In most cases, a financial plan is not entirely complete without life insurance. This is because the proceeds from a life insurance policy can help to ensure that your survivors can carry on financially in case the unexpected occurs. These funds can be used – income-tax-free – for any number of things, such as paying off massive debts, paying for funeral and other final expenses, ensuring future college education funds, and making sure that monthly bills can continue to be paid.
When you are searching for the best life insurance policy for your needs, it is important to make sure that you are going with the right type and amount of coverage. It is also important that you review the insurance company you are considering buying your policy through to determine whether it is financially stable, and that it has a positive reputation for paying out its policyholder claims. One company that meets these criteria is Nationwide Insurance Company.
Table of Contents
- The History of Nationwide Life Insurance Company
- Nationwide Life Insurance Review
- Insurer Ratings and Better Business Bureau (BBB) Grade
- Life Insurance Coverage Offered Through Nationwide Life Insurance Company
- Other Products and Services Available
- How to Get the Best Premium Rates on Life Insurance Coverage
The History of Nationwide Life Insurance Company
Nationwide Mutual Insurance Company and its affiliated companies make up a group of large U.S. insurance and financial services companies. The company was initially founded more than 90 years ago, and it has grown and expanded throughout the years.
This financial and insurance entity offers a broad range of products and services that can help clients with growing and protecting wealth, as well as the people and things that are important to them.
The company not only has a focus on assisting its clients but is also charity-minded. Just some of the entities that have been helped by Nationwide’s donations, as well as employee volunteerism, include Feeding America, and the American Red Cross. Nationwide is headquartered in Columbus, Ohio.
Nationwide Life Insurance Review
Nationwide has become a familiar name across the U.S., due in part to its famous advertising jingle, “Nationwide is on your side.” The company has featured various celebrities in its ad campaigns, such as Peyton Manning.
The long-term financial goals of Nationwide have remained the same since the company’s inception – to create value for its members and its business partners. In 2022, Nationwide recorded sales of around $57 billion and net operating income of $1.4 billion. It is listed as a Fortune 100 company, and it consistently receives high ratings and rankings from the major ratings agencies.
Insurer Ratings and Better Business Bureau (BBB) Grade
Due to its stable financial footing, Nationwide has obtained high ratings from the insurer ratings agencies. These include an A+ from A.M. Best Company, an A+ from Standard & Poor’s, and an A1 from Moody’s Investor Services.
Also, Nationwide has been an accredited company through the Better Business Bureau (BBB) ever since September 1, 1955. The company has received a grade of A+ from the BBB (on an overall grade scale of A+ to F).
Within the last three years, Nationwide Insurance has cleared a total of 377 customer complaints via the Better Business Bureau, of which 98 were closed within the past 12 months. Of these total 377 complaints, 258 had to do with problems with the company’s products and/or services, 102 were in regard to billing and/or collection issues, 13 were in relation to advertising and/or sales issues, 3 had to do with delivery issues, and the remaining one was with regard to guaranteeing / warranty issues.
Life Insurance Coverage Offered Through Nationwide Life Insurance Company
Nationwide offers an extensive list of different life insurance policies and options to choose from. This can be extremely beneficial to the company’s customers, as they can determine which plan works the best for them – and they may also be able to change that plan as their needs change over time.
Life insurance policies from Nationwide include term and permanent options. With term life insurance, there is death benefit only protection, without any cash value or savings build-up. Because of this, term life insurance can often be much more affordable than a comparable permanent insurance policy.
Term life insurance protects for a set period, such as ten years, 15 years, 20 years, or even 30 years. Nationwide offers the YourLife Guaranteed Level Term plan. With this policy, the death benefit and the premium due will remain level throughout the entire policy period.
There are also several free riders that may be added to this policy to more closely “customize” the coverage to meet an insured’s needs. These include the following:
Nationwide also offers a full line of permanent life insurance policy options. With permanent life insurance, there is a death benefit, as well as a cash value or investment component that is attached to the policy. Often, permanent life insurance is used for other financial goals that are in addition to protecting loved ones through the death benefit proceeds.
For example, because the funds that are in the cash component are allowed to grow tax-deferred, this money can increase exponentially over time. It can then be either withdrawn or borrowed against for any reason, such as paying off debts, supplementing retirement income, or even for buying a new car or taking a vacation.
Several types of permanent life insurance coverage are offered by Nationwide. These include whole life or universal life, and variable life insurance. Whole life is the most basic form of permanent life insurance. Here, the death benefit and the premium will typically remain fixed – and the policy will stay in force for the remainder of the insured’s lifetime – provided that the premium is paid.
Nationwide offers the YourLife Whole Life insurance policy. This plan provides numerous benefits, including:
- Permanent life insurance protection
- Predictable fixed premium amount
- The ability to further customize the plan with riders (for an additional amount of premium)
- Guaranteed cash value
- Guaranteed death benefit
- Access to the funds in the cash value component
- Income tax-free death benefits
There are two premium payment options on this plan. With the WL-100 option, the premium will be paid on a regular basis and will stop when the insured turns age 100. Alternatively, with the 20-pay WL, the premium will remain the same until the policy is paid up after 20 years.
