National Life Group

What National Life Group does

National Life Group is a privately held, diversified financial services organization headquartered in Montpelier, Vermont, operating through two insurance carriers — National Life Insurance Company (founded 1848) and Life Insurance Company of the Southwest (chartered 1955 in Addison, Texas) — alongside affiliated subsidiaries including broker-dealer Equity Services, Inc., distribution arm National Life Distribution LLC, and the National Life Group Foundation. The company markets life insurance (TotalSecure whole life, term life, permanent life), Single Premium Deferred Annuities, retirement plans (IRAs, qualified and non-qualified plans, group unallocated annuities), mutual funds, and living benefits/guaranteed lifetime income riders to individuals, families, business owners, and employer/plan sponsor groups.

Products are distributed through a field network of licensed financial professionals, an affiliated FINRA/SIPC broker-dealer (Equity Services, Inc.), and a 24/7 self-service client portal. Underwriting capabilities include accelerated underwriting up to $3 million for applicants under 50, and claims operations are being modernized via the cloud-native FINEOS AdminSuite selected in February 2026 to automate Living Benefit and Life Insurance claims. Pricing is quote-based on individual underwriting factors (age, health, coverage amount, policy type); the company does not publish list pricing.

Revenue is generated from three primary streams: life insurance premiums, annuity sales, and broker-dealer/investment advisory fees. Reported 2025 scale metrics include $65.7 billion in assets under management, $703 million in core earnings, $634 million in life insurance sales, and $3 billion in Single Premium Deferred Annuity sales. The company ranks among the top 10 U.S. life insurers per LIMRA, 13th in individual life market share, and carries an A+ (Superior) financial strength rating from A.M. Best. It is privately held under Chairman, CEO, and President Mehran Assadi, who has led the company since 2009, with no disclosed external private equity or venture capital investors.

Name

National Life Group

Legal name

National Life Insurance Company

Website

https://nationallife.com

Company type

Private

Founded year

1848

Operating status

Operating

Headcount range

501–1,000 employees

Short description

National Life Group is a private, diversified financial services company selling life insurance, annuities, and retirement products to individuals, families, business owners, and employer plan sponsors through a field agent network and affiliated broker-dealer Equity Services, Inc.

Ownership category

akta.pro rank

Product category

Life Insurance and Annuities

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311), Insurance Carriers, Nec (6399)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

Keywords

• Life insurance products
• Annuity products
• Retirement planning services
• Mutual fund investments
• Broker-dealer services

Headquarters

HQ city

Montpelier

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Life Insurance Premiums: Revenue generated from life insurance premiums including whole life and term life insurance products. The company reported $634 million in life insurance sales for 2025.
2. Annuity Products: Revenue from annuity products including Single Premium Deferred Annuities, reported at $3 billion in sales for 2025.
3. Broker-Dealer Services: Securities and investment advisory services offered through Equity Services, Inc., a FINRA/SIPC member broker-dealer and registered investment adviser affiliate.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

National Life Group is a diversified financial services company that sells life insurance, annuity, and investment products to individuals, families, and businesses through its two insurance carriers (National Life Insurance Company and Life Insurance Company of the Southwest) and its affiliated broker-dealer (Equity Services, Inc.). Its product suite includes whole life, term life, and permanent life insurance, single premium deferred annuities, mutual funds, IRAs, qualified and non-qualified retirement plans, group annuities, and living benefits riders.

Product overview

National Life Group is a diversified financial services company offering a comprehensive portfolio of insurance and retirement products through its core insurance carriers (National Life Insurance Company and Life Insurance Company of the Southwest). The product suite includes whole life insurance (TotalSecure), term life insurance, and permanent life insurance as the primary life insurance offerings. For retirement, the company offers Single Premium Deferred Annuities generating significant sales volume, along with mutual funds through variable products, IRAs, and employer-sponsored Qualified Plans and Non-Qualified Plans. The company also provides Living Benefits riders and Guaranteed Lifetime Income Riders as add-on modules. Business-focused offerings include key person insurance, buy-sell arrangements, and business continuation planning. All securities and investment advisory services are offered through its affiliated broker-dealer, Equity Services, Inc. The company operates with a purpose-driven mission centered on 'Do good. Be good. Make good,' reflected in its corporate programs including the LifeChanger of the Year educator recognition program and Do Good Fest benefit concerts.

Differentiator

Problem solved

Functional benefit

Brands

• TotalSecure: Whole life insurance policy featuring accelerated underwriting up to $3 million for applicants under 50, multiple dividend options, and a wide range of riders.
• Do Good Fest®
• LifeChanger of the Year
• Share the Good

Products and services

• TotalSecure Whole Life Insurance
• Term Life Insurance
• Permanent Life Insurance
• Single Premium Deferred Annuities
• Retirement Plans
• Mutual Funds
• IRA (Traditional and Roth)
• Qualified Plans
• Non-Qualified Plans
• Group Unallocated Annuity
• Business Continuation Insurance
• Business Transition Planning
• Equity Services, Inc. (ESI) Broker-Dealer and Investment Advisory

Quantifiable outcome

• Top 10 life insurance company by LIMRA ranking
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Five partnerships are on record, tiered minor and core.

