There are plenty of life insurance companies out there, marketing products that all seem similar in a way. The truth is sometimes they are, but what you are really getting when you choose one company over another is their financial strength, customer service, overall product benefits, and their value you to you specifically. Some companies are better than others and some even claim to be “by your side.” That’s right we’re talking about Nationwide Life Insurance. They have done a tremendous job marketing themselves, to the point that everyone knows the Nationwide slogan. But does the quality of their marketing match up to their product offering? Let’s review Nationwide’s Guaranteed Level Term.
In summary, here is the product description:
- Nationwide YourLife is a level term life insurance product. Which means rates are locked in for the term length.
- The product comes with a conversion privilege. This means you can convert your term to a permanent product.
- It come with many rides and unique lifestyle credits which can favorably influence your rates with positive lifestyle habits.
- The application process is similar to the industry standard.
- Nationwide is an A+ rated life insurance company.
That’s Nationwide term life in a nutshell, now let’s dive into some detail.
Nationwide YourLife Guaranteed Level Term
The Nationwide term life insurance product mirrors the best term life policies out there. It’s a term life insurance that can be bought for a period of 10 to 30 years and is guaranteed to be a level term. This means that your rates will not go up or down. Once the term expires you can either let it expire or let it renew annually. Which would mean that your rates go up every year after the expiration of your term, based on your new age, annually. This is of course, unless you use the option to convert.
Conversion Privilege
The term life insurance policy comes with a conversion privilege that allows you to convert your term to a permanent life insurance policy. You will be able to convert this policy without having to take a medical exam or go through underwriting. It is convertible on a guaranteed basis regardless of health during conversion. You can convert this policy at any time during the term, but before age 65.
Riders
Most decent term products on the market comes with riders and this is no exception to that trend. Riders are things you can add on to your policy to further customize it to your needs.
Spouse and Children’s Term Rider – this will cover everyone in the family under one policy if you see it necessary. I would recommend getting an individual policy for your spouse.
Accelerated Death Benefit Rider – the accelerated death benefit add on is there if you are diagnosed with a terminal illness. It will allow you to receive a portion of your death benefit to do with as you please. This can include using it for hospital bills or going skydiving.
Lifestyle Credits
Nationwide is one of the few life insurance companies that provides wellness credits. These are basically points given to you or a healthy lifestyle that can sway your health rating in the better direction. This can be especially good if you are considered a high risk.
Application Process
The application process is standard with Nationwide. Once the pre-qualifying process is done it involves an application, a medical exam, and underwriting. The whole process can take 6 to 8 weeks for approval.
- Application – the life insurance application for Nationwide term life insurance comes with its standard set of questions. It can be done completely over the phone with an agent. The agent will ask you basic information like your address, driver’s license number, and social security. Followed will be a few health questions which you should answer truthfully to because they will verify them anyway. In the end, you will be able to set up your beneficiaries and set up your medical exam.
- Medical Exam – the medical exam happens at your convenience. That means you choose the time and the place where you want it done. The best time to do it is in the morning as you will be required to fast. The nurse will come out to your place and administer a typical physical along with a blood and urine sample. The whole thing should take no more than 30 minutes.
- Underwriting – the underwriting process is the part that takes the longest but where you are the least involved. At this point Nationwide will look at all the information you gave them and decide whether you qualify for the rate that you applied for.
After all of this you should get a call from your agent letting you know that you have been approved. A few days later you will receive a policy in the mail. At this point you will have some time to look it over and sign it.
More About Nationwide
Nationwide has been around for more than 85 years since they were founded in 1925 by Murray D. Lincoln. They are a company known for giving back and have been long standing as a fortune 500 company. They are currently rated A+ by A.M Best.
The Verdict
While Nationwide doesn’t offer anything out of the ordinary of all the top companies out there, it is still one of the top companies on the market when it comes to life insurance. Their term life product is up there with the best of the best of term life insurance policies, so if the rate is good, we wouldn’t hesitate to recommend Nationwide Term Life. The only area they lack is offering a simplified issue term life product, but like most term life insurance companies, I’m sure they’re getting around to it.
Start Here
While we personally think nationwide has a great product offering with their term life insurance product, we always recommend to shop around. Nationwide may be the best company for you, or it may not. The good news is you’re at the right place. We’re an independent agency that does all the shopping on your behalf, at no extra cost to you! If you have any questions about Nationwide Term Life Insurance call us at 888-492-1967 or hit the chat button below. Welcome to InsureChance!
