Nationwide Life Insurance Review 2024

What You Should Know About Nationwide

Nationwide might be best known for its car insurance, but it also sells highly-rated, affordable life insurance policies. Although most customers can find a reliable policy, Nationwide life insurance is particularly suited for younger shoppers.

Nationwide sets itself apart by offering several types of term life insurance and permanent plan options. Explore your options in our Nationwide life insurance review below, and then compare rates with as many companies as possible to find the perfect policy for you.

Pros and Cons of Nationwide Life Insurance

There are many factors to consider when shopping for life insurance, and choosing the right company might feel overwhelming. When trying to find the perfect life insurance provider, a great place to start is to look at the pros and cons. When you shop at Nationwide, you’ll get the following benefits:

• Nationwide offers a variety of term and permanent life insurance options, as well as several riders.
• Although rates vary by several factors, the cost of Nationwide life insurance tends to be affordable.
• Nationwide life insurance customer service generally receives high ratings, and the company gets fewer complaints than similar competitors.

Although Nationwide offers some great perks, it’s not right for everyone. Before you sign up for a Nationwide policy, you should be aware of the following:

• You can’t get Nationwide life insurance quotes online for permanent plans.
• Nationwide doesn’t sell new term policies to people over 70.
• Currently, Nationwide does not offer online live chat – you’ll have to speak with a representative when you have questions.

As with anything else, you’ll need more information to make an informed decision. At first glance, however, Nationwide is a solid choice for life insurance due to its affordability, excellent customer service scores, and policy options.

Nationwide Life Insurance Customer Service and Financial Ratings

Nationwide typically does well with most third-party rating companies. For example, the National Association of Insurance Commissioners (NAIC) rates companies on the number of complaints they receive compared to their size. Nationwide has a score of 0.09, which means it receives far fewer complaints on its life insurance than similar companies.

Another important rating is from A.M. Best, which rates financial strength. The Nationwide financial strength rating from A.M. Best is an A+, meaning you won’t have to worry about your beneficiaries receiving your death benefit.

Nationwide Insurance Coverage Options

One of Nationwide’s strengths is the number of policy options available to customers. Check below to get a brief overview of your life insurance options from Nationwide.

When you shop at Nationwide, you can choose from the following life insurance options:

• Guaranteed Level Term: Nationwide’s Guaranteed Level term policies have premiums that never change. You can purchase a plan for 10, 15, 20, or 30 years, and you can convert it to a permanent policy by the end of the term or when you turn 65.
• Whole Life 100: Whole life insurance is a type of permanent plan that accumulates cash value. With the Whole Life 100 plan, you’ll pay your insurance until you turn 100.
• 20-Pay Whole Life: The other whole life option is to pay your premiums for 20 years. Both whole life policies are available to people 80 or younger.
• No-Lapse Guarantee Universal Life II: Universal life insurance plans are permanent, but cash value accumulates at current interest rates. It’s also a type of flexible premium adjustable life insurance. Nationwide guarantees your policy won’t lapse if you pay the no-lapse premium.
• Indexed Universal Life (IUL) Accumulator II 2020: The cash value of your life insurance is tied to a stock market index, usually with limits on how much you can earn and lose. The Accumulator II plan offers higher potential earnings than other IUL plans.
• IUL Protector II 2020: This plan offers cash value growth but has better built-in protection for your death benefit.
• Survivorship IUL 2020: Similar to the Protector plan, Survivorship IUL offers some potential for cash value growth while protecting your death benefit. This plan requires two people to be insured on the policy and pays out when both have died.
• Variable Universal Life (VUL) Accumulator: VUL plans let you invest your cash value into subaccounts. The VUL Accumulator plan allows people 35 to 55 years old to utilize the value of their policy for tax-advantaged growth. It can also be used for supplemental retirement income.
• VUL Protector: The VUL Protector plan offers better protection for your death benefit while still allowing for investment. Nationwide aims this plan at people ages 30 to 60.
• Advisory VUL: While you’ll have to pay fees, the Advisory plan includes investors and advisors who manage your investments for you.
• Final Expense/Burial: This no-medical exam life insurance is a permanent plan that most people qualify for. Usually, your death benefit will be small and your rates will be high.
• Simplified Whole Life: With a coverage limit of $50,000, Nationwide’s simplified whole life plan doesn’t require a medical exam. This policy is only available to Nationwide auto and life insurance customers.

