Nassau Life At a Glance: Rates, Products and Reviews
With Nassau Financial Group’s backing, Nassau Life Insurance Company offers flexible annuities with a selection of riders to add to your portfolio. Although it lacks some of the typical industry ratings, Nassau rates high for customer service and has a good credit rating.
- Written by Lena Muhtadi Borrelli
- Edited By
Michael Santiago, CRPC™
Michael Santiago, CRPC™
Senior Financial Editor
Michael Santiago, a senior financial editor, joined RetireGuide in 2023. With over 10 years of professional writing and editing experience, he brings a wealth of expertise in creating content for diverse industries, including travel and healthcare. Having traveled to more than 40 countries across five continents and lived in Europe and Asia for several years, Michael's global perspective enriches his work. He combines his strong writing skills, editorial judgment and passion for crafting accurate and engrossing content to enhance the user experience on RetireGuide.
Read More- Published: November 3, 2024
- Updated: November 4, 2024
- 6 min read time
- This page features 5 Cited Research Articles
- Nassau Life Insurance Company is a subsidiary of Nassau Financial Group.
- You can choose from six Nassau Life fixed index annuities and two multi-year guaranteed annuities.
- Annuities can be customized with the Flex-Forward Income Benefit, Income Horizon rider and the Amplified Income series of riders.
- Although it receives an average credit rating, there are positive Nassau Life reviews on TrustPilot, and it holds an extremely low complaint index rating.
Introduction to Nassau Life Insurance Company
Nassau Life Insurance Company may not be the biggest annuity provider out there, but it certainly commands attention with its wide array of customizable annuities and superior customer service. With the backing of Nassau Financial Group (NFG), Nassau Life Insurance Group brings a long history of financial management to its policyholders. It is a smaller financial provider, offering both fixed index and multi-year guaranteed annuities for your retirement.
Company Overview
Nassau Financial Group was founded in 1851. In addition to Nassau Life Insurance Company, it has several subsidiaries. One of them, Nassau Life and Annuity Company, is the culmination of several merged companies, including Phoenix, Saybrus Partners, Constitution Life and CorAmerica and forms Nassau Re Cayman and Nassau Corporate Credit. Under the NFG umbrella, these companies enjoy greater financial strength and support.
Headquartered in Hartford, Connecticut, Nassau Financial Group is a financially solid company that holds $319 million in annual premiums and $24.3 billion in assets under management with 374,000 policyholders and contract holders.
Though impressive, Nassau Life Insurance Company remains one of the smaller annuity providers available today. According to the NAIC, Nassau Life accounts for 0.013% of premiums in the U.S. market.
Annuity Products Offered by Nassau Life
Nassau Life offers six fixed index annuities and two multi-year guaranteed annuities.
Fixed Index Annuities
Nassau Life offers a range of fixed index annuities designed to accelerate retirement savings and provide guaranteed lifetime income. Each product is tailored with unique features like premium bonuses, market protection and optional riders to help individuals secure their financial future while maintaining flexibility in withdrawals and benefits.
- Nassau Bonus Annuity Plus
- A single-premium annuity with the highest premium bonus to accelerate retirement savings, featuring annual free withdrawals that increase if no withdrawal is made. An annual enhanced benefit fee applies for the first 10 years.
- Nassau Income Accelerator
- This flexible single-premium annuity provides guaranteed lifetime income using one of three indices. It can be paired with the Flex-Forward Income Benefit rider for higher initial payments or customized with the Income Horizon riders.
- Nassau Bonus Annuity
- Another single-premium option that protects against market downturns, offering an upfront premium bonus and future growth tied to a market index. Optional riders provide guaranteed lifetime income.
- Nassau Growth Annuity
- Designed for frequent withdrawals, this annuity guarantees lifetime withdrawals while protecting against market fluctuations. It offers four customizable riders to potentially increase future payments.
