Purchasing life insurance comes with a lot of considerations.
You have to decide on the right policy type, choose an appropriate length of coverage, and make sure to buy an adequate amount of insurance to meet your family’s needs.
Equally important is choosing the right company. As you shop for life insurance, one name you may encounter is Washington National Insurance Company.
In order to decide if Washington National is the right provider for you, you need to examine its history, financial standing, and product lineup.
The review below does just that, giving you a glimpse into what Washington National, and its top competitors, have to offer.
Our Washington National Insurance Company Review
The Washington National Insurance Company and United President Life Insurance Company operate as an insurance holding company which covers underwriting life insurance, health insurance, and annuities.
They are also a leader in voluntary worksite and individual markets.
The company got its start as Washington Life and Accident Insurance Company of Chicago in 1911.
Founders Harry and George Kendall named the company after their childhood hero, George Washington.
The duo started their first business venture selling simple accident insurance policies.
The Kendalls incorporated the organization in 1923 as the Washington Fidelity National Insurance Company and eight years later changed the company name to Washington National Insurance Company (WNIC).
During these formative years, Washington National added group accident and health insurance, and by the 1930s, roughly a quarter of their revenue came from these policies.
In the late 1960s, Harry and George Kendall converted Washington National Insurance into a holding company so it could diversify into variable annuities.
They incorporated Washington National Corporation the next year and eventually acquired the Anchor Corporation, the Anchor National Life Insurance Company, and the Nathan Hale Life Insurance Company of New York, among others.
While Washington National got its start in Lincolnshire, Illinois, it is the holding company of the CNO Financial Group in Indiana.
Currently, they have more than 1,000 employees and have helped people “protect what matters for over 100 years.”
Forbes Magazine recently recognized the group as one of America’s 50 most trustworthy financial institutions.
Over the years, Washington National has also played an active part in the central Indiana community.
Washington National currently partners with organizations such as the American Cancer Society, HealthAdvocate, Life Line Screening, Script Save, and Vital Cuisine.
Financial Strength and Ratings
Washington National has earned a worthy and respectable reputation for itself with more than 100 years in the financial services industries.
As of December of 2018, the company recorded having $5.4 billion in assets with a net surplus of $340 million.
They also have $5.1 billion in total liabilities for an asset-to-liability ratio of 1.07.
Alongside the company’s financial reports, you should pay attention to its financial strength ratings.
Washington National has received positive ratings across the board, which you can see here:
When these scores are compiled into a composite, they come out to a Comdex rating of 61, meaning the company scored higher than 61 percent of all other insurance companies.
The Washington National Insurance Company has accreditation from the Better Business Bureau (BBB) as well, where they hold an “A+” rating.
This score is the highest mark possible, and Washington National has had this honor since 2013.
Washington National’s financial performance makes it a strong life insurance company, but what about its products? Can it stand out against the top life insurers in the country?
It has a versatile selection of life insurance policies, which we’ll delve into below.
The star product in the Washington National arsenal is level term life insurance.
Term life insurance makes the most sense for people looking to cover significant expenses like funding for college tuition or paying off a mortgage.
The policies also come with built-in terminal illness riders which allow the policyholder speed up a portion of the death benefit if they become critically ill.
Other benefits include:
- Fixed premiums throughout the entire policy term
- Return-of-premium rider
- Ability to end coverage at any time for the current cash value or to use the cash value to extend the base policy
Universal life insurance covers the policyholder with flexible coverage levels, cash values, and premiums.
Washington National also offers an indexed universal policy, which allows your cash value to grow alongside the S&P 500 index.
Additionally, policyholders may access the policy’s cash value as a “living benefit” at any time.
While the flexibility can be a significant plus, the premiums may rise to a point which is difficult to afford.
Make sure you understand how much premium rates will change over time before choosing universal life insurance.
Many people opt for Washington National’s whole life policies to helps cover funeral costs and other end-of-life expenses.
Like the universal insurance option, this policy will also gain cash value over time, and the added value will not change based on stock market fluctuations.
With whole life insurance, policyholders do not need to worry about premium rate hikes, either, as premiums are guaranteed to remain the same for life.
All policy proceeds go directly to the beneficiary—and they can allocate the funds to whatever purposes they see fit.
But the robust benefits of whole life insurance typically mean the policy is the most expensive option for consumers.
If you can think of a form of health insurance, Washington Mutual probably has it.
In addition to its life insurance products, Washington Mutual offers the following:
- Cancer insurance: This coverage comes with a lump-sum express payment upon diagnosis and covers surgery, radiation, and chemotherapy.
- Critical illness insurance: Whether someone has a stroke, diabetes, Alzheimer’s, or another severe condition, the policyholder gets a lump-sum benefit immediately.
- Accident insurance: This policy includes coverage for incidents such as fractures and burns, and also covers disability and emergency room visits.
While Washington National might offer the type of policy you need, they may not necessarily be the best company to meet your needs.
Instead of looking at just one company, you should always compare multiple options.
Below are some of the top alternatives to Washington National:
- Banner Life: If you’re looking for a comparable term life policy, check out Banner Life, who offers unrivaled low prices on term life insurance up to $3 million.
- Haven Life: Haven Life has revolutionized term life insurance, providing the online application and instant access to coverage Washington National lacks.
- Bestow: If you need no exam coverage and want a variety of policy types to choose from, consider Bestow. They lead the pack with the industry’s fastest underwriting times.
There are plenty of things to like about Washington National.
- Credibility: For starters, they have been in business for more than a century, and in the process have developed a solid financial reputation.
- Policy lineup: They also have an extensive portfolio of products which policyholders can tailor to their specific needs and preferences.
- Indexed universal product: Policyholders can potentially increase the cash value of their universal policy through the S&P 500 index option.
- Savings: Washington National partners with Rx Savings to find the most affordable prescriptions for policyholders, with savings on vision, hearing, and diabetes care, as well as daily living products.
There are some definite drawbacks to Washington National, as well, which you should factor in as you consider the company:
- No online quotes: Prospective customers cannot get a quote online or obtain pricing information, so it is impossible to compare rates without directly contacting a life insurance representative.
- Lack of information: Washington National provides limited details on the specifics of its policies, either, meaning you’ll have to contact their agents to learn what’s actually on offer.
- Online customer support: Washington National doesn’t offer a basic online chat option. They do not have an email address for general information or a live digital customer support center.
- Availability: Finally, policies vary from state to state, so there may be limitations to your coverage depending on where you live.
Washington National may not be as recognizable as some of the biggest names in the industry, but a lack of familiarity alone shouldn’t stop you from exploring a life insurance company.
With over a century in the industry and fairly strong financial performance, Washington National is a solid provider.
They offer policies to meet both temporary and permanent life insurance needs and could be a good solution for the shopper looking to hold life and health coverage with the same provider.
But if you’re looking to find the lowest rates on life insurance or easily access policy information and apply online, you’ll be better off elsewhere.
Whether Washington National is on your list or not, start by getting quotes.
In a matter of seconds, you can compare options from the nation’s top providers, securing the policy and the rates you need.