Nationwide Life Insurance Review

Best Long-Term Care Life Insurance Company

Nationwide offers a variety of life insurance products to seniors, but what really sets the company apart is the long-term care coverage available with their CareMatters II Universal policy. Along with this coverage, many policies also include accelerated benefits for chronic, critical and terminal illnesses. Nationwide’s solid customer service reputation and volume of insurance riders to match any situation make it an excellent option for seniors trying to plan for their own future and that of their loved ones.

Pros and Cons of Nationwide’s Life Insurance

Pros:

• Living benefits are included in many policies without additional premiums.
• Guaranteed insurability riders are available to seniors.
• It offers a policy developed to help with long-term care costs if needed.

Cons:

• Only existing policyholders have access to simplified whole life policies.
• Universal policies can be complicated.
• Life insurance products can only be purchased through agents.

Overview of Nationwide’s Life Insurance

Nationwide was established in Ohio in 1926 under the name Farm Bureau Mutual. The company also offers auto and property insurance policies and is known for the wide range of riders to customize its life insurance coverage. Nationwide life insurance is available in all states, though some specific life insurance products are not.

How Much Does Nationwide’s Life Insurance Cost?

The price of Nationwide life insurance can differ between policyholders. Age, health status, policy type, coverage amount and behaviors deemed risky can all affect premiums. Policies for women tend to be cheaper, as are those for nonsmokers, but seniors seem to pay the steepest prices. A $1,000,000 policy for a 65-year-old man can come with premiums as high as $1,400 for a 20-year term policy, while the same policy would cost a 55-year-old man just over $400. Although Nationwide doesn’t offer life insurance premium discounts, policyholders who also own casualty or property products may receive discounts on those policies with the addition of life insurance.

Eligibility, Plan Details and Other Information

Nationwide offers seniors a variety of life insurance policy choices and optional riders to create a customized approach to meet their policy needs. With senior-friendly choices like long-term care coverage, living benefit options and the ability to access benefits due to illness, Nationwide sets itself apart in many of the areas important to seniors. Find out more below about what Nationwide has to offer policyholders.

Term Life Insurance

Nationwide offers the YourLife Guaranteed Level Term Life Insurance policy with varying age limits depending on the term selected. Monthly premiums are guaranteed to remain level, and the policy can be converted to permanent for free without a medical exam. Premiums and death benefits are guaranteed, and death benefit payouts are tax-free. When a claim is submitted, benefits can be paid out in one lump sum or converted into an annuity with options on the length of payout.

Whole Life Insurance

Nationwide has one product for whole life insurance, called Nationwide Whole Life 100. Coverage ranges from $10,000 to $250,000 and is available to ages 0 through 80. Premiums are fixed for either a 20-year term or for the lifetime of the policyholder. Death benefits are paid out in a lump sum and are tax-free. Living benefits include a tax-deferred cash value that can be used while the policyholder is still alive. Nationwide offers riders for accidental death benefits and guaranteed insurability for this policy.

Universal Life Insurance

Each of Nationwide’s Universal Life Insurance options is offered with lifetime coverage. All policy types, except the CareMatters II Permanent, have flexible premiums and coverage amounts. Death benefits are tax-free, and many have custom payment-term periods.

CareMatters II Permanent

This is a linked benefit policy that covers long-term care as well as death benefits. If the insured is certified to be in need of long-term care, the policy pays toward the costs associated with that care. When the policyholder dies, the remaining balance is paid out as the death benefit. An Extension of Benefits rider can be added that will increase the amount available for long-term care.

IUL Accumulator II Permanent

This policy allows income-tax-free loans and withdrawals and accrues interest that’s added to the cash value of the policy. Policyholders can choose from a more conservative fixed interest strategy or take their chances with the indexed interest.

IUL Protector II Permanent

This policy is designed to offer protection from market fluctuation. It has a wide range of indexed interest strategies that provide significant interest credit without risking a big hit from down markets.

No-Lapse Guarantee II Permanent

With the return of premium option, this policy gives policyholders the potential to recover their premium payments should they decide they no longer need life insurance. Coverage can be set for retirement age or life, and chronic, critical or terminal illness allows early benefit access.

VUL Accumulator Permanent

This is Nationwide’s only variable policy type and includes the availability of 70 funds.

Who Should Consider Nationwide’s Life Insurance?

Seniors Who Worry About Long-Term Care

Nationwide offers a life insurance policy and rider to assist with long-term care expenses. Rather than selling or cashing out their life insurance policy, seniors needing long-term care can simply make a claim, and their life insurance benefits will be contributed to care costs.

Seniors Who Need Additional Policy Assistance

Nationwide regularly scores high on J.D. Power’s customer satisfaction ratings, and customer reviews show similar findings. Seniors who anticipate frequent contact with their insurance agent may appreciate speaking with a professional who can meet their needs with enthusiasm and kindness.

Seniors Who Anticipate a Need for Living Benefits

Seniors who want an additional financial safety net can find it in the living benefits offered with many Nationwide life insurance policies at no extra cost. This provides the ability to make tax-deferred withdrawals of accrued cash value or accelerated benefit payments should the policyholder get a terminal illness.

What Are People Saying About Protective’s Life Insurance?

Many former and current customers of Nationwide life insurance products speak highly of the options available, but there are some complaints that the policy information can be confusing. Nationwide’s community presence seems to increase this favorable opinion, as does the availability of many riders that help to meet the insurance needs of policyholders.

Despite the company’s large size, the number of complaints submitted to various states is remarkably low. This could be due to the overwhelmingly positive perception of the customer service experience when an issue arises or when attempting to shop for a new insurance product. Reviewers also mentioned the included living benefits in many policy types that often incur extra expense with other companies, if they’re offered at all. 

Frequently Asked Questions

How Much Life Insurance Should You Have?

The calculations for life insurance needs depend on the goals the benefits are meant to achieve once paid out. These can include burial expenses, debt resolution and survivor support.

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How Long Does It Take for Life Insurance Policies to Pay Out?

Death benefits are typically paid out within 30 to 60 days after the submission of a valid claim.

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Can You Have Multiple Life Insurance Policies?

Overlapping life insurance policies are only limited by eligibility and premium payment.

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What Are Life Insurance Living Benefits?

Living benefits refer to any payments made while the insured is still alive. This could be a withdrawal against cash accrual or early benefits due to a terminal illness.

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What Are the Pros and Cons of Selling Your Life Insurance Policy?

Selling a policy offers quick cash and the elimination of premium payments, but policyholders lose their death benefits and may not qualify for a replacement policy later if they need one.

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