Nassau Re Final Expense Insurance Review & Complaints: Life Insurance

Nassau Re Final Expense Insurance is a whole life insurance policy that includes death benefits and a cash accumulation account. Nassau Re's final expense product is called Remembrance Life. It is a simplified issue whole life insurance policy with a level death benefit and a cash accumulation account.

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Eric Stauffer is a former insurance agent and banker turned consumer advocate. His priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insuranc...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: May 5, 2021

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Nassau Re

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Nassau Re is the new brand name of a much older insurance company, Phoenix Life Insurance. They offer a variety of life insurance products and annuities across the country.

What is Nassau Re?

Nassau Re was founded in 2015 with the purpose of bringing several much older companies under one brand. Within the two years after its creation, the business had purchased several other companies, including their main insurance branch, Phoenix Life.

Phoenix was first founded in 1851 as the American Temperance Life Insurance Company; the insurer sold policies only to those who abstained from drinking alcohol. In 1861 the business became Phoenix Mutual Life Insurance Company and was insuring the life of President Lincoln at the time of his assassination.

The provider racked up a list of firsts over the decades, including being the first life insurer to have an agent training course and the first to use direct mail marketing. They were also the first to reduce rates both for women and for non-smokers.

In 2001, Phoenix converted to a stock company, launching its IPO. In 2018 the transition to the Nassau Rebrand was announced, and the insurer now operates under that name. Their headquarters is located in Hartford, Connecticut, and they sell coverage through independent agents across the country.

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What is Nassau Re’s Final Expense Product?

Nassau Re’s final expense plan is called Remembrance Life. It is a simplified issue whole life insurance policy with a level death benefit and a cash accumulation account.

The plan includes three riders at no extra charge. The first is an accidental death benefit that doubles the death benefit. This rider is only offered to those under 65 at the time of the policy issue and is no longer available after age 75.

The other two are living benefits, one for critical illness and the other for terminal illness. They allow the insured to take up to 95% of the face value of the policy early in the event of a serious illness. The actual amount that will be paid out depends on the prognosis and how the illness impacts the insured’s life expectancy and may be less than 95% of the face value. After the payout, the premium is reduced in keeping with the lowered remaining death benefit.

The site does not provide issue ages for coverage, nor is there any information on available death benefit amounts.

Are the Rates Reasonable?

Information on the final expense policy is somewhat limited, so it is no surprise that there is no online quoting available. This is standard for most life insurance companies that sell primarily through agents but is frustrating to those trying to gather rate information without being subjected to a lot of solicitation.

We normally expect final expense life to be relatively affordable – at least for insurance being issued to a senior – due to the lower death benefits offered. But rates can still vary as well as they are based on the health of the applicant.

How are Claims Processed?

The Nassau Re site offers a three-step approach for filing a claim. The insured completes the beneficiary statement, which is readily available for download on the site, and attaches any required documentation to the statement. Any trust information is then also added to the documents – another form is available for this – and it can then be sent on to Nassau Re’s claims department.

Both a regular and an express mail option are listed on the form to send in the claim. There are no other options listed for sending in claim documentation.

Funds of $5,000 or under are sent in check form, while higher death benefits are placed in an account, called a Phoenix Concierge Account, which earns interest. The beneficiary is given access to this account much like a checking account and can withdraw as needed or transfer the entire amount.

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Are the Ratings and Consumer Reviews Positive?

The insurer’s Better Business Bureau (BBB) page is found under the name The Nassau Companies of New York, Inc. They have an A+ rating with three customer service complaints in the past three years and one closed in the past 12 months. There are no reviews left on the BBB page.

We were unable to find much else for Nassau Re, which may be the result of the name change having taken place so recently. Even under the Phoenix Life name, however, consumer reviews are hard to find. The provider appears to have a good reputation.

What’s the Bottom Line?

There is not a lot of detail in regards to the life insurance products this insurer offers and no rate information. That makes it hard to compare them to other options. They do appear to have a good reputation and certainly have a long history, but we are unable to form a solid opinion with the lack of information available.

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