
How to take a loan from your policy?
To take a loan, your policy must be paid within the 30-day grace period. Complete section 19 of the Policyowner Request for Service Form and contact Settlers Life office for a loan quote. The interest rate will be 8%.
How to change your policy’s beneficiary?
To change the beneficiary, complete Section 3 of the Policyowner Request for Service Form, follow the specific requirements regarding signatures, notarization, and community property state rules.
How to change your policy’s face amount?
The face amount can be decreased to as low as $25,000, which may result in a decrease in premium. Complete section 11 of the Request for Service form.
How to change policy ownership while the current owner is alive?
To change ownership while the current owner is alive, follow the steps outlined in Section 2 of the Policyowner Request for Service Form and adhere to community property state rules.
How to handle transactions as a Power of Attorney (POA) for a policy owner?
If you are a POA for a policy owner, submit a copy of the POA documents to Settlers Life for review and approval. The ability to make changes depends on the language in the POA.
What are the nonforfeiture options for lapsed policies or stopping premium payments?
Nonforfeiture options include Extended Term Insurance and Reduced Paid-Up Insurance. Complete the relevant sections in the Policyowner Request for Service Form to select an option.
How to pay premiums by Electronic Funds Transfer (EFT)?
Complete the Bank Authorization for Premium Payment form, include a voided check, and follow additional instructions on policy payment, loan repayment, or premium mode changes.
Frequently Asked Questions (FAQs) to Payment
Here a list of Frequently Asked Questions (FAQs) related to payments in the context of life insurance.
These FAQs will help you gain a better understanding of the various aspects of life insurance payments and assist you in making informed decisions regarding your policy.
Why does the Payment System only show a premium payment for one month, but my bill shows that more than one month’s premium is due?
The payment system only shows one monthly premium payment at a time. Contact Policyholder Services if you are unsure about the total amount due on your policy.
I have a credit on my policy. Why does the payment system reflect that the full premium amount is due?
The payment system will not accept or reflect a partial premium payment. Contact Policyholder Services for additional assistance.
Will I receive a confirmation number after making a payment?
Upon successfully making a payment and providing your email address, you will receive an email with your confirmation number.
What information do I need to make a payment?
You will need your policy number, the insured’s last name, a valid Visa, Mastercard, or bank account information, and a valid email address.
When will the payment be reflected on my policy?
The payment will be reflected on your policy within 2-4 business days after it is accepted.
Final Verdict
Settlers Life Insurance(Now- Everly) offers a range of comprehensive plans, catering to the various needs of their clients. Their policies and payment options provide flexibility and ease of use. The detailed FAQ sections ensure that policyholders have all the necessary information to make informed decisions about their life insurance coverage.
If you’re considering purchasing a life insurance policy, Settlers Life Insurance is an excellent option to explore.
For any further assistance or clarification, don’t hesitate to contact their dedicated policyholder services or claims teams.
Secure your financial future and protect your loved ones with the right Settlers Life Insurance plan.
I have a loan against my insurance policy of $2,015 as of Aug 2023.
Is there a specific monthly amount I should be paying on this loan?
And if so please tell me how much monthly I should be paying . It is
still a bit unclear how the repayment of a loan works.
Thanks
Clara Daron
Policy #: 2085523011
I’m still paying my monthly premiums of $55.30 every monthly for the 15th of the month since 2014.
I want to know how much I’m suppose to pay on my loan and the date, and address
I should use to send payments to repay the loan back. Can I pay at any time and
send any amount? Also how long do I have to pay back the loan.
Thanks These things are very clear to me. I have been paying on my monthly policy of
$55.30 since 2014. But is confused as to how to pay the loan back.
Thanks
Clara Daron
Customer ID: 2085523011
E-mail: [email protected]