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Nationwide Life Insurance Review

Nationwide is one of the most reputable insurance companies in the industry. 

Below we review Nationwide life insurance policies and explore Nationwide reviews and ratings so you can shop for life insurance coverage armed with the information you need. 

About Nationwide Life Insurance

Nationwide first opened for business in 1925. The company sells life, homeowners, renters, auto, pet and umbrella insurance policies.

The Ohio-based company also has a financial management arm where customers can invest in annuities, mutual funds and exchange-traded funds.

What Kind of Life Insurance Does Nationwide Sell?

Nationwide has a diverse lineup of life insurance plans that includes term, whole, universal and variable universal policies.

Nationwide Term Life Insurance

Nationwide sells term life insurance in increments of 10, 15, 20 and 30 years, with guaranteed level premiums and the ability to convert to permanent coverage in some cases.  

Nationwide Whole Life Insurance

Nationwide whole life insurance policies give you the option to keep premiums level for the first 20 years of the policy or until you reach age 100. Benefits begin at $10,000, and the policy includes a guaranteed cash value. 

Nationwide Universal Life Insurance

Nationwide universal life insurance provides permanent coverage with a cash value and four unique policies from which to choose.

  • Nationwide CareMatters II: A hybrid policy that combines universal life insurance with long-term car coverage

  • Nationwide Survivorship Indexed UL: A policy designed for two people with benefits paid out after both have passed

  • Nationwide Indexed Universal Life Accumulator II: A policy that combines a death benefit with various tax advantages and strategies for a higher income potential

  • Nationwide Indexed Universal Life Protector II: A permanent policy with fixed benefits, multi-layer protection and greater cash value potential

Nationwide Variable Universal Life Insurance 

Nationwide variable universal life insurance policies deposit a portion of every premium payment into a tax-deferred savings account with investment options. There are two different such policies available through Nationwide.

  • Nationwide Variable Universal Life Accumulator: A policy that allows you to invest in a wide range of stocks, bonds, commodities and real estate

  • Nationwide Variable Universal Life Protector: A policy offering permanent coverage with an investment option

Does Nationwide Life Insurance Have Any Riders?

Riders are optional add-ons to a life insurance policy that are designed to address specific needs. Nationwide offers several riders that include:

  • Terminal illness: Receive a one-time lump sum payment if you are diagnosed with a terminal illness

  • Accidental death: Provides additional benefits if your death is the result of an accident

  • Children’s term life: Add your children to your policy’s coverage and receive a death benefit if they were to pass away during the covered term

  • Long-term care: Access a portion of your death benefits while you’re still living in order to offset long-term care costs

  • Premium waiver: Have your premiums waived if you become disabled and unable to work

How Much Does Nationwide Life Insurance Cost?

Below are a few Nationwide life insurance cost samples based on differing criteria to give you an idea of how much you might expect to spend for a term life policy from Nationwide. 

  • A 40-year-old non-smoking female of average height and weight in good health can purchase a 30-year term life policy with $500,000 in death benefits for $52.94 per month.

  • A 50-year-old non-smoking male of average height and weight in excellent health can buy $100,000 of coverage on a 20-year term for $23.71 per month.

  • A 60-year-old non-smoking female in average health can expect to pay $83.56 per month for $200,000 worth of coverage with a 10-year term. 

Does Nationwide Insurance Have Good Customer Service?

Nationwide customer service and satisfaction for its life insurance policies appears strong.

  • The company ranked second overall in J.D. Power’s 2021 Individual Life Insurance Study, which measures the customer experience of the largest life insurance companies in the U.S.

  • Nationwide Life Insurance carries a rating of 3.9 out of five stars with Consumer Affairs.

  • Nationwide is accredited by the Better Business Bureau, with an A+ rating

Nationwide Life Insurance Phone Number

Existing Nationwide life insurance policyholders can call the Nationwide customer support phone number at 1-800-848-6331 (TDD/TYY 1-800-238-3035), 8 a.m. – 8 p.m. ET weekdays, 9 a.m. – 6 p.m. Saturday.

Nationwide customers can call for help with their insurance coverage, billing, filing claims and checking on claim status.

What Is the Financial Rating of Nationwide?

Nationwide is recognized by the leading credit rating agencies as having a strong and stable financial outlook. Both AM Best and Standard & Poor’s have assigned A+ ratings to Nationwide, while Moody’s has assigned the company an A1 rating. 

In 2021, Nationwide paid out $18.4 billion in benefits and claims and has an investment portfolio valued at $130.8 billion.1

Is Nationwide Insurance a Good Company?  

Nationwide sells a diverse range of life insurance products backed by strong financial ratings and customer service reviews.

Call to chat with a licensed insurance agent and compare life insurance policies available in your area. 

1 Nationwide. Strength and stability. Retrieved Mar. 25, 2022 from https://www.nationwide.com/cps/annual-report/strength-and-stability.html.

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