You have decided to protect your loved ones and get a life insurance policy but been paralyzed by the thought of which company you should choose. With hundreds of choices out there and tons of information regarding policy type, confusing terminology, and different prices, selecting the right company is even more imperative.

This is why we bring you this Nationwide Life Insurance company review. We will dig into their life insurance materials and present it most simplistically, so you can find out if Nationwide is on your side.

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Nationwide Life Insurance History

Nationwide had a humble beginning. It was established by Murray D. Lincoln in 1925 as the Farm Bureau Mutual Automobile Insurance Company with a definite goal of providing low-cost automobile insurance for farmers in Ohio. In 1926, they sold the first policy and never looked back. In 1928, they expanded into other states such as West Virginia, Maryland, Delaware, Vermont, and North Carolina.

In 1934, they acquired a fire insurance company and started selling property and casualty insurance. By 1943, they were conducting business in 12 states, and in 1955, they added 20 more states and changed their name to Nationwide Insurance.

Today, they are still owned by policyholders and sell more than car insurance for farmers in Ohio. They offer motorcycle, boat, homeowners, pet, farm, life, and commercial insurance among other services. Nationwide is also a Fortune 100 company.

Nationwide Life Insurance Financial Ratings

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

Products Offered by Nationwide Life Insurance

As mentioned above, Nationwide offers many products from car insurance and homeowners insurance to banking and investment products. This review will focus on the life insurance products offered by Nationwide which are term, whole, universal, and variable universal life insurance policies.

Nationwide YourLife Guaranteed Level Term

Life is complicated. Term life doesn’t have to be. Term life insurance offers the most economical rates when compared to other types of permanent coverage because you buy “pure insurance” without the added cash or investment component whole life offers.

Nationwide offers level premium rates and death benefit for 10, 15, 20, or 30 years. If you pass away during that term period, your beneficiaries will collect a tax-free death benefit that they can use to meet their needs. If you outlive the term, you can convert the policy to permanent coverage before the age of 65, without proving insurability, or renew it on an annual basis until the age of 95 years.

Optional Riders

  • Accelerated death benefit
  • Children’s term insurance
  • Spouse rider
  • Premium waiver rider

Related: What are life insurance riders?

Nationwide YourLife Whole Life

For some, term life insurance isn’t a viable option. They need protection to last a lifetime. If this is you, Nationwide has whole life coverage that offers fixed premium and death benefit for the rest of your life. Additionally, it comes with guaranteed cash value accumulation regardless of market conditions.

Nationwide whole life comes in three flavors, and it is geared to different individuals and scenarios:

  1. Nationwide YourLife 20-pay WL: This is a 20-year pay whole life insurance that is designed for those seeking affordable protection and guaranteed cash value accumulation. After 20 years, the policy is paid up, and you no longer need to keep paying for it. The minimum face amount starts at $10,000 and the issue ages are 0–80 years old.
  2. Nationwide YourLife Simplified WL: This whole life coverage doesn’t require applicants to undergo an invasive exam. Instead, applicants can expect to answer health questions on the application. It is designed for those seeking basic final expense coverage with face amounts ranging from $10,000 to $50,000 for ages 0–80.
  3. Nationwide YourLife WL 100: This is a traditional whole life policy that is paid to age 100. In other words, if you reach the age of 100 and paid for the policy, the death benefit is guaranteed to stay in force, and there is no need to keep paying for the coverage—it’s paid up. If you are alive by age 120, the coverage ceases, and you will be given your cash value. It is designed for those seeking permanent coverage with special needs such as estate planning, wealth transfer, or supplementing retirement income. The minimum face amount is $10,000 and the issue ages 0–80.

Optional Riders

  • Accidental Death Benefit
  • Children’s term insurance
  • Guaranteed insurability benefit
  • Owner’s waiver of premium for death or disability
  • Waiver of premium
  • 20-year spouse rider

Universal Life

There are those who dislike term life and can’t handle the strict, inflexible factors whole life offers. Universal life, or UL for short, is a permanent coverage with guaranteed death benefit to be paid to your heirs with you pass away.

