Nationwide Life and Annuity Insurance Company(Ohio); Overview, Claims, Services, and Benefits

Nationwide Life and Annuity Insurance Company, a key player in the U.S., is a subsidiary of Fortune 100 company Nationwide Mutual Insurance Company, boasting over 36 million members.

With a rich history of over 90 years, this company is a trusted provider of life insurance and annuity products, catering to the financial security needs of individuals and families at every life stage.

Nationwide Life and Annuity Insurance Company

History of Nationwide Life and Annuity Insurance Company

Established in 1931 as Farm Bureau Mutual Life Insurance Company, initially focusing on providing life insurance to Ohio farmers, the company later changed its name to Nationwide Life Insurance Company in 1955.

In 1995, a merger with Nationwide Annuity Insurance Company resulted in the formation of Nationwide Life and Annuity Insurance Company.

Mission and Values

Nationwide Life and Annuity Insurance Company is on a mission to help people reach their financial goals and dreams.

Guided by values such as customer focus, integrity, innovation, and financial strength, the company is dedicated to delivering top-notch service, conducting business with honesty, developing innovative products, and maintaining a robust financial position to meet customer obligations.

Contact Details of Nationwide Life and Annuity Insurance Company

Contact Method Information
Phone (800) 848-6331
Mail Nationwide Life and Annuity Insurance Co PO Box 182835 Columbus, OH 43218-2835
Overnight Mail Nationwide Life and Annuity Insurance Co 3400 Southpark Place, Ste A DSPF-D4 Grove City, OH 43213-4257
Website Nationwide Website

 

Services and Products Offered by Nationwide Life and Annuity Insurance Company

At Nationwide Life and Annuity Insurance Company, we offer various life insurance and annuity products, including:

Customer Service

Our commitment is to provide excellent customer service. Our dedicated team of customer service representatives is ready to answer questions and assist customers with their insurance needs.

Nationwide Life and Annuity Insurance Company

Life Insurance and Annuity Options

Nationwide Life and Annuity Insurance Company provides a variety of life insurance and annuity products, each with unique costs and payment choices.

Life Insurance Premiums

The price of life insurance premiums depends on factors like the coverage type, age, health, and lifestyle. Generally, term life insurance costs $50 to $500 per month, while whole life insurance ranges from $100 to $1,000 monthly. Payment options offered include:

  • Monthly Payments: Spread out the cost over time.
  • Quarterly Payments: Payless often to save on interest.
  • Annual Payments: Most affordable but can be challenging to budget.

Annuity Premiums

Annuity costs vary based on the type chosen, age, and investment goals. Typically, annuities range from $1,000 to $10,000 yearly. Payment options include:

  • Single Lump-Sum Payment: Common choice, purchase with a one-time payment.
  • Flexible Premiums: Make payments at your pace, and adjust as needed.

Discounts

Nationwide may offer discounts to help save on premiums, including:

  • Multiple Policy Discounts: Insure multiple lives or annuities for a potential discount.
  • Good Health Discounts: Discounts for good health history.
  • Non-Smoker Discounts: Discounts for non-smokers.

Promotional Offers

Nationwide Life and Annuity Insurance Company may have occasional promotional offers, featuring discounts or gifts. Check their website or contact your agent for current promotions.

Ratings

Nationwide Life and Annuity Insurance Company gets positive ratings from top insurance agencies:

  • A.M. Best: A++ (Superior)
  • Fitch Ratings: AAA (Exceptional)
  • Standard & Poor’s: AA+ (Very Strong)

These ratings show that Nationwide is financially strong and can meet its obligations to policyholders.

Nationwide Life and Annuity Insurance Company

Customer Reviews

Customer opinions vary for Nationwide. On the Better Business Bureau (BBB), it has an average rating of 3.8 out of 5 stars based on over 1,500 reviews. Of these, 58% were positive, 21% neutral, and 21% negative.

Positive Reviews

  • “Been with Nationwide Life for 20+ years, always happy with their service.”
  • “Happy with how they handled my claim, professional and understanding.”
  • “Would recommend Nationwide Life, reliable and trustworthy.”

Negative Reviews

  • Disappointed with slow claim response and denial without a valid reason.
  • Issues with rate hikes and claim denials.
  • “Would not recommend, terrible company to deal with.”

Complaints

Nationwide receives a relatively low number of complaints to the BBB. In 2022, it had 34 complaints, down from 44 in 2021. Common complaints were about claims and billing.

Resolutions

Nationwide has a good track record of resolving complaints. In 2022, they resolved 97% of BBB complaints.

Filling Claims with Nationwide Life and Annuity Insurance Company

1. Report Your Claim:

Report your claim as soon as possible. The quicker you do, the sooner Nationwide Life and Annuity Insurance can start investigating. Report online, by phone, or via mail.

2. Gather Documents:

Collect the necessary documents depending on your claim type. Common documents include:

  • Policy number
  • Contact info
  • Incident description
  • Date and time
  • Location
  • Names and contacts of witnesses
  • Photos or videos of damage
  • Copies of receipts or invoices

3. Provide Accurate Information:

For faster processing, give accurate and complete information. Be ready to answer questions and provide extra documents if needed.

4. Cooperate with Adjuster:

The claims adjuster, assigned to your case, investigates and decides your coverage. Cooperate with them and provide the requested information.

5. Review Settlement Offer:

Once the adjuster finishes, they’ll send a settlement offer. Check the offered coverage amount. You can accept or reject the offer.

6. Appeal if Needed:

If unsatisfied, appeal the offer. Contact the adjuster or submit a written appeal to Nationwide Life and Annuity Insurance.

Benefits of Joining Nationwide Life and Annuity Insurance Company

Client Benefits:

Nationwide Life and Annuity Insurance, a leading provider in the U.S., offers various benefits for clients:

Employee Benefits

Nationwide Life and Annuity Insurance provides employees with a great work environment and various benefits:

  • Competitive Compensation and Benefits: Employees enjoy competitive salaries, comprehensive health, dental, vision insurance, life insurance, disability insurance, paid time off, and a generous retirement plan.
  • Career Development: Committed to employee growth, Nationwide offers various training programs and advancement opportunities.
  • Diversity and Inclusion: Nationwide fosters an inclusive workplace, valuing diversity and creating an environment where all employees feel respected and valued.
  • Work-Life Balance: The company supports employees in achieving a healthy work-life balance through flexible arrangements and well-being programs.

FAQ’s

1. Q: What types of insurance products does Nationwide Life and Annuity Insurance Company offer?

A: Nationwide provides a range of products, including term life insurance, whole life insurance, universal life insurance, variable life insurance, fixed annuities, and variable annuities.

2. Q: How is Nationwide Life and Annuity Insurance Company rated by independent agencies?

A: Nationwide holds high ratings, such as A++ (Superior) by A.M. Best, AAA (Exceptional) by Fitch Ratings, and AA+ (Very Strong) by Standard & Poor’s.

3. Q: What benefits does Nationwide offer to its clients?

A: Clients benefit from competitive rates, a diverse product range, excellent customer service, and the financial strength of Nationwide for security.

4. Q: What employee benefits are available at Nationwide Life and Annuity Insurance Company?

A: Employees enjoy competitive compensation, comprehensive health and dental insurance, career development opportunities, a culture of diversity and inclusion, and support for work-life balance.

Conclusions

In summary, Nationwide Life and Annuity Insurance is a leading supplier of life insurance and annuity products, receiving top ratings for its financial stability and dedication to meeting client needs.

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