Nationwide Takes Top Honors in Investopedia’s Life Insurance Rankings
Nationwide has secured the top spot in Investopedia’s comprehensive list of the best life insurance companies. The recognition stems from Nationwide’s impressive blend of product offerings, robust financial standing, and high marks in customer satisfaction. Investopedia’s research delved into 70 criteria across 45 life insurance companies, carefully evaluating factors like policy types, customer service, features, and financial strength to determine its rankings.
Nationwide’s overall performance demonstrated excellence in the following areas:
- Best Overall: Nationwide’s wide range of products and features, living benefits, and financial strength earned it the top position.
- Best Children’s Life Insurance: Nationwide’s options are tailored to meet the needs of parents. Parents can purchase whole life and term life insurance policies for their children.
- Best for People Over 50: The company’s policies are designed for those over 50 offering coverage up to $1.5 million without a medical exam.
Other companies, like Banner by Legal & General, Lafayette Life, SBLI, Penn Mutual, Thrivent, Pacific Life, Symetra, Protective Life, and MassMutual, also received recognition for their strengths in various specialized categories.
Why Nationwide? A Closer Look
Investopedia’s analysis highlights Nationwide’s multifaceted strengths:
- Broad Product Selection: Nationwide offers a very wide variety of products.
- Customer Satisfaction: Customers generally lodge very few complaints.
- Financial Strength: The company holds a high financial strength rating of A+ from AM Best.
- Living Benefits: Many policies feature living benefits at no extra cost, providing financial support in cases of chronic, critical, or terminal illness.
Advantages of Nationwide for Diverse Needs
Nationwide’s appeal extends to different demographic groups.
- Children: Nationwide excels in children’s life insurance because it offers a range of options.
- People Over 50: The company’s policies for those over 50 enable quick coverage.
Policy Types and Riders
Available life insurance policy types include:
- Term Life
- Whole Life
- Children’s Whole Life
- Universal Life
- Indexed Universal Life
- Variable Universal Life
- No-Medical-Exam Life (term)
- Final Expense
Available riders include:
- Term Conversion
- Child Term
- Guaranteed Insurability Rider
- Waiver of Premium
- Accidental Death Benefit
- Terminal Illness
- Long-Term Care
- Chronic Illness
- Critical Illness
Other Top Performers
While Nationwide leads the pack, several other companies were recognized for their specific strengths:
- Banner by Legal & General: Awarded “Best Term Life Insurance” due to its competitive premiums and terms extending up to 40 years.
- Lafayette Life: Recognized as “Best Whole Life Insurance,” offering a wide array of policies and riders.
- SBLI: Named “Cheapest Term Premiums” for its budget-friendly term insurance.
- Penn Mutual: Earned the title of “Best No-Medical-Exam Insurance” due to its substantial policy options.
- Thrivent: Received awards for “Best for Financial Strength” and “Best for Customer Satisfaction.”
- Pacific Life: Acknowledged as “Best for Universal Life,” with a wide range of UL insurance policies.
- Symetra: Also recognized as “Also Great for No-Medical-Exam Life Insurance.”
- Protective Life: Identified as “Also Great for Children’s Life Insurance.”
- MassMutual: Recognized as “Also Great for Whole Life Insurance” due to its generous dividend rates.
Methodology
Investopedia’s rankings are the outcome of in-depth, unbiased research conducted by staff researchers and editors.
Disclaimer
This is an informational article and should not be considered financial advice. Please consult with a financial advisor for personalized guidance.
