Do you know there are more than 800 insurance companies that are providing different types of Insurance Services to their customers. Washington National Insurance is one of them in Providing different insurance services to their customers and members.
If you have made a Plan to get Insurance Service from Washington National Insurance Company then we have compiled a complete Review for you. In this review, we will cover the detailed history of the company, it’s services and products and it’s ratings.
After reading the review you will be able to decide either Washington National Insurance Company is the right choice for you or not. You have to keep in mind that you have to choose a company that can fulfil your goals behind getting insured.
Also, Read a Complete Review about USAA Insurance Company.
History of Washington National Insurance Company
Washington National is a Carmel, Indiana based Insurance Company which is providing insurance services since 1911. The company shows off that it is based on four core values includes integrity, customer focus, excellence, and teamwork.
Washington National Insurance was originally founded to provide health and accident insurance to the teachers. In 1997, Washington National Insurance was acquired by CNO Financial Group.
Washington National Insurance Customers are assisted by Insurance agents. The main aim of Washington National Insurance Company is to help middle-class Americans. The Insurance company have invested $4.6 billion in assets and received high Financial Strength Ratings from A.M Best.
Today, Washington National is offering services like life insurance, health insurance and other benefits to the general public through a wide network of insurance agents.
Washington National Insurance is helping the families to stay financially stable while dealing with the costs of accidents, illness and deaths by offering life insurance coverage.
Products offered by Washington National Insurance Company
Washington National is Providing different types of Services like Health Insurance, Employer Benefits, Life Insurance to the Middle-Class Americans.
Washington National Health Insurance
Washington national provides Health Insurance Products to their Customers. These health insurance products may be important for someone. Health Insurance covers the hospitalization bills, cancer and critical illness coverage, or accident and disability coverage.
All the health Insurance Policies cover medical bills and other expenses. You will never face any issue of deductibles and coinsurance often isn’t discussed which is where Washington National Insurance Company comes in.
If you have chosen the right policy, you should not have to worry about your financial status in serious illness like cancer.
In the Health Insurance Department, Consumers can also purchase supplemental health insurance, including:
- Accident Insurance
- Cancer Insurance
- Critical illness insurance
- Heart and stroke insurance
- Hospital insurance
For Workplace benefits, people can choose to buy any supplemental health insurance product.
Washington National Life Insurance
Getting Life Insurance Policy from Washington National Insurance Company is a unique idea. It is because they have a very unique process in getting a dream policy.
This could be a burden on some people who have any responsibility like sending a child to the college. But this should be a dream policy for those people who have no more such type of responsibilities.
Washington National Insurance is Providing two types of Life Insurance Policies that should be Term Life Insurance and Whole Life Insurance.
Term Life Insurance
The first Product offered in the category of Life Insurance by Washington National Insurance is term Life Insurance. Mostly People of age up to 65 should Purchase this type of Policy.
People can choose the 15 to 20 years coverage Plan in Term Life Insurance. Term Life Insurance Plans can range from $100,000 to $2 million.
Term Life Insurance should be best for those people who want high protection in the budget within a set amount of time. With Term Life Policyholders and customers can enjoy the following benefits.
- The rates of the written Premium will remain the same and will never be increased throughout the term.
- It will provide help in living expenses for your loved ones.
- Term Life also offers critical illness benefits.
As we know that term life insurance policies have an expiry date, that’s why this should be cheaper than permanent policies. However, the policy will be only in effect for the number of years specified in the insurance contract.
If you are a farmer or want to get cheaper Insurance Policy then you should also consider Kentucky Farm Bureau Insurance Company.
Washington National Indexed Universal Life Insurance
No one can predict what is going to happen in life or upcoming days. Indexed Universal Life is an ideal policy against unexpected emergencies came in life. Indexed Universal Life policy provides coverage for a lifetime Period. With this plan, people can:
- Modify the written Premium Prices to fit one’s ups and downs.
- Save money with cash value accumulation, this option goes toward a tax-free death benefit.
- Access the accumulated cash through “living benefits”.
- Increase the cash value through the S&P 500 index option.
Universal Life Insurance policies provide a little flexibility in insurance premiums and coverage levels. This feature has advantages in some situations. You could take a risk of losing the policy if the premium rates are higher than you can pay.
If you are purchasing a final purchase than you have to make sure that you have understood the process of changing the rates over time.
Washington National Whole Life Insurance
Whole Life Insurance is an option that offers fully guaranteed protection for the whole life. People mostly like this policy because it helps with the cost of one’s final expenses and its coverage lasts for the lifetime period.
Whole Life Insurance accrues cash value over time as same as indexed Universal Life Insurance. The cash value of the policy is not affected by ups and downs in the stock market. The major benefit of choosing whole life insurance is its stability.
The rates of Premiums of Whole life Insurance are constant. They are not as flexible as the rates of Indexed Universal Life are flexible.
The policyholder can access the cash value while living for loans or use their policy as an asset. If a policyholder took an outstanding loan for its cash value. After he passes away the death benefit will be reduced by the outstanding balance.
However, it is to be noted that whole life insurance policies from Washington National are usually the most expensive across the life insurance industry.
Washington National Insurance Ratings
Washington National Insurance is granted with “A-” grade rating by A.M Best. Which is an Excellent investment-grade Rating. Washington National Insurance can be viewed as being in excellent financial health with the ability to meet its ongoing life insurance commitments.
If you are looking for 2nd opinion, In October 2018, Moody’s has recently upgraded Washington National to A3. A3 is the investment-grade credit tier rating and indicates that Washington National has low credit risk.
Washington National Insurance Company is also recognized by BBB with a rating of A+. A+ is a top rating of any company. As we know every business have complaints, but Washington National Insurance has managed all these issues intelligently.
There are a total of $4.6 billion assets which are under management by Washington National. The company has also $3.4 billion in policy reserves. There are nearly 25,000 employers and $1 million policyholders which have trust in the company.
Since 1995, Washington National has paid out approximately $1.1 billion in life insurance claims and $2.2 billion through premium-return benefits. These figures do not take into account the health insurance claims the company pays either!
Infographic of Washington National Insurance
Cons of Washington National Insurance Company
As there are many advantages of getting a policy from Washington National there are also some disadvantages of their service. The disadvantages of Washington National Insurance are following
No Online Quotes
Finding a Washington National Insurance quote is extremely difficult. The official website of the company does not offer any pricing information or online quotes.
There is some variability in life insurance which depends on demographic information and health history. This variability makes it difficult to provides accurate quotes.
Some life insurers and quotes agencies are offering online estimates. But it is best to meet a life insurance agent and get an estimated value offered and cost of an insurance policy.
Not Offering Policy Everywhere
As we know Washington National Insurance is offering some great options for Life Insurance. But unfortunately, these options may not be available in all states.
Some Life Insurance policies have the option to add a rider that offers additional coverage. Contact a Washington National Insurance agent to get more information about the plans and riders available to you.
No Online Chat Option
A contact option is a basic option of a website. But in the case of Washington National Insurance, they have no online chat option and they have also not provided any email address for general information.
An online chat option would be especially useful with this company since they only provide specific policy info through contacting a representative. This issue would be a lot more convenient if customers could simply online chat a representative their question.
As we know that it would be good to have more information about Washington National Insurance. We also know that there are some good products and Insurance Policies offered by Washington National Insurance. Interested individuals should consider customers reviews and reach out to the company to learn more information about available options