Author:Andrew Richardson

Read:12 mins

Review of Nationwide Life Insurance

Nationwide offers two main life protection policies: regular term cover and a specially designed policy for mortgage holders. Both can be adapted to your life situation change and be taken out either as level term or decreasing cover. To apply for either you must be a Nationwide customer.

You can also add critical illness cover as an extra to either policy and also take out income protection insurance through Nationwide. We’ve outlined and broken down the options available for you to help you decide if Nationwide life insurance is right for you.

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Pros
  • Low premiums
  • The choice between level term and decreasing cover
  • Early days advance payment of £5,000 while any claim is assessed
  • Cover for your children if you choose to add critical illness cover to your policy
  • Terminal illness cover comes as standard
  • Joint cover available option for you and your partner
  • Very flexible policies
Cons
  • Critical illness cover must be added as an extra
  • No whole of life or over 50s plans
  • Only available to existing Nationwide members

About Nationwide

Nationwide Building Society is the second largest provider of household mortgages and savings in the UK. It is the largest building society in the world with over 15 million members and it was ranked number 1 in customer satisfaction amongst its high street peer group in March 2016.

The history of Nationwide is a company gradually developing through over a hundred mergers, going back as far as 1848. The name Nationwide Building Society was adopted in 1970 and now is one of the most recognisable names on British high streets.

How User-Friendly is Nationwide’s Insurance Buying Process?

At the forefront of our Nationwide Insurance buying process review, we must determine its user-friendly nature. To the delight of users, Nationwide has succeeded in creating a relatively easy and straightforward buying process. Through its intuitive website, prospective policyholders are able to effortlessly navigate and understand the required steps.

Moving further into their platform, users find that Nationwide has incorporated a comprehensive set of tools that help with quote generation. In comparison to some competitors, they provide a great degree of detail in explaining the various coverage options. This transparency is favourably received as it helps users feel informed and confident about their decisions.

Nationwide Insurance Pricing: Value for Money?

An in-depth consideration of the Nationwide Insurance pricing system is essential to evaluate its worth. Does Nationwide offer valuable coverage at competitive prices? Our research at Pure Cover indicates that it does offer favourable pricing, particularly in relation to the comprehensive coverage provided.

Admittedly, the cost of policies can vary depending on several factors such as location, age of the insured, type of coverage, and so on. However, Nationwide has earned a reputation for providing reasonably priced policies that often stand out in comparison to competitors. Notably, they also offer diverse discount opportunities which further increase the value for money.

Understanding Nationwide’s Insurance Policy Terms

Unravelling insurance policy terms can be intimidating for most people. Therefore, Nationwide Insurance policy understanding is key when considering taking up a policy. As we investigated, it was impressive to find that Nationwide uses simple language to explain its policy terms. They go a step further, providing additional resources for a better understanding.

However, it’s not just about simple language. Nationwide’s agents are equally committed to ensuring that clients fully comprehend the terms before making a commitment. They are known for taking the time to explain every single detail, using personal anecdotes and metaphors to simplify complex insurance terminologies.

A Look into Nationwide’s Insurance Customer Service

Distribution of insurance policies isn’t the only factor to consider in this review; Nationwide customer service is a vital area to examine. Availability, accessibility and prompt response are key indicators of quality customer service. Nationwide undeniably ranks highly in these areas with their 24/7 available contact channels and a strong reputation for prompt complaint resolution.

Furthermore, Nationwide utilises a personal approach, a trait that sets them apart. Their customer service representatives are trained to empathize with customers’ issues, providing a human touch to every interaction. This has greatly endeared them to their client base, as demonstrated by the high ratings they consistently receive for their customer service.

Nationwide’s Claims Process: Fast and Fair?

A pivotal part of an insurance company’s operations is its claims process. An insurer’s credibility is often judged based on how fast and fair they are in handling claims. Our investigation indicates that Nationwide’s claims process seems to enjoy a generally positive review, although with a few isolated cases of discontent.

