Nationwide began as a small auto insurance company in Ohio around 1925. Today, it is one of the largest and most reliable financial services companies, offering a full range of insurance products including life insurance.
If you are considering purchasing a life insurance policy, check out this Nationwide life insurance company review for all the information you need.
Nationwide is known for its excellent personal insurance services, but are they the best life insurance provider for your needs?
In this review:
Nationwide Insurance Company Reviews & Ratings
In J.D. Power’s 2020 US Life Insurance Study measuring overall customer satisfaction, Nationwide placed third out of 23 life insurance companies.
The N.A.I.C. also determined from three years of data that Nationwide had fewer complaints than expected for a life insurance company of its size.
Nationwide also has received high financial ratings, including an A+ from A.M. Best.
As you can see, Nationwide is a financially secure institution that is likely to meet the obligations of your life insurance policy.
Life Insurance Products
When you buy a Nationwide policy, you will choose from term, whole, universal, and variable life insurance.
Nationwide Term Life Insurance
Term life insurance coverage from Nationwide starts at $100,000 for 10, 15, 20, or 30 years. All term lengths require customers to be at least 18 years old, but the upper age limit depends on the term length and other factors.
This type of life insurance is guaranteed to have level monthly premiums, meaning that your payments will not increase or decrease throughout the length of your policy.
If you want to extend your coverage, you can convert your term life insurance to a permanent policy with no extra fees or medical examinations.
These policies have noninvasive medical requirements and a simple underwriting process, plus Nationwide can award credit wellness points toward the underwriting ratings.
Your plan is also customizable through riders, such as accelerated death benefit, which lets you use part of your guaranteed death benefit early if you have a terminal illness.
Nationwide Whole Life Insurance
Whole life insurance is available to individuals between the ages of 18 and 80 who are not tobacco users.
It has a minimum coverage amount of $10,000 and level premiums that you can pay monthly, quarterly, semiannually, or annually over a period of 20 years or until you are 100 years old.
This policy gives you permanent coverage but is more expensive than term life insurance.
Whole insurance includes a guaranteed cash value that you can access early through loans, although certain restrictions and additional charges may apply.
Your policy will also build cash value that is typically tax-free at a fixed interest rate.
Nationwide Universal Life
Universal life insurance has lifetime coverage periods like whole insurance but usually includes flexible premiums and protection levels to change your coverage based on your financial needs.
Nationwide offers multiple plans covering different age ranges and health levels and has coverage that can start at up to $500,000.
These policies also have the most flexibility in terms of riders. Universal insurance typically includes survivorship insurance that covers two individuals.
Additional options include overloan protection to prevent your life insurance coverage from lapsing if your loan from the cash value exceeds the account’s total.
Nationwide Variable Life
Variable life insurance is a type of universal policy, so it includes permanent coverage and the ability to accumulate cash value. However, it gives you more control over how Nationwide allocates your funds by investing some of your money in subaccounts.
This has the potential to earn more than other permanent life insurance policies, but it also carries the risk of reducing your policy’s cash value if the market performs poorly.
This policy still requires monthly or annual payments, but its premiums and death benefit are flexible. It also continues to accumulate cash value with a tax-deferred savings account.
Nationwide Life Insurance Riders
Riders are additional policies that can customize your life insurance by adding coverage, adding individuals to your policy, or modifying your coverage. For an additional fee, you can add these riders depending on if you have term, whole, or universal life insurance.
Term Insurance Riders
- Accelerated death benefit
- Children and spousal term insurance
- Premium waiver
Whole Insurance Riders
- Accelerated death benefit
- Children and spousal term insurance
- Premium waiver
- Accidental death benefit
- Guaranteed insurability
Universal Insurance Riders
Nationwide’s universal and variable life insurance policies offer the widest range of riders. However, eligibility depends on the specific policy.
- Accelerated death benefit in case of terminal illness
- Children and spousal term insurance
- Premium waiver
- Accidental death benefit
- Estate protection
- Conditional return of premium
- Policy split options
- Extended no-lapse guarantee
- Loan lapse protection
- Inflation protection
- Long-term care acceleration or extension of benefits
- Additional term
- Surrender value enhancement
- Monthly deduction waiver
Nationwide YourLife CareMatters
Nationwide YourLife CareMatters is a rider available with fixed premium universal life policies that Nationwide specifically promotes.
It lets you use monthly payouts from the death benefit to cover long-term care costs without submitting bills for approval or reimbursement.
Even if you use all of the available funds, your beneficiary will receive at least 20% of the policy’s death benefit.
Eligibility and Application Process
Your eligibility for Nationwide’s life insurance policies depends on your age and the state of your health. Like other life insurance companies, your age will limit you to certain plans. And poor health indicators such as smoking will increase your monthly premiums.
While you can start your application and receive quotes for Nationwide’s term life insurance online, you need to speak with an insurance agent to complete the process. This includes finding a quote for whole life or universal life insurance.
To purchase a policy, you can directly contact a Nationwide agent, find one near you through the Nationwide website, or let the company connect you to a representative.
Despite the inability to purchase life insurance through its website, Nationwide offers electronic processing and document delivery.
You will also find a coverage calculator and a late payment alert system on the Nationwide website.
Pros & Cons of Nationwide Life Insurance
If you are still having trouble deciding if Nationwide life insurance is right for you, consider these final thoughts.
Pros
Unlike other life insurance companies, Nationwide operates in all 50 states, even if not all of its products are available in every state.
Its network of local independent agents lets you connect with a representative that will help you find the policy and riders that work best for you.
This personalized approach means that Nationwide is known for its high customer satisfaction and has few complaints. It is also financially stable, ranking among other top insurers.
As a result, Nationwide is a life insurance company that consumers can rely on to pay future claims.
Nationwide’s variety of customizable policies makes it more likely to find a coverage option that fits your needs. You can choose from whole, term, universal, variable universal, and indexed universal life insurance plans with numerous riders for customization.
Some policies also have multiple investment options and convenient ways to pay premiums, such as using direct debit or a withdrawal from your bank account.
Cons
The few cons related to Nationwide life insurance mostly involve its online features.
For example, the Nationwide mobile app may not have full access to payment and billing information for all policyholders, although it does include coverage details.
Its website also mostly lacks online quotes for universal or whole life insurance policies. You need to call a representative to receive a quote for any permanent policies.
