Nationwide began as an Ohio mutual company with only auto insurance. The Fortune 100 company sells a wide range of financial products throughout the country. There are many coverage options available, including whole, universal, and variable life insurance. Business insurance and wedding coverage are also available. There may be differences in availability between states.
Nationwide life insurance received 4 stars out 5 for overall performance. Our editorial team determines NerdWallet’s ratings. The scoring formula considers data from the National Association of Insurance Commissioners as well as financial strength ratings.
Nationwide life insurance policies
Nationwide offers term life insuranceThis product is a level-term product. The premiums remain the same for the entire policy’s duration. You can purchase coverage for 10-, 15- and 20-year terms. Many of these can be converted into permanent life insurance at term’s end. You can also choose to take a part of the death benefit earlier if you are diagnosed with a terminal disease. Nationwide offers coverage for children and a waiver of premium riders, which help to cover premium payments in the event you are disabled.
Nationwide whole-life insuranceThere is a minimum coverage amount at $10,000, and two payment options. Premiums are either level for the first 20-years of the policy or until your 100th birthday. AdditionalWhole life insuranceThe riders provide term life insurance for your spouse or children.
Nationwide offers universal life insurance and variable productsInclude survivorship insurance which typically covers spouses. Also, the company offersUniversal life insurance indexed. You can add an overloan coverage rider to some policies. This protects your coverage against being canceled if you borrow money from the policy.cash valueThe loan amount exceeds the account balance.
Customer satisfaction and complaints across the nation
According to data from the National Association of Insurance Commissioners, Nationwide received fewer complaints about life insurance than was expected for a company of its stature, according to three years of data.
J.D. ranked Nationwide third among 23 companies. Power’s 2020 U.S. Life Insurance Study to improve customer satisfaction.
More about Nationwide life insurance
The company’s website provides detailed information on each policy and downloadable PDFs for most products. Quotes for term life insurance can be started online, but the company promotes speaking to a representative to complete the process. The website allows you to search for a Nationwide agent close to you.
Nationwide policyholders can pay their premiums through recurring payments. If you pay in installments, a fee may apply. You can also pay premiums by phone or mail.
Policyholders can view their coverage details and cash value accounts via the company’s mobile app. Policyholders may also be able to view billing details and make payments.
Guide to buying life insurance
Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Make sure that you are getting the coverage you need from the insurance companies you are considering.
Compare rates to ensure that they are comparable in terms of coverage and time. You should also ensure that the policy’s medical requirements are in line with your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you’re comparing aligns with that.
The price of a product may not be the most important factor in your purchase decision. Take a look at the number and quality of complaints received by each company.