Nationwide Life Insurance Review
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You never know if something may happen to you or a loved one. A life insurance policy can offer a financial safeguard and reduce stress for your loved ones if you pass away. Your heirs will receive a benefit based on the coverage you had for your policy.
People who get life insurance policies are preparing for the worst while hoping for the best. These financial products are more useful for younger families when it’s more important to have a steady household income. You should compare many insurance policies before choosing the right one for you. This Nationwide Life Insurance review will cover key details along with the pros and cons.
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What is Nationwide Life Insurance?
A Nationwide Life Insurance policy is an extra layer of financial protection that can help your family in case you or your spouse passes away early. While many people live into their 70s and 80s, life is unpredictable.
Nationwide was founded in 1926 by the Ohio Farm Bureau and previously operated as the Farm Bureau Mutual Automobile Insurance Company. The insurer became Nationwide in 1955 after numerous acquisitions. Nationwide is still headquartered in Columbus, Ohio. It ranks second in the JD Power 2023 life insurance rating showing high customer satisfaction and its AM Best financial strength rating is A+.
How does Nationwide Life Insurance work?
Nationwide life insurance company has five life insurance options available. Whole life insurance never expires but also has higher premiums. Term insurance policies have expiration dates but also have lower premiums. You can also opt for universal, variable universal life insurance, or long-term care policies.
The Nationwide website lets you get online life insurance rates or speak with a Nationwide agent first. You can apply online within a few minutes and receive a no exam term life insurance quote. You can then personalize your coverage after receiving an instant decision.
You will have to provide you gender, birthdate, height, weight, and zip code to continue to proceed with the no medical exam quote process. You will also have to specify if you use nicotine products or not.
How much does Nationwide Life Insurance cost?
Nationwide Life Insurance policies have various premiums depending on your coverage, age, gender, zip code, and other factors. The insurer states that it’s common for people to get coverage equal to 5-10 times their annual salaries plus any balances on mortgages, credit cards, and other loans. Deducting your current savings and life insurance coverage from the previous sum will help you determine how much coverage you may want to consider with a Nationwide life insurance policy.
You can receive a quick quote by entering your information on Nationwide’s page. You can then adjust the monthly premium based on the years of coverage and the benefit.
The quoted premium is for a 30-year-old male who lives in Allentown, PA, who does not use nicotine products. The actual premium will differ. These are some of the other premiums that come up based on how you modify the term length and the benefit:
- $500,000 coverage for 10 years: $21.51/mo
- $500,000 coverage for 20 years: $24.18/mo
- $1 million coverage for 10 years: $29.27
- $1 million coverage for 20 years: $38.46/mo
- $1.5 million coverage for 10 years: $37.30/mo
- $1.5 million coverage for 20 years: $52.81/mo
You can select a coverage amount as low as $250,000 or as high as $1.5 million. Term length options are 10 and 20 years. Nationwide offers term life insurance policies for people who are 21-55 years old.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
Nationwide Life Insurance features
Flexible term lengths
You can opt for a 10 or 20 year term life policy if you want to reduce your monthly premiums. A permanent life insurance policy isn’t practical for everyone but term life insurance is a viable alternative.
Quick quoting process
It only takes a few minutes to get a quick quote for a policy. You don’t have to fill in many details to learn about your premium. The actual premium will differ from the quoted premium, but the quote can give you an idea of the total cost.
Coverage amount starting at $250,000
The lowest coverage option for a Nationwide term-life insurance policy is $250,000. Lower coverage results in lower premiums, and you can get a coverage amount as high as $1.5 million if you want a stronger layer of financial protection.
Whole life insurance
A whole life insurance policy offers lifetime protection and guaranteed cash value growth that is predetermined. Nationwide makes it easy to customize your policy so it aligns with your needs. You will make higher premium payments, but premiums stay constant. You won’t have to worry about paying higher premiums due to a term life insurance policy expiring if you get a whole life policy instead. It helps cover final expenses at the time of your death.
Universal life insurance
A universal life insurance policy has lower premiums than whole life insurance. A portion of your monthly payments will go toward the policy’s cash value. You can withdraw funds from this cash value or borrow against it if necessary. There are two policy options under universal life insurance- Indexed universal life protector II and Indexed universal life accumulator II. These policies offer lifetime protection but do not have fixed premiums. Universal life insurance can get more expensive in the long run.
Variable life insurance
Nationwide offers variable life insurance policies that are similar to universal life insurance policies. The key difference is how your policy’s cash value grows over time. It’s possible to invest this account’s cash value into mutual funds. There are rules in place that limit how much you can gain or lose each year.
You can grow your money faster with a variable life insurance policy if the market does well. However, your insurance policy can end up with a lower payout if the market underperforms.
Long-term care coverage
A Nationwide long-term care insurance policy makes the costs of long-term care more reasonable. These services can get expensive, but you can cover these costs for yourself, friends, or family members. Nationwide offers a mix of stand-alone LTC insurance policies and long-term care riders on life insurance policies. You can also get link-benefit LTC policies.
Who is Nationwide Life Insurance best for?
People who have good budgets
You only get to keep your policy if you can make the monthly premium payments. You can modify the term’s length or your coverage amount if you want more room in your budget.
Young families
A term life insurance policy makes the most sense for young families. A spouse passing away early can create a lot of financial pressure for the surviving spouse. A term life insurance policy can alleviate some of the financial challenges. You can also enhance your coverage through insurance riders.
