Review of the Nationwide Guaranteed Universal Life Insurance Product
See our comparison of the best guaranteed universal life insurance companies for 2019.
Quick Summary: Nationwide offers some of the lowest pricing around for many ages but it's not always easy to qualify for and may end up being more expensive in a different health class. Extremely strong company and a good choice for those that like to have all their different types of insurance in one place as they offer much more than only life insurance.
About the Company - Nationwide
A name most everyone knows from their vast marketing efforts and catchy jingles, Nationwide is aiming to be your one-stop shop for all insurance needs. Life, auto, homeowner, business, travel, and much more, you can do it all with this company.
They began in 1925 known as the Farm Bureau Mutual doing only auto insurance. In 1955, the name was changed to Nationwide Insurance and it's now recognized in the Fortune 100 and holds almost $200 billion in assets.
When it comes to financial strength and security, Nationwide is top notch. Rating agencies that monitor insurance carriers, such as A.M. Best, all give Nationwide high grades. This stability allows you to have comfort that the company won't be gone tomorrow. Should you ever need to file a claim, they'll be there.
What is Guaranteed Universal Life Insurance? (expand to learn more)
About the Nationwide Guaranteed Universal Life Insurance Policy
Product Name
YourLife No Lapse Guaranteed UL
Death Benefit
$100,000 to No Set Maximum
ISSUE AGE
18 to 85
Coverage Length
To age 100 or 120
Nationwide Underwriting Secrets
We consider Nationwide overall to be on the strict side for underwriting. They can be favorable for specific health considerations but you do need to consider other carriers.
The Wellness Credits program will look at healthy lifestyle habits and use these to increase the underwriting classification, possibly resulting in a lower premium payment. These may be used to offset other negative health issues in an applicant's profile.
Nationwide does not offer a Standard Plus health rating. This is a drawback as most all other life insurance companies have this classification. This means if you are in between Preferred and Standard, you will be bumped down to Standard and pay higher rates.
The secret to finding the cheapest life insurance rates is applying at the company that will view you most favorably. Just going with the one that shows the lowest rates can be a BAD idea and end up costing you more money.
Nationwide underwriting may be lenient for these situations:
Nationwide may NOT be a good choice for:
Cost - Sample Rates
Sample Nationwide guaranteed universal life insurance quotes:
50-year-old male at Preferred health class - pricing listed is per month
Death Benefit | to Age 100 | to Age 120 |
|---|---|---|
$250,000 | $211 | $215 |
$500,000 | $417 | $425 |
$750,000 | $626 | $638 |
$1,000,000 | $804 | $821 |
47-year-old female at Preferred health class - pricing listed is per month
Death Benefit | to Age 100 | to Age 120 |
|---|---|---|
$250,000 | $159 | $162 |
$500,000 | $302 | $313 |
$750,000 | $453 | $470 |
$1,000,000 | $570 | $596 |
Our custom quote tool on this page displays only guaranteed universal quotes so you can cut through the clutter. Please note that some carriers do not allow us to display their rates online. We will discuss if there are other options that might be a better fit.
Pros
Low priced premiums, if you can qualify for those rates
Offers a long-term care rider
Wellness credits program may reduce your premium payment
Cons
Strict underwriting for most health profiles
Does not have a Standard Plus health rating like most carriers do
Extras, Options, and Flexibility
The Nationwide Mutual Insurance Company offers choices to enhance and customize your GUL policy. Most of these riders will require an increase to your premium payment
Automatically Included at No Extra Cost
Accelerated Death Benefit for Terminal Illness - If the insured becomes terminally ill, the policyholder may draw against the death benefit early. These funds can be used for medical care or to make their final days more comfortable. Any amount that is advanced will be deducted from the death benefit.
Additional Options - At a Cost
For an additional cost to your policy, you have the choice to add these benefits:
Disability Waiver of Policy Charges Rider - If the insured becomes disabled for 6 months or more, this rider will waive the monthly deduction charges.
Accidental Death Benefit Rider - Your beneficiaries receive an extra amount of money in the event of accidental death.
Children's Term Rider - Pays a death benefit if any household children pass away. This applies to biological children, adopted children, and stepchildren. Any kids will be covered up to age 22.
Long-term Care Rider - Will help pay for various types of long-term nursing care. ***This rider varies considerably from state to state due to regulations.***
Spouse Rider - Adds level term insurance for your spouse. This policy can be converted to whole life during certain time frames.
Waiver of Monthly Deductions - Pays monthly policy deductions while disabled after a 6 month waiting period. Length of time the deductions will be paid is based on the age of disability starting. This does not, however, waive the full premium.
How To Make Sure You Choose the Right Universal Life Insurance Policy
The best advice I can give is to always work with an independent agent. If you call a company direct, they'll only push their products on you, and you save nothing. Rates are fixed by your state laws.
Life insurance is the ONLY thing we do. We know the ins and out of 60+ companies and can find you the lowest rates. Every. Single. Time.
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