Washington National Insurance Review

This is a review of Washington National Insurance. In this review, we look at the features that make Washington National Insurance unique. Just briefly, here’s what we will discuss:

  • Washington National Insurance overview
  • Why Washington National Insurance is unique
  • Washington Insurance products
  • The shortcomings of Washington National Insurance
  • Information on Washington National Insurance plans
  • Washington National Insurance claims
  • Overall rating
  • Final verdict

So if you are considering jumping into Washington National Insurance policies, this detailed review is a must-read. Ready? Let’s dive in.

Washington National Insurance Overview

Washington National Insurance agency is an American coverage agency located in Carmel, Indiana. This agency came to life in 1911, and since then, it has been offering coverage for accidents, disabilities, critical illnesses like cancer, and hospital internment. Its policy plans are also available in 49 states.

Besides the incentives, Washington National sells voluntary coverage products to its users and employees. And because this company acts as an independent subsidiary, its products are put up for sale by independent insurance agents and brokers.

In 2018, Washington National policyholder, CNO Financial Group, was ranked among the 500 best midsize American employers by Forbes. The CNO Financial Group received the accolade in the midsize category, which enhanced its credit rating.

As of April 21st, 2020, following the Coronavirus pandemic, the company’s rating was upgraded from A3 to  A- by Fitch Ratings. And from the looks of things, the rating seems to be working perfectly well.

How Is Washington National Insurance Different?

Insurance agents often assist Washington National users. As such, their primary focus is to help middle-class Americans. Currently, the company has invested billions in assets following the financial strength ratings they have been receiving. Now, policy owners can confidently approve of Washington’s ability to meet claims responsibilities.

In addition to the financial strength ratings, Washington National offers term, whole, and comprehensive life coverage. Other notable coverage includes health and business insurance. What’s more, business owners are awarded employee benefits packages to help with budget cuts.

Washington Insurance Products

1. Supplemental Health

Washington National offers three types of supplemental health coverage. While these products’ details are generalized, it becomes a challenge to choose one that’s up to your needs. 

For example, Washington National coverage policy for Critical Illness and Cancer offers significant incentives upon diagnosis with various critical health conditions or even accidents. Meanwhile, the policy covers a maximum of 17 acute illnesses, 14 casualties, and 7 other categorizations qualifying for the above specifications.

On the other hand, hospitalization and ICU insurance provide incentives to cater to out-of-pocket expenses regarding hospital confinement and the ICU. Also, the deductibles and coinsurance are all-inclusive the hospitalization and ICU insurance.

Lastly, accident and disability coverage is only offered as a group workplace incentive. This package includes protection and other incentives to help with financial constraints should an accident or a disability occur.  

2. Thorough Coverage

Washington National Insurance provides life coverage in two options – whole and universal life coverage. Each of these policies has its benefits, and as such, you need to leverage your preferences before making a rational decision. By doing so, you’ll be settling for a lifetime coverage that’s up to your needs without seeking an alternative later in life.

3. Universal Life

Let’s face it – unexpected emergencies can be unbearable, especially when you don’t have an insurance policy. However, Universal life policies come in handy to protect against unannounced emergencies. Its plans provide lifetime coverage as long as your monthly subscriptions are up to date. Below are some of the things you can do with their monthly premium plan:

  • Customize premium rates to fit with users’ level of needs
  • Save money with the accumulated cash value
  • Acquire the accumulated cash value through life benefits
  • Enhance the cash value through the S and P 500 index options.

When compared to its competitors, Universal life insurance offers more flexible premiums and coverage levels. While this feature is useful in some set of affairs, you could end up losing the policy if the premium rates are higher than you can afford. Therefore, it would help if you understood how premium rates fluctuate overtime before settling for it. Meanwhile, your death incentive will be reduced upon acquiring your cash value before maturity unless you repay the loan.

3. Whole Life

Again, whole life insurance provides lifetime protection as long as the policy owner pays the premiums on time. This policy will often come in handy to cover one’s final expenses and offer lifetime protection.  

