Nationwide Guaranteed Universal Life Insurance Reviews

Nationwide Guaranteed Universal Life Insurance Reviews

Nationwide Guaranteed Universal Life Insurance Reviews

If you are looking for Nationwide Guaranteed Universal Life Insurance Reviews then you have come to the right place. Today, we’re going to review the Nationwide Guaranteed Universal Life (GUL) policy. Nationwide is a top rated life insurance company, but are the the best company for your needs? We hope you’ll be able to make an informed choice by the end of the article. 

Nationwide’s main GUL product we’re going to review is called the YourLife No Lapse Guaranteed UL. This post is just one of our GUL reviews. We have a huge series of reviews for the top companies that sell guaranteed universal life insurance.  To learn more about GUL products (also known as Term to 100 or Lifetime Term) please read an overview of GUL here.

What company is the best?

Are you just looking for the best Guaranteed Universal Life insurance companies? We reviewed the top rated GUL companies right here.

nationwide life insurance company

Nationwide Overview

Nationwide Life Insurance Company

Cost
Products
Financial Strength
Review Summary

Nationwide is a well known insurance company. They're mostly known for their property and casualty business. You've probably seen their auto and home insurance commercials with "Nationwide is on your side." They are also very competitive with some of their life insurance products.

83.67
Excellent!

Nationwide manages as a mutual insurance company. A mutual company is one that conducts their business for the benefit of their members who are actual policy holders. Nationwide got its start in the 1920s and was called “Farm Bureau Mutual”. They changed their name to Nationwide Insurance in 1955 and are based out of Columbus, Ohio.

Fast forward to today and Nationwide can be found throughout the country. Nationwide is a Fortune 500 company and one of the biggest financial services and insurance carriers in the world.

Guaranteed Universal Life Insurance Definition

Guaranteed Universal Life

Guaranteed Universal Life (GUL) is a type of universal life insurance- but doesn't have the market risks of traditional UL.

Your premiums remain the same with GUL just like term life. With a GUL, you get coverage with a “no-lapse” guarantee. This means that if you pay your insurance premiums, you’ll always be covered. GUL is not made for cash value and it resembles and functions similarly to term life insurance. Term life insurance only covers you for a set number of years. GUL covers you to a specific age such as: Age 90, 95, 100, 110, or 121.

Nationwide GUL Products

Nationwide offers life insurance shoppers two guaranteed universal life insurance products: YourLife No-Lapse Guarantee UL and the YourLife No-Lapse Guarantee SUL II.

YourLife No-Lapse Guarantee UL

Issue Ages

Ages 18-85

Minimum Benefit Amount

$100,000

Coverage Lengths

Ages 95, 100 and 120

Maximum Benefit Amount

Over $1,000,000

Nationwide Financial Strength

Financial Strength Ratings

  • AM Best: A+
  • Moody's: A1
  • Standard & Poor's: A+
  • Fitch: N/A

How to choose? If you’re comparing companies & looking to choose from two carriers, one rated A+ and one rated A++, either one is likely to be there when you need it. However, if you’re picking carriers that are rated B+ and A+, financial strength could factor in your buying decision. Try to avoid companies that 1 or more financial agencies rate as potentially vulnerable.

Health Class Ratings

Life insurance classifications are important because they affect your premium. The better your health class rating, the lower your premium will be with. All companies (including Nationwide) classify you differently.

These are the health classes that are offered with Nationwide:

  • Preferred Best
  • Preferred
  • Standard Plus
  • Standard
  • Substandard
  • Non Tobacco & Tobacco

Sample Rates

Now let’s look at how much the YourLife No-Lapse Guarantee UL can cost. Below are sample Preferred Best monthly rates for a healthy non smoking 46 year old man.

Death BenefitTo Age 95To Age 100To Age 120
$100,000$84$86$86
$500,000$310$325$335
$750,000$465$487$502

Make sure to use an independent life insurance agent that can shop from all the top life insurance companies. They will be able to provide you unbiased recommendations based on your specific health, age, and needs.

Life insurance rates depend on many factors. The life insurance company you choose is a major factor because each company rates you differently. Someone with diabetes may qualify for different rates depending on each company they apply with.

