Life Insurance with Nationwide

My question is a quick one. How would you rate Nationwides term life policy? My wife and went with them just under a year ago and were satisfied with the rate we received. We decided on a 20 year term policy. I received the best rate they offer while my wife was one step down but to her defense we had our paramed (sp?) exam just 4 weeks after she had our daughter. I'm not sure what that does to the specifics they are examining but did hear it can make a difference. Sorry, I got off tract with that last statement.

Basically, our agent said my wife can retest at her one year annv. but want to know if we should switch now since she has to retest anyway??
Or will NAtionwide compared to a mutual just be a wash at this point??

Thank you.

three things i looked at based on your question of nationwide.

1. what is it they are good at?

- well, i honestly cant answer that. they offer everything from club memberships to equipment insurance to pet insurance to property casualty insurance to life and health insurance. it sure seems like an awful lot of things to try to be good at. in other words, when i want a steak i go to the butcher shop but if i also need my teeth cleaned i prefer not to have my butcher do the scraping.

2. what is their strength ratings?

- most very good companies make a point of "bragging" about their ratings. the only thing that nationwide offers (as far as i can tell) is their rank in sales. #1 in pet insurance. #9 in umbrella insurance. #32 in brown streaks in employee underwear. whereas this may be interesting and even a factor, it does not tell me how well they manage their company. if i am expecting a company to pay my beneficiaries promptly, i like to know they are THE STRONGEST. that nationwide doesnt offer this information is troubling to me.

3. who are they looking out for?

- everyone knows i am a strong proponent of mutual insurance companies. when they make a profit, they pay it to their POLICY-OWNERS. when a stock company makes a profit they pay it to their STOCK OWNERS. this tells me that a company will do whatever it needs to do to make a profit. on some occasions this will mean doing things that are good for STOCK holders but not good for the POLICY owners. so, i checked out their stock price. it is beating the S&P 500 over the last 5 years (not counting the recent downturn). it is then dropping like an anvil and at a greater degree than the S&P during the downturn. it makes me wonder about their financials. when we deal with LIFE and HEALTH INSURANCE, i am not looking for an "aggressive" company. in fact, the more boring the better. i can count on the outcome with boring, not so much with aggressive.

A very trusted advisor sold this to me so I trust he feels they are better than most, won't define what better means since I'm not in this industry.
I do see what your concerns are and agree. I feel I have a good enough relationship with my advisor I can confront him on why Nationwide when I believe he has access to anything.

Thank you.

Should I ask about anything specific in a policy other than a generic 20 year term policy???

i suppose that if you are using a lot of lines of insurance and that nationwide did single billing then nationwide would be a good choice just to cut down on your personal administration.

but, i find it hard to believe that he would offer nationwide in the first place if he had access to any of the older mutual companies (NY Life, Mass Mutual, or Northwestern Mutual). If he does not, he can certainly call them to get access to them.

as for the type of insurance, your "trusted advisor" should have had that discussion with you PRIOR to your last purchase and should make himself available for a yearly update. this is a topic that simply cannot be answered in a discussion on a bulletin board.

I will follow up with him and find out why Nationwide was used and if he has access to the old mutuals.

Him and I did have a discussion on what I should get but I always think it is worth getting another persons thought on any topic. I do understand the back and forth to get to an exact answer of what I need in insurance would require too much time and no payoff for you so I completely understand.

Thank you.

Thank you.

notinthebiz, in all fairness i dont think anyone here (and certainly not I) are worried about not getting "paid" for our advice here. in fact, while we have some pretty specific discussions on occasion, they are generally not specific on a certain person's need. to offer specific advice on what any one person needs would be no different than a doctor giving you a perscription after an internet chat outlining a list of symptoms.

i am hesitent to tell you what type of insurance is best for YOU because to do so would require about an hour (AT LEAST) in a face to face conversation with you. to give you less than i would a client but the same level of diagnosis would short-shrift you and in all fairness would make me feel a little slimey.

while an agent who represents one of the big mutual companies may offer a better PRODUCT, he or she may not be the better educator and advisor than the guy you have now who (in my opinion) offers a somewhat lesser product. it just seems to me that if your guy now was doing HIS job, you wouldnt have the questions you have now (though i understand you are also looking around for additional data).

to do yourself the best service with the material readily available, look at all the threads under insurance. look for the ones with over a dozen posts. read each of them yourself. you may glean some important information on the differing varieties of life insurance and as such narrow down both your situation and also the product lines available. here is one on VUL (not that i think you need VUL and you probably do not). i offer it because it is a great discussion on VUL and you will know more about it if it comes up in a conversation with an advisor or agent.

http://forums.kiplinger.com/showthread.php?t=10918

Thank you 1MO for all your help.

My comment on getting paid wasn't a knock so I hope it wasn't taken that way because I know you and many others have given out more advice than most advisors do for a healthly chunk of change.

Thanks again.

you are very welcome and best of luck.