Washington National Insurance Company Review 2022

Washington National is not one of our top rated life insurance companies. You can consult our list of best life insurance companies for what we think are better options.


The benefits explained

  • Well-established partner: Washington National has been a provider of life insurance since 1911.
  • Group coverage available: Thanks to Washington National, there is group life insurance coverage available for additional savings.
  • Strong financial reliability: Washington National receives top marks for financial strength from leading ratings provider AM Best.

Disadvantages Explained

  • Limited information online: Washington National does not have much information online to advise customers.
  • Catastrophic customer satisfaction: Washington National receives extremely poor ratings from the National Association of Insurance Commissioners for customer satisfaction.
  • Limited customer support: Washington National offers restricted customer service hours, with phone-only representatives available Monday through Friday during limited business hours.


Packages available

The Washington National Insurance Company sells two types of life insurance coverage: term and universal life insurance policies for individuals and business owners.

Term life

Term life insurance is term life insurance coverage with a specific end date. Most policies last 10 to 30 years, although the exact specifics of each plan will depend on your specific provider and state of residence.

The Washington National made headlines in early 2021 for a new program designed for group term life insurance members called Monthly income protection. With this in place, beneficiaries receive the death benefit in monthly installments rather than the standard lump sum payment. You can choose a monthly income replacement benefit for beneficiaries for two, three or five years. During retirement, there is also the option of a lump sum death benefit of $10,000 to $25,000 with no ongoing payments after the monthly income benefit expires. If you quit your job, there is additional portability so you can keep your coverage.

universal life

Washington National also offers universal life insurance, similar to whole life insurance, but adds greater flexibility. Policyholders can adjust their coverage levels and change premiums while earning cash value over time for a tax-free death benefit.

Washington National policyholders can also increase cash value by investing in the S&P 500 Index option. The exact products available from Washington National depend on where you live and other eligibility requirements. For the most up-to-date details, contact your agent.


Runners available

Life insurance riders are additional coverages that you can purchase to provide additional coverage to your life insurance policy. These endorsements often have an additional cost, but provide additional protection to enhance your existing coverage.

Washington National does not offer much information about the runners it offers. However, we do know that an available living benefits rider allows you to access your policy’s death benefit during your lifetime if certain conditions are met. This can help you pay for medical bills and other emergencies.


Customer service

Since the Washington National Insurance Company underwrites policies, you should contact them directly for any questions or assistance.

You can contact the Washington National Insurance Company in several ways.

Washington National Insurance Company Customer Support
Call (800) 525-7662 Monday through Friday, 8:00 a.m. to 5:45 p.m. EST
Address Washington National Insurance 11825 N. Pennsylvania Street Carmel, IN 46032
Service document address Washington National Insurance Company PO Box 2022 Carmel, IN 46082-2022
Online portal My.WashingtonNational.com
Online Forms Gallery https://my.washingtonnational.com/forms

If you have any questions about your policy, you can contact your agent directly for further clarification. Customer support can also help you get in touch with your agent.

Consider contacting your agent first as Washington National’s customer service is poorly rated.


Index of complaints

To judge customer satisfaction, we look at the rating of the National Association of Insurance Commissioners (NAIC). Each year, the NAIC compiles customer complaints about life insurance companies and assigns an average rating using a base rating of 1.0.

The Washington National Insurance Company’s complaint index is extremely high compared to other life insurance companies. The Washington National received a 2021 rating of 2.49. Even though that number is better than their 2020 score of 3.32, it is still quite high. This shows that Washington National tends to offer poor customer service.


Third-party reviews

Washington National does not appear in JD Power’s 2021 US Life Insurance Study or JD Power’s 2022 US Insurance Digital Experience Study. Besides customer satisfaction, another important factor to consider is the financial strength of the business. When a company receives high ratings from AM Best, it often means the provider can be relied on for reliable claims handling and payments.

Washington National receives a score of A- (Excellent), demonstrating solid financial strength and reliability.


Cancellation Policy

When you purchase a new life insurance policy, a free search period allows you to review your policy in detail after your purchase. If you change your mind and decide to cancel your policy during this period, there are no penalties and eligible premiums paid are refunded. If you cancel your policy after that, you may incur penalties and additional charges if you cancel your policy before the end of its term.

Although Washington National does not specify the exact details of its cancellation policy, your agent can help provide further information regarding options and penalties.


Price

The cost of your life insurance policy is based on a series of individual factors that insurers use to calculate risk. As discussed above, sex is one of the main factors influencing pricing, although insurers tend to use sex at birth rather than current sex. gender identity. Other factors that can affect the cost of your life insurance include your age, medical history and where you live. Certain states may limit the availability or affect the price of certain products.

Depending on your qualifications, you may be eligible for simplified subscriptionwhich skips the required medical exam and instead uses a simple health questionnaire.


Competition

To better understand Washington National’s performance in the industry, we compare it to one of the top life insurance companies, New York Life.

Washington National is much smaller and has a smaller market share than New York Life, one of largest insurance companies in the country. Its dividends are also much lower than those of New York Life. Washington National lags in financial strength and doesn’t even rank in JD Power’s customer satisfaction rankings. Its NAIC ratings are extremely poor and inconvenient, especially considering the excellent ratings from New York Life.

Even as Washington National, we’ve found that Pioneer can’t compete with New York lifethe four largest insurance provider in the current market.

Washington National Life Insurance New York life
Market share Very small Fourth largest in the United States, 5.1%
Number of packages 3 9
Dividends may exist $1.9 billion (2022)
Wellness Program Discounts/Quit Smoking Incentives Not applicable Not applicable
service method Officers Officers
AM Highest rating A- (Excellent) A++ (Superior)
Pricing Contact agent Contact agent
Complaint trend 2.49 Very bad 0.16 Excellent

final verdict

The Washington National Life Insurance Company offers several types of coverage, including group life insurance coverage with flexible monthly payments.


Our Methodology: How We Review Life Insurance Companies

Investopedia uses our exclusive Life Insurance Review Methodology to assess today’s leading insurance providers. We use a series of critical factors to perform an in-depth analysis, focusing on a company’s strengths and weaknesses. Important factors to consider are the types of coverage available, additional riders, price, underwriting, customer satisfaction and financial strength. Based on these factors and more, we present the latest and most in-depth insurance product reviews so you can make the best financial decisions for you and your family.



Related Posts