The policy comes with a cash value accumulation benefit that grows on a tax-deferred basis which you can access via a loan, withdrawal, or when you surrender your policy. The most significant advantage of owning a universal life policy is the ability to customizing the coverage to mimic your life’s events.

The flexibility to adjust your death benefit in the future or skip a premium payment as life unfolds.

Nationwide offers four types of universal life coverages:

  1. Nationwide YourLife Current Assumption UL: This policy is designed for people between the ages of 40 and 55 seeking affordable protection that offers financial growth. The minimum face amount is $25,000.
  2. Nationwide YourLife No-Lapse Guarantee SUL II: This is a survivorship coverage that insures two people and pays a death benefit after the death of the second person. This coverage is designed for two individuals between the ages of 45 and 75 who have a higher net worth and a need for estate planning or wealth transfer. The minimum face amount is $250,000.
  3. Nationwide No-Lapse Guarantee UL II: No-lapse guarantee offers a fixed premium for individuals who put a higher importance on the death benefit vs. the cash value accumulation. This policy provides a fixed premium to keep the policy in force and protect it from lapsing even if the cash value isn’t sufficient. The minimum face amount is $100,000 and it’s designed for people ages 30–50 seeking financial protection during their working years.

Optional Riders

  • Accelerated death benefit
  • Long-term care rider
  • Spouse rider
  • Over-loan lapse protection rider
  • Premium waiver rider
  • Surrender value enhancement benefit
  • Waiver of monthly deduction rider

Variable Universal Life

Those who are interested in the higher earning and investment potential opt for variable universal life insurance. Variable universal life inherits the same great flexibility features universal life has except for the way your money is invested.

With universal life, your money can’t lose any value regardless of market conditions. On the other hand, with variable universal life, your money is invested directly in the market and is subject to market fluctuations and returns.

Simply put, it’s a double-edged sword that can go both ways. Nationwide provides you access to a professionally managed investment that can fit your risk tolerance.

Let’s take a look at the type of VUL Nationwide offers:

  1. Nationwide VUL Accumulator: This policy is designed for growth potential. Typically for individuals with an investment mindset, between the ages of 35 to 55, seeking life insurance protection with investment potential. The minimum face amount is $100,00.
  2. Nationwide YourLife Accumulation Life: This policy is designed for high net-worth individuals with higher investment risk but has the potential to yield higher returns. The minimum face amount is $100,00.
  3. Nationwide VUL Protector: This policy has a more conservative approach to investment risk because it comes with an extended no-lapse guarantee rider to age 120. It has two indexed interest strategy options and another strong investment line-up with nationally known fund managers. The minimum face amount is $100,00.
  4. Nationwide YourLife Protection VUL: A policy best suited for people between the ages of 30 to 50 years old seeking lower premium protection and investment combination. It offers a discount for those wanting to pay up the policy in 10 years. The minimum face amount is $100,00.

Optional Riders

  • Accelerated death benefit
  • Long-term care rider
  • Spouse rider
  • Accidental death benefit
  • Additional term insurance
  • Children’s term insurance
  • Waiver of monthly deduction
  • Surrender value enhancement
  • Premium waiver rider
  • Over-loan lapse protection
  • Change of insured
  • Adjusted sales load

Nationwide Life vs. Other Carriers’ Sample Monthly Rates

Male 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $13.12 $17.85 $41.50 $111.59
 Banner $13.33 $19.26 $40.85 $111.13
 AIG $13.54 $19.38 $42.73 $114.74
 Foresters $13.56 $18.81 $42.66 $114.84
 Lincoln$13.56 $18.38 $46.55 $190.53
 Mutual of Omaha $13.56 $20.08 $46.55 $134.05
 Principal $14.66 $19.03 $42.61 $110.03
 SBLI $14.79 $21.67 $51.68 $147.70
 Nationwide $16.02 $21.36 $53.85 $180.23
 Prudential $20.34 $24.50 $45.50 $128.84

