Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 3, 2020

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From the iconic company logo to the catchy company motto “Nationwide is on your side” Nationwide is one insurance company that most people can say they have heard of. In fact, many people know Nationwide for their home and auto insurance, but those are only two of several different coverage options they offer.

But what about Nationwide life insurance coverage?

Nationwide offers a full line of excellent life insurance coverage options. In this article we will be reviewing the different types of life insurance coverage they offer to better help you determine if they can meet your life insurance needs.

Quick Note:

Nationwide is one of over two dozen highly-rated life insurance companies offered through Top Quote Life Insurance. The following Nationwide Life Insurance Company review has been put together to help assist our online visitors with information pertaining to the insurance company and the products they can offer.

As always, one of the best ways to purchase life insurance is by talking to one of our experienced life insurance agents so we can understand your life insurance needs and fit you with the best life insurance company based on your needs.  

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Table of Contents

History of Nationwide Insurance Company

The beginning of Nationwide dates back to 1925 when they were originally known as The Ohio Farm Bureau Federation which was headquartered in Columbus, Ohio and still remains today.

The insurance company would soon incorporate the Farm Bureau Automobile Insurance Company to provide affordable auto insurance to farmers based in Ohio.

In 1926 the first policy was sold any many more to follow thereafter. By 1928 the company would expand to West Virginia, Maryland, Delaware, Vermont, and North Carolina.

By 1943 the insurance company had expanded into 20 western states. With the growth came a name change to the insurance company we now know as Nationwide Insurance.

Company Today

Over the course of nearly 90 years of being in business, Nationwide has grown into one of the largest insurers in the country. The Fortune 100 company prides itself on policyholder ownership and offers insurance coverage in all 50 states. Nationwide Life Insurance logo

There are offices located in 30 states. A network is 3,200 exclusive and 5,200 independent agents distribute their products.

As of 2015, the company’s net income was $820 million a year. While their revenue has grown in recent years, their profits haven’t enjoyed the same growth. This is due to increased premium rates and increased loss claims. Nationwide continues to focus its growth on its core markets which include term insurance, mutual funds, and retirement accounts.

Nationwide Insurance Quick Facts (2017)

  • #1 writer of corporate life
  • #1 pet insurer
  • #1 total small business insurer
  • #1 writer of farms and ranches
  • 7th largest homeowners insurer
  • 7th largest commercial lines insurer
  • 8th largest auto insurer
  • 8th largest life insurer
  • $46 billion in total sales

Charity work

Nationwide sponsors the Make Safe Happen program to install smoke alarms in homes. They partnered with the American Red Cross to install nearly 1 million smoke alarms and educate families on fire safety.

Nationwide also works with Feeding America, United Way and Nationwide Children’s. All in all, Nationwide has contributed more than $430 million to nonprofit organizations.

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Nationwide Company Ratings

Nationwide life insurance reviews show customers frustrated with a lack of customer service. Their industry reputation lists them as one of the best.

One of the most important factors when choosing a great life insurance company are their ratings. Nationwide Life Insurance Company has earned some of the highest ratings from the most well known professional rating organizations. Not only have they earned them, but have maintained these ratings for almost 10 years.

Nationwide Life Insurance Ratings

  • A.M. Best: A+
  • Moody’s: A1
  • Standard & Poor’s: A+

Positives

Customers agree Nationwide offers the wide selection of services that it claims to. They also agree that nationwide is better than most insurance companies.

Nationwide consistently ranks above the industry for customer satisfaction. They also receive the least complaints with the National Associate of Insurance Commissioners.

Negatives

One of the major complaints is Nationwide’s failure to provide a rideshare rider. Customers who take part with Uber or Lyft cannot get protection while working.

There has also been a recent report of Nationwide being involved in a lawsuit for failing to honor policies. Customers have reported policy prices are higher than similar competitor rates.

Nationwide Life Insurance Products

Nationwide offers four types of life insurance coverage:

  • Term Life Insurance
  • Universal Life Insurance
  • Whole Life Insurance
  • Variable Universal Life Insurance

YourLife Guaranteed Level Term

This coverage option is Nationwide’s traditional term life insurance coverage. Out of all the available life insurance options offered through Nationwide, YourLife Guaranteed Level Term is the most affordable. Due to its affordability, this coverage is a great option for just about anyone.

YourLife term insurance is available in fixed premium contract lengths of 10, 15, 20 or 30 years. Term life can be a great option for just about anyone but it’s especially great for young families with higher life insurance needs.

Issue Ages:

  • 10 Year – Ages 18-70
  • 15 Year – Ages 18-65
  • 20 Year – Ages 18-65
  • 30 Year – Ages 18-50 (Males) Ages 18-55 (Females)

Minimum Death Benefit:

  • $100,000

Maximum Death Benefit:

  • $500,000

Guaranteed Conversion Options:

Yes. Convertible to permanent life insurance without evidence of insurability. Must be done prior to the end of the level premium contract, or before age 65 whichever comes first.