This policy also has the following riders:
- Accelerated Death Benefit Rider
- Children’s Term Insurance Rider
- Accidental Death Benefit Rider
- Premium Waiver Rider
Nationwide offers other permanent forms of life insurance, too, including Universal Life Insurance. Universal life insurance is more flexible than whole life, as the policyholder can alter the premium (based on certain guidelines) regarding the due date and the amount.
Universal life insurance could be a good option for either individuals or business owners, depending on their needs. For instance, this type of coverage can be a viable option for those who wish to leave a legacy to loved ones. It can also help small business owners with their continuation planning.
There are some universal life insurance policies offered through Nationwide. These include both regular universal life insurance coverage, as well as indexed universal life. With an indexed universal life insurance policy, the return on the cash value is based on an underlying market index, such as the S&P 500.
When the underlying index performs well, the policy’s cash value is credited with a return – typically up to a set cap. But, if the underlying index shows negatively in each period, then the policyholder’s principal does not lose value. Rather, it is just simply credited with a 0%.
The universal life insurance policies that are offered through Nationwide include the following:
- Nationwide YourLife Indexed UL Accumulator
- Nationwide YourLife Indexed UL Protector
- Nationwide YourLife Indexed UL
- Nationwide YourLife SUL ll
- Nationwide YourLife Current Assumption UL
- Nationwide YourLife No-Lapse Guarantee Ul
The company also offers several options for variable universal life insurance. With this type of life insurance policy, there is death benefit protection, as well as an investment component where the funds can grow, based on the performance of underlying investments. With variable universal life, the policy may be used for providing coverage, as well as for many other financial planning needs, such as supplementing retirement planning solutions and business planning solutions, education funding, or long-term care payment requirements.
With Nationwide, there are three variable universal life insurance policy options to choose from, including the:
- Nationwide YourLife Protection VUL
- Nationwide YourLife Accumulation
- Nationwide YourLife Survivorship VUL
Other Products and Services Available
In addition to life insurance coverage, Nationwide also offers many goods and services. These include retirement annuities, mutual funds, and retirement plans that can help businesses and their employees save for the future and protect their investments.
Today, with life expectancies getting longer, one of the key worries that is on the minds of retirees and those who are preparing for retirement is that of running out of money. An annuity can help to reduce these fears, as it can offer a guaranteed lifetime income – regardless of how long you need it.
Nationwide offers a full suite of annuity products, including fixed and variable, as well as market value adjusted. Clients may also choose to purchase an immediate annuity – where income can start right away – or a deferred annuity, where income is paid out at a time in the future.
Mutual funds can help clients to achieve their financial goals via a diverse set of investment options. Nationwide offers many of its mutual funds, which are focused on a variety of objectives, such as growth, aggressive growth, growth and income, and conservative.
For businesses, Nationwide provides some different retirement savings options. These include 401(k) plans, 403(b) plans, and 457 plans. So, depending on the type of business, a plan can be set up that most closely fits the goals of the company and its employees.
Also, provided by Nationwide for businesses is key person insurance, also commonly referred to as key man insurance and keyman life insurance, it is an important form of business insurance. An employer may take out a key person insurance policy on the life or health of any employee whose knowledge, work, or overall contribution is considered uniquely valuable to the company.
How to Get the Best Premium Rates on Life Insurance Coverage
If you are seeking the best premium rates on life insurance coverage through Nationwide – or through any top-rated life insurance company – it is recommended that rather than searching with just one, single company, you instead work with an independent life insurance agency or brokerage that can provide you with details on many different policies, companies, and prices. That way, you can determine which will be the best for you.
When you are ready to shop and compare the right life insurance for you, we can help. We work with many of the top life insurers in the industry today, providing you with the information that you require for making a sound buying decision. We can do this all from your computer, and without you having to meet in person with a live insurance agent. If you are ready to proceed, then all you have to do is just simply fill out our quote form.
We understand that choosing the very best life insurance option for you can be somewhat challenging. There are many different options to pick from, and you want to be sure that you are moving in the right direction. But we can walk you through the entire process. So, contact us today – we’re here to help.
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Nationwide Life Insurance Review
Product Name: Nationwide Life Insurance
Product Description: Nationwide Life Insurance offers a comprehensive suite of life insurance products designed to safeguard the financial futures of families and individuals. Their policies cater to diverse needs, from term life and whole life to more flexible universal life options.
Summary of Nationwide Life Insurance
Nationwide Life Insurance, a trusted name in the industry, provides a variety of life insurance solutions tailored to meet individual and family needs. Their term life policies are straightforward and affordable, ensuring short-term financial security. For those seeking long-term financial planning and wealth accumulation, Nationwide’s whole and universal life insurance options come with both protection and growth potential. Their commitment to customer service and a wide array of policy choices make them a reliable choice for many seeking life insurance.
Cost and Fees
- Diverse Product Range: Nationwide offers a wide range of life insurance products, catering to varying needs and financial goals.
- Reputable Brand: With a long-standing history in the industry, Nationwide is known for its stability and trustworthiness.
- Flexible Options: The company provides policies that can be tailored to specific needs, including riders for added protection.
- Strong Customer Service: Nationwide has a reputation for attentive customer support and efficient claims processing.
- Premium Costs: Some customers might find Nationwide’s premium costs higher compared to newer, online-only insurance providers.
- Overwhelming Options: The sheer number of policy options and riders might be confusing for those new to life insurance.
- Limited Online Tools: While they offer online quote tools, they might not have as advanced digital tools and resources as some other competitors.