Washington National Insurance Company

Group and individual coverage sold under Washington National Insurance Company

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Washington National Insurance Company

Washington National Insurance Company

Our Take

Washington National Life Insurance Company offers term and universal life insurance with available group coverage. 

  • Pros and Cons
  • Key Takeaways
  • Company Overview
Pros and Cons
Pros
  • Well-established partners

  • Group coverage available

  • Strong financial reliability

Cons
  • Limited information online

  • Abysmal customer satisfaction

  • Restricted customer support

Key Takeaways
  • Washington National Insurance Company was founded in 1911. 
  • Whole life, term, and universal life insurance are available with optional group life coverage. 
  • While customer satisfaction ratings could use some work, Washington National receives strong scores for financial strength.
Company Overview

Washington National is headquartered in Carmel, Indiana. After a 2003 merger, Pioneer Life became a subsidiary of Conseco Life Insurance Company and now sells life insurance under Washington National Insurance Company. 

Washington National is a longstanding insurance provider, originally founded in 1911 by brothers George and Harry Kendall. Over 1 million Americans have supplemental health and life insurance policies from Washington National.

Geographical Restrictions

Washington National policies are available everywhere in the United States except New York.

  • Year Founded 1911 (Washington National)
  • Kinds of Plans Term, universal life
  • Number of Plans 2
  • Payment Plan Options Annual, semi-annual, quarterly, or monthly bank draft
  • Customer Service (800) 525-7662, Monday through Friday, 8 a.m. to 5:45 p.m. EST
  • Official Website www.washingtonnational.com
Washington National Insurance Company

Washington National Insurance Company

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

Pros Explained

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

Cons Explained

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

Available Plans

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

Washington National made headlines in early 2021 for a new program designed for members of group term life insurance called Monthly Income Protection. With this in place, beneficiaries receive the death benefit as monthly payments rather than the standard lump sum payment. You can choose a monthly income replacement benefit for beneficiaries lasting 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 leave your job, there is added 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. 

Policyholders at Washington National also can grow 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 current details, contact your agent.

Available Riders

Life insurance riders are additional coverage that you can purchase to provide extra coverage for your life insurance policy. These riders often come at an additional cost but offer extra protection to enhance your existing coverage.

Washington National does not offer a great deal of information about the riders it offers. However, we know that an available living benefits rider allows you to access your policy's death benefit while still alive if certain conditions are met. This can help you pay for medical expenses and other emergencies.

Customer Service

Because Washington National Insurance Company underwrites policies, you should contact them directly for any questions or support.

You can reach Washington National Insurance Company in several ways.

Washington National Insurance Company Customer Support
Phone (800) 525-7662 Monday to Friday, 8 a.m. to 5:45 p.m. EST
Mailing address  Washington National Insurance  11825 N. Pennsylvania Street Carmel, IN 46032
Service document address  Washington National Insurance Company P.O. Box 2022 Carmel, IN  46082-2022
Online portal  My.WashingtonNational.com
Online form gallery  https://my.washingtonnational.com/forms

If you have 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 because Washington National customer service is poorly rated.

Complaint Index

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

Washington National Insurance Company's complaint index is extremely high compared to other life insurance companies. Washington National received a 3.48 rating in 2020. It is even worse than its 2019 and 2018 ratings, which were 2.56 and 1.47, respectively. It shows that Washington National has an increasing trend of poor customer service, with customer complaints nearly doubling each year. 

Third-Party Ratings

Washington National doesn't appear in J.D. Power's 2021 U.S. Life Insurance Study or 2021 U.S. Insurance Digital Experience Study. In addition to customer satisfaction, another important factor to consider is a company's financial strength. When a company receives high ratings from AM Best, it often means that the provider can be relied upon for reliable claims processing and payments.

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

Cancellation Policy

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


While 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 insurance providers use to calculate risk. As seen above, gender is one major factor influencing pricing, although insurance providers tend to use the sex at birth instead of current gender identity. Other factors that can impact the cost of your life insurance include your age, medical history, and where you live. Certain states may limit the availability or affect the pricing of certain products. 

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

Competition

To best understand how Washington National performs in the industry, we compare it to one of the best life insurance companies, New York Life. 

Washington National is significantly smaller in size and holds a smaller market share than New York Life, one of the biggest insurance companies in the country. Its dividends are much smaller than New York Life, as well. Washington National trails in financial strength and is not even rated in J.D. Power customer satisfaction rankings. Its NAIC ratings are extremely poor and troublesome, especially given New York Life’s excellent ratings.

Even as Washington National, we found that Pioneer cannot compete with New York Life, the four-largest insurance provider in today’s market.

  Washington National Life Insurance New York Life 
Market Share Very small Fourth largest in U.S., 5.1%
Number of Plans 
Dividends May exist $1.9 billion (2022)
Wellness Program Discounts/Quit Smoking Incentives  Not applicable Not applicable 
Service Method  Agents  Agents 
AM Best Rating A- (Excellent)  A++ (Superior) 
Pricing Contact agent  Contact agent
Complaints Trend  3.48 Very poor  0.16 Excellent 
Final Verdict

Washington National Life Insurance Company has several types of coverage are available, including group life coverage with flexible monthly payments.

Our Methodology: How We Review Life Insurance Carriers

Investopedia uses our exclusive Life Insurance Review Methodology to evaluate 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 of consideration are the types of coverage available, additional riders, price, underwriting, customer satisfaction, and financial strength. Based on these factors and more, we present the most current and in-depth insurance product reviews so you can make the best financial decisions for yourself and your family.

Article Sources
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  1. NAIC. "Washington Natl Ins Co

    National Complaint Index Report." Accessed Feb. 14, 2022.

  2. AM Best. "AM Best Affirms Credit Ratings of CNO Financial Group, Inc. and Its Life/Health Subsidiaries." Accessed Feb. 14, 2022.

  3. Insurance Information Institute. "Facts + Statistics: Insurance company rankings." Accessed Feb. 14, 2022.