Nationwide life insurance

Overview

Nationwide is best known for auto and home insurance, but it is also one of the largest U.S. life insurers. Its life business is written mainly by Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company, part of Nationwide Financial, which also sells annuities, retirement plans and mutual funds. The group ranked #12 among U.S. life insurance groups by 2024 individual life direct premiums written, according to NAIC market share data, with $3.91 billion in premiums and a 2.50% share. In May 2026, Nationwide CEO Kirt Walker described the life business as the third-largest writer of life insurance in 2025.

The life companies are stock subsidiaries of Nationwide Mutual Insurance Company, a mutual owned by its policyholders, so there are no outside shareholders. Nationwide sells life insurance mainly through independent agents, financial professionals and brokers, and it sells short-term no-exam coverage directly online and by phone. For 2025, the Nationwide enterprise reported $73.2 billion in total sales and premiums, net operating income of more than $4.29 billion and $32.8 billion of total adjusted capital.

History

Nationwide sold its first policy in 1926 as the Farm Bureau Mutual Automobile Insurance Company, sponsored by the Ohio Farm Bureau Federation. It added life insurance and annuities in 1935 by acquiring the Life Insurance Company of America. In 1948 the Farm Bureau Mutual companies separated from the Farm Bureau at the request of insurance commissioners, with Murray D. Lincoln continuing to lead them, and in 1955 the company changed its name to Nationwide.

Nationwide Financial Services was formed in 1996 as the holding company for the life, annuity and retirement businesses and went public on the New York Stock Exchange in 1997. In 2008 Nationwide Mutual bought back all of the publicly traded shares, returning the whole enterprise to mutual ownership. Nationwide acquired Allied Group of Des Moines in 1998, Harleysville Mutual in 2012 and Jefferson National, an annuity distributor for fee-based advisors, in 2017. Announced in 2018, Nationwide's move to an independent agency model was completed by July 2020, ending its exclusive (captive) agent force.

Two recent deals stand out. In July 2025 Nationwide acquired Allstate's employer stop-loss (group health) business. In May 2026 it agreed to reinsure a block of fixed universal life policies from MassMutual covering more than 30,000 policyowners, with nearly $16 billion of face value and $6 billion of reserves. MassMutual continues to administer those policies and remains the contact for policyowners, so their service does not change. The company calls 2026 its centennial year.

Life insurance products

Term life. Nationwide's online term policy offers 10- or 20-year coverage up to $1.5 million with no medical exam for applicants ages 21 to 55, and the process can be done completely online (see no-medical-exam term life insurance: how it works). The quoted price is an estimate; the final price may change after underwriting. People who need more than $1.5 million or a term of up to 30 years are pointed to Guaranteed Level Term, sold through agents, which includes options to renew or convert to a permanent policy.

Whole life. Nationwide sells Whole Life 100, with level premiums to age 100; 20-Pay Whole Life, paid up after 20 years; and Nationwide Heritage Single Premium Whole Life, funded with one payment of at least $10,000 and aimed at passing money to heirs.

Universal life. Nationwide's permanent line is weighted toward universal life. Indexed universal life products include the Indexed UL Accumulator III, which focuses on cash value growth and lets owners lock in index gains; the Indexed UL Protector II 2020, which focuses on death benefit; and Survivorship Indexed UL 2020, covering two people. New York has separate YourLife versions. Nationwide also sells universal life and Variable universal life (VUL) insurance, which is sold by prospectus and carries investment risk.

Long-term care. Nationwide's Long-Term Care Rider II, available on most of its permanent life policies, accelerates part of the death benefit when the insured needs long-term care. Nationwide says its LTC benefits are paid on a cash indemnity basis to the policyowner. Its CareMatters products link long-term care coverage to a universal life policy or a deferred fixed annuity (see hybrid life and long-term care policies). Using LTC benefits reduces the death benefit and cash value.

Other products

Nationwide Financial is a major annuity company, selling variable, registered index-linked, fixed indexed, fixed and immediate annuities, plus retirement plans for employers and public-sector workers, mutual funds and pension risk transfer. The wider Nationwide group sells auto, home, farm, business, pet and specialty insurance, so many customers can keep life and property policies with one company.

Buying and service

You can get a term quote and apply online at nationwide.com, call 866-207-9160 or schedule a consultation. Permanent life insurance and Guaranteed Level Term are sold through independent agents and financial professionals, who can reach Nationwide at 800-321-6064. Existing life and annuity customers get service at 800-848-6331, weekdays 8 a.m. to 8 p.m. Eastern (TDD/TTY 800-238-3035), and can manage policies through a Nationwide online account. Policies originally issued by Harleysville Life have a separate service line, 800-222-1981. Nationwide's Office of Customer Relations handles escalated complaints.

Claims

Beneficiaries can report a death claim by calling 800-848-6331 or by starting a claim online at nationwide.com. Family members, funeral homes, agents, executors, trustees and attorneys can all start the process. Nationwide asks for a completed claim form and a copy of the death certificate issued by a government agency. It says it will contact the claimant with guidance within three business days, then reviews the forms and pays proceeds by check, direct deposit or a J.P. Morgan Concourse account. Nationwide also offers an online search for a lost policy.

Ratings and reputation

Nationwide's ratings page lists A+ (Superior) from AM Best for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company, affirmed November 7, 2025, and A1 (Good) from Moody's, affirmed October 28, 2025. S&P rates Nationwide Mutual and its affiliates A+ (Strong), affirmed April 27, 2026. These are solid ratings but a step or more below the top-rated life mutuals.

In the J.D. Power 2026 U.S. Individual Life Insurance Study, released October 8, 2026, Nationwide ranked highest of 23 brands with a score of 701 against a study average of 649, ahead of State Farm (692) and Mutual of Omaha (680), up from third in 2025. Nationwide says it ranked first in trust, value for price, digital channels, flexible service options and problem resolution.

In March 2013, Nationwide agreed to a $7.2 million multistate settlement, led by Florida, over unclaimed death benefits. Regulators found it had used the Social Security Death Master File to stop annuity payments to people who had died but not to find beneficiaries owed money. It agreed to monthly checks against the file and reported having already paid $144.1 million on 4,747 unclaimed benefits identified during the examination.

Who it suits

Nationwide suits buyers who want a recognizable company with strong customer-satisfaction scores, quick no-exam term online for moderate amounts, or an indexed or variable universal life policy with a long-term care rider through an independent agent. It is less of a fit for people who want dividend-paying participating whole life from a top-rated life mutual, or term coverage longer than 20 years bought online.

• Strengths: First in J.D. Power's 2026 individual life study; no-exam online term up to $1.5 million for ages 21 to 55; a broad indexed and variable UL lineup with an LTC rider and linked-benefit products; backed by a large, diversified mutual with record 2025 capital.
• Weaknesses: Ratings (A+ AM Best, A1 Moody's) are below those of the highest-rated life mutuals; online term is limited to 10 or 20 years and $1.5 million; permanent policies and longer terms are sold only through agents and financial professionals; a 2013 regulatory settlement over unclaimed death benefits.

How to contact Nationwide