Most policyholders acknowledge the speed at which Nationwide processes their claims, not to mention the fairness in claim assessments. It’s not uncommon to find users sharing their experiences of how Nationwide came through for them during difficult times. Like every other company, a handful of cases may fall short of expectations, but the overwhelming majority of reviews towards Nationwide’s claims process is positive.

Customer Opinions on Nationwide Insurance Products

The voice of the customer is undeniably the most genuine feedback any company can receive. We’ve gathered several Nationwide customer opinions to provide context for this review. The consensus is largely positive, with customers praising the extensive range of options and the robustness of coverage provided.

It’s vital to remember that while the detail and comprehensiveness of Nationwide’s insurance products are greatly appreciated, there’s also a commendation for the flexibility of the products. Users also love the ability to customise their policies to suit their unique needs, leading to overall customer satisfaction.

The Strengths and Weaknesses of Nationwide Insurance

Every company has its advantages and shortcomings, and Nationwide Insurance strengths and weaknesses are no different. For strengths, Nationwide has an arsenal of coverage options, a user-friendly platform, excellent customer service, and reliable claim settlements.

However, Nationwide isn’t without its weaknesses. Some users have noted that there’s room for improvement in the area of transparency with rate increases, particularly for auto insurance. Also, while their customer service is generally praised, a few customers have reported isolated incidents where they felt their complaints weren’t addressed satisfactorily.

The Coverage You Get with Nationwide Insurance

When it comes to Nationwide Insurance coverage, they provide an assortment of options that range from auto, home, renters, life insurance, and more. The varied options are comprehensive and robust, designed to give policyholders ample protection.

Furthermore, Nationwide supports additions to standard policies, allowing for a better-customised experience. This provides an added strength as it allows policyholders to tailor their coverage specifically to their needs. The wide coverage scope of Nationwide Insurance truly stands out in the insurance industry.

Insurance Options: Out Honest Breakdown

Nationwide life insurance packages are exclusive to existing members. However, the versatility and range of term life policies on offer mean there’s likely to be a suitable solution for all single and joint applicants aged 18-77.

Both Nationwide Life Insurance and Nationwide life insurance for mortgage holders can be taken out as either level-term or decreasing cover policies (explained below). Critical illness cover can be added in exchange for increased premiums and you can also take out Nationwide’s Income Protection Benefit policy to protect against being unable to work for a long period of time.

Nationwide offers a £5,000 early days payment plan so that your family can gain support while any claim is assessed. Nationwide Life Insurance also offers free life cover for 90 days to clients who are moving home while they assess whether to offer Mortgage life cover.

Another useful thing about Nationwide’s policies is that they allow for changes to be made after a policy has been taken out, including increasing the level of coverage. This sense of customisation is great for anyone who may encounter a change of circumstances.

Nationwide life insurance is offered up to the age of 90 (70 for critical illness inclusion). Applicants must be aged 77 or under to apply, although this can fall depending on the plan. For joint applications, only the first death will be covered by the payout.

Premiums at Nationwide start at just £6 per month (£7.36 for smokers). The price will increase depending on the duration and payout, as well as other factors such as your age and expenses. Those prices will cover applicants for up to £100,000 for a duration of 25 years.

Here’s a breakdown of the specific policies offered by Nationwide:

Term Life Insurance

Both of Nationwide’s life insurance policies can be taken out either as a level term or decreasing cover agreement. With level term, the premiums you pay and the cash sum paid out on a successful claim remains the same throughout the policy. With decreasing cover, your premiums remain the same but the cash sum paid out decreases over time. The decreasing cover is designed specifically to cover a debt that reduces over time, such as a mortgage. It’s common to find premiums being lower with a decreasing cover policy.

