Washington National Insurance Review

This Washington National Insurance review will give you all the details that you need if you are considering Washington National life insurance to protect your family.  We will cover Washington National’s credit rating, history, and life insurance products.

Washington National Insurance Review

There are hundreds of life insurance companies operating in the United States, but is Washington National the right one for you? If you are considering purchasing life insurance with Washington National, do not move forward without reading this review.

Shall we begin?

Washington National Insurance History

Washinton National is a relatively new player in the public life insurance market.  However, Washington National can trace its founding back to 1911.

Washington National Insurance Company was founded originally to provide accident and health insurance to teachers. In 1997, Washington National was acquired by CNO Financial Group.  CNO also owns the life insurers Bankers Life and Colonial Penn.

Today, Washington National serves individual Americans as well as voluntary worksite markets. Washington National offers life insurance, health insurance, and workplace benefits to the general public through a national network of independent agents.

Washington National’s business model may have evolved over the years, but their mission and values have not.  Washington National promotes four core values, integrity, customer-focus, excellence, and teamwork in order to provide its customers with the best service it can.

Washington National Insurance Credit Rating

Washington National is rated an “A-” (Excellent by A.M. Best.  A- is an investment grade rating.  Washington National can be viewed as being in excellent financial health with the ability to meet its ongoing life insurance obligations.

If you want a second opinion, Moody’s has recently upgraded Washington National to A3 in October of 2018.  A3 is an investment grade credit tier rating and indicates that Washington National has a low credit risk.

Washington National Insurance Company is accredited by the BBB with a rating of A+, which is the top rating.  While every business has complaints, Washington National has done an excellent job at keeping them few and far between.

A.M. BestMoody'sBBB
A -
A3
A+

Washington National has $4.6 billion assets under management and $3.4 billion in policy reserves as of the writing of this review.  Nearly $1 million policyholders and 25,000 employer groups have placed their trust in Washington National to protect their loved ones and employees.

In total, Washington National has paid out approximately $1.1 billion in life insurance claims and $2.2 billion through premium-return benefits since 1995.  These figures do not take into account the health insurance claims the company pays either!

Washington National Life Insurance

Washington National offers multiple insurance products for both the individual and the workplace markets.  For the purposes of this review, we will focus on Washington National’s life insurance, accidental death and disability insurance, and cancer and critical illness insurance products.

Washington National Term Life Insurance

Washington National offers level term life insurance.  Once the life insurance policy is active, the insurance company cannot raise the premiums on you as an individual for the duration of the term you selected.  Washington offers a 15-year and 20-year term options.

People can purchase coverage ranging from $100,000 to $2 million of death benefits!  Washington National’s term life insurance offers a built-in terminal illness rider that allows you to accelerate a portion of the death benefit if you are diagnosed with a terminal illness and expect to live only a few months.

Washington National also allows for you to add on optional benefits to the policy for critical illness.  The critical illness rider will pay you a lump-sum benefit if you experience a critical illness, such as cancer, heart attack, or stroke. You can add this rider to your life insurance policy or you can purchase a separate critical illness policy.

In addition to the critical illness rider, you can add on a return-of-premium rider (ROP). The ROP option allows you to get back all your eligible paid premiums at the end of your level-term period if you didn’t die!  You can use the money to extend your coverage or take it in cash.  It’s your call.

Washinton National Indexed Universal Life

Washington National’s indexed universal life policy is a permanent policy that links your cash value to the S&P 500 index.  Unlike whole life insurance, your monthly premium payment is flexible.  However, the policy should be monitored frequently to ensure it is being funded properly for long-term viability.

Your cash value grows when the S&P 500 grows but is not directly invested in the stock market.  Therefore, if the S&P 500 losses value, your cash value principal will remain stable.  This means that you can benefit from a portion of the market’s growth without risking your principal to investment loss.

