Last Updated: January 31st, 2026
National Western Life Insurance Company (NWL) is an A-rated life insurance carrier founded in 1956 and now owned by Prosperity Life Group. The company specializes in indexed universal life (IUL) insurance and annuities with simplified underwriting. NWL is licensed in 49 states (not New York) and maintains over $12 billion in total assets.
National Western Life Insurance Company has been in business since 1956. The company was acquired by Prosperity Life Group in July 2024 for $1.9 billion, bringing new ownership and resources to the insurer.
NWL focuses on indexed universal life insurance products and annuities. They’re known for simplified underwriting that doesn’t require medical exams or phone interviews. If you’re researching NWL as a potential insurer, this review covers their financial strength, products, and what to consider before buying.
About National Western Life Insurance Company
National Western Life Insurance Company was founded in 1956 with headquarters originally in Austin, Texas. Following the 2024 acquisition by Prosperity Life Group, the company redomesticated to Arizona and is now a subsidiary of S.USA Life Insurance Company, Inc.
NWL operates in 49 U.S. states plus the District of Columbia, Guam, Puerto Rico, and the Virgin Islands. The company does not offer products in New York.
As of March 2024, the company reported:
- $12.1 billion in consolidated total assets
- $2.5 billion in stockholders’ equity
- $17.7 billion in combined life insurance in force
National Western Life Insurance Ratings
Financial strength ratings help you understand an insurer’s ability to pay claims. National Western Life maintains solid ratings from independent agencies.
| Rating Agency | Rating | Meaning |
|---|---|---|
| AM Best | A (Excellent) | Strong ability to meet ongoing obligations |
| KBRA | A- | Solid financial strength |
| S&P Global | A- | Strong capacity to meet commitments |
These ratings reflect the company’s balance sheet strength and adequate operating performance. Following the Prosperity Life Group acquisition, AM Best continued to rate NWLIC favorably while monitoring integration progress. You can verify insurer ratings and complaints through the National Association of Insurance Commissioners (NAIC).
National Western Life Insurance Products
NWL specializes in indexed universal life (IUL) insurance and annuities. Their current product lineup focuses on simplified issue policies that don’t require no medical exam life insurance applications.
NWL Lifetime Returns Select (IUL)
This indexed universal life policy offers flexible premium payments and death benefit options.
Key features:
- Issue ages: 45-85 (varies by payment option)
- Face amounts: $25,000 minimum, up to $750,000 maximum (varies by age)
- Payment options: Single Pay, 5 Pay, or 10 Pay
- Simplified issue underwriting with no telephone interview
- Guaranteed death benefit to age 121
- Four interest rate options linked to market indices
- Return of Premium rider available (Single Pay only)
The policy includes an Accelerated Benefit Rider for Terminal Illness at no additional cost. An optional Accelerated Death Benefit Rider for Chronic Illness is available for single premium policies.
NWL Lifetime Returns Solutions
This IUL policy is funded by a Single Premium Immediate Life Annuity (SPIA), which allows you to spread tax obligations over the premium period.
Key features:
- Issue ages: 45-85 (5 Pay) or 45-80 (10 Pay)
- Face amounts: $25,000 minimum, up to $750,000 maximum (varies by age)
- Simplified issue underwriting
- Four interest rate options
- Penalty-free withdrawals available
- Includes Terminal Illness and Paid Up Life Insurance riders
What About Term Life and Whole Life?
While NWL’s website references term and whole life products, their current marketing focuses heavily on indexed universal life. If you’re looking for straightforward term life insurance or traditional whole life coverage, you may find better options with carriers that specialize in these products.
Who Is National Western Life Best For?
NWL may be a good fit if you:
- Are between ages 45 and 85
- Want indexed universal life insurance with cash value potential
- Prefer simplified underwriting without medical exams
- Have a lump sum to invest (single premium option)
- Don’t live in New York
NWL may not be ideal if you:
- Need term life insurance for temporary coverage
- Want traditional whole life with guaranteed cash value growth
- Live in New York (not licensed there)
- Are under age 45
- Prefer a carrier with broader product options
Pros and Cons of National Western Life
Pros:
- Strong A-rated financial strength
- Simplified underwriting with no medical exam required
- No telephone interview needed
- Return of Premium option on single pay policies
- Guaranteed death benefit to age 121
- Part of larger Prosperity Life Group organization
Cons:
- Limited product focus (primarily IUL)
- Not available in New York
- Minimum issue age of 45 for main products
- Maximum face amounts may be lower than competitors
- Limited online application options
Frequently Asked Questions
Is National Western Life Insurance Company financially stable?
Yes. National Western Life maintains an A (Excellent) rating from AM Best and an A- rating from both KBRA and S&P Global. These ratings indicate strong financial stability and the ability to pay claims.
Does National Western Life require a medical exam?
No. NWL’s current IUL products use simplified issue underwriting. You’ll answer health questions on the application, but there’s no medical exam or telephone interview required.
What states is National Western Life available in?
NWL is licensed in 49 states plus D.C., Guam, Puerto Rico, and the Virgin Islands. The company does not offer products in New York.
Who owns National Western Life Insurance Company?
Prosperity Life Group acquired National Western Life Group in July 2024 for $1.9 billion. NWLIC is now a subsidiary of S.USA Life Insurance Company, Inc.
What types of life insurance does National Western Life offer?
NWL currently focuses on indexed universal life (IUL) insurance products, including NWL Lifetime Returns Select and NWL Lifetime Returns Solutions. They also offer annuity products.
What is the minimum age to buy National Western Life insurance?
The minimum issue age for NWL’s main IUL products is 45 years old. Maximum issue ages range from 80 to 85 depending on the product and payment option.
Key Takeaways
- National Western Life Insurance Company is an A-rated carrier with over 65 years in business
- The company was acquired by Prosperity Life Group in July 2024 for $1.9 billion
- NWL specializes in indexed universal life insurance with simplified underwriting
- No medical exam or phone interview required for their IUL products
- Not available in New York, and minimum issue age is 45
- If you need term life or final expense insurance, check out our guide to the best life insurance companies for your needs
Looking for life insurance that fits your needs? At Best Life Quote, we specialize in term life and final expense insurance and can help you compare options from top-rated carriers.