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Nationwide Life Insurance

  • Premiums start at £6 a month
  • Can choose between level term and decreasing cover
  • Changes can be made after the policy has been taken out
  • Only open to Nationwide customers
  • The policy can last a maximum of 50 years
  • Must be between 18 and 77
  • The policy must end before 90th birthday – no whole of life cover
  • Early days advance payment of £5,000 while any claim is assessed
  • Can add waiver of premium benefit: pays your premium after 26 weeks if you become incapacitated out of sickness or injury
  • Can add critical illness cover in exchange for higher premiums

Nationwide Life Insurance for Mortgage Holders

  • Very similar to the regular life cover policy, except tailored for mortgage owners
  • Premiums start at £6 a month
  • Can choose between level term and decreasing cover
  • Changes can be made after the policy has been taken out
  • Only open to Nationwide customers
  • The policy can last a maximum of 50 years
  • Must be between 18 and 77
  • The policy must end before 90th birthday – no whole of life cover
  • Early days advance payment of £5,000 while any claim is assessed
  • Can add waiver of premium benefit: pays your premium after 26 weeks if you become incapacitated out of sickness or injury
  • Can add critical illness cover in exchange for higher premiums

Other Nationwide Life Insurance Options

Along with being able to add critical illness cover to the above policies, you can also take out income protection insurance with Nationwide. An income protection benefit is used to provide a safety net should you become unable to work. As statutory sick pay is under £100 per week, this can be a lifesaver.

Income Protection Benefit

  • Pays out a tax-free monthly benefit after a set amount of time if you become unable to work
  • Can help you keep up with bills, mortgage payments, and your standard of living until you’re back on your feet
  • Premiums, the value of monthly payouts, and the length of time, before payments start, can be adjusted to suit you
  • Payouts are set to a maximum of 60% up to £60,000, and 50% of any additional funds up to a total of £200,000 per year

How Nationwide Insurance Stands Against Major Competitors

Nationwide’s standing against major competitors is an aspect that couldn’t be ignored. With an extensive range of coverage options, competitive pricing, and excellent customer service, Nationwide holds its own among competitors.

When you consider the flexibility of Nationwide’s policies, it strongly contends with even the most illustrious competitors. Customers often appreciate the company’s well-rounded approach, which not only emphasises providing quality insurance products but also focuses on an impeccable customer service experience, putting them a step ahead of many counterparts.

Is Nationwide Insurance Worth the Investment?

So, is Nationwide Insurance worth the investment? Based on our findings at Pure Cover, the answer is largely positive. While no company is without its flaws, Nationwide’s commitment to affordable pricing, the breadth of coverage, excellent customer experience, and their ability to handle claims with speed and fairness make them a worthy contender.

Investing in Nationwide Insurance is not just about buying a policy, but also about the peace of mind that comes with knowing that you’re covered when the unexpected happens. If you’re seeking a reputable, reliable, and customer-centric insurance company, then yes, Nationwide Insurance is a worthwhile investment.

Frequently Asked Questions(FAQ)

Q: How easy is the process of buying Nationwide Insurance?

A: It’s quite user-friendly. The company has an intuitive website and tools that make the buying process straightforward and easy to understand.

Q: Is Nationwide’s pricing for Insurance reasonable?

A: Yes, Nationwide offers competitive pricing for its comprehensive coverage options, and also provides numerous discount opportunities.

Q: What do customers say about Nationwide’s insurance products?

A: Customer opinions reveal a high level of satisfaction with the range of options and flexibility of Nationwide’s insurance products.

Q: How does Nationwide’s customer service and claims process stand?

A: Nationwide’s customer service is highly rated for its availability and timeliness. Their claims process is also generally fast and fair.

Q: Is Nationwide Insurance a good investment?

A: Yes, considering its affordable pricing, comprehensive coverage options and excellent customer service, Nationwide can be seen as a worthy investment.

Nationwide Life Insurance: Conclusion

Nationwide offers a range of life cover products at affordable premiums. Both individual and joint applicants can take advantage of the available plans. Moreover, the extra safety net of income protection and options for personalisation add to the company’s appeal.

You can’t get whole of-life cover or a specific over 50s plan through the company, but if you’re looking for a flexible option for term life cover with a reputable company, then Nationwide life insurance is a good option. Just remember you need to be an existing member to qualify for a policy.

