Nationwide Life Insurance: A Comprehensive Review
Posted in Life Insuance last updated on October 5, 2023
I have had the opportunity to work with various insurance companies in the last thirty-five years, and I must say that Nationwide is one of the best. Although I have primarily dealt with retirement plans and annuities, the company’s fundamental financial strength supports all its products. However, you don’t have to rely solely on my opinion. Here are some details that make Nationwide one of the top insurers in today’s vast pool of options. When evaluating a life insurance company, it’s essential to consider the options they offer. Nowadays, life insurance companies provide more than just life insurance. Most of their products have some financial promise, so it’s crucial to understand the company’s financial health to determine if it meets your financial requirements.
Nationwide Life Insurance Overview:
Nationwide offers a diverse portfolio of products. These cater to the varying needs of individuals, families, and employers.
Their products include:
Life Insurance
- Term life insurance: Provides coverage for a specific period of time, such as 20 or 30 years. If the policyholder dies during the policy term, the beneficiary receives a death benefit.
- Whole life insurance: Provides coverage for the policyholder’s entire life, as long as premiums are paid. Whole life insurance policies also build cash value, which can be borrowed against or withdrawn.
- Universal life insurance: Like whole life insurance, policyholders have more flexibility in managing their premium payments and cash value.
- Variable life insurance: Provides coverage similar to whole life insurance, but the policyholder has the option to invest the cash value in a variety of investment options.
Long-Term Care Coverage
- Nationwide CareMatters ® products: These products offer long-term care coverage linked to a universal life insurance policy.
- Long-Term Care Rider: An optional rider that can be added to a life insurance policy to provide coverage for long-term care expenses.
Disability Income Insurance
- Individual disability income insurance: Provides income replacement if the policyholder becomes disabled and unable to work.
- Group disability income insurance: Disability income insurance is offered through an employer or other group.
Retirement Plans
- Annuities: Products that provide guaranteed income payments in retirement.
- Mutual funds: Funds that pool investor money to invest in a variety of securities.
- Exchange-traded funds (ETFs): Similar to mutual funds, ETFs trade on an exchange like stocks.
- Retirement plans: Retirement plans offered to individuals and businesses, such as 401(k)s, IRAs, and SEP IRAs.
- Nationwide Provide: A retirement planning service that helps individuals and businesses create and manage retirement savings.
Property and Casualty Insurance
- Auto insurance: Coverage for damage to your vehicle and liability for accidents.
- Homeowners insurance: Coverage for damage to your home and belongings and liability for accidents on your property.
- Flood insurance: Coverage for damage caused by flooding.
- Business insurance: Coverage for businesses of all sizes, including general liability insurance, property insurance, and business interruption insurance.
Other Products
- Pet insurance: Coverage for veterinary care and other expenses related to your pet’s health.
- Umbrella liability insurance: Coverage that extends your liability coverage beyond the limits of your auto and homeowners insurance policies.
- Specialty health services: Nationwide offers various specialty health services, such as dental insurance, vision insurance, and hearing insurance.
Customer Satisfaction:
Nationwide has a strong reputation for its exceptional customer service. They prioritize the needs of their policyholders and strive to provide personalized guidance throughout the insurance process. Nationwide consistently receives positive reviews for their responsiveness, professionalism, and willingness to go the extra mile for their customers.
Nationwide has a low number of customer complaints compared to similar life insurance companies, per the National Association of Insurance Commissioners complaint index scores. A score of 1.00 is typical, with lower scores indicating fewer complaints. As of 10/4/23, Nationwide’s score was 0.00934. (“Nationwide national complaint index report,” 2023)
Financial Stability:
Financial stability is a crucial factor to consider when choosing a life insurance company. Nationwide is backed by a solid financial foundation. This gives policyholders confidence in the company’s ability to fulfill its financial obligations. They have consistently received high ratings from independent rating agencies, indicating their financial strength and stability.
- Financial Strength: Nationwide Life Insurance boasts excellent financial ratings, demonstrating its ability to meet policyholder obligations.
- A.M. Best Company (Best’s Rating, 15 ratings)- A+ (2)
- Standard & Poor’s (Financial Strength, 20 ratings)- A+ (5)
- Moody’s (Financial Strength, 21 ratings)- A1 (5)
- Comdex Ranking (Percentile in Rated Companies)- 90
- Weiss (Safety Rating, 16 ratings)- B- (6)
Application Process:
Nationwide offers a streamlined application process. This makes it easy for individuals to apply for life insurance coverage. They provide the option for no-exam life insurance, allowing applicants to skip the medical exam and receive a decision faster. This is particularly beneficial for those who prefer convenience or have certain health conditions that may complicate the underwriting process.
The pandemic has increased consumer demand for digital accessibility and flexible policy management options. Nationwide’s advances in customer service and the application process helped the company rank very high in a recent J.D. Powers survey.
Nationwide Life Insurance Pros and Cons:
Before making a decision about your life insurance coverage, it’s important to consider the pros and cons of Nationwide Life Insurance. Let’s take a closer look at what sets them apart and areas where they may have room for improvement.
Pros of Nationwide Life Insurance:
Wide Range of Products and Policy Options: Nationwide offers a diverse selection of policies and riders, ensuring that individuals can find coverage that suits their specific needs and preferences.
Outstanding Customer Service: Nationwide is known for its exceptional customer service. They prioritize building strong relationships with their policyholders and providing personalized guidance throughout the insurance process.
Financial Stability: With a solid financial foundation and high ratings from independent rating agencies, Nationwide instills confidence in policyholders that they will be able to fulfill their financial obligations.
Streamlined Application Process: Nationwide offers a no-exam application process, making it convenient and efficient for individuals to apply for life insurance coverage.
Cons of Nationwide Life Insurance:
Potentially Higher Premiums: While Nationwide offers competitive rates, their premiums may be slightly higher compared to some other insurance companies. Price is important, but the value it provides is even more crucial.
Limited Policy Riders: Nationwide’s policy riders may be more limited compared to other insurers. Policy riders provide additional benefits and customization options, so it’s worth considering if specific riders are important to you.
Nationwide Life Insurance: Is It Right for You?
Nationwide Life Insurance is a reputable and reliable choice for individuals and families seeking coverage or other financial service they offer. With their wide range of options, outstanding customer service, and solid financial stability, they provide the peace of mind and financial protection you need.
If you’re looking for a company that values customer satisfaction, offers a streamlined online service, and has a strong track record, Nationwide is worth considering. However, it’s always a good idea to compare quotes and policy offerings from multiple insurers to ensure you’re getting the best coverage at the most competitive rates.
It’s crucial to keep in mind that insurance products, such as annuities, life insurance, and associated products, are long-term commitments. Therefore, it’s essential to take your time, assess your needs, consult with a licensed insurance professional, and select a product that is in line with your financial objectives and priorities.
Conclusion:
Nationwide Life Insurance is a top contender in the life insurance industry, offering a wide range of policy options, outstanding customer service, and financial stability. Their commitment to policyholders and streamlined online process makes them a reputable choice for individuals and families seeking insurance coverage and associated financial services.
As you navigate the world of financial services, consider the unique features and benefits of Nationwide and compare them with other insurers to make an informed decision. By choosing the right life insurance company, you can protect your loved ones and secure your financial future.
To learn more about how Nationwide may be able to help you with your financial needs schedule a 20-minute discussion to learn more.
References
Pacific national complaint index report. (2023, September 28). NAIC Complaint Index. Retrieved September 28, 2023, from