Pros Explained

• Excellent customer satisfaction ratings: Nationwide scored second in the J.D. Power 2023 U.S. Individual Life Insurance Study and has far fewer customer complaints to state regulators than expected for a company with its market share. 
• A wide selection of riders, with some included at no charge: Most Nationwide policies come with a selection of riders, including a long-term-care rider. Most policies also include three living benefits riders at no additional premium, allowing policyholders to use some of the death benefit early to pay for care in the event of a severe illness. 
• Most policies have no maximum death benefit: While Nationwide’s no-exam term life and simplified issue whole life policies have caps on coverage, most policies don’t come with a maximum death benefit, so you can get a policy that meets your family’s needs.
• Accelerated underwriting available on most products: Certain applicants can be approved for up to $5 million in coverage on many Nationwide products without having to undergo a medical exam.

Cons Explained

• No live chat support: Some life insurers offer live chat support, which can be helpful if you have questions about purchasing or managing a policy. Nationwide doesn’t offer this feature, and the company only provides phone support on weekdays. 
  
• Most policies can’t be purchased online: Unless you’re purchasing Nationwide’s Life Essentials term life policy, you’ll need to call a life insurance expert to get a quote or apply for a policy. Some people prefer the convenience of an online application process. 

Financial Stability

Nationwide is well-rated for financial stability. Its life insurance policies are underwritten by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, which both hold an A+ financial strength grade from AM Best, a credit rating agency focusing on insurance companies. This grade, indicating a “superior" ability to meet financial obligations, is the second-highest available.

Financial strength ratings are especially important for life insurance companies, which have a long-term obligation to policyholders. We recommend considering life insurance companies with an AM Best rating of A- or higher. A few other life insurance companies have the highest possible grade of A++, but Nationwide’s superior financial strength rating still makes the company a safe choice. 

Customer Complaints and Satisfaction

Nationwide receives high marks for customer satisfaction. The company ranked second in the J.D. Power 2023 U.S. Individual Life Insurance Study, with a score of 840 on a 1,000-point scale, just a few points below the winning company. The score is based on responses from thousands of individual life insurance policyholders about their satisfaction with five performance factors: communication, interaction, price, product offerings, and statements.

Nationwide’s 澳洲幸运5官方开奖结果体彩网:NAIC complaint index is also much better than expected for a company of its size. The NAIC uses complaint data submitted to state insurance regulators to determine the 1.00 benchmark index. A score lower than 1 means a company received fewer complaints than expected relative to its market share. 

The 3-year weighted average complaint index for the two companies that underwrite Nationwide’s life insurance policies is 0.372, well below the 1.00 benchmark index. While other life insurers had even lower complaint indexes, Nationwide scored bettไer than most of the li😼fe insurers we reviewed. 

Types of Life Insurance Offered by Nationwide

Term Life Insurance

澳洲幸运5官方开奖结果体彩网:Term life insurance is temporary coverage that lasts for a specific period, such as 10, 20, or 30 years. The policy only offers a payout, known as a 澳洲幸运5官方开奖结果体彩网:death benefit, if the insured dies during that time frame. Some policies are renewable or convertible to a permanent policy type at the end of the term🐻. 

Term life insurance is more affordable than 澳洲幸运5官方开奖结果体彩网:permanent life insurance, which lasts your whole life. Nationwide offers two term life in🌞su༒rance products:

• Nationwide Life Essentials: This no-medical-exam life insurance option is available in 10- or 20-year terms, with death benefits ranging from $250,000 to $1.5 million. You can get a quote and apply online, but the product is only available to adults between the ages of 21 and 55. 
• Nationwide Guaranteed Level Term: To get a quote for this product, you’ll need to call a specialist. But you’ll have more term options, ranging from 10 to 30 years, and you can qualify for higher coverage amounts with no specific maximum. The policy is renewable until age 95. Conversion options are also available. You can also customize your policy with a variety of riders. 10-year policies are available for applicants up to age 70. 

Whole Life Insurance

澳洲幸运5官方开奖结果体彩网:Whole life insurance provides permanent coverage as long as you pay the fixed premiums. Whole life insurance also builds cash val💝ue, which means a portion of your premiums are kept in a savings account, and you can borrow against the policy when enough has accumulated. Whole life insurance is more expensive than term life insurance and may not be appr🔯opriate except in certain circumstances. 

Nationwide offers three whole life �𝐆�insurance products:

• Simplified Issue Whole Life: This no-exam policy is designed for people who want to cover their final expenses and wish to avoid a medical exam. The maximum death benefit is only $50,000, and it’s graded during the first two policy years, meaning your beneficiaries will get less than the full death benefit if you die during that time. The policy is available to existing Nationwide home or auto insurance policyholders up to age 80.
• Nationwide Whole Life 100: This policy features level premiums until age 100. The maximum issue age is 80 and there’s no maximum death benefit. The policy includes living benefits, which allow you to access some of the death benefit while you’re alive if you are diagnosed with certain illnesses. Other customization options are also available. 
• Nationwide 20-Pay Whole Life: This policy is identical to the Nationwide Whole Life 100, except that premiums are spread out over 20 years, after which the policy is paid in full. 

