Nationwide Life Insurance Review

Overview

Policies / Plans

Nationwide Life Insurance provides 4 types of life insurance policies:

Term Life Insurance

Nationwide Life Insurance offers a term life insurance plan that provides life insurance protection for a fixed term of the customer’s choosing. They offer 10, 15, 20 up to 30 year fixed terms. Premiums will generally depend on the age and health of the individual i.e. the younger and healthier, the lower the premium due. Nationwide Life Insurance has a plan that grants a large amount of life insurance coverage by relatively inexpensive means. Optional riders extending the coverage to the policy holder’s estate as well as an optional split rider in the event of a divorce (for married couples) are also available as an add-on.

Whole Life Insurance

The Whole Life Insurance Plan under Nationwide Life Insurance offers permanent protection via fixed premium payments with guaranteed cash value and death benefits as long as premiums are paid on time. Customers may choose to customize this policy at an additional charge. Death benefits are tax deferred. Customers may choose from two payment options, fixed payments until they turn 100 years old or until the policy is paid up after 20 years.

Universal Life Insurance

Nationwide Life Insurance provides several universal life insurance plans with tax-deferred death benefits with a guaranteed cash value build up at flexible premium payments. A single-premium plan is available for maximizing the next generation’s legacy. Protection for two people (spouses or business partners) with guaranteed death benefits for the beneficiary even after the second insured’s death comes with a no-lapse guarantee as long as premiums are paid. All these basic plans are fully customizable, riders may be added on at an additional charge.

Variable Universal Life Insurance

Nationwide Life Insurance’s Variable Universal Life Insurance plans offers customers the basic universal life insurance plans but with market participation so that customers may take advantage of potential economic growth while still getting protection for themselves and for their beneficiaries.

Pricing / Rates

Policies are competitively priced. Relatively low premium payments can be made for relatively extensive coverage. However, there is no indication of their pricing plans or schedules on their official website so customers may not have any initial inkling to what they could be paying for. However, their reputation is such that it is a widely known fact that Nationwide Life Insurance policies are one of the more competitively and fairly priced ones in the market.

Getting A Quote

Quotes can only be obtained through Nationwide Life Insurance agents. Request forms may be filled online or customers can opt to call a toll-free number to request for a meeting with an agent. Even so, for some states in the U.S., this service is not available. Therefore, the only way to obtain a life insurance policy quote is through a representative. However, for non-life insurance products, online quotes are available.

Customer Service

Customers may call Nationwide Life Insurance toll-free numbers or choose to email them or contact them through the postal service. They have a reputation for helpful, friendly and efficient customer service. Their customer care line staff is highly commended.

Summary

Based on the factors stated, Nationwide Life Insurance receives the score it does for flexibility of life insurance offerings and commendable customer care consultants.