Nationwide Life Insurance: Company Overview
| Detail | Information |
|---|---|
| Founded | 1926 |
| Headquarters | Columbus, Ohio |
| AM Best Rating | A+ (Superior) |
| Fortune Ranking | Fortune 100 |
| Company Type | Mutual company |
| BBB Rating | A+ |
| NAIC Complaint Index | 0.72 (below industry average — good) |
Nationwide Life Insurance Products
- YourLife Term: 10, 15, 20, and 30-year terms. Convertible to permanent. Competitive pricing in the mid-market.
- YourLife Whole Life: Traditional whole life with guaranteed cash value growth and fixed premiums.
- No-Lapse Guarantee UL (GUL): Permanent death benefit guaranteed to age 121 regardless of investment performance. Nationwide's strongest product.
- Indexed Universal Life (IUL): Cash value tied to market indexes with floor/cap. Multiple index options including S&P 500, NASDAQ, and Dow Jones.
- Variable Universal Life (VUL): Cash value invested in sub-accounts (market risk/reward). For sophisticated buyers.
Term Life Rate Table: Nationwide YourLife Term
Sample monthly premiums for 20-year term, non-tobacco, preferred health rating:
| Age | $250K Male | $250K Female | $500K Male | $500K Female | $1M Male | $1M Female |
|---|---|---|---|---|---|---|
| 25 | $14/mo | $12/mo | $22/mo | $18/mo | $38/mo | $30/mo |
| 30 | $16/mo | $13/mo | $25/mo | $20/mo | $44/mo | $34/mo |
| 35 | $18/mo | $15/mo | $27/mo | $22/mo | $48/mo | $38/mo |
| 40 | $26/mo | $21/mo | $42/mo | $34/mo | $78/mo | $62/mo |
| 45 | $42/mo | $33/mo | $72/mo | $56/mo | $138/mo | $106/mo |
Nationwide's No-Lapse Guarantee UL
This is arguably Nationwide's best product. The No-Lapse Guarantee UL provides:
- A guaranteed permanent death benefit — the policy cannot lapse as long as minimum premiums are paid
- Coverage guaranteed to age 121 regardless of market performance or interest rates
- Lower premiums than traditional whole life for the same death benefit
- Best used as a permanent death benefit solution, not for cash value accumulation
For a 45-year-old male wanting $500,000 in permanent life insurance, the GUL typically runs $350–$400/month — significantly less than whole life for the same guarantee.
Nationwide's Indexed Universal Life (IUL)
Nationwide's IUL product allows cash value growth linked to market index performance:
- Index options: S&P 500, NASDAQ-100, Dow Jones Industrial Average
- Cap rates: Approximately 10–11% on S&P 500 (varies by current rates)
- Floor: 0% — cash value cannot decrease due to negative index performance
- Participation rate: Typically 100%
- Tax-deferred cash value accumulation with tax-free loans and withdrawals
Pros
- A+ AM Best rating
- Excellent GUL product
- Strong IUL with multiple indexes
- Fortune 100 financial stability
- Good living benefits (chronic illness rider)
Cons
- Term rates not the cheapest
- Complex product lineup
- Limited online purchasing
- Customer service reviews average
- No guaranteed issue product
Verdict: Who Should Choose Nationwide?
Nationwide is best for middle-market and upper-middle-market buyers who want a permanent life insurance solution backed by a rock-solid carrier. If your priority is a guaranteed universal life policy or an IUL with good index options and cap rates, Nationwide belongs in your shortlist. If you're shopping purely on term price, you'll find cheaper options at Banner Life, Pacific Life, or Protective.
Frequently Asked Questions
Yes. Nationwide holds an A+ (Superior) rating from AM Best and is a Fortune 100 company with a 100-year operating history. It's particularly strong for guaranteed universal life and indexed universal life products. Its term rates are competitive but not the cheapest on the market.
Nationwide offers accelerated underwriting on term policies, which can mean approval without a paramedical exam for qualified applicants under age 50. However, they don't offer a dedicated guaranteed issue product — applicants with serious health conditions may not qualify.
Nationwide's No-Lapse Guarantee UL provides a guaranteed permanent death benefit through age 121 regardless of market performance or interest rate changes. As long as you pay the required premium, the policy cannot lapse. This makes it an excellent alternative to term life for those wanting lifelong coverage with premium certainty.
Nationwide's IUL offers cap rates of 10–11% on the S&P 500 index, which is competitive. It also offers NASDAQ and Dow Jones index options. The policy includes a floor of 0%, meaning you cannot lose cash value due to market downturns. It competes well with North American, Allianz, and Pacific Life IUL products.
Nationwide's term policies have some online quoting capability, but most policies — especially IUL, VUL, and GUL — require working with a licensed agent. Online purchasing is more limited compared to competitors like Bestow or Haven Life.