Assurity vs. Nationwide: Best Life Insurance Company in 2021

Choosing between Assurity vs. Nationwide life insurance can be a question of options vs. simplicity. Assurity and Nationwide offer term life, whole life, and universal life insurance, plus annuities. But Nationwide has a full suite of life insurance products and variable life insurance products. Assurity and Nationwide life insurance rates are higher than the national average, but Nationwide life insurance offers a better opportunity for growth.

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Rachael Brennan has been working in the insurance industry since 2006 when she began working as a licensed insurance representative for 21st Century Insurance, during which time she earned her Property and Casualty license in all 50 states. After several years she expanded her insurance expertise, earning her license in Health and AD&D insurance as well. She has worked for small health in...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Aug 23, 2021

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Quick Facts

  • Assurity and Nationwide both offer term, whole, and universal life insurance, plus a few similar riders
  • Nationwide has more permanent life insurance products, plus more annuity products than Assurity
  • Both Assurity and Nationwide enjoy excellent customer service ratings, but Nationwide has a slight edge with its financial ratings

Are you considering purchasing life insurance with Assurity vs. Nationwide? It can be hard to decide since both companies offer attractive policies with annuities and excellent riders.

Both companies have excellent financial and customer service ratings, but one company has a quick sign-up process. (Hint: It’s tied to no medical exam life insurance.)

Read on to know more about the differences between Assurity vs. Nationwide, and to look at rates from top companies in your area right now, enter your ZIP code into our free quote tool above.

Assurity vs. Nationwide Life Insurance Rates Comparison

Here is a side-by-side comparison between Assurity and Nationwide’s average bi-annual and yearly insurance rates.

Assurity vs. Nationwide: Average Life Insurance Rates
CoverageAssurityNationwideNational Average
Term Life (six months)$182.96$235.96$155.47
Term Life (one year)$365.92$471.92$310.94
Whole Life (six months)$224.46$510.18$190.73
Whole Life (one year)$448.92$1,020.36$381.46
Universal Life (six months)$720.12$928.72$611.92
Universal Life (one year)$1,440.24$1,857.44$1,223.84
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Based on these sample Assurity vs. Nationwide life insurance quotes, both companies have higher costs than the national average. However, Assurity offers lower rates than Nationwide.

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Assurity vs. Nationwide: What do both companies offer?

Both Assurity and Nationwide offer term life, whole life, and universal life insurance policies, and they have a few riders in common. They also have fixed annuities and a national reach.

Types of Life Insurance

Assurity and Nationwide offer similar basic features for their term life and permanent life insurance products.

  • All term life insurance policies come in 10-, 15, 20-, and 30-year terms, have steady rates, and pay death benefits for beneficiaries. Of course, policyholders have the option of converting these policies into permanent ones.
  • With whole life, you have permanent coverage that increases in value over time and at steady rates. Assurity’s whole life policy pays dividends. With Nationwide, you may pay higher rates if you decide to renew the policy after 20 years or turn 100.
  • Universal life policies offer you flexibility when it comes to rates and dispersal dates. You will also have access to the cash value and living benefits.

You can enhance your plans with policy riders, which we discuss below.

Policy Riders

Assurity and Nationwide also have the following riders in common:

  • Accelerated death benefit: If you are diagnosed with a terminal illness, you can access a portion of your death benefit. Assurity allows this if you need to be in a long-term care facility, as well. Nationwide splits this feature with its Long-term Car Rider II.
  • Waiver of premiums: If you become disabled, you can waive your regular payments. However, this waiver may lapse with Nationwide once your policy expires or you reach a certain age. With Assurity, you can only activate this rider if you become permanently disabled before you turn 65.
  • Accidental death: Your beneficiaries will have increased benefits should you die in an accident. Assurity also offers this as a separate policy, and you can add an Accident Only Disability Income Rider to it.

Additionally, policyholders have the option to add a term life insurance policy for their children. Nationwide will cover your children until they get married or turn 22, whichever comes first.

Assurity will cover your children until they turn 25. When the time comes, Assurity gives you the option of converting your children’s policies into permanent policies.

Annuities

Assurity and Nationwide offer fixed annuities.

  • Fixed annuities allow you to have an extra stream of income besides your regular retirement funds. You can choose your interest rate and have a steady rate of return regardless of what happens in the stock market.
  • Assurity allows your beneficiaries to receive the cash value of your annuity should you die during the accumulation phase.
  • Nationwide offers two fixed annuity products, Nationwide Secure Growth and Nationwide Platinium Edge. The latter allows you to have a higher rate of return.

Additionally, Assurity and Nationwide are mutual companies. That means that policyholders share ownership.