Learn more about life insurance shopping.

Advantages

  • Benefits
  • Price: Nationwide offers very competitive rates for some of their products. They’re most competitive if you’re looking for a policy with a high face amount. 
  • Premium Monitoring: Nationwide provides their “Automated Premium Monitor” service at no extra cost. It will help you track your policy to make sure it stays in force.
  • Permanent Coverage: Nationwide isn’t usually competitive with their term life policies, however they are competitive and a great choice for their permanent life insurance products. 
  • Ages: Nationwide’s GUL is extremely competitive for shoppers between the ages of 45 through 70 and for face amounts over $500,000. 
  • Long Term Care: Nationwide offers a reasonably priced and unique long term care rider.  Their long-term care insurance rider is unique for a GUL policy. 

Disadvantages

  • One of Many

Nationwide is just one of many life insurance companies in the market. They don’t offer every option and they aren’t always priced the best. Depending on your health and age- another carrier may give you a better deal.

Additional Disadvantages:

  • Underwriting: Nationwide has has sometimes shown fairly strict underwriting with a variety of pre-existing health conditions.  Not always, but shoppers may have a difficult time qualifying for Nationwide’s Preferred Best rates.
  • Free Benefits: There are other companies that offer additional benefits for free. Nationwide’s offerings no cost benefits are limited as the majority of their riders come with an additional cost. A specific example is with their Waiver of Monthly Deductions rider. It’s pretty expensive and doesn’t waive your premium- just your deductions. 
  • Speed: In our experience, we’ve noticed that Nationwide is a as little slower compared to other companies when processing and issuing applications & policies.

Life insurance underwriting is the process of a company looking at the level of risk you present to the insurer. Once they can determine your risk level- they can decide the cost of the premium for you. This is similar to how a car insurance company will ask you if you have had any previous moving violations, accidents, DUI or license suspensions before providing you your final rate.

Learn more: Underwriting

Underwriting Information

 

Not all life insurance companies will look at you the same. Nationwide and every other company has their own underwriting guidelines. Here are Nationwide’s underwriting strengths and weaknesses:

Strengths

These conditions typically get a better rating compared to the competition:

  • We had a TBI case approved at Standard when other carriers rated our client higher.

Weaknesses

These conditions may get a better rating with another carrier:

  • A variety of health conditions such as Diabetes

Life Insurance Riders

Let’s look at what life insurance riders are available with Nationwide’s guaranteed universal life insurance policy.

  • Long-term Care Insurance (LTCi) Rider
  • Waiver of Monthly Deductions
  • Accidental Death Benefit Rider
  • Children’s Term Insurance Rider
  • Spouse Rider

Life insurance riders are some additional benefits that can be added to a life insurance policy. Some riders are included for free and some are an additional cost. These riders provide you the ability to increase or limit the insurance coverage of your policy. Not all companies offer every rider.

Learn more: Life Insurance Riders

How to buy the best Guaranteed Universal Life policy?

 

We cannot stress enough the importance of using an independent life insurance agent to help you choose the right GUL product at the most affordable price possible. 

Independent life insurance agents have access to multiple companies. We know which life insurers offer the best rates when it comes to buying guaranteed universal life insurance.

We hope this article gives you a good overview of guaranteed universal life insurance. GUL policies are a great solution for many shoppers that can provide protection for your loved ones.

About Life Insurance Blog

 

Life Insurance Blog is an impartial life insurance broker who represents dozens of life insurance companies. We help our customers pick the best life insurance carrier and options that’s right for them. We do not push any companies because we have access to all the top life insurance carriers. We don’t try to put shoppers into a plan that is not suitable for their goals and needs. Our number one concern is our clients and future policyholders.

We offer you free life insurance consultations and work with you to understand your goals and then help you with an appropriate recommendation.  So, what are you waiting for?  Contact us today or visit our Life Insurance Quotes page and see how we can help you!

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Michael Quinn

Michael Quinn

Michael Quinn is the owner of Life Insurance Blog. Please email or call us at 888-411-1329. We're here to answer your questions & help you get the best policy available.