If you’re in search of a Nationwide Life Insurance Company reviews, you’ve found what you’re looking for.
Nationwide Life provides a variety of life insurance policies for a large number of people throughout the country.
While Nationwide Insurance is an outstanding organization, it’s not the only life insurance company out there.
Which life insurance company is best for your needs will depend on a variety of factors.
Nationwide Life Insurance Company Reviews
Is Nationwide the best term life insurance company for you?
When compared to the other top rated life insurance companies, Nationwide may or may not be the best fit for you.
When it comes to life insurance policies, not every life insurance company looks at you the same.
Your unique lifestyle and health will be a major factor in finding the right company at the best rate.
We can help you determine the right one during a complimentary consultation.
Table of Contents
- 1 Nationwide Life Insurance Review
- 2 About Nationwide Life Insurance
- 3 Nationwide History
- 4 Nationwide Company Details
- 5 Nationwide Life Insurance Product Review
- 6 Nationwide YourLife Guaranteed Level Term
- 7 Term life insurance riders available:
- 8 Nationwide YourLife WL 100
- 9 Nationwide YourLife No-Lapse Guarantee UL
- 10 Nationwide Life Insurance Pros
- 11 Nationwide Life Insurance Cons
- 12 Case Study
- 13 Life Insurance Blog
Nationwide Life Insurance Review
About Nationwide Life Insurance
For almost nine decades, Nationwide Insurance has provided services to its clients and has grown from a small Ohio-based company into a national company. To get a better understanding of their services and if they are suitable for your requirements, it is vital to be mindful of the company’s origins, what they offer policyholders, and how they handle life insurance.
On December 17th, 1925, Nationwide company started out as the Ohio Farm Bureau Federation. It later incorporated with the Farm Bureau Mutual Automobile Insurance Company. In less than 5 months, the initial agents recruited more than a thousand policyholders and began servicing the public.
Ohio farmers were their first customers, and the product they began with was auto insurance. Three years after its launch, the company started to expand into other states. By the time the 1930s came around, the company had started to underwrite for non-farmers who resided in both populated cities and small towns.
At this point, the organization expanded even further by providing policies for fire insurance.
By 1955, the organization had its name changed from Farm Bureau Insurance to Nationwide Insurance. They had expanded into many more states along the West Coast.
In 2017, Nationwide Insurance offices can be found in all 50 states and offer various kinds of policies for their customers.
Nationwide Company Details
Name(s): Nationwide Life Insurance Company; Nationwide Financial Services; Nationwide Mutual Insurance Company; Nationwide Life and Annuity Company
One Nationwide Plaza
Columbus, OH 43215-2220
Phone: (800) 882-2822
Ratings: A.M. Best (A+), Standard & Poor’s (A+), Comdex (91), Moody’s (A1)
Nationwide Life Insurance Product Review
Nationwide provides shoppers a variety of life insurance types and products. Here are some of the life insurance products that Nationwide offers consumers:
Nationwide YourLife Guaranteed Level Term
Think about getting term life insurance for divorce life insurance, mortgage protection, or SBA loans. There are a few kinds of term life policies to choose from:
- Mortgage Term
- Guaranteed Term
- Decreasing Term
You can buy them in 10, 15, 20, and 30-year terms and obtain coverage that ranges from $100,000 to $5 million.
Adults up to the age of 70 years old can buy these policies, and there is no yearly fee, either.
Further, riders are available for the policies that include accelerated or living death benefits, spouse protection, child protection, and the waiver of the policy’s premium.
Term life insurance riders available:
- Spouse rider
- Children’s Term Insurance rider
- Accelerated Death Benefit rider
- Waiver of Premium Disability rider
Nationwide YourLife WL 100
Think about universal or whole life insurance for business succession or estate planning, such as financing a buy-sell agreement.
Adults can buy whole life policies up to the age of 80 years old with a $10,000 minimum death benefit. Whole life policies generally increase in value over time and can be cashed out upon reaching the maximum benefit level. There are several riders also included, such as:
- Child Protection
- Accidental Death Benefit
- Guaranteed Insurance
- No Lapse Guarantee
- Accelerated or Living Death Benefit
- Spouse Protection
Nationwide YourLife No-Lapse Guarantee UL
Adults up to the age of 85 years old can obtain universal life insurance, which comes with a $100,000 minimal death benefit.
Additionally, there is a 3% interest rate over the policy’s course, and the riders are the same as whole life, but with some extras:
- Long-Term Care
- Guaranteed Minimum Cash Value
- Waiver of Premium
- Over Loan Protection
Also available is variable universal life, which resembles the regular version, but does come with 6.5% in variable premium fees.
Nationwide Life Insurance Pros
Nationwide Insurance provides powerful life insurance policies that offer excellent protection, fair premiums, and several different riders to accommodate your personal needs.
Strong Ratings: Nationwide has established a solid reputation and is very reliable with regards to their insurance service, including their life policies.
Great Rates: Nationwide provides economical rates for many of their riders, policies, and benefits, making them a sound investment for life insurance. Also, their term life provides substantially low rates, too.
Longevity: One factor of life insurance that most people take for granted is how long a company has held a policy.
Nationwide has nine decades under its belt and doesn’t show any signs of going away anytime soon.
As such, you can take comfort in knowing that the organization will be there for you for as long as your policy remains in effect.
Nationwide Life Insurance Cons
Nationwide Insurance is a terrific life insurance company.
They should be kept in mind when browsing companies to purchase life insurance from.
With that said, Nationwide Life has its flaws.
Just understand that there are alternatives that offer cheaper rates for their policies on specific term lengths and face amounts.
Additionally, Nationwide Life may not be ideal if you have specific pre-existing conditions, like life insurance for diabetics.
As such, it might be practical to go over all your choices before seeking out coverage.
I recently had a case with a young man looking to secure coverage for his family. He recently had a child and wanted to secure a $1 million dollar term life insurance policy at a 30 year term.
He had a complex health history that required me to contact each life insurance company’s underwriters directly.
I provided every life insurance company his details of his case (anonymously) and received back their tentative offers.
Many of the life insurance companies declined to offer and the remaining companies replied back with Substandard health class ratings.
Nationwide replied back with a rating of “Standard”!
We applied and my client was ultimately approved at Standard to which he was ecstatic because it saved him thousands of dollars over the duration of the 30 year term policy.
Life Insurance Blog
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