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

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About Andrew Richardson

Andrew Richardson, an accomplished expert in UK life insurance, brings to the table a wealth of knowledge amassed over 25 years in the industry. Andrew holds an honours degree in Business and Finance from the London School of Economics and is a Fellow of the Chartered Insurance Institute. He has dedicated his career to ensuring his clients receive the best possible advice and solutions to safeguard their futures.

Embarking on his career in London’s bustling finance district, Andrew’s unique ability to unravel and simplify the complexities of life insurance policies became evident. This skill, coupled with his intuitive understanding of market dynamics, led him to hold high-ranking positions in some of the country’s most well-respected insurance firms.

Renowned for his industry-leading expertise, Andrew has shared his valuable insights through articles in prestigious publications such as The Economist, The Telegraph, and the Financial Times. He has significantly contributed to shaping public understanding of life insurance by presenting complex information in an accessible and digestible format.

Notably, as a former Director of Life Insurance Products at a top insurance company, Andrew played a key role in the development and launch of ground-breaking life insurance products. These innovative policies have since become industry standards, demonstrating the significant impact of Andrew’s work.

Andrew’s commitment to educating the public on life insurance doesn’t stop at his writing. He frequently conducts workshops and seminars throughout the UK, empowering individuals to make informed decisions about their life insurance plans. His ability to present complex information in a clear, easy-to-understand manner has made these sessions highly sought after.

Beyond his professional achievements, Andrew actively utilises his expertise to support charitable causes, offering his knowledge of life insurance to help non-profit organisations secure their financial futures.

Always at the cutting edge of industry advancements, Andrew continually upgrades his knowledge, ensuring he offers the most current, relevant, and reliable advice to his clients. His unwavering dedication to professional growth has cemented his status as an industry leader in life insurance.

Andrew Richardson is more than just an insurance expert; he is a trusted advisor, a visionary product developer, and an invaluable asset to anyone seeking guidance on their life insurance needs. His deep knowledge, innovative spirit, and tireless commitment to client service make him an irreplaceable figure in the UK’s life insurance landscape.

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Meet our authors

Amelia Thompson

Dr. Amelia Thompson is an esteemed expert in UK health insurance, with a career spanning over 25 years. A Cambridge graduate in Medicine and a Master's holder in Health Policy from the University of London, Amelia has made significant contributions to the field, notably in the development of consumer-focused health insurance products. Renowned for her ability to simplify complex concepts, she frequently shares her insights in leading publications and educational seminars. Her commitment to ethical practice, client service, and industry advancement makes her a trusted and influential figure in UK health insurance.

Andrew Richardson

Andrew Richardson is a highly respected expert in UK life insurance, with over 25 years of industry experience. Holding an honours degree from the London School of Economics and being a Fellow of the Chartered Insurance Institute, Andrew has made significant contributions to the field, including developing ground-breaking life insurance products. Known for his ability to simplify complex life insurance concepts, he regularly shares his insights through articles and workshops, empowering people to make informed decisions about their life insurance needs. His commitment to client service, education, and staying at the forefront of industry advancements solidifies his reputation as a trusted and leading figure in UK life insurance.

Benjamin Turner

Benjamin Turner is a highly regarded expert in UK funeral insurance, boasting a professional career that spans over 20 years. A University of Manchester graduate and a distinguished member of the Chartered Insurance Institute, Benjamin has significantly contributed to the field, notably in the creation of comprehensive funeral insurance products. Renowned for his ability to clarify complex concepts, he frequently shares his insights in leading publications and workshops. His commitment to client service, ethical practice, and industry advancement makes him a trusted figure in the UK funeral insurance landscape.

Jonathan Harvey

Jonathan Harvey is a distinguished expert with over twenty years' experience in the UK's life, health, and funeral insurance sectors. A Cambridge graduate and Fellow of the Chartered Insurance Institute, Jonathan has a proven track record in designing innovative insurance policies, and a strong reputation for making complex insurance matters comprehensible for the public. Known for his empathetic approach, he has helped thousands make informed decisions on their future security. Regularly contributing to leading publications and hosting educational workshops, Jonathan's commitment to client service and public education truly sets him apart in the insurance industry.

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