Nationwide Life Insurance Review

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Who Can Benefit From Nationwide?

Nationwide’s life insurance offerings are great for all types of families, thanks to the variety of coverage options they offer. It’s a great option if you’re looking for more peace of mind regarding your long-term care needs/expenses.

Features

Nationwide enables you to choose from a wide variety of life insurance policies, not just the standard term or whole life insurance. These include universal life insurance, with which policyholders can build up a cash component that you can draw on as needed. Nationwide also offers joint-life policies, where both spouses are covered under one policy.

Additionally, Nationwide offers:

●        An online account, accessible via the web or the Nationwide mobile app.

●        The option to add long term care coverage to your life insurance policies.

●        Free phone-based consultations with licensed professionals.

Application Process

If you’re looking to buy term life insurance, you can get a quick quote on the Nationwide website. This takes just a couple of minutes. You’ll need to input some information about yourself, including your date of birth, height, weight, and location. You can then proceed with the application online. The process takes about 30 minutes or less. In most cases, there is an instant decision, although approval is based on health and lifestyle factors and not guaranteed.

If you’re looking to purchase any other type of policy, you need to speak to one of Nationwide’s specialists. They will help you choose which coverage is right for you and your family, and will help you apply. The application process may take longer and may require a medical examination.

Policy Types and Terms

Nationwide offers several different types of life insurance, giving you a variety of options for how you want to protect your loved ones. The type that’s right for you will depend on how long you want your coverage to last, your family circumstances, and your plans for the future.

Term life insurance: When you purchase term life insurance, you decide how long the coverage lasts. If you pass away during the term, your family will receive a tax-free death benefit. It’s usually a less expensive option than other life insurance products. Nationwide gives you two options for term life insurance.

●        Nationwide Life Essentials: offering coverage for 10-20 years and a maximum benefit of $1.5 million, with no medical exam needed.

●        Nationwide Guaranteed Level Term: coverage for 10-30 years and no maximum death benefit. Fully underwritten and may require a medical exam.

Universal life insurance: Universal life insurance builds up a cash component as you pay into it, which is then used to pay a tax-free benefit when you pass. However, it can also be accessed in other ways, like borrowing against the value of your cash value, or helping to pay for your long-term care while you’re still alive. Nationwide offers several different options including:

●        Indexed policies that can grow the value of your cash component

●        Guaranteed policies that have a permanent death benefit, as long as premiums are paid regularly

●        A survivorship policy, which covers two people and pays a benefit when the second person passes

●        Linked-benefit policies, which combine life insurance and long-term care coverage

Whole life insurance: This type of coverage protects you for your whole life not just a defined period of time. With Nationwide, you can choose between two options:

●        Whole Life 100, where premiums remain the same up until you hit the age of 100

●        20-Pay Whole Life, where premiums remain the same for 20 years until the full policy is paid off

Variable universal life insurance: Some of your premium payment goes into the pot for your death benefit, and some is put into an investment account so it can accumulate in value.

Nationwide offers a range of variable universal products, depending on the level of investment risk you want to take and the kinds of investment you’re most interested in. You can find full details on the Nationwide website.

Long-term care coverage: This coverage can provide you with the funds to pay for your care in older age, whether that’s at home or in a care facility. Nationwide provides:

●        Nationwide CareMatters®: long-term care and death benefit with a fixed premium price

●        Nationwide CareMatters TogetherSM: long-term care coverage for a couple with a shared pool of LTC benefits; includes death benefit when the second person passes away

●        Long-Term Care Rider: can be added to most of the other life insurance policies at an extra cost

How Safe Is It?

Nationwide is a member of FINRA (the Financial Industry Regulatory Authority), which upholds standards within the financial industry. Nationwide also has an A.M. Best rating of A+, as well as an accredited A+ rating from the Better Business Bureau (BBB).

Help & Support

There are brief FAQs available on the Nationwide website to help you. You can get more support by calling customer service from 8am-8pm EST (weekdays). You can also email the company through the website.

Bottom Line

If you’re looking to protect your loved ones when you pass away, life insurance from Nationwide is definitely worth a look. You have lots of options, whether you want the flexibility of a pot you can access earlier if needed, coverage for long-term care, or coverage for a set term. You can even get coverage for you and your spouse together.

Although some reviews have complained about slow service, the Nationwide app does make it easier to manage your insurance on the go. If you want to ensure your family can manage after you pass, Nationwide is worth a look.

Physical Address

Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021