September, 25 2017

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Nationwide Life Insurance Company Review

Nationwide Life Insurance Company Review

Author
  • Price
  • Underwriting
  • Financial Strength

Nationwide Life Insurance Company Review

Pros: Financial Strength- Nationwide has an A+ (Superior) financial rating from the top rating agency A.M. Best and a Comdex rating of 91 which means they received excellent ratings from the four main rating agencies.  Prices- In 2014, Nationwide has very competitive prices on their life insurance products, especially their term life insurance. Size and brand recognition- Nationwide is a Fortune 100 company and a household name which can be attributed to their popular adverting campaigns.  Location- Nationwide still has brick and mortar offices around the country which some people prefer.

Cons: There aren’t too many cons with Nationwide.  One potential downside some may encounter will be their underwriting.  In reviewing their underwriting guidelines it seems that some applicants who have health impairments could encounter higher rates or even a decline vs. how other insurers would rate and price the same health impairment.

Bottom Line:  Nationwide is a highly rated life insurance company that offers very competitive rates on many of their life insurance products.  In addition, they are a Fortune 100 company and in the top 25 for total market share according to the NAIC.  One factor that could be an issue for some potential insured’s is their underwriting of certain medical impairments.  Other than that, Nationwide is top life insurance company in America and definitely a company to look at.

 

About

Type: Mutual

Issued by: Nationwide Life Insurance Company

Founded: 1926

Website: www.nationwide.com

Phone: (877) 669-6877

Address: One Nationwide Plaza, Columbus, OH 43215

A.M Best Rating: A+ (Superior) Second highest of 16 possible ratings

Comdex Ranking: 91 out of 100

BBB Rating: A

Competitors: State Farm, Farmers, Allstate, Country Financial, American Family Life Insurance, Progressive Life Insurance, ANICO, Allianz Life Insurance Company, Fidelity & Guaranty Life, American General Life, Banner Life, Protective Life, Primerica, Genworth Life, Pacific Life Insurance, North American Co, Lincoln National Life, ING-ReliaStar, Transamerica, Prudential, Midland, Cincinnati Life, Grange Life Insurance Company, Symetra Life Insurance Company, Mutual of Omaha, John Hancock, PennMutual, Principal, TIAA-CREF, Guardian, OneAmerica, Minnesota Life, RiverSource, Allianz Life Insurance Company, Thrivent Financial for Lutherans, AAA, Erie, Sagicor, Amica, Assurity, Colonial Penn, AARP, Globe Life, Ohio National Life Group, New York Life, Northwestern Mutual, EMC National Life, Motorists Life, Pan-American Life, National Life Group, American Family, Shelter, HoraceMann, Group Life Insurance, Supplemental Life Insurance, Aflac, Voluntary Life Insurance, Unum,  MassMutual.utual.

 

Price Comparison Chart

Sample rates for a male in each company’s best health class for $500,000 on a 20-year level term:

AgeNationwideProtectiveMetLifeState Farm
30$24.03$21.32$26.01$30.45
40$34.27$30.26$37.26$46.10
50$97.01$80.43$89.46$108.75

 

 

Summary
Review Date
Reviewed Item
Nationwide Life Insurance Company
Author Rating
4