Nationwide Life Insurance Review 2021: Customer Focused Provider With Customizable Coverage

Amanda Hester

Nationwide Life Insurance offers a variety of insurance plans, including whole life insurance, term life insurance, and universal life insurance. The agency thrives on its strong financial strength and great customer reviews, which has helped it become a market leader in the insurance industry. With over 90 years of service in the industry, the insurance provider has earned A ratings from major credit rating firms.

Overall rating

5.0

Summary: Nationwide offers life insurance with various riders to fully customize your policy.

Nationwide Life Insurance

nationwide life insurance logo

$10/month

Rates From

$5,000,000

Coverage Up To

May Need

Medical Exam


Reviews

5

Policy Application

5

Fees, Coverage & Policies

5

Riders

5

Claim Support

5

Customer Service

5

Sae & Secure

Pros

  • Multiple insurance plans available
  • Mobile App
  • Servicing policies for more than 85 years
  • Conversion of term policy to permanent
  • Renewable term life insurance

Cons

  • Online quotes limited to certain policies only
  • Might require a medical examination

Best For

  • Customizing plan with riders
  • Robust customer service

Features

HQOne Nationwide Plaza, Columbus, OH
PolicyTerm Life Insurance, Whole Life Insurance, Universal Life Insurance, Variable Life Insurance
Coverage$100,000 – $5,000,000
Term Length10, 15, 20, 30 years
Medical ExamMay Need
Issue Age18 to 70
Restricted StatesNone

In depth review on Nationwide Life Insurance

Nationwide has received a top rating from the National Association of Insurance Commissioners (NAIC) based on customer feedback. In 2018, it was listed at position 67 out of 500 companies on the Fortune list, making it a household name in the insurance business.  

A 2014 LIMRA Study revealed that 57 percent of Americans are unable to save regularly. Additionally, a larger percentage focuses on paying off their debts and finding it difficult to save for their loved ones. Nationwide Life insurance provides some security for your family’s financial future in case you happen to pass on. 

Nationwide Life Insurance is best for 

  • Customizable plan with riders: The agency offers a variety of affordable riders. You can customize your policy from receiving a portion of the death benefit while you are still alive, such as if you have a terminal illness.
  • Robust customer service: The provider has an excellent support team that will guide you through every step and ensure you get a policy that suits your needs. 

Nationwide Life Insurance benefits 

  • Multiple insurance plans available: Nationwide offers a variety of insurance plans, including term life insurance, whole life insurance, universal life insurance, and variable insurance plans.
  • Mobile app: The provider offers an easy-to-navigate mobile app that acts as a one-stop-shop for all your life insurance needs. You can use the mobile app to file claims, track the status, and so much more. 
  • Servicing plans for more than 85 years: The agency has gathered many years of experience in the life insurance industry and has built a solid reputation as a reliable provider. 
  • Conversion of term policy to permanent: If your financial situation changes and you need a longer-life policy, Nationwide Life Insurance allows you to convert your term life policy to a permanent policy plan at an affordable cost.
  • Renewable term life insurance: The insurer allows policyholders to renew their plans until they turn 95 years old. 

Nationwide Life Insurance drawbacks

  • Online quotes limited to certain policies only: Online quotes are available to term life insurance plans. To get a whole life insurance quote, you need to speak directly to a life insurance expert. 
  • Might require a medical examination: The provider requires some policyholders to undergo a medical examination. However, accelerated underwriting is available to qualified applicants. 

Factors contributing to the overall rating

Policy application

5

Nationwide offers online quotes for term life insurance plans, but the whole life insurance requires you to speak to a life insurance expert. The specialist walks you through the application by calculating your total income, expenses, assets, and coverage that is needed. The insurer usually recommends that policyholders should get a policy that is 5x their annual income. 

To get your online quote for term life insurance, you need to enter the following details:

  • Gender
  • Date of birth
  • Weight
  • Height
  • State
  • Health condition
  • Term length (i.e. 10, 20 or 30)
  • Tobacco usage

You will receive a quotation including your monthly premiums and death benefit amount. Nationwide only allows the online purchase of term life insurance. For all other insurance policies, you’ll need to speak to an insurance specialist.  

Fees, coverage and policies

5

Some of the policy plans offered by the insurance agency include: 

Term life insurance

It’s one of the most affordable policy plans that Nationwide offers. The agency’s Nationwide® Guaranteed Level Term coverage terms include 10, 15, 20, and 30 years. The agency recommends the following steps to guide you in determining the right term life coverage:

  • Identify the duration based on your financial obligations. 
  • Determine the amount your loved ones will need to replace your income. 

Nationwide’s term life insurance is renewable until the age of 95 years. Premiums remain stable, and the payout is tax-free. The agency also allows you to convert your term life policy to a permanent policy when you want. 

Whole life insurance

You can make your premium payments annually, semiannually, quarterly or monthly. This type of life insurance will pay out stable premiums for the life of the policy and has a predetermined death benefit. 

The policy can be a good fit for individuals looking for predictable premiums, lifelong coverage, or to build a cash value tax-free. The provider also allows policyholders to customize their plans with riders at an affordable cost. Nationwide offers two types of whole life insurance:

  • Whole Life 100: Premiums are stable and stop when the policyholder turns 100 years. 
  • 20-Pay Whole Life: Premiums are stable for the first 20 years of coverage. 

