Nationwide Life Insurance Review

By - November 12, 2024
nationwide

Check out Nationwide to see how they compare to the best life insurance companies we offer.

Table of Contents

Is Nationwide a Good Life Insurance Company?

Nationwide got its start in 1926 as an auto insurer.

For the past 90+ years, Nationwide has grown into a large insurance and financial services company.

Nationwide is the 8th largest life insurer with $46+ billion in sales in 2020 and total assets in excess of $274 billion.

In most states, Nationwide Life and Annuity Insurance Company issues the policy.

New York policies are issued by Nationwide Life Insurance Company.

Financial Strength

  • AM Best – “A+” 12/2019
  • Moody’s – “A1” 11/2017
  • S&P – “A+” – 09/2019

Ratings are subject to change.

How Easy is it to Get a Policy with Nationwide?

Nationwide Intelligent Underwriting

Accelerated underwriting for some of the healthiest clients, eliminating exams and labs.

  • E-Application
  • Tele-Interview
  • Evaluation
  • Accelerated Underwriting or Abbreviated Paramed Exam
  • Underwriting Decision

Acceleration Guidelines

  • Age 18-60
  • $100,000 – $1,000,000
  • Preferred Plus, Preferred and Tobacco Preferred rate classes

Additional Underwriting Programs

Wellness Credits – This is a program with Nationwide that may allow a one rate class improvement for favorable factors such as:

  • Build/BMI within Normal Range
  • Favorable Stress Test/Exercise Capacity
  • BP Readings within Normal Ranges
  • Good Family History
  • Routine Physicals and Wellness Exams
  • Current and Favorable Lab Results

Placement Improvement Program – If you receive a table-rated underwriting offer up to a Table “C” rating, Nationwide may offer you a “standard” rate.

Basic qualification includes:

  • Universal life insurance policies
  • Ages 15-70
  • Coverage amounts between $100,000 – $10 million

Lincoln National is another company that offers a Table C to Standard opportunity.

Term + Perm Program – If you bought a term life policy within the past 3 years, you may be able to get a permanent policy from Nationwide with little underwriting.

  • Universal life insurance
  • Ages 18-65
  • $250,000 – $2.5 million
  • Term policy must have been issued within the past 3 years
  • A paramed exam with labs must have been completed.
  • Other companies policies may qualify.
  • Approved at “standard” rates or better

This is a pretty interesting program as your original policy doesn’t even have to be with Nationwide to qualify.

Are Nationwide Policies Competitive?

Nationwide offers term life insurance and universal life.

Their rates tend to be middle of the pack in many cases, although there are times when they can be very competitive with underwriting offers.

Term Life Insurance from Nationwide

YourLife GLT Term Product

  • Term lengths – 10, 15, 20 and 30 years
  • Simple underwriting and noninvasive medical requirements?
  • Rate Classes Available:
    • Preferred Plus Non-Tobacco
    • Preferred Non-Tobacco
    • Standard Plus Non-Tobacco
    • Standard Non-Tobacco
    • Tobacco Preferred
  • Riders that may be available include:
    • Accelerated Death Benefit
    • Premium Waiver
    • Chronic Illness
    • Critical Illness
    • Terminal Illness
    • Children’s Term Insurance
  • Conversion Privilege (allowed before turning age 65)
    • 10-year term = 10 years
    • 15-year term = 15 years
    • 20-year term = 20 years
    • 30-year term = 20 years
  • Owner Directed Settlement Options – choose when and how beneficiaries are paid
  • Wellness credits – award points towards your underwriting rating based on a healthy lifestyle.

Universal Life Insurance from Nationwide

A number of universal life insurance policies are available, including:

  • CareMatters II Universal Life Insurance
  • No-Lapse Guarantee UL II
  • IUL Protector II
  • IUL Accumulator II
  • Survivorship Indexed Universal Life

Whole Life Insurance from Nationwide

Nationwide whole life insurance offers lifetime protection with guaranteed rates, cash values and death benefits.

A number of riders may be available to you, such as:

  • Chronic Illness
  • Critical Illness
  • Terminal Illness
  • Accidental Death Benefit
  • Children’s Term Insurance
  • Guaranteed Insurability Benefit
  • Premium Waiver

The availability of any rider depends on your age, underwriting, state of issue and other factors.

Other companies offering whole life insurance include Northwestern Mutual and Mass Mutual.

CareMatters II

Nationwide is one of the market leaders for long term care insurance.

The CareMatters II policy is a popular option.

Does Nationwide Provide Good Customer Service?

Nationwide offers you a number of ways to work with customer service.

You may call customer service at 800-848-6331

Nationwide online login for customer service is located here

Nationwide’s headquarters is located at One Nationwide Plaza – Columbus, Ohio 43215

Conclusion

Nationwide is a solid company with good policies that may interest you.

Please submit your quote request today and we’ll provide you with quotes from Nationwide and their competitors. Thank you.

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