Nippon Life Insurance Review

Group plans with flexible and voluntary options

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Nippon Life Benefits

Nippon Life Benefits

Our Take

Nippon provides a suite of group insurance products via employers and does not sell life insurance policies to individuals. The company has excellent financial strength ratings and strong indicators of customer satisfaction, making it a good choice if your employer offers a Nippon plan as part of your benefits package. However, limited details are available online, so you’ll need to get more information from your plan administrator. 

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
Pros
  • A+ (Superior) financial strength rating from AM Best

  • Zero complaints with the NAIC about life insurance

  • Customer service available in English, Spanish, Japanese, or Korean

  • Access to an online member portal

Cons
  • No policy information available online

  • Not rated in J.D. Power’s 2020 U.S. Life Insurance Study

  • No online claims

  • No online quotes

  • No 24/7 customer service

Key Takeaways
  • Nippon provides group life insurance in addition to medical, dental, vision, disability, wellness, and employee assistance benefits through employers.
  • Nippon does not sell individual life insurance policies, so you’ll need to work for an employer offering a Nippon plan to be eligible. 
  • Companies can offer plans that vary based on occupation, salary level, or length of employment. Nippon also offers voluntary plans. 
  • Based on the company’s 2020 customer satisfaction survey, Nippon was ranked 9.5/10 for customer satisfaction on average. 
Specifications
  • Year Founded 1889
  • Kinds of Plans Unknown
  • Number of Plans Unknown
  • Payment Options Unknown
  • Official Website www.nipponlifebenefits.com

Nippon Life Insurance Company offers group life insurance as part of a benefits package through employers. The company does not offer details about the kinds of policies provided online. We researched Nippon’s financial strength, customer satisfaction, customer service options, and website tools to help you compare the life insurance policy options of Nippon with the competition. 

Company Overview

Nippon Life Benefits is a subsidiary of Nippon Life Insurance Company. Based in Japan and founded in 1889, it has more than $520 billion in assets. Nippon has been providing insurance benefits through employers since 1991. Nippon is not licensed in ME, NH, or WY but serves all other states and Washington, D.C. 

Since Nippon sells insurance packages through employers, you won’t be able to purchase an individual life insurance policy online. The company does not offer online quotes or pricing estimates, so you’ll need to speak with your human resources team or plan administrator to get details. 

Available Plans

Nippon offers customizable life insurance packages. Employers can choose different plans for employees based on occupation, length of employment, and salary level. Employers can also offer voluntary life insurance. 

Nippon doesn’t state whether the company offers term life insurance or permanent life insurance, and the available plans may vary by employer. Talk to your benefits plan administrator to get details about your options. 

Available Riders

Riders are endorsements that can help you customize your life insurance coverage. For example, living benefits riders can allow you to receive some benefits under certain circumstances while you’re still living. And a waiver of premium rider would allow you to halt payments if you become disabled. 

Nippon doesn’t state which riders companies can choose from, but your plan administrator should know which riders are included with the group policy and whether you can add a rider to your plan. 

Customer Service: 12 Hours and Multiple Languages

Nippon doesn’t offer 24/7 customer service or a live chat like some other life insurance companies. However, the company does offer extended call hours on weekdays from 7 a.m. to 7 p.m. CT for English and Spanish customer service. Japanese and Korean customer service is also offered, and you can call 800-374-1835 if you need assistance in any other language. 

 Language  Hours  Phone Number  Email
English/Spanish 7 a.m.-7 p.m. CT weekdays 800-374-1835 customer-service@nipponlifebenefits.com
Japanese  8 a.m.-7 p.m. CT weekdays  800-971-0638  nippon-jcs@nipponlifebenefits.com 
Korean  8 a.m.-5:30 p.m. CT weekdays  877-827-8713  nippon-kcs@nipponlifebenefits.com 

In addition, you may be able to access certain services through the member portal, such as reviewing your policy details or checking the status of a claim. You won’t be able to file a claim online, however.   

While Nippon doesn’t offer online claims, you can access all the forms you need online and submit them by email or mail.