As you can see, there are plenty of life insurance options when you shop at Nationwide. However, you don’t have to choose by yourself. A Nationwide representative can help with any questions you might have, from picking the best policy for your needs to how to choose a life insurance beneficiary.

Nationwide Life Insurance Policy Riders

Another benefit of shopping at Nationwide is that you have ample opportunity to customize your policy with riders. Nationwide offers the following types of riders:

• Chronic Illness: Nationwide provides up to 20% of your death benefit if you’re diagnosed with a chronic illness and can’t perform at least two daily living activities.
• Terminal Illness: You can request part of your death benefit early to cover costs if you’re diagnosed with a terminal illness and have less than 12 months to live. This add-on is sometimes called an accelerated death benefit rider.
• Critical Illness: Being diagnosed with a critical illness like a heart attack or cancer allows you to access a portion of your death benefit early.
• Accidental Death Benefit: The Nationwide accidental death benefit pays your beneficiary an additional amount if you die in an accident.
• Long-Term Care: You can use a portion of your death benefit to pay for long-term medical care. This ride is only available on universal and VUL plans.
• Guaranteed Insurability Benefit: If you add this rider, Nationwide allows you to increase your coverage after significant life events, such as marriage and having or adopting a child, without taking another medical exam.
• Children’s Term: Nationwide adds a death benefit for your children, including stepchildren, in case they die before you. This add-on is available for children at least 15 days old.
• Waiver of Premium: Nationwide waives premiums after a six-month period if you become disabled.

These are Nationwide’s most commonly offered riders, but you might see other options depending on where you live. Additionally, most Nationwide life insurance policies include terminal, chronic, and critical illness riders free of charge.

How to File a Nationwide Life Insurance Claim

Figuring out how to file a life insurance claim after the death of a loved one can be stressful, but Nationwide makes the process as easy as possible.

To file a Nationwide claim, complete the online form or call the support number at 1-800-848-6331. You’ll likely need a copy of the death certificate before filing a claim.

Nationwide Life Insurance Online Offerings and Mobile App

Nationwide offers a robust website to manage everything about your life insurance policy. While Nationwide has an app, it’s designed for auto, homeowners, renters, and pet insurance policyholders.

Nationwide Insurance Rates Breakdown

Several factors impact how much you’ll pay for your life insurance, including your age, gender, and location. The type of policy you buy also plays a role – Nationwide term life insurance generally costs less than a permanent policy.

While you’ll need a personalized quote to see exactly how much you’ll pay, you can get an idea of how much Nationwide might cost below.

With average rates, Nationwide might not be the best choice for life insurance for low-income individuals. However, it’s important to keep in mind that most Nationwide life insurance policies include three riders for no extra charge. Although Nationwide rates closely match the national average, you might get a better policy for the price.

Nationwide Discounts Available

The only discount Nationwide offers on life insurance is savings for buying multiple policies. If you buy a car, house, and life insurance from Nationwide, you could be eligible for up to 20% off your coverage.

How Nationwide Ranks Among Providers

Nationwide offers much value in most of its policies, but its rates aren’t the cheapest on the market. Check below to see how Nationwide rates compares with other companies.

As you can see, Nationwide’s rates match the average price of life insurance relatively well. However, these rates should only be used as a guide — the price you pay for life insurance can vary drastically depending on your unique situation.

Read more: Allstate Life Insurance Review