What Nationwide Life & Annuity Insurance Company Offers
Nationwide Life & Annuity Insurance Company is the insurance arm of Nationwide Mutual Insurance Company, focused on life and annuity products for individuals and groups. It sells whole life, term life, and fixed indexed annuities, often through workplace benefit programs and direct channels. The company also administers group life and supplemental accident policies, with many of its individual annuities issued by Nationwide Life and Annuity Insurance Company and backed by the claims-paying ability of the parent insurer.
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If you are comparing providers, the first thing to check is which legal entity actually issued your policy. Product terms, riders, and surrender schedules can differ depending on the issuing company and the state where the contract is domiciled.
Product Types and How They Work
Whole life policies from Nationwide build cash value over time and offer level premiums and a guaranteed death benefit, while term policies provide coverage for a set period at typically lower initial cost. Fixed indexed annuities link interest crediting to a market index without direct market exposure, often with a guaranteed minimum interest rate and optional riders such as income for life or long-term care benefits.
Group annuities and workplace life plans are usually offered through employers or associations. In these cases, the benefits are often governed by the plan document rather than the individual policy illustration, so employees should request the summary plan description and read it carefully.
Financial Background and What to Verify
Nationwide Mutual Insurance Company and its affiliates hold financial strength ratings from major agencies, but those ratings can change and apply to the group as a whole, not necessarily to every product line. Before buying, check the latest ratings from AM Best, S&P Global Ratings, Moody's, or Fitch, and confirm the rating applies to the specific underwriting entity.
State insurance department filings are another critical check. Contract provisions, exclusions, and rider details are filed in the home state of the policy, and complaint histories can vary by jurisdiction.
Buying and Service Considerations
When evaluating Nationwide Life & Annuity Insurance Company, focus on the actual contract documents. Look at the illustrated crediting rates, surrender charge periods, rider costs, and any free-look cancellation window. Ask whether the agent or advisor is fee-based or commission-based, and confirm if the recommendation fits your time horizon and income needs.
For group plans, verify whether the coverage is portable if you leave the employer, and understand any conversion privileges. For annuities, clarify whether income payments are fixed or variable, and whether guarantees are backed by the issuing insurance company.
Bottom Line
Nationwide Life & Annuity Insurance Company provides a broad range of life and annuity products, but the right choice depends on your specific needs, the exact issuing entity, and the contract details. Compare illustrations, read the policy or plan document, and check financial ratings tied directly to the underwriting company before you commit.