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Nationwide Life Insurance Review
Nationwide offers a great selection of life insurance policies. It has great customer ratings and sound financial strength, earning top marks with all of the major credit rating agencies. This means that you’ll receive sound financial backing from a company that will be there for you when you need it the most.
Nationwide’s website is fairly basic, and you’ll have to contact an agent over the phone if you need assistance — there are no live chat options here. That said, Nationwide consistently scores highly for customer satisfaction, so it’s likely that you’ll have a good experience if you do need to talk to a representative.
Excellent rider selection
|No live agent chat options|
The Life Insurance Factors We Analyzed
According to J.D. Power, Nationwide earns four out of five stars for overall satisfaction, product offerings, statements, interactions, and communication. In addition, Nationwide had fewer than the average number of customer complaints registered with the National Association of Insurance Commissioners (NAIC) in 2018, meaning Nationwide is a great choice if you value customer service.
Although you’ll have to speak to an agent to get a quote for whole life insurance, Nationwide does provide a contact number to get in touch with an agent directly to discuss your life insurance needs. It also offers some basic resources that provide a little more information to the customer, such as how to choose a beneficiary or decide which kind of life insurance is the right choice for you.
An important consideration in what insurance provider you select is its financial strength. After all, you want to ensure that it has the financial means to process your claims and that it won’t go under due to outstanding or overwhelming debt.
Independent reporting agencies can help you assess a provider’s financial health. Nationwide earned an A1 from Moody’s (which measures companies’ future credit risk), an A+ from AM Best (which looks at providers’ ability to meet financial requirements), and an A+ from S&P Global (which assesses providers’ creditworthiness). With these ratings, it’s clear that Nationwide’s financial health is outstanding.
Coverage and rider information
Nationwide offers the four most common types of life insurance: term, whole, universal, and variable universal. Along with its basic policies, it offers a few unique add-ons, or “riders.” For one, it offers the rare Children’s Term Insurance Rider. While no parent wants to imagine a worst-case scenario, this rider aims to ease the financial stress from things like hospital bills, should the unthinkable happen. Children under this policy are covered until they reach age 22 or are married, whichever happens first.
Nationwide’s whole life insurance also comes with some unique flexibility in the form of two payment structures. Usually, with whole life, you’re locked into the same premium for the rest of your life. However, Nationwide allows you to choose: You can opt for lower premiums until you reach age 100, or you can choose to pay more per month during a 20-year period. If you like the idea of paying off your entire policy before, say, you retire, Nationwide’s 20-year payment plan may be a great option.
Life insurance coverage features
|Insurance types offered||Term, whole, universal, variable universal|
|Term lengths offered||10, 15, 20, and 30 years|
|Standout coverage features||YourLife Guaranteed Level|
Children’s Term Insurance Rider
Multiple payment options
Nationwide Life Insurance Overview: Financial Strength, Availability, and History
Nationwide Insurance earns a solid reputation. It has an A+ rating with the Better Business Bureau for its ability to resolve customer claims. The provider also earns high marks with financial strength rating agencies, demonstrating its ability to follow through on its promises to policyholders.
- In business since: 1925
- S&P Global financial strength rating: A+
- Moody’s financial strength rating: A1
- AM Best financial strength rating: A+
- States served: 50
|Overall Rank||Reviews.com Score||Customer Experience Score||Financial Strength Score|
|New York Life||4||4.4/5||4.3/5||4.7/5|
|Mutual of Omaha||5||4.25/5||4.3/5||4/5|
All information accurate as of January 22, 2020.
The Bottom Line
Nationwide’s life insurance receives consistently high customer service and financial strength ratings, and its variety of coverage give you plenty of options to choose from. It does have a fairly basic website, with support options limited to phone calls, but you’ll be in good hands with the company. It’s always best to pull quotes from multiple providers before purchasing a policy, but Nationwide is absolutely worth a look.
Nationwide Life Insurance FAQ
Nationwide has great financial strength, as indicated by high ratings from Moody’s, AM Best, and S&P Global. Nationwide also earns an A+ with the BBB, demonstrating that it makes good on resolving policyholders’ complaints, and a four out of five customer satisfaction rating from J.D. Power.
Nationwide offers a wide variety of life insurance policies, including term, variable, universal, and whole. It also has a children’s term rider that gives your child coverage until they reach the age of 22 or become married, whichever happens first.
Your life insurance cost depends on variety of factors, including age, gender, location, history of tobacco use, medical history, and desired coverage. To receive a quote, contact Nationwide at 1-877-669-6877.
Unlike some other whole life providers, Nationwide does not offer participating policies, meaning policyholders are not eligible for dividends.
Nationwide does offer some life insurance plans where you do not have to complete a medical exam, but for other plans, a medical exam may be required. If you are in good health, the smart bet is to take the medical exam, as you could end up saving on your premiums.
Yes, you can cancel your policy. All you have to do is contact Nationwide at 1-877-669-6877. You will not receive refunds for any premiums that you paid previously, and you may have to surrender some or all of your cash value.