Like universal life insurance, whole life policies also accumulate cash value over time. The best part? The cash value isn’t interfered with the stock market fluctuations, making whole life policy an ultimate choice. Meanwhile, the cash value accumulates according to the coverage provider’s minimum rate.

With the whole life coverage policy, one can borrow loans at the expense of cash value or even use their policy as an asset. Upon the insured’s death, the death benefit is deducted from the cash value to clear the remaining part of the outstanding balance.

Unlike universal life coverage policies whose premium rates are flexible, whole life coverage rates are consistent. However, it’s worth noting that whole life insurance policies are the most expensive in the entire life insurance industry. 

4. Health Insurance & Workplace Benefits

Apart from health insurance, Washington National Insurance also provides its customers with supplemental health insurance:

  • Cancer insurance
  • Accident insurance
  • Critical illness insurance
  • Stroke and heart insurance
  • Hospital insurance

The above supplemental health insurance packages can come in handy when you need additional coverage or are suffering from critical conditions. You can also choose to get a disability, accident insurance to cover you in case you get involved in an accident.  

Washington National Insurance Shortcomings

1. No Term Life Insurance

Unfortunately, Washington National Insurance does not have life insurance plans. It isn’t very pleasant, but you will have to seek alternatives. Do research, read online reviews, and find out the best options.

2. No Online Quotes

To find Washington National Insurance quotes or rates is a pain in the ass. You will never get any of their pricing plans listed on their website, making it inconvenient for some potential customers.

But then, we have to understand them; life insurance, in most cases, will depend on demographics and the health history of customers. It’s, therefore, hard to come up with comprehensive pricing plans. However, you can still check through some quotes and life insurance agencies to see approximations.

If you are interested in Washington’s life insurance policy, contact an insurance agent, or directly contact the insurance company. Once you have reached out, either the insurance agent or the company will contact you to provide more information before they can give a reasonable quote.

3. Policy Offerings Are Unavailable in Some States

This may be bad news, especially if your state is locked out. Even though Washington National Insurance has many life insurance options, you might find out that your country is not within their radar. In this case, you will have to reach out to any Washington National Insurance agent to get more information details, and whether or not there are options, you could opt for.

4. No Online Chat Option

Customers prefer to buy from a readily available company; they need to find it easy to contact the company whenever there are issues. However, Washington doesn’t offer comprehensive contact details on their website. They don’t even provide an email address, which makes it hard to reach out to them. Many insurance companies are leveraging live chat options in this era, and it would be best if Washington National Insurance did the same.

Washington National Insurance Plans/ Rates

Because Washington National Insurance operates with independent agents and brokers, online quoting for this agency is unavailable. This is because its primary focus is tailored to workplace benefits.

Even so, you can still access their rate quotes via local agents. All you need to do is click on the “Contact Me” button on its policy about page. Once you’ve clicked the button, you’ll be connected to any of their representatives who will provide detailed information on their rate quotes. Most users often find this bothersome.

Washington National Insurance Claims

Although claim forms are downloadable from its website, they come with hefty instructions on filing for specific claims and the authentication needed for each type of claim.

The contact page on its website provides fax numbers and e-mail addresses for various claims; however, there is no specific phone number for filing claims. There is a customer service line that’s available during business hours alone.

Those business days and hours include Monday to Friday as from 8:00 a.m to 6:00 p.m. Usually, tons of life and health insurance lacks a 24/7 claims line, making this a standard practice.

Washington National Insurance Review

According to the Better Business Bureau, Washington National Insurance has an overall rating of A++, and the insurance company has been the most preferred since 2013. However, some complaints have been raised by customers in the past three years. These complaints are a result of inadequate billing systems and customer support, which is obvious.

This is the far we have fetched on complaints, but we will continue digging deep to find new complaints if there are any. It is also essential to note that such complaints are not a nightmare to a company of that size, but they need to find ways of improving these before it gets out of hand.

Final Verdict

There’s no adequate information about Washington National Insurance company in regards to their insurance plans and products. However, this review should help you make a rational decision whether you would opt for Washington National Insurance or not.

Washington National Insurance is one of the best insurance companies, and it offers its customers some of the best policies. If you are interested in their systems, please reach out to any of their insurance agents to get more information and a quote.

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