Universal Life Insurance

Universal life insurance is permanent life insurance, but more flexible than whole life. You can adjust the premium and death benefit as your situation changes. Nationwide offers several types of universal life 𓂃insurance:

• Indexed universal life: Nationwide offers two 澳洲幸运5官方开奖结果体彩网:indexed universal life insurance policies, with slightly different versions available in New York. The cash value component of an indexed universal life insurance earns interest based on an index, like the S&P 500, and each Nationwide policy offers a few different index options. You can add a variety of riders to customize your policy. The maximum issue age is 85, and there’s no maximum death benefit. 
• Guaranteed universal life: The Nationwide No-Lapse Guarantee UL II features a return-of-premium option that allows you to recover some or all of your premium payments if you no longer need life insurance coverage. It also allows you to access some of the death benefit if you're diagnosed with certain illnesses. This policy can cover you until age 70 or until death.
• Survivorship universal life: The Nationwide Survivorship Indexed UL is a second-to-die policy that pays beneficiaries after two people have died. You can add optional riders, including a long-term care rider on survivorship and a policy split option. 
• Linked-benefit universal life: CareMatters is a hybrid long-term care and universal life insurance policy. It pays a flexible monthly cash benefit if you need long-term care and also provides a minimum 20% death benefit. If you don’t need to use the long-term care coverage, more money will be left for your beneficiaries. Nationwide also offers a CareMatters Together policy that covers two people. These policies vary by state and aren’t available everywhere. 

Variable Life Insurance

With variable life insurance, the policyholder chooses from a selection of investment options for the policy’s cash value. This type of policy involves financial risk, and you should ensure you understand the fees and the circumstances under which your policy could lapse. Nationwide offers more than two dozen variable univ𒆙ersal life insurance prodಞucts. Common features include flexible premiums, a choice of investment options, and several optional riders. 

Does 🧸Nationwide Require a Life Insurance Medical Exam?

Nationwide offers a few different options for no-medical-exam life insu𝓰ra🗹nce. 

• Nationwide Life Essentials: This term life insurance policy features an entirely online application process. Nationwide uses 澳洲幸运5官方开奖结果体彩网:accelerated underwriting for this policy and doesn’t require a medical exam, but there’s a 20-year term limit and a $1.5 million maximum death benefit. 
  
• Simplified Whole Life: This permanent life insurance policy is a simplified-issue policy that requires applicants to answer a handful of medical questions instead of taking a medical exam. The underwriting process is less complex than with Nationwide’s term policies, so the maximum death benefit is only $50,000. This policy may be a good option for existing Nationwide policyholders with health issues who want to cover their final expenses. 
• Nationwide Intelligent Underwriting: Nationwide's accelerated underwriting program allows healthy applicants to qualify for its Guaranteed Level Term, whole life, universal life, and variable universal life products without taking a medical exam. The general guidelines are that adults up to age 50 can apply for up to $5 million in coverage, and adults ages 51 to 60 can apply for up to $1 million in coverage.

Available Riders From Nationwide

We appreciate Nationwide’s wide selection of riders, which are add-ons that allow policyholders to customize their life insurance covera🐭ge. Some riders are included with select policies at no additional charge, while others are optional a𒁏nd require an additional premium. Some of Nationwide’s best riders include:

• Long-Term Care Rider II: This rider allows you to access a portion of the death benefit if you need it to pay for necessary long-term care while you’re alive.
• Living Access Benefits: Nationwide includes a chronic illness rider, critical illness rider, and terminal illness rider with many of its life insurance policies at no charge. These riders allow you to access some of the death benefit while you’re alive to help with the cost of managing illnesses like cancer. 
• Children’s Term Insurance Rider: This provides a small death benefit should one of your children die while the policy is in effect.
• Premium Waiver Rider: This allows you to pause your premium payments after a waiting period if you become disabled. 
• Accidental Death Benefit Rider: This gives your beneficiaries an extra payout if your death is accidental. 
• Guaranteed Insurability Benefit Rider: This allows you to buy more coverage while your policy is in force without undergoing additional underwriting.
• Estate Protection Rider: This provides an additional benefit to cover estate tax should the policy be included in the estate. 
• Lapse Protection Riders: Nationwide offers a couple of riders that protect a policy from lapsing in certain circumstances, such as poor investment performance or outstanding loans. 

How Much Does Nationwide Life Insurance Cost?

Nationwide’s average premiums for a 30-year term policy are relatively expensive compared to other life insurance providers for healthy 30-year-old applicants and 55-year-old females. Nationwide’s quotes for 40-year-olds are slightly cheaper than average, but several top life insurance companies, including 澳洲幸运5官方开奖结果体彩网:Protective, oꩲffer more affordable premiums for 🦂term life insurance. 

Note that Investopedia gathered quotes for a $250,000 policy, and it’s possible Nationwide’s policies may be more cost-effective at higher face amounts. Life insurance quotes also vary depending on your health and smoking status, so comparing individual quotes from a few companies based on your circumstances is important. If you’re looking for a permanent policy, you may nee💟d to call a few companies, as quotes aren’t typic𝄹ally available online. 