Universal life insurance

This product provides coverage to the policyholder for their entire life. Beyond permanent life protection, you are insured with a cash value that grows based on the interest rate set by your insurance company. This policy offers flexibility as it allows you to adjust your protection level or the frequency of making premium payments. Some of the universal policy plans offered by Nationwide include:

  • Nationwide® Survivorship Indexed UL: It provides permanent coverage to two people and pays out an income-tax-free death benefit when the second policyholder passes away. It offers a policy split option rider that allows you to split the coverage into two. 
  • Nationwide Indexed Universal Life Accumulator II 2020: Offers coverage to your family and allows policyholders to take part in the potential market growth. The policy also protects you from market losses. 
  • Nationwide Indexed Universal Life Protector II 2020: Offers permanent insurance with living benefits to help you take care of your needs. 
  • Nationwide® No-Lapse Guarantee UL II: It allows you to access a portion of your death benefit when you are still alive. 

Variable universal life insurance

It helps you to build cash value and re-invest your money into sub-accounts that are professionally managed. 

Riders

5

Nationwide Life Insurance offers policyholders a chance to purchase riders to customize their plans. The riders allow you to enjoy living benefits, provide coverage to your loved ones or even waive premiums. 

  • Accelerated benefit: This rider offers you a chance to access a one-time lump sum payout that matches a portion of your death benefit amount in case you are diagnosed with a terminal illness. 
  • Accidental death benefit: In case you pass away from an accident, your family will receive extra funding besides the death benefit. 
  • Children’s term life: The provider allows you to add your kids to your policy and receive a death benefit if they pass away. 
  • Long term care: This rider gives you access to living benefits to foot your long-term care needs. 
  • Premium waiver: It credits your monthly premiums if you become disabled when the coverage is still active. The premiums are credited to your policy after an elimination period of 6 months. 
  • Term conversion rider: It allows you to convert your term life policy to a permanent policy.
  • Chronic illness rider: You can claim part of your death benefit early if you are diagnosed with a permanent chronic illness. 
  • Terminal illness rider: You can claim part of your death benefit early if you are diagnosed with a terminal illness. According to Nationwide, a terminal illness has a life expectancy of not more than 12 months. 
  • Waiver of monthly deductions rider: If you become disabled when your coverage is still active, this rider pays your monthly premiums. The waiting period for this rider is six months. 
  • Overload lapse protection rider: It allows you to access loans or withdrawals without worrying about your policy ending. This rider requires that your policy be active for the past 15 years. The minimum age limit is 75 years, and you must build a minimum cash value of $100,000. 
  • Extended no lapse guarantee rider (ENLG): It protects your policy from expiring. It offers a guarantee to policyholders aged between 90 and 120 years. 
  • Estate protection rider: This rider offsets additional estate tax for policyholders whose coverage is included in their estates. 

Claim support

5

Nationwide has robust customer service that is readily available to help you with claims. The provider offers a digital platform that enables you to make your monthly premiums and file your claims online. Nationwide also offers a fully optimized mobile app on Android OS and iOS that helps you to track your claims’ status. The provider may require a death certificate as proof of death. 

Customer service

5

You can contact the customer support staff via telephone or email, and you can schedule a callback within one business day. In addition, Nationwide also uses a Test-Driven Development technique to communicate with policyholders with a hearing impairment.  

The support staff is well coordinated to ensure all your individual needs are addressed. The insurance provider has set various support departments to offer personalized support services. Your concerns or questions will be forwarded to the right department for expert advice. 

You can reach the support staff through the following:

Sales & Insurance Experts:
Tel:+1-855-529-2729
Working hours: 9:30am – 5:00pm ET, Monday – Sunday

Service & Claims:
Tel:+1-800-848-6331
Working hours: 8:00am – 11:00pm ET, Monday – Sunday. 

Safe and secure

5

Nationwide has received an “A” rating from leading financial institutions such as AM Best regarding financial stability. The provider has been processing life insurance claims since 1926, so it has a strong track record. The insurer also uses end-to-end encryption to protect your data from unauthorized users and monitors your account activity to identify potential fraud. 

Is Nationwide Life Insurance right for you?

With an easy and fast online claim filing, Nationwide processes claims within the shortest time to cover funeral expenses and ensure your loved ones maintain normal living standards. In addition, the insurer stands out with its highly customizable policy plans with the various riders to cover the many uncertainties in life. 

This material is not a recommendation to buy, sell, hold or roll over any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should discuss their specific situation with their financial professional. Keep in mind that, as an acceleration of the death benefit, exercising the Chronic Illness Rider, the Critical Illness Rider or the Terminal Illness Rider payout will reduce the death benefit by an amount greater than one dollar for every dollar paid. Make sure life insurance needs will still be met, even if the rider pays out in full. A life insurance purchase should be based on the life policy and not solely on riders or features. Products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Nationwide, the Nationwide N and Eagle and Nationwide is on your side are service marks of Nationwide Mutual Insurance Company. © 2021 Nationwide. LAM-4244AO (7/21)