The way Washington National is able to do this is by capping your interest credited to your account.  For example, if the market rises 25% but your cap is 10%, you will be credited 10% interest.  If the market plummets 30%, you will be credited 0% interest but not lose any money.  Indexed universal life can be a more affordable alternative to whole life insurance but comes with fewer guarantees.

The cash value offers valuable flexibility.  Life insurance cash values are tax-advantaged.  If the policy is structured properly, cash values grow tax-deferred and can be withdrawn or loaned income-tax free from the policy.

Washington National Whole Life Insurance

Whole life insurance offers the greatest amount of guarantees for permanent life insurance. Whole life offers guaranteed cash value growth, guaranteed level premiums, and guaranteed lifetime death benefit.

Washington National’s whole life coverage may be issued with a level of graded death benefits.  A level death benefit pays the full death benefit and any rider benefits to your beneficiary upon your death from day one. The level death benefit is the ideal coverage to protect your family, but you need to qualify for level coverage based on your health.

If you do not qualify for level coverage, you may be issued a graded death benefit.  A graded death benefit pays a reduced benefit to your beneficiary if death occurs for reasons other than an accident in the first two policy years.

Offering a graded death benefit allows insurance companies to insure people who would have otherwise been declined.  Although not ideal, a graded death benefit may be your only option if your health otherwise excludes you from level coverage.  As a result, we still feel that the client gets value from a graded death benefit.

However, different life insurance companies have different opinions on underwriting.  There may be other companies out there that will offer you level coverage from day one.  Request a quote today or give one of our veteran agents a call to review your options.

Washington National Cancer Insurance and Critical Illness Insurance

Cancer is a common critical illness today.  Washington National provides supplemental cancer insurance benefits for inpatient treatments and various cancer therapies, such as stem-cell transplants or radiation.  Washington Nationa’s cancer insurance may even cover experimental treatments

Washington National also offers critical illness insurance to help offset the cost of hard-hitting diseases.  If your family experiences cancer, heart attack, stroke, diabetes, Alzheimer’s disease or another common critical illness, the critical illness policy will pay you a lump-sum cash benefit.

Washington National offers benefits for up to 17 critical health conditions, 14 types of accidental injuries, and 7 other important categories, which is robust coverage.  While cancer and critical illness insurance policies are not meant to replace traditional health insurance, they are quickly becoming a valuable component in a person’s financial plan.

Washington National Accident Insurance

Washington National offers accident and disability insurance through employer groups as well.  Your major medical insurance may cover some expenses if you’re injured or disabled.  However, there are out-of-pocket expenses such as deductibles, copays, coinsurance etc.  That doesn’t even count the other costs like transportation and lost wages.

Washington National’s accident and disability insurance can provide cash to you while you are recovering from an accident of disability.  The benefits include:

  • Accidental death and dismemberment
  • Fractures and dislocations
  • Injuries requiring surgery
  • Burns and lacerations
  • Optional sickness disability benefit

Washington National Rates

Washington National does not publicly display their rates on their website.  As a result, you would need to reach out to a Washington National agent in order to get a quote specific to you and your unique situation.

Life insurance is something you need to qualify for based on your health, lifestyle, and age.  By consulting with an agent, it ensures you receive an accurate quote as opposed to an unrealistic price that you may not even qualify for.

The Final Word

Washington National is a relatively new player in the individual market in life-insurance terms but has a long company history.  The Washington National Insurance Company phone number is (800) 525-7662 or you can visit them on the web at washingtonnational.com.

Even though Washington National was founded to serve teachers, Washington National offers life insurance, health products, and workplace benefits to the general public today.  Overall, Washington National’s life insurance is a solid option but they offer nothing out of the ordinary.

If you have a pre-existing medical condition or feel more comfortable with a household name there may be a better option out there for you. Give one of our veteran agents a call or request a free no-obligation quote today. A simple phone call could potentially save you thousands of dollars on your life insurance.

Josh Martin and family of Good Life Protection

Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.