When choosing a life insurance pro๊vider, consider more than just the price. For example, a term policy with living benefits, riders, and convertibility may cost more but provides📖 more benefits. 

Life insurance quotes above are examples only and were collected for 30-year $250,000 term life policies for non-smoking males and females in excellent health. They are the average monthly costs across two ZIP codes, one in Houston and the other in Los Angeles.

How Much Does Nationwide Life Insurﷺance Cost for Older Aduℱlts?

Nationwide charges 65-year-olds more for a 15-yea♑r term life insurance policy than othe🃏r life insurance providers on average. 

The examples above are for a $250,000 15-year policy and are an average of monthly quotes pulled for two ZIP codes, one in Houston and one in Los Angeles.

H𝓰ow Does Nationwide Compare to Other Life Insurance Companies?

*Life insurance quotes above are examples only and were collected for 30-year $250,000 term life policies for 40-year-old, non-smoking males in excellent health. They are the average monthly costs across two ZIP codes, one in Houston and the other in Los Angeles.

How to Buy Life Insurance From Nationwide

Nationwide offers an for its Life Essentials no-exam term life insurance product. You can upload your documentation and complete an online interview. For all other policies, including whole and universal life insurance, call 866-207-9160❀ to speak with an insurance specialist. 

Customer Service

If yo﷽u need to make a payment, update your contact info, or add💯 a beneficiary, login or for an online account. 

The Bottom Line

Nationwide offers almost every life insurance policy type availa꧑ble, and most come with standout features and customization options. For example, the company’s variable life policies offer many investment options and riders that prevent lapses. Its hybrid long-term care coverage is highly flexible, and most policies come with benefits you can access while you’re still alive. With no maximum death benefit on most policies, Nationwide is a great option for families considering permanent life insurance as a means of wealth transfer. The company also stands out for offering accelerated underwriting for many of its policies, meaning you may not need to take a medical exam.

On the other hand, Nationwide’s no-exam Life Essentials term life policy is more 🔜limited in terms of issue age, term lengths, renewability, and customization than some offerings from other companies. Young people who want to apply online for term coverage may find more affordable coverage with better features and options elsewhere, so we recommend getting a few other quotes before choosing Nationwide if that’s what you’re looking for. 

Frequently Asked Questions (FAQs)

Is Nationwide Good at Paying Out Claims?

Nationwide has an A+ financial strength rating with AM Best, which indicates a superior ability to pay claims. The company also has fewer complaints to state regulators than expected, given its market share, which indicates relative satisfaction with the claims process. After filing a claim, you can expect a Nationwide representative to contact you within three business days. 

Is Nationwide Reliable?

Yes. Nationwide is a trusted life insu💧rance provider with 98 years in business. Nationwide is highly rated for both customer sa🔥tisfaction and financial strength. 

What Is the Number 1 Life Insur🧸ance🅷 Company in North America? 

New York Life Group is the 澳洲幸运5官方开奖结果体彩网:largest life insurance provider in the United States in terms of 2023 market share. When it comes to quality, the best life insurance provider for you will depend on what you’re looking for—some life insurance companies specialize in dividend-paying whole life insurance policies, while others are great for affordable, no-exam term life insurance coverage. Nationwide was our top overall pick for the 澳洲幸运5官方开奖结果体彩网:b💫est life insurance👍 provider of 2024 based on a wide variety of criteria. 

Doe💮s Nationwide Life Insurance Build Cash Value?

Nationwide’s 澳洲幸运5官方开奖结果体彩网:permanent life insurance policies, includ𒆙ing its whole and universal life insurance policies, inc⛦lude a cash value component. 

How Much Life Insurance Do I Need?

When determining 澳洲幸运5官方开奖结果体彩网:how much life insurance you need, aim to puꦕrchase enough coverage to replace your income during your earning years, including any benefits your job provides for your family. Be sure to account for any additional costs that result from your death. Also consider whether you want the death benefit to be enough to pay for expenses like your children’s c𝔍ollege education or support for your spouse during retirement. The right amount depends on your family’s needs, but some experts recommend purchasing at least 10 times your annual salary. 

How We Review Life Insurance Companies

To compile our list of the best life insurance companies, Investopedia first conducted preliminary research on dozens of life insurance companies and determined that 45 met our minimum stand꧂ard for financial strength, customer satisfaction, and online transparency. For each of thos🌱e, we then gathered a total of 70 evaluation criteria, resulting in 3,150 data points all together. Data was collected between May 20 and July 3, 2024, and sourced from company webpages, media representatives, insurance rating agencies (A.M Best, NAIC, and J.D. Power), and customer service calls.

We combined subject matter expertise, consumer survey and company survey data, and industry research to create a quantitative model that scores 🎃each company based on six major categories:

• Application and Online Service Features: 15%
• Policy Types: 22%
• Policy Features and Riders: 35%
• Financial Stability: 6%
• Customer Satisfaction: 10%
• Cost: 12%

For more information, read our full 澳洲幸运5官方开奖结果体彩网:methodology explanation.