National Life Group / LSW Annuity Review (2026)

National Life Group – the umbrella brand for National Life Insurance Company and Life Insurance Company of the Southwest (LSW) – is one of the most active MYGA sellers in the U.S. and holds the top spot in fixed indexed annuity sales for employer-sponsored retirement plans. Founded in 1848, it is one of the oldest continuously operating insurers in America. Here is what annuity buyers need to know.

National Life Group at a Glance

National Life Group’s Financial Strength and Background

National Life Insurance Company was chartered by the Vermont legislature in 1848 – making it one of the handful of insurers with a 175-year operating history. LSW was acquired later and serves as the primary issuing entity for most consumer products outside New York. Both entities carry an A+ AM Best rating, an A+ from S&P, an A1 from Moody’s, and a Comdex composite score of 90 – firmly in the top tier of financial strength.

The group operates as a mutual holding company under NLV Financial Corporation. Policyholders are members, there are no outside shareholders, and there is no private equity ownership. In 2024, National Life Group reported $3.4 billion in annuity sales – a record – and Q1 2025 set the highest single-quarter total in company history at $667 million. Verify current ratings at ambest.com.

One item worth noting: In 2024, LSW completed a $4.9 billion reinsurance transaction with 26North Re, a private equity-backed reinsurer, transferring a seasoned block of MYGA and FIA policies. This is an increasingly common industry practice (Athene/Apollo and Global Atlantic/KKR use similar structures) and NLG retains a minority stake in 26North. It does not affect policyholder guarantees, but sophisticated buyers may want to understand what reinsurance means for their contract’s counterparty chain.

What Annuity Products Does National Life Group Offer?

• Green Mountain Freedom 5 MYGA – 5-year guaranteed rate annuity, named after Vermont heritage. Consistently appears in national MYGA rate comparisons.
• RetireMax Secure 5 MYGA – Competitive 5-year fixed rate positioning for accumulation-focused buyers.
• Green Mountain Freedom Flex – Flexible premium deferred annuity that accepts ongoing contributions, including 403(b) salary reduction deposits. One of the very few MYGA-type products in the market that accepts multiple premium payments over time. Available in New York through National Life Insurance Company.
• FIT Secure Growth FIA – Flexible premium indexed annuity with multiple crediting strategies.
• FIT Select Income FIA – Income-focused indexed annuity with built-in lifetime income rider options. Issue ages 18-75.

Who Is National Life Group Best For?

• MYGA buyers who want top-tier financial strength with competitive rates – NLG consistently ranks near the top of national rate tables while carrying A+ ratings from three agencies.
• 403(b) plan participants – NLG is the #1 seller of FIAs in employer-sponsored plans (per LIMRA), with Green Mountain Freedom Flex built specifically for ongoing 403(b) contributions. This is a major differentiator from nearly every other carrier in this review.
• New York residents – National Life Insurance Company is licensed in New York, giving NY buyers access to products that LSW itself cannot offer in the state.
• Pre-retirees still accumulating who want a flexible premium MYGA that grows alongside their ongoing contributions rather than requiring a single lump-sum deposit.

National Life Group is not ideal for buyers seeking a variable annuity, RILA, or income-focused products with extensive GLWB rider options. The FIA lineup is solid but narrower than market leaders like Allianz or North American.

National Life Group Pros and Cons

Pros

• A+/A+/A1 triple-agency ratings with Comdex 90
• 175-year operating history – one of the oldest insurers in America
• Mutual holding company – policyholder-aligned, no Wall Street pressure
• #1 in employer-plan FIA sales (LIMRA) – institutional trust from plan sponsors
• Flexible premium MYGA – rare option for buyers who want ongoing contribution capability
• Below-average NAIC complaint ratio
• New York coverage available via National Life Insurance Company

Cons

• LSW not licensed in New York – NY products go through National Life with potentially different rates
• 2024 reinsurance transaction with 26North Re – $4.9 billion block ceded to a PE-backed reinsurer; worth understanding before purchasing
• FIA lineup narrower than major FIA specialists like Allianz or North American
• No variable annuity or RILA
• Some customer service complaints about fund transfer delays found in consumer reviews

Frequently Asked Questions About National Life Group

What is the difference between National Life Insurance Company and LSW?

Both are subsidiaries of National Life Group under NLV Financial Corporation and carry the same A+ AM Best rating. National Life Insurance Company is licensed in all 50 states including New York. LSW is licensed in all states except New York. In most states outside New York, your annuity contract will be issued by LSW. For New York residents, the contract comes from National Life Insurance Company. Both entities share the same parent and financial strength profile.

Why is National Life Group popular for 403(b) plans?

National Life Group is the #1 seller of FIAs in employer-sponsored retirement plans, according to LIMRA data. Their Green Mountain Freedom Flex product accepts ongoing salary reduction contributions – making it one of the few MYGA-type products compatible with 403(b) and 457 plan structures. Teachers, hospital employees, and non-profit workers whose employers offer NLG products may want to evaluate this option before rolling over to an IRA. See our fixed annuity guide for more context.

How do I buy a National Life Group annuity?

NLG products are sold through independent agents, affiliated advisors, and employer plan sponsors. My Annuity Store can compare National Life Group alongside 20+ competing carriers. Request a free quote or call 855-583-1104.

Other Annuity Companies to Consider

• Midland National Life Insurance Company Review
• North American Company Annuity Review
• MassMutual Annuity Review
• Browse All Annuity Insurance Companies

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