Nationwide Ratings at a Glance
Nationwide Life Insurance has been protecting people, businesses and futures for more than 90 years. It has a solid footing and high customer satisfaction.
Customer service for life insurance is available on weekdays from 8 a.m. to 8 p.m. by calling 800-848-6331. For the hearing impaired, the number is 800-238-3035. If you’re filing a claim, call 800-848-6331 between 8 a.m. and 8 p.m. on weekdays. If you would like to speak to an insurance professional with general questions, call 800-321-6064 from 8 a.m. to 8 p.m. on weekdays.
When it comes to types of policies, Nationwide is on your side. It offers something for everyone. Here are the types of policies.
Term Life
Term life covers you for a designated term during which you pay a premium, for instance, for 20 years. If you die during this period, the beneficiary receives the coverage amount. It offers no cash value for the policyholder.
Whole Life
Whole life insurance is not for a selected term but for the lifetime of the policyholder. It offers living benefits as well, in addition to the death benefit. You choose from a whole life policy with payment until you turn 100 or a 20-year payment period.
Guaranteed Level Term
Level term refers to a normal term life policy but with the promise of a stable premium throughout the term. Terms include 10, 15, 20 or 30 years. The convertible aspect means that you can convert your policies into longer terms if needed. Three living-benefit policies come with this type. If you are married, get in touch with your policy officer to ask for a couples’ policy. Many companies provide a combined life insurance policy for married couples.
Universal Life (UL)
UL guarantees cash value accumulation during the term and aims to gain profit by using stock market gains. It can be used to pay off your premiums if it does well. If the policy isn’t able to generate enough cash value, you pay the premiums on your own.
No-Lapse UL
If the stock market isn’t doing well, cash accumulation will be low. In that case, a no-lapse guarantee means the premiums you pay will ensure the activity of the policy.
Variable Universal Life
VUL policies are linked to indices that generate value like mutual fund investments, which increases risk. Types of VUL include:
VUL Protector
This type of insurance guarantees a death benefit along with the profits you may gain from market growth. It’s specifically aimed at people between the ages of 30 and 60.
VUL Accumulator
A VUL accumulator policy is designed for people aged 35 to 55. You participate in market growth with the aim to accumulate retirement income. You may also get tax benefits.
Advisory VUL
Targeted towards those between the ages of 40 to 60, an advisory VUL policy is aimed at those looking to make higher investments and thus higher gains. Because of the risk involved, it can only be sold by a Registered Investment Adviser or other financial advisers.
Final Expense and Burial Insurance
Final expense and burial insurance require no medical exam. Coverage amounts are low and premiums tend to be high because it is a no-medical-exam life insurance.
Long-Term Care
A long-term care policy comes into effect if the policyholder develops a condition that requires long-term medical care. Long-term care expenses and a death benefit are offered.
These tables show estimated annual premiums for term life coverage.
For those aged 35:
| Coverage: $500,000 with a 20-year term | Male 35 | Female 35 |
| GLT | $225 | $260 |
People aged 50 years old and 60 years old can get coverage of up to $500,000:
| Age | Male | Female |
| 65 | $449 | $280 |
| 70 | $701 | $479 |
Nationwide provided online quotes.
Factors to Consider
The life insurance market can be overwhelming. It’s difficult to think about the problems your family will face after you die. To find the right policy, the following factors should be considered.
Your Financial Health
Physical, mental health and financial health affect so many aspects of a person’s life. Although life insurance is important, it may be a better choice for people with:
- A good credit score
- Credit card bills paid off
- Manageable debt
Without a strong financial status, it could be hard to pay life insurance premiums. You could cause your family more burden than relief by taking on more expenses than you can afford.
Your Coverage
To find out which type of policy fits you best, it's essential to know the following things:
- When will the mortgage be paid off?
- Are there any college tuition expenses in your family?
- What are other debts that you expect to have until the policy is in place?
- Do you have assets?
- Is your partner or spouse working?
These factors determine how much coverage you need. The higher the coverage, the higher the premium amount. If you can claim life insurance as a business expense, the cost could be less of an issue.
Type of Policy
Since Nationwide has so many policies to choose from, it can be hard to choose the right policy.
- Term life insurance is for people looking for coverage for a specific period, such as while the mortgage is being paid off or until the kids go off to college.
- Whole life insurance is for a lifetime, but the premiums are higher. If you’ve got the financial plan to achieve this, this type of policy might be right for you. It also offers cash accumulation benefits.
- VUL insurance is for those looking to make some extra profit while the policy is in place, and it carries the risk of stock market fluctuations.
- If the policyholder develops a chronic illness, a long-term care policy can help pay for long-term care expenses and offer death benefits.
- Nationwide doesn’t sell credit life insurance, which is designed to cover some major debt — for instance, mortgages or credit card debt. Many companies provide credit life insurance of a set lump sum amount.
How Much Does Life Insurance Usually Cost?
Life insurance varies with age, gender and smoking habits. Let’s take a look at the average annual costs of $500,000 coverage for a 20-year term life policy.
| Age | Male | Female |
| 30 | $220 | $183 |
| 40 | $332 | $281 |
| 50 | $819 | $643 |
| 60 | $2,361 | $1,656 |
| 70 | $9,296 | $8,204 |
Why You Should Trust Benzinga
Benzinga analyzes insurance companies by looking at their websites, online reviews and how they compare with other insurers. Benzinga has been delivering top-notch content for over a decade, guiding readers about the best financial products in the process.
Conclusion
Nationwide stands strong in terms of its policy variety and financial strength. However, you should determine for yourself whether it is the best place to earn cash value.
Frequently Asked Questions
Is Nationwide a good insurance company?
Nationwide ranks highly in the life insurance market. The reasons are clear; — its reliability and fast claim settlement reputation. The customer representatives are informative and provide good support throughout the process.
How does nationwide insurance rank?
Nationwide ranked second in the J.D. Power Individual Life Insurance Study of 2021. It also got a rating of A+ from A.M. Best.
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Methodology
Benzinga crafted a specific methodology to rank life insurance. To see a comprehensive breakdown of our methodology, please visit our Life Insurance Methodology page.
About Luke Jacobi
Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.