Female 20-year Term $250,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $11.83 $15.27 $31.18 $77.61
 Banner $11.74 $15.67 $31.17 $78.83
 AIG $11.81 $18.51 $35.59 $89.66
 Foresters $12.47 $16.63 $31.94 $85.97
 Lincoln$12.08 $16.14 $32.77 $160.13
 Mutual of Omaha $12.64 $19.21 $36.05 $94.02
 Principal $13.13 $16.63 $32.90 $77.92
 SBLI $13.31 $18.99 $36.46 $90.37
 Nationwide $15.35 $22.53 $40.05 $131.50
 Prudential $17.28 $22.53 $40.03 $89.25

Male 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $20.21 $28.38 $75.68 $205.97
 Banner $20.12 $32.68 $74.39 $205.97
 AIG $20.24 $30.62 $77.76 $213.57
 Foresters $21.00 $31.50 $79.19 $223.56
 Lincoln$21.00 $30.28 $78.71 $214.33
 Mutual of Omaha $21.61 $33.42 $85.05 $249.55
 Principal $22.75 $31.50 $78.66 $213.50
 SBLI $21.32 $36.92 $96.06 $286.85
 Nationwide $25.37 $34.27 $78.77 $280.35
 Prudential $33.25 $41.56 $83.56 $250.25

Female 20-year Term $500,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $17.63 $24.94 $55.47 $139.32
 Banner $17.11 $25.49 $55.47 $145.00
 AIG $17.21 $27.16 $63.06 $163.40
 Foresters $18.81 $27.13 $57.75 $165.81
 Lincoln$18.16 $26.16 $58.41 $148.05
 Mutual of Omaha $18.99 $28.61 $64.05 $169.93
 Principal $19.69 $26.69 $59.24 $149.27
 SBLI $19.14 $29.67 $65.87 $173.03
 Nationwide $22.25 $31.15 $58.74 $199.36
 Prudential $27.13 $37.63 $72.63 $171.06

Male 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $33.97 $51.17 $142.33 $396.03
 Banner $37.84 $58.48 $140.61 $406.63
 AIG $34.95 $53.98 $144.80 $418.14
 Foresters $34.13 $56.00 $150.50 $438.38
 Lincoln$49.00 $70.00 $147.70 $418.78
 Mutual of Omaha $37.80 $59.68 $161.18 $481.43
 Principal $38.50 $55.56 $147.88 $418.78
 SBLI $35.24 $56.03 $147.73 $457.62
 Nationwide $42.28 $58.30 $148.19 $500.63
 Prudential $48.56 $70.44 $157.94 $467.69

Female 20-year Term $1,000,000

 CompanyAge 30Age 40Age 50Age 60
 Protective $28.81 $43.43 $101.91 $267.03
 Banner $28.72 $50.09 $110.51 $294.55
 AIG $28.89 $47.92 $117.12 $309.15
 Foresters $29.75 $47.25 $107.63 $322.88
 Lincoln$38.50 $53.38 $108.50 $283.33
 Mutual of Omaha $31.68 $50.93 $119.18 $324.80
 Principal $32.16 $46.81 $108.94 $283.50
 SBLI $29.67 $44.28 $104.57 $272.92
 Nationwide $37.83 $55.63 $108.14 $354.67
 Prudential $37.19 $59.94 $124.69 $319.81

*All rates quoted on this page are for a super-preferred healthy individual who does not use tobacco. Monthly rates are updated as of Sep 2018 and are subject to underwriting approval.*

Bottom Line

There you go, our Nationwide Life Insurance Company review. When it comes to their term life coverage, they are far from being competitively priced. You can find better rates. For those who seek permanent coverage like whole life or universal life, you want to be sure to compare other companies before applying with Nationwide, as they are only one company of many.

They have outstanding products and strong financials, but this isn’t a reason to buy any product from any company. We live in a day and age when consumers can compare prices in a matter of seconds. Although cost should never be the first reason to choose a company, it plays a role I can’t ignore as a broker.

My job is to make sure I find the best company that can issue a policy at the lowest possible price. We do that by working with more than 50 insurers, including Nationwide. Run the quotes yourself on the right-hand-side of this page.

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