Availability

Both Nationwide and Assurity operate in all 50 states. However, some features of their policies may not be available in New York. Also, Assurity Insurance Company operates in 49 states while Assurity Insurance Company of New York services the Excelsior State.

What does Assurity offer that Nationwide does not?

Assurity bests Nationwide in terms of expediting the application process and offering two forms of insurance.

Unlike Nationwide, Assurity allows you to expedite the application process with no-medical exam insurance policies. In other words, you will need to have a medical examination to be approved for any Nationwide policy.

In some cases, you may be approved for an Assurity term life policy in just two days without a medical exam.

Assurity offers disability income insurance, with payments as low as 1%-3% of your regular income. With such a policy, you can receive up to 60%-70% of your lost income after becoming disabled. You can set your payment period to last 30 days or as many as two years.

Also, Nationwide does include a rider for critical illness. Assurity has a full critical illness insurance policy. You can get the full benefit based on the total amount of the policy. Nationwide’s rider only allows you early access to your death benefit.

Additionally, Assurity allows you to increase the type of coverage you have with a universal life insurance policy with the Face Amount Increase Rider. You can make the increases at specific times, regardless of your health and occupation.

What does Nationwide offer that Assurity does not?

Nationwide offers more permanent life insurance products and riders. Nationwide also has more annuities than Assurity does.

Universal Life Policies

For starters, Nationwide has seven Universal Life policies. The Nationwide Survivorship Indexed UL 2020 is a universal life insurance policy for two people.

The surviving policyholder receives a tax-free death benefit. You can also borrow against the policy and enjoy tax-advantaged growth.

Another Universal Life policy is the Nationwide YourLife Indexed UL Protector. This policy is ideal for people transitioning from a term life insurance policy or an employer-provided policy. You will have a tax-free death benefit, tax-deferred growth, and tax-free access to the cash value.

Nationwide also offers two Variable Life products, Nationwide Variable Universal Life Accumulator and Nationwide Variable Universal Life Protector.

Variable Life products are like Whole Life products, but the former are like mutual funds. Variable life policies also come with flexible rates and death benefit amounts.

Riders

Nationwide presents at least 14 total riders to its customers. Here are three riders Nationwide’s that Assurity does not offer:

  • The Waiver of Monthly Deductions Rider waives monthly deductions after a six-month elimination period should you become disabled. The rider will take effect for a period determined by the age you are when you become disabled.
  • An Estate Protection Rider protects your clients if they own your life insurance policy while a trust is being established. Your clients may not have to pay additional estate taxes.
  • The Additional Term Insurance Rider allows you to grow the cash balance of your life insurance policy.

These riders help you save money, increase your policy’s cash value, and protect your beneficiaries.

Sign-Up Options

Assurity only allows you access after you contact an agent through an Assurity Life Insurance phone number. While you can contact an agent through a Nationwide insurance phone number, you can also apply online and set up a Nationwide insurance login after you are approved.

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Assurity vs. Nationwide Life Insurance Company Financial and Customer Service Ratings

Nationwide has a slight edge over Assurity in the financial rating department. A.M. Best gave Assurity an A- (Excellent) rating and Nationwide an A+ rating.

Both Assurity and Nationwide have an A+ rating from the Better Business Bureau, but Nationwide also has an A1 rating from Moody’s and an A+ rating from Standard & Poor’s.

Assurity and Nationwide both have high customer service ratings.

  • For 2020, Assurity received a 0.19 Company Complaint Index Score from the National Association of Insurance Commissioners (NAIC). (The company only received one complaint.)
  • Nationwide received a score of 803 out of 1,000 points (third place) in the 2020 J.D. Power Life Insurance Customer Satisfaction Index.
  • Nationwide’s Life Insurance received a 0.48 Company Complaint Index Score from the NAIC after receiving seven complaints.

Now that you know about both companies’ quotes and customer ratings, hopefully you have a stronger feeling about which company is best for you.

Should you buy Assurity vs. Nationwide life insurance?

Both Assurity and Nationwide offer attractive insurance policies and annuities, so it might be hard to choose between these companies. However, if you would like to purchase a simple life insurance policy with no medical exam, Assurity might be right for you.

Nationwide insurance might be right for you if:

  • Nationwide’s increased life insurance options are appealing to you.
  • You already have insurance with Nationwide.
  • You want to convert your work-related life insurance policy.

Ultimately, Nationwide also offers more options for annuities and a greater return on your investment. However, Assurity gives you more access to the cash value of your living benefits life insurance.

We hope that this comparison will help you choose between affordable Assurity vs. Nationwide life insurance. To look at rates from top companies in your area, please enter your ZIP code into our free quote tool below.

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