Nationwide Life Insurance Company

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Though Nationwide’s life policies aren’t always the most competitively priced, the widely popular financial institution offers a versatile range of products with excellent customer service.

A.M. Best

A+

BBB

A+

J.D. Power

783

The Good

  • Financial security
  • Customer satisfaction
  • Versatile product offerings
  • Non-med policies
  • Brand recognition
  • Highly customizable coverage

The Bad

  • Strict consideration of driving record
  • Less competitive rates

Product Availability

Policy Types
  • Term
  • Universal
  • Variable
  • Whole
Riders
  • Accelerated death benefit
  • Accidental death benefit
  • Additional term
  • Change of insured
  • Children’s term
  • Estate protection
  • Extended death benefit guarantee
  • Extended no-lapse guarantee
  • Guaranteed insurability
  • Long-term care
  • Overloan lapse protection
  • Policy split option
  • Surrender value enhancement
  • Waiver of monthly deductions
  • Waiver of premium

Overall

4.05

Price/Value

3.0

Financial Strength

3.1

User Experience

4.2

Product Availability

3.4

Brand/Size

4.5

Price/Value

Life insurance rates hinge on the level of risk you pose to a life insurance company.

To determine how risky you are, your life insurance application will evaluate you based on your:

  • Age
  • Sex
  • Height and weight
  • Tobacco use
  • Health conditions
  • Family health history
  • Driving record
  • Hobbies and job

While all life insurance companies use these criteria, they don’t use the same scale.

For instance, one company might be more lenient with a well-managed case of diabetes than another

In terms of price and value alone, Nationwide’s is less competitive than many of the top life insurance companies.

Young and healthy applicants can secure the most reasonable rates Nationwide has to offer.

Otherwise, their underwriting is forgiving towards some well-managed minor conditions, as well as former tobacco users.

But it is stricter towards individuals with a family health history of cardiac disease and those with a poor driving record.

Financial Strength

When it comes to life insurance, financial strength and stability are key to gaining the trust of new consumers, as well as keeping the faith of long term clients.

Credit ratings are a useful tool for assessing a life insurance company, rating them based on their financial performance and future outlook.

Nationwide is rated by three of the four premier agencies, with the scores below:

A.M. BestA+
Moody’s A1
Standard & Poor’sA+

With assets of over $253 billion, it’s no wonder the company has made its way into the Fortune 100.

Based on its ratings and consistently solid financial performance, you can rest assured that Nationwide is in good shape to pay out your life insurance policy.

User Experience

Another factor well worth considering when you evaluate a life insurance company is user experience.

The best life insurance companies have minimal complaints and put in the effort to make comparing, purchasing, and owning life insurance as simple and possible.

To assess Nationwide’s customer experience, we evaluated their customer ratings, website, and application process, among other factors.

Ratings

Whereas credit ratings are useful for judging a company’s financial strength, J.D. Power and BBB scores are good indicators of a company’s user experience.

Nationwide received the following scores, respectively:

  • J.D. Power: 4 / 5
  • BBB: A+

The annual J.D. Power U.S. Life Insurance Survey evaluates companies based on client responses in categories like interaction, communication, and ease of application.

Nationwide’s score of 4 out of 5 signifies that its user experience is “better than most” other life insurance companies.

Likewise, Nationwide’s “A+” from the Better Business Bureau suggests it has excellent business practices, transparent communication, and a dedication to settling customer complaints.

Website

Nationwide’s website adds to its exceptional user experience. Overall, the site is informative, transparent, and easy to use.

Individuals researching the company can find details on its history, community involvement, and financial performance.

The site also presents adequate information on its products, including details about all of its life insurance policies and riders.

Nationwide also makes the quoting process simple, providing instant term quotes for coverage amounts ranging from $100,000 to $1 million.

Policyholders can find forms online for most policy changes and make payments on the site.

A death benefit claim can also be made easily on Nationwide’s website using their fillable online form.

Application

Nationwide’s application process is highly rated for its simplicity and turnaround time.

If you decide to apply after getting quotes on the company’s website, you can call Nationwide’s hotline or schedule a call with an agent.

From there, you’ll submit to a brief application and telemedical interview.

Based on your responses, age, and the amount of coverage you need, you may be eligible to skip the medical exam and get coverage in place nearly instantly.

Otherwise, you’ll be prompted to schedule a quick medical exam which will determine your rates.

All in all, Nationwide’s underwriting process is quick and efficient.

Product Availability

There are four main types of life insurance on offer from Nationwide:

  • Term
  • Universal
  • Variable Universal
  • Whole

We’ll break down each type of policy below.

Term

For applicants with short-term needs, Nationwide offers fairly competitive term life insurance for virtually any age group.

The Nationwide YourLife® Guaranteed Level Term policy offers a selection of 10, 15, 20, or 30-year term lengths

This is the most basic life insurance product, with a guaranteed minimum death benefit and level premiums.

