When it comes to some of the largest insurance providers in all of America, few have the capacity to stand up against Nationwide and it’s many different divisions and subsidiaries. Although the company is not perfect, it’s storied history has surely left a massive footprint in many different sectors of the insurance industries.
And while the brand and it’s slogan are well known, few could tell you whether or not their life insurance products are top notch, or middle of the pack. For this reason, our review of Nationwide Life Insurance Company will help you figure out whether they are a solid contender for your trust and business.
A name means a lot, but at the end of the day, you need your policy benefits when life happens. Let’s explore Nationwide’s life insurance.
Our Nationwide Life Insurance Company Review
While not the oldest carrier, its nearly 90 years in business has been enough to aid this company in amassing a huge consumer base, putting it in the Fortune 100 in America today; but it wasn’t always that way. Started out as just a small mutual auto insurer in Columbus, Ohio, and just 1,000 policyholders, it grew year by year and advanced itself into new states throughout the northeast and midwest.
But in the next couple decades, Nationwide outgrew itself more than once, forcing itself into new areas, bigger offices, and even into new product lines. It also outgrew its original name, Farm Bureau Mutual and got its name, Nationwide Insurance, in ’55. As its continued to grow, it now requires more than 30,000 employees across the country.
Financial Accolades & Ratings
When concerning 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. Nationwide Life Insurance Company is doing just that, where it has put itself among the most highly rated life insurance companies by several of the major credit rating agencies.
A.M. Best awarded Nationwide an “A+”, Moody’s an “A1”, and Standard & Poor’s an “A+” as well. According to the Comdex scale of composite scores of the aforementioned, this means Nationwide is in the 91st percentile of all insurance companies.
With assets of over $180 billion, it’s no wonder its made its way into the Fortune 100, and its titan-sized presence across other major insurance categories are confirmation of its stronghold in all 50 states.
Life Insurance Products
There are four main types offered from Nationwide:
- Variable Universal
Inside just the life insurance portion of Nationwide, the diverse choices of products begin with term life insurance. For all short duration needs, Nationwide Insurance offers a very competitive term product for virtually any age group.
This is your most basic life insurance product, with a guaranteed minimum death benefit and level premiums. Available riders, currently, include an accelerated death benefit rider, children’s term rider, waiver or premium, and spouse’s coverage.
For those with permanent needs or other life insurance goals, access to universal life, variable universal life, and even whole life are available.
Universal is the simplest way to get a permanent death benefit with potentially flexible premiums, and there are many variations:
- Nationwide YourLife® Indexed UL Accumulator
- Nationwide YourLife® Indexed UL Protector
- Nationwide YourLife® Indexed UL
- Nationwide YourLife® SUL II
- Nationwide YourLife® Current Assumption UL
- Nationwide YourLife® No-Lapse Guarantee UL
The indexed versions are where the cash accumulation portion are tied to an index, like the S&P500, and offer the ability to increase cash in the long run. The “SUL” is a survivorship policy, meaning the death benefit is spread across two lives.
Variable universal life is offered directly from a registered representative, and offers both flexibility and the potential to accelerate growth of cash within the policy by a portion of the premiums going towards the stock market. Your choices in variable life insurance contracts from Nationwide are:
- Nationwide YourLife® Protection VUL
- Nationwide YourLife® Accumulation VUL
- Nationwide YourLife® Survivorship VUL
Not many companies offer a participating whole life product, but Nationwide is one such company. 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 is called the Nationwide YourLife® WL. A whole life policy is generally accepted to be the most durable of the permanent insurance policies, as the minimum death benefit and premium for the life of the policy are guaranteed from the beginning. You can’t outlive it.
Vast Market Reach
Outside of life insurance, Nationwide offers:
- Identity Theft
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. To some, this is a great convenience, one which very few insurers can do.
Nationwide has many popular sponsorships, as well as a very well known marketing campaign, using its slogan and jingle “Nationwide Is On Your Side” where it promotes a helping hand to all members of society.
When it comes to insurance, Nationwide likely has what you need in virtually any capacity. Their rates are favorable, and the company brand and financial strength are among the best. We would have no reservations in a person buying their insurance through this carrier.
Depending on your age and what type of life insurance you want, you may be able to save a few bucks here and there by going to another carrier, but for basic term policies (especially if you have other insurance through Nationwide), you will do well here.