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Washington National Insurance Company Review

Washington National Review

Reviewed By: Rob Pinner

Rob Pinner Rob Pinner is the founder and CEO of Pinner Financial Services servicing all 50 states. Rob started his insurance career in 2002.

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Fact Check By: Holly Mitchell

Holly Mitchell’s background in life insurance insurance goes back to 1985 when she worked for her father who was a New York Life agent. Holly has a marketing degree from Auburn University and has had a life insurance license since 2008. In addition to advising life insurance for customers all around the country, Holly is our website fact checker.

Beginning in 1911, Washington National Insurance Company has been diligent in protecting families from the financial burden that often accompanies accidents, critical illnesses, and death.  Their supplemental health and life insurance plans are available to provide you and your family with peace of mind.

Washington National requires that their employees embrace the company’s key values – excellence, customer focus, integrity, and teamwork.  Starting in Illinois, the insurance carrier began as a teachers-only financial product.  Since their start, they grew quickly and presently belong to the CNO Financial Group.

Currently, the insurance provider claims one of the biggest customer-bases in the insurance industry with an estimated one million policyholders, as well as approximately $4.6 billion in managed assets.  Throughout Washington National’s history, they have paid out nearly $5 billion in life and health insurance policies to their policyholders.  So you can rest assured that the money will be there when your family needs it.

Washington National Ratings  

Financial rating service agencies, such as A.M. Best, rank insurance providers based on their financial stability and strength.  A.M. Best was started back in 1899, so it has become known as one of the most dependable and reliable rating agencies in the industry.

Washington National received an “A-” (excellent) rating from A.M. Best both as a standalone company and as part of the CNO Financial Group.  This high rating indicates that the company is financially secure, and has enough resources to pay their policyholder’s claims well into the future.

The Better Business Bureau (BBB) is an organization that reports a company’s complaints, false advertising, poor practices, and/or the misuse of a company name or logo.  The rating assigned by the BBB forecasts an insurance company’s trustworthiness, as well as their customer service.

Washington National Insurance Company was accredited by the Better Business Bureau in 2017. Subsequently, the company was awarded an “A+” rating, which is the highest rating possible.  This “A+” rating indicates a score on range from 97 to 100 (100-scale), meaning that while the company does receive a modest amount of customer complaints, it has demonstrated good business practices.  An A+ rating is desired by all of the top life insurance companies.

Washington National Life Insurance Products 

Besides providing life insurance, Washington National also provides health insurance and employer benefits.  For this review, we are going to concentrate on their life insurance products.

By this time, you should have a good idea of the type of policy that will best fit your needs.  Purchasing a life insurance policy is an exceptional experience, in the fact that there are no-one-size-fits-all life insurance policies.  Washington National offers two important forms of life insurance – term and permanent.

Washington National Life Indexed Universal Life

Even though we may have no idea what the future holds, Washington National makes it easier to prepare for with their indexed universal life (IUL) insurance policy.   Much like the IUL products from other carriers, the flexibility of this policy gives you the ability to adjust your premiums depending on your budgetary needs.  The cash value component allows your cash value to grow, thereby providing your loved ones with a tax-free benefit.  The “living benefits” feature makes accessing your cash value simpler, and speaking of cash value – increase your accumulated cash value by investing it in a well-performing market index.

Washington National Whole Life Insurance

Whole life, a permanent form of insurance, is also available through Washington National.  This whole life policy offers you guaranteed premiums for life.  Purchasing this type of plan allows you to plan ahead and fulfill your financial obligations.

Coverage is available with either a level or graded benefit.  The level benefit pays the full face amount plus any riders to your beneficiary at the time of your death.  While the graded benefit pays a reduced benefit, if death occurs within the first two years for circumstances other than by accident.  Once you survive the first two years of the policy, you will have access to the full death benefit.

Washington National Term Life Insurance

Washington National offers a convertible level term life insurance plan with various term durations.  If you are just seeking out a strategy to pay off your mortgage or fund your child’s college expenses in the event you die too soon, term life insurance may be the best option for you.

Once you’ve secured a term life policy with Washington National, your premiums will never rise during your term period.  This gives you both the protection you need, along with the freedom to plan your expenses for the upcoming years.  As will be discussed later, Washington National also offers various riders to add to this policy in order to provide extra protection and more value.

Washington National Life Insurance Riders

In addition to term life, whole life, and indexed universal life insurance, the company also offers riders that can be added to your policy for additional protection.  Let’s briefly take a look at the three main riders that they offer:

Critical Illness Rider

While this rider is similar to the terminal illness rider, it provides protection against non-life threatening illnesses.  In fact, this form of protection can be purchased as a standalone policy as well.  Washington National’s critical illness rider protects the policyholder by paying out a $3,000 lump-sum benefit in the event that they are diagnosed with a critical illness, such as cancer.

Return of Premium Rider or ROP

One of the major drawbacks to term life insurance, is that you lose all the premiums that you paid in once the term ends.  This is where the return of premium rider (ROP) can assist you.  If you outlive your policy, your premiums will be returned to you with the ROP rider.  While it will raise the cost of your premium, it can come in handy if you’re fairly confident that you’ll survive your policy.

Terminal Illness Rider

The terminal illness rider gives you access to a portion of your death benefit in the event that you are diagnosed with a terminal illness as outlined by your policy.  This benefit will help with replacing any lost income or covering uninsured medical expenses.  As long as the insured has been given the prognosis of months to live, Washington National will distribute up to 75% of the death benefit.

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Frequently asked Questions

Does Washington National sell low-cost term life insurance?

young family

Washington National offers a complete portfolio of life insurance products. All of which have very competitive pricing and include a selection of optional riders that help applicants customize their insurance coverage to meet their individual needs.

How does the BBB rate Washington National?

BBB rating graphic

Washington National Insurance Company was accredited by the Better Business Bureau in 2017. Subsequently, the company was awarded an “A+” rating, which is the highest rating possible. 

Is Washington National financially stagble?

Washington National is rated very high by all the national rating services. Currently, the insurance provider claims one of the biggest customer-bases in the insurance industry with an estimated one million policyholders, as well as approximately $4.6 billion in managed assets.