• FinsecaminorGTM or Marketing Partner · 29 April 2026Stephanie Rivas, Regional Vice President at National Life Group, became Chair of the Board of Finseca effective June 1, 2026. Finseca represents insurance and financial professionals and is a GTM/marketing partner organization.
• Boston Children's HospitalminorStrategic or Co-development Partner · 3 March 2026Collaboration with Boston Children's Hospital to provide free behavioral health resources for schools, supporting the company's corporate cause of children's mental health.
• FINEOS CorporationcoreTechnology or Integration · 17 February 2026National Life Group selected FINEOS AdminSuite, a cloud-native core platform, to modernize and automate its Living Benefit and Life Insurance claims operations. The platform enhances claims accuracy, reduces manual processes, and improves service agility for policyholders and beneficiaries. FINEOS Corporation is listed on the ASX and is a global market leader in core systems for life, accident, and health insurance.
• HomethrivecoreStrategic or Co-development Partner · 7 November 2025Strategic partnership to include free caregiving support services with new eligible 2025 policies. Collaboration aims to help policyholders manage caregiving challenges covering elder care, disabilities, and chronic conditions with expert guidance, emotional support, and care coordination.
• Equity Services, Inc.coreChannel Partner/ Reseller/ DistributorBroker-dealer and registered investment adviser affiliate of National Life Insurance Company, member FINRA/SIPC. Offers securities and investment advisory services. Leadership transition announced with Alex David appointed as President and CEO effective December 16, 2025, succeeding Ata Azarshahi after 40 years.

Scale indicators12 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Northwestern Mutual: Northwestern Mutual is the largest direct writer of individual life insurance in the U.S. and a leading provider of whole life, disability income, and annuities. Directly comparable to National Life Group on product mix (whole life, term life, annuities), exclusive agent distribution model, and mutual structure.
• MassMutual: Massachusetts Mutual Life Insurance Company is a top-tier mutual life insurer offering whole life, term life, annuities, and retirement products through a captive agent network. Closely comparable to National Life on whole life focus, mutual ownership, and broad product portfolio including group retirement plans.
• New York Life: New York Life is one of the largest mutual life insurers, distributing whole life, term life, annuities, and long-term care through an exclusive agent force. Highly comparable to National Life Group in product lineup, mutual structure, and agent-led GTM; its scale highlights National Life's sub-scale position.
• Guardian Life: The Guardian Life Insurance Company of America is a mutual insurer offering individual life, disability, annuities, and group benefits through financial professionals. Comparable to National Life on whole life emphasis, mutual structure, and individual-and-employer dual customer segments.
• Pacific Life: Pacific Life is a major provider of life insurance and annuities (particularly fixed and fixed indexed annuities), with strong institutional and individual lines. Directly comparable to National Life on the annuity product emphasis (e.g., SPDA) and life insurance offerings through financial professional distribution.
• Lincoln Financial Group: Lincoln Financial provides individual life insurance, annuities, group protection, and retirement plans through financial professionals and intermediaries. Highly comparable to National Life on term/permanent life, annuity, and employer/plan sponsor retirement offerings; Nimesh Mehta (National Life CIO) previously spent 14+ years at Lincoln Financial.
• Mutual of Omaha: Mutual of Omaha is a mutual insurer providing individual life, annuities, Medicare Supplement, and group benefits. Comparable to National Life on mutual structure, broad life and annuity product portfolio, and individual/family customer segment.
• Globe Life: Globe Life is a major provider of individual life and supplemental health insurance distributed through agent networks and direct-to-consumer channels. Comparable to National Life on life insurance product focus and agent-led distribution.

Broad incumbents

• Principal Financial Group: Principal Financial Group is a large, publicly traded financial services firm offering life insurance, retirement, and asset management, with a strong focus on small/mid-sized business retirement plans. Comparable to National Life's business-owner and employer/plan sponsor segments and group annuity offerings.
• Global Atlantic Financial Group: Global Atlantic is a retirement and life insurance company specializing in fixed and fixed indexed annuities, individual life, and reinsurance. Highly comparable to National Life on the Single Premium Deferred Annuity business; Donna Lasick (National Life VP & Controller) previously spent 16 years at Global Atlantic.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/nlgroup
• YouTubeyoutube.com/user/NationalLifeGroup
• Facebookfacebook.com/nationallife
• LinkedInlinkedin.com/company/national-life-group
• Instagraminstagram.com/national_life_group

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Life Group