Optional Policy Riders

  • Accelerated Death Benefit Rider (INCLUDED)
  • Children’s Term Insurance Rider
  • Spouse Rider
  • Waiver of Premium Disability Rider

 

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Nationwide No-Lapse Guarantee UL II

This coverage option is Nationwide’s guaranteed universal life insurance or GUL for short. It’s the most affordable of all Nationwide’s permanent life insurance plans.

Because this is universal life insurance, it offers flexibility in both premium payments as well as the overall duration of the coverage.

Like most guaranteed universal life insurance coverage, there is not much cash value growth. This is because with GUL life insurance the main focus is providing an affordable fixed premium and guaranteed death benefit that will last to age 120.

Issue Ages:

  • 18-85

Minimum Death Benefit:

  • $100,000

Maximum Death Benefit:

  • $10,000,000+

Optional Policy Riders

  • Accelerated Death Benefit Rider (INCLUDED)
  • Accidental Death Benefit Rider
  • Children’s Term Insurance Rider
  • Long-Term Care Rider
  • Spouse Rider
  • Waiver of Premium Disability Rider

If your goal is permanent life insurance coverage with cash value growth potential then Nationwide offers several different cash value-focused universal life insurance options.

Nationwide Cash Value Universal Life Insurance Options

  • Nationwide YourLife Current Assumption UL
  • Nationwide YourLife Single Premium UL
  • Nationwide YourLife Indexed IUL
  • Nationwide YourLife Indexed UL Accumulator
  • Nationwide YourLife Indexed UL Protector  

 

Nationwide YourLife WL

Nationwide YourLife whole life insurance is packed full of guarantees. Unlike universal life insurance, a whole life insurance policy offers a guaranteed death benefit, fixed premium and cash values that will increase over time.

YourLife WL is participating whole life insurance, so that means it has the potential to earn dividends. YourLife WL is available in two different premium paying options which include payments to age 100, as well as 20 pay. The 20 pay option means that premiums will be constant and level for 20 years which at that time you will have a paid-up whole life insurance policy.

Issue Ages:

  • 18-80

Minimum Death Benefit:

  • $250,000

Maximum Death Benefit:

  • $10,000,000+

Optional Policy Riders

  • Accelerated Death Benefit Rider (INCLUDED)
  • Accidental Death Benefit Rider
  • Children’s Term Insurance Rider
  • Guaranteed Insurability Benefit Rider
  • Waiver of Premium Death Rider
  • Disability Benefit Rider
  • Waiver of Premium Disability Rider

Nationwide also offers an excellent final expense whole life insurance option geared for those that want permanent life insurance, but don’t require a lot of death benefit. This coverage is called Nationwide YourLife Simplified and does not require a medical exam. In order to qualify for this coverage, you must have an eligible auto or homeowners policy with Nationwide insurance company. 

 

Nationwide Variable Universal Life Insurance Options

Nationwide offers 5 different variable universal life insurance coverage options. These types of life insurance policies are only sold through registered representatives. Variable universal life insurance has a similar feature to universal life insurance with regards to flexibility. The largest difference between the two is that variable universal life insurance cash growth is based on the performance of the stock market.

Nationwide VUL Options:

  • Nationwide Variable Universal Life Accumulator
  • Nationwide YourLife Accumulation VUL
  • Nationwide Variable Universal Life Protector
  • Nationwide YourLife Protection VUL
  • Nationwide YourLife Survivorship VUL

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Other Nationwide Insurance Products

As mentioned earlier, Nationwide has a huge selection of insurance coverage options outside of life insurance. Take a look at some of the other insurance options offered with Nationwide.

  • Accidental Medical
  • ATV
  • Auto
  • Boat
  • Classic Car
  • Condo
  • Dental
  • Flood
  • Homeowners
  • Identity Theft
  • Personal Watercraft
  • Pet
  • RV
  • Scooter
  • Snowmobile
  • Specialty Liability
  • Travel
  • Umbrella
  • Wedding

Final Thoughts on Nationwide Life Insurance Co

Nationwide Life Insurance Company is an excellent choice for coverage. They are one of the largest insurance companies in the country and they offer multiple coverage options to fit your insurance needs and goals.

In addition, Nationwide has been established for nearly 100 years and have received some of the highest professional ratings available.

However, this does not mean they will be the best life insurance company for everyone. Nationwide does have its drawback whether it’s pricing, underwriting certain medical conditions or lack in coverage features, such as no exam underwriting.

The best way to shop for life insurance coverage is to work with an agent or agency that can offer you more than one option. For example, Top Quote Life Insurance is an independent agency that works with over two dozen of the top life insurance providers with Nationwide being one of those top providers.

This allows us to fit our clients with the best life insurance company and coverage based on their life insurance needs.

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