Customer Satisfaction: No Complaints

Nippon Life Insurance Company isn’t rated in J.D. Power’s 2020 U.S. Life Insurance Study, and customer service reviews are few and far between on third-party websites. The National Association of Insurance Commissioners (NAIC) complaint index can be helpful in determining whether customers are satisfied since it compares the number of complaints a company receives with the industry average relative to the company’s size. Nippon Life Insurance Company did not receive any complaints about individual or group life insurance in 2020 or the previous two years, indicating that customers didn’t have any pressing issues with the company’s customer service. 

Financial Strength: A+ (Superior)

AM Best is an independent rating agency focused on the insurance industry that grades companies based on their financial strength. A good rating indicates that a company has the financial footing to be able to reliably pay claims, which is important when choosing a life insurance company. 

In 2021, AM Best affirmed a rating of A+ (Superior) for Nippon Life Insurance Company and its subsidiary. We typically recommend looking for an insurance company with an A rating or higher, and Nippon certainly fits that criteria. 

Cancellation Policy: Unknown

Nippon Life Benefits doesn’t list its cancellation policy online. However, depending on the laws in your state, you’ll have at least 10-30 days to cancel your policy and receive all paid premiums refunded to you. This is known as the free-look period. Once this period ends, your ability to secure a refund may depend on the type of policy you have. 

When asking your plan administrator for pricing details, be sure to also ask about the cancellation policy for your life insurance plan. 

Price of Nippon Life Insurance Company: Unknown

Although Nippon claims to be committed to providing quality coverage at affordable pricing to businesses, the company doesn’t offer online quotes. The customizable packages are priced differently depending on the options your employer chooses, but in most cases, the life insurance plan will be offered to you as a no-cost benefit. If your employer offers voluntary life insurance through Nippon, you’ll likely get a better rate than you would find for individual insurance. 

If you’ll need to pay for the life insurance option provided through your employer, be sure to compare pricing against individual life insurance quotes from other companies to ensure you’re getting the best deal.

How Nippon Compares to Other Life Insurance

Nippon does not sell life insurance policies to individuals, so the only way to access the benefit is through your employer. Compared to other group life insurance companies, Nippon offers limited details about its plans online. And, compared to most individual life insurance companies, Nippon has few online resources and tools such as online quotes. However, the company is up to par in terms of financial strength and customer satisfaction. 

Nippon Life Insurance vs. American Fidelity Life Insurance

Nippon Life Insurance and American Fidelity are similar in that they only offer group coverage through employers. Both companies are vague about policy details online. Each company also has an A+ (Superior) financial strength rating from AM Best and zero complaints in the group life category with the NAIC. However, there are some key differences between these companies:

  • American Fidelity offers a dedicated career account manager to help you make decisions about your life insurance needs along with a variety of educational resources.
  • American Fidelity offers life insurance with only a few health questions. Nippon does not state whether policies can be issued without a medical exam. 
  • American Fidelity’s policies are portable, so employees can maintain the policy even after leaving the company.

Either company would be a good choice if the option is offered through your employer, but neither company can serve individuals. 

Read our full American Fidelity Life Insurance review

Nippon Life Insurance vs Haven Life Insurance

If you’re looking for an individual life insurance plan, Haven could be a good alternative to Nippon. Both companies have superior financial strength ratings and a low complaint index with the NAIC, but there are several differences between these two companies as well:

  • Haven provides a variety of online tools, including online quotes, which Nippon does not offer.
  • Haven provides transparency about their products, riders, and coverage limits online, while Nippon does not.
  • It’s possible to get a life insurance policy entirely online without a medical exam from Haven, which isn’t an option with Nippon.

If you’re looking for an individual policy, Haven is the obvious choice. If your employer offers voluntary life insurance through Nippon, compare your price with a quote from Haven and read our full Haven life insurance review to decide if it’s a better choice for you. You may also find that a personal policy with Haven could be a great supplement to a group policy from Nippon. 

Final Verdict

If your employer offers a life insurance benefit through Nippon, the company is a great option for getting coverage. Nippon has superior financial strength ratings and zero customer complaints with the NAIC. However, Nippon isn’t transparent about coverage limits or customization options on their website. You may find that group insurance through Nippon doesn’t offer enough coverage for your needs and choose to purchase a supplemental policy through another company. Contact your plan administrator for details about the plans available to you through Nippon. 


Methodology

All of our reviews of life insurance companies are based on extensive research and analysis of each company’s offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.