With Nationwide, you can access riders such as the accelerated death benefit rider, children’s term rider, waiver of premium, and spouse’s coverage.

Universal

For those with permanent needs or other life insurance goals who desire a flexible policy, universal coverage could be a good fit.

Universal life insurance offers a permanent death benefit with adjustable premiums and a cash-value account.

Nationwide offers a few variations:

  • Nationwide® Survivorship Indexed UL
  • Nationwide® Indexed Universal Life Accumulator II
  • Nationwide® Indexed Universal Life Protector II
  • Nationwide YourLife Care Matters®

New York residents can access the following:

  • Nationwide YourLife® Indexed UL Accumulator
  • Nationwide YourLife® Indexed UL Protector
  • Nationwide No-Lapse Guarantee UL II

The Nationwide YourLife Care Matters® policy combines universal life insurance with long term care.

The indexed versions offer cash accumulation tied to an index, like the S&P 500, with the ability to increase cash in the long run.

Survivorship policies simply spread the death benefit across two lives.

Variable

Variable universal life offers both flexibility and the potential to accelerate growth of cash within the policy by allocating a portion of the premiums towards the stock market.

Your choices in variable life insurance contracts from Nationwide are:

  • Nationwide YourLife® Protection VUL
  • Nationwide YourLife® Accumulator VUL
  • Nationwide YourLife® Survivorship VUL

Because of the complicated nature of variable life insurance, you’ll have to work with a registered agent to get this type of policy.

Whole

Not many companies offer a participating whole life product, but Nationwide is one that does.

Policyholders are the owners, and they benefit directly in the form of dividend payouts, although they’re never guaranteed.

The whole life insurance from Nationwide Life Insurance Company comes with two options.

The Nationwide YourLife® WL 100 comes with level premiums through age 100, while the 20-Pay WL lets you pay off the policy in 20 years.

A whole life policy is generally accepted to be the most durable (albeit expensive) of the permanent insurance policies, as the minimum death benefit and premium for the life of the policy are guaranteed from the beginning.

Brand/Size

While not the oldest carrier, Nationwide has been in business for 90 years, during which time it has amassed a huge consumer base, putting it in the Fortune 100 in America today.

Starting out as a small mutual auto insurer in Columbus, Ohio, with just 1,000 policyholders, it grew year by year and advanced itself into new states throughout the northeast and midwest.

In the next couple decades, Nationwide outgrew itself more than once, forcing itself into new areas, bigger offices, and even new product lines.

It also outgrew its original name, Farm Bureau Mutual and got its current name, Nationwide Insurance, in ’55.

Today, the company has more than 30,000 employees across the country.

Outside of life insurance, Nationwide offers:

  • Auto
  • Motorcycle
  • Home
  • Business
  • Identity Theft
  • Travel
  • Farm
  • Dental
  • Wedding

It considers itself one of the few true places where you can buy virtually every insurance product you, your family, or your business may need, all under one roof.

Philanthropy

Nationwide puts an impressive amount of effort into giving back to communities across the country.

The company partners with:

  • American Red Cross
  • Feeding America
  • Nationwide Children’s Hospital
  • United Way
  • and local organizations

The company has given over $38 million in the last decade to these organizations, as well as committing to environmentally sustainable efforts.

Brand Recognition

Brand recognition can help add to a company’s credibility and instill trust in its customers.

Nationwide is a name most households are familiar with.

The company has many popular sponsorships, as well as a very well known marketing campaign, using its slogan and jingle “Nationwide Is On Your Side” to promote its mission of lending a helping hand.

Nationwide is also very active on social media, with over a million Facebook followers alone and a strong presence on Twitter, Instagram, and Youtube.

Consensus

You shouldn’t base your choice of life insurance provider on the opinion of just one person or company.

It’s also important to consider the consensus between policyholders and financial experts.

Nationwide’s consensus score isn’t the highest, which could be attributed to its above average rates for most applicants.

That being said, the company’s brand and financial strength are among the best.

When it comes to insurance, Nationwide likely has what you need in virtually any capacity.

Depending on your age and what type of life insurance you want, you may be able to save money with another carrier, but Nationwide is still a dependable choice with reasonable rates.

Nationwide Life Insurance Company

Phone
(800) 848-6331
Address
One Nationwide Plaza
Columbus, OH 43215

Company Name (and subsidiaries)

  • Nationwide Mutual Insurance Company
  • Nationwide Life and Annuity Insurance Company
  • Nationwide Investment Services Corporation (NISC)
  • Nationwide Funds Group
  • Nationwide Retirement Institute

Author:

Avatar

Jason Fisher

Jason Fisher is the founder and CEO of BestLifeRates.org, LLC. and a multi-state licensed life insurance agent who has helped over a million Americans seek out affordable coverage, compare quotes, or get their family and businesses covered.