- Nassau Personal Income Annuity
- This combines a fixed interest account with 16 indexed accounts based on four market indices. It features a 10-year surrender charge period and offers two guaranteed minimum withdrawal benefit riders for lifetime income.
- Nassau Personal Protection Choice
- This annuity includes enhanced death benefits and accelerated chronic care benefits, allowing market participation while protecting against downturns. It also has a 10-year surrender charge period for most states.
Multi-Year Guaranteed Annuities (MYGAs)
The Nassau MYAnnuity 5X, 7X is a single-premium annuity that comes with a choice of a five- or seven-year term and free withdrawals with protection from market downturns.
If those terms are not quite right, there is the single-premium Nassau Simple Annuity, which includes either a four- or six-year guarantee period. There is a 5% free annual withdrawal with protection from market downturns. And unlike most products, it is available for purchase directly from Nassau Life itself.
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Features and Benefits
Nassau Life offers various types of riders that allow you to customize your annuity.
Flex-Forward Income Benefit comes with the Nassau Income Accelerator, providing guaranteed income with a 10% Income Benefit Base Bonus. There is also the Income Horizon rider that offers both Early and Later options for your guaranteed income payments with growth for every year you wait.
Also available is a series of Amplified Income riders that come with either Nassau Growth Annuity or Nassau Bonus Annuity to provide guaranteed lifetime income with the potential for 150% growth.
Financial Strength and Stability
Nassau Life is committed to long-term financial strength and stability, ensuring policyholders can trust in the security of their investments. With a strong capital foundation and prudent risk management, Nassau Life provides reliable financial protection for retirement and insurance products.
Credit Ratings
Nassau Life Insurance Company receives a B+++ (Good) rating, the same rating received by another Nassau subsidiary, Nassau Life and Annuity Company. This is not the highest score available, but it does indicate solid financial stability with decent claims resolution.
Nassau Life does not receive ratings from S&P Global or Moody’s.
Company Stability
Nassau Life Insurance Company enjoys strong financial backing from Connecticut’s Nassau Financial Group. Founded in 2015, NFG is a financial services company with a strong focus on insurance, reinsurance and asset management. Today, it boasts $1.5 billion in total adjusted capital with 374,000 policyholders and $24.3 million in assets under management.
Customer Reviews and Satisfaction
Nassau Life focuses on delivering customer satisfaction by providing dependable products and responsive service. Customer reviews highlight the company’s commitment to meeting policyholder needs through comprehensive annuities and insurance offerings, with a focus on clear communication and personalized support.
Customer Experience
On Trustpilot, Nassau Financial Group receives an Excellent rating based on more than 5,400 reviews, with 95% of reviews awarding the company five stars. It responds to most of its negative reviews within a week, although there are few.
Neither Nassau Life Insurance Company nor Nassau Financial Group are rated in the J.D. Power 2023 U.S. Individual Annuity Study, and no Better Business Bureau (BBB) profile exists, making it difficult to assess its customer satisfaction beyond its Trustpilot rating.
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Pros and Cons of Nassau Life Products
- Wide selection of annuities
- Easily customizable
- Strong financial backing
- Mediocre credit rating
- No BBB or S&P rating
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5 Cited Research Articles
- Nassau Financial Group. (2024, October). Strength and Stability of Our Insurance Carriers. Retrieved from https://nfg.com/financial-strength-of-our-insurance-carriers.html
- Nassau Financial Group. (2024, July). Nassau Bonus Annuity Plus. Retrieved from https://nfg.com/nassau-bonus-annuity-plus-an-fia.html
- Nassau Financial Group. (2024, April). Nassau Personal Protection Choice. Retrieved from https://nfg.com/personal-protection-choice-an-fia.html
- J.D. Power. (2023, October 12). Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds. Retrieved from https://www.jdpower.com/business/press-releases/2023-us-individual-life-insurance-annuity-studies
- Nassau Financial Group. (n.d.). Working Harder to Be Your Carrier of Choice. Retrieved from https://nfg.com/
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