"Is National Life Insurance the BEST Choice for 2024? Find Out in This Honest Review!"

  Nationwide is more than just home and auto insurance; It also has a comprehensive list of life plans to cover children, young adults, and seniors. The online quote experience is breezy and informative, although some types of coverage require a telephone consultation and medical examination. For those who need a highly customized insurance package and want to work with an established brand, Nationwide could be the optimal choice.

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National overview

Known nationally for offering the full range of insurance options, including auto and home insurance, that most consumers are familiar with. However, it's a full-service life insurance company as well, with whole, term, and universal life, plus a menu of riders for additional coverage.

The online pricing tool for long-term plans is transparent and easy to use without having to hand over a lot of personal information. Considering the flexible and limited terms, plus the wide range of ages that can purchase plans (including plans for kids), this company seems to have something for everyone. Better-than-average customer reviews help position this company as a winner.

National coverage option

Nationwide offers various types of insurance, but the three main categories are whole life, universal life, and term life.

Lifetime coverage starts at $10,000, and you can choose to pay off the entire policy in 20 years or pay it out over time until your 100th birthday. If you answer questions about your health, you may be able to get a no-exam policy without needing an in-person visit.

Term life coverage comes in terms of 10-30 years with the option to switch to permanent life after some time, and term life riders are even available for children.

Universal life insurance is another option from Nationwide, giving you a choice of guaranteed and indexed plans. One important product is a survivorship policy, which covers a couple as one so both can enjoy benefits without worrying about who should die first.

National rider

Companies offer riders, but they apply to certain insurance plans. Term life, for example, comes with an accelerated death benefit option to get payouts during your terminal illness and before you die. The premium rider waiver allows you to pause your monthly payments if you are unable to work due to a disability.

Whole life plans have an optional accidental death benefit, giving you more payout if a covered person dies due to a covered accident.

Universal Life also comes with rider options, including an overloan protection rider. This keeps your policy active if you borrow against the policy's cash value for an amount that is more than the total account value.

National life insurance rates

Nationwide provides online quotes for term life insurance only, but you can call and get rates for other products. Unlike some other sites, it shows a preview of what your rate might be based on common factors, such as age, weight, height, and smoking status. While actual rates may vary, this allows anyone to see, at a glance, what they might expect to pay for coverage.

In our sample, a 45-year-old, non-smoking woman of average height and weight was quoted a $1,000,000 policy for a 20-year term of only $69.86 per month. The same policy with a 10-year term is only $43.71.

A man of the same age would pay $96.11 for a 20-year term and $56.03 for a 10-year term. You can see that a man over age 65 pays significantly more for term life insurance - which is to be expected because of the increased risk factor.

Saying that you are using a nicotine product causes the price to skyrocket. The same male smoker would pay $346.44 for a 20-year term, more than three times the price.

National customer service

Its national reputation for customer service places it higher than the middle of the pack. 2022 J.D. Life Insurance Study Power ranked it 6th out of 22 companies for customer satisfaction. The number of complaints is lower than for similar companies, according to the National Association of Insurance Commissioners (NAIC).

Nationally BBB accredited and has an A+ rating. The organization has noted that "due to the high volume of complaints received for these businesses, the BBB may publish 1 out of every 4 complaints handled through our conciliation process." The customer complaints listed are primarily directed at other types of insurance and not life insurance.

How Nationwide compares to other brands

Nationwide's product range, including multiple packages and riders, gives customers the opportunity to find what they are looking for. Other insurance companies may be limited in their offerings, focusing only on term life, for example, or on adults younger than 60.

The company also has a strong online presence, offering a wealth of educational tools and accurate estimates of short-term life costs that require nothing more than age, weight and location to look at. This may sway more customers toward National who don't want to give out too much personal information (including name and phone number) or who aren't interested in a sales call just to get a ballpark price. This is not typical of online companies, which typically ask for a bit of personal information to provide that initial offer.

Methodology

Our analysis begins with customer feedback about the company under review from J.D. Power and studies from Life Happens and LIMRA. Next, we look at the following metrics:

• Costs relative to the company's competitors.
• Financial strength and ability to meet obligations.
• Policy types, features, and riders.
• Satisfaction.

Frequently Asked Questions (FAQ)

Is Nationwide legit?

Nationwide is a real company with policies issued by Nationwide Life Insurance and Annuity Company. It has a financial rating of A+, which is a superior rating from AM Best. It has been in business since 1925 and is a Fortune 100 company.

Who does National support?

Nationwide is backed by Nationwide Mutual Insurance Company and has life insurance policies issued by Nationwide Life and Annuity Insurance Company.

Does Nationwide require a medical exam?

Some Nationwide policies, including whole life and universal life, may require a medical examination. However, term plans tend not to require it, with many customers not requiring it for approval.

Does Nationwide have a waiting period?

Coverage for most term life plans begins as soon as the policy is issued and the first premium is paid. There may be a waiting period for some riders, including riders who die due to accidents or illness. To find out how long you'll have to wait to be covered, consult the terms of your plan agreement.

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