People who are 21-55 years old
Nationwide offers life insurance policies for people who are 21-55 years old. Younger people benefit from lower premiums due to their lower perceived risk. You can get a policy when you get older, but insurers raise their prices for older individuals.
Who shouldn’t use Nationwide Life Insurance?
Older individuals
You can’t get a life insurance policy with Nationwide if you are more than 55 years old. Being older will also make insurance more expensive each month.
Empty Nesters
An insurance policy is useful when you have a family and young children. However, these life insurance products aren’t as necessary once your children have moved out and can cover their own expenses. Empty nesters also end up with higher premiums since they are older.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
Pros and cons
Pros
- Choose from various types of life insurance policies
- Flexible term length
- Coverage can get as high as $1.5 million
- Coverage starts at $250,000
- Quick quoting process
Cons
- The minimum $250,000 coverage results in higher minimum premiums
- Less space in your budget for other expenses
- You cannot get a Nationwide life insurance policy if you are older than 55
Nationwide Life Insurance vs. competitors
A Nationwide life insurance policy can give you an extra layer of financial security. You never know what can happen, and it’s important for your beneficiaries to be covered under the worst-case scenario.
A life policy lets you prepare for the worst while hoping for the best, but Nationwide isn’t the only choice. Here’s how the best life insurance companies compare with its competition.
Insurance Provider | Minimum Coverage | Maximum Coverage | Term Life Insurance Range |
Nationwide | $250,000 | $1.5 million | 10 and 20 years |
State Farm | $100,000 | $1 million | 10, 15, 20 and 30 years |
Prudential | $100,000 | $65 million | 10, 15, 20, and 30 years |
Aflac | $10,000 | $250,000 ($100,000 maximum if you are 50 years or older) | 10, 20, and 30 years |
State Farm
State Farm has a $100,000 minimum coverage and a $1 million maximum coverage for its life insurance policies. The insurer has been around for more than 100 years and is headquartered in Bloomington, Illinois. Before stretching out to serve a wider range of policyholders, State Farm got its start by serving farmers.
You can choose from term life insurance, whole life insurance, and universal life insurance policies for upto 30-year terms. State Farm also offers policies for your homeowners insurance, car insurance, and pet insurance. The company is the largest property, casualty, and auto insurance provider in the United States.
Prudential
Prudential has been offering insurance policies for more than 175 years. The company was founded in Newark, New Jersey in 1848. Consumers can choose from many types of policies, such as whole life insurance, term life insurance, universal life insurance, indexed life insurance, and variable life insurance.
Prudential has $100,000 in minimum coverage, and some policyholders can receive the maximum $65 million coverage. You will need a financial advisor to submit an application to get significant coverage. The insurer serves many markets and has policies available for people who are 18-85 years old. This is one of the widest age ranges any insurer offers.
Aflac
Aflac is short for the American Family Life Insurance Company of Columbus and was founded in Columbus, Georgia in 1955. The original team had 16 employees and 60 insurance agents before expanding to issue numerous policies.
Aflac only has a $10,000 minimum coverage which makes life insurance policies more accessible. However, the insurer’s maximum coverage is also low at $250,000. That’s the starting coverage for a Nationwide term life insurance policy. If you are more than 50 years old, you can only receive a maximum coverage amount of $100,000.
FAQs
Is Nationwide a reputable insurance company?
Nationwide is a reputable insurance company with almost 100 years of experience. The firm has
an A+ rating with the Better Business Bureau. Although most of the company’s reviews are
negative, this is common among insurance companies.
Is term life insurance better than whole life insurance?
Term life insurance policies are better for short-term protection and lower premiums. Not
everyone needs lifetime protection. However, you can get a fixed premium with a whole life
insurance policy. You’ll also be assured that your heirs will receive a death benefit and that your
policy will not expire as long as you keep making the monthly payments.
Can you cash out a life insurance policy before death?
You can cash out a life insurance policy before death. However, doing so will reduce the benefit
that your heirs will receive. It’s possible to repay any cash you take out of the policy to ensure
your beneficiaries receive the highest possible benefit.
How much coverage should you get?
The amount of coverage you should get depends on your annual salary, balances on various
types of debt, your savings, and coverage on existing insurance policies. It’s a common practice
to get coverage that ranges from 5-10 times your annual salary.
Is life insurance worth it?
Life insurance is an extra protection that you may never end up using. While term life insurance
policies can expire while you are still alive, they are contingency plans. Viewing life insurance as
a back-up rather than a guaranteed benefit makes it easier to see the value in this financial
product.
Protect Your Family's Future with Bestow
- Secure up to $1,000,000 in life insurance for your family
- Apply with a 60-second online questionnaire
- Policies start at $11 per month
- No medical test needed, no waiting, no hassles
The bottom line
A Nationwide life insurance policy can give you peace of mind in case something happens to you or your spouse. Life is unpredictable, and any precautions can fortify your finances. Monthly premiums vary based on your age, gender, coverage amount, and other factors.
Nationwide is a great starting point, but you should compare insurance premiums before committing to an offer. Assessing your budget and seeing how much you can afford can result in an optimal policy that doesn’t disrupt your ability to cover.
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Writer
Marc Guberti is a business freelance writer who specializes in personal finance, digital marketing, and entrepreneurship. His award-winning book "Content Marketing Secrets" teaches readers how to create, promote and optimize content for growth and revenue. Marc also hosts the "Breakthrough Success Podcast," where listeners learn how to master content marketing and get more clients.
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