Nationwide Life Insurance Review 2024

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Written by Georgia Rose
Lead Writer
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Edited by Katia Iervasi
Assistant Assigning Editor
Fact Checked

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Nationwide

3.0

NerdWallet rating 
Bottom line: Nationwide offers lots of information online and scores high for customer satisfaction, making it a great choice for many life insurance buyers.

on Nerdwallet

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

More than expected

Policies offered

Term & permanent
insurance-product-card-logo

on Nerdwallet

Nationwide

3.0

NerdWallet rating 
Bottom line: Nationwide offers lots of information online and scores high for customer satisfaction, making it a great choice for many life insurance buyers.

Financial strength rating

Exceptional

Online purchase

No

NAIC complaints

More than expected

Policies offered

Term & permanent

In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

  • Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

  • Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

  • No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:

  • Exceptional: A+, A++.

  • Strong: A-, A.

  • Moderate: B, B+.

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Nationwide started out as a small mutual company in Ohio with just auto insurance on the books. The Fortune 100 company now sells a full range of financial products across the country. Coverage options include term, whole, universal and variable life insurance, as well as business insurance, pet insurance and more.

Why you can trust NerdWallet: Our writers and editors follow strict editorial guidelines to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. Here is a list of our partners, and here’s how we make money.

Nationwide life insurance rating

3.0

NerdWallet rating 

Nationwide life insurance earned 3 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Nationwide life insurance policies

Term life insurance. Nationwide offers coverage in 10-, 15-, 20- or 30-year terms, and most policies can be converted to permanent life insurance before a deadline. Available riders include an accelerated death benefit, which allows you to withdraw a portion of the death benefit early if you’re diagnosed with a terminal illness. Nationwide also offers term coverage for children, as well as a waiver of premium rider. This pauses your premium payments if you become disabled and can’t work.

Whole life insurance. Nationwide’s whole life insurance coverage starts at $10,000. You can choose to pay off the policy within the first 20 years, or pay premiums until you turn 100. You can choose to include a child term rider to include your children if you'd like. Additionally, an accidental death benefit rider can increase the payout if you die in an accident.

Nationwide also offers a no-medical exam option through its simplified whole life policy. However, you may still need to answer questions about your health.

Universal life insurance. Nationwide offers several universal life insurance products. The lineup includes guaranteed universal life insurance and indexed universal life insurance, and the company sells a survivorship policy that covers two people, typically spouses. In some cases, you can add an overloan protection rider, which prevents your coverage from lapsing if you borrow against the policy’s cash value and the loan exceeds the account total.

Nationwide life insurance rates

Below are monthly rates for a 20-year, $500,000 term life insurance policy from Nationwide. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.

Age

Monthly rate - man

Monthly rate - woman

20

$41.13

$31.94

30

$22.75

$19.69

40

$31.94

$27.13

50

$77.44

$57.75

60

$250.25

$176.31

Source: Direct from insurer. Rates reflect the super preferred class and were generated on 1/18/24.

Nationwide customer complaints and satisfaction

Over three years, Nationwide has drawn fewer complaints to state regulators than expected for a company of its size, according to four years’ worth of data from the National Association of Insurance Commissioners.

Nationwide ranked No. 2 out of 22 companies in J.D. Power's 2023 U.S. Life Insurance Study for overall customer satisfaction

.

More about Nationwide life insurance

The company’s website includes detailed information about each policy, offering downloadable PDFs on most products. You can get a quote and apply online for term life insurance. For permanent life insurance policies, you can schedule a call with a Nationwide representative.

The company’s mobile app allows policyholders to view coverage details, including cash value accounts. Some policyholders can also view billing details and make payments.

Other insurance products from Nationwide include:

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Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Methodology

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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