UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                      ------------------------------------


                                    FORM 8-K


                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934


          DATE OF REPORT: DECEMBER 4, 2002           COMMISSION FILE NO. 2-28596
(DATE OF EARLIEST EVENT REPORTED:  DECEMBER 3, 2002)


                        NATIONWIDE LIFE INSURANCE COMPANY
             (Exact name of registrant as specified in its charter)


              OHIO                                      31-4156830
  (State or other jurisdiction             (I.R.S. Employer Identification No.)
of incorporation or organization)

                              ONE NATIONWIDE PLAZA
                              COLUMBUS, OHIO 43215
                                 (614) 249-7111
               (Address, including zip code, and telephone number,
       including area code, of Registrant's principal executive offices)







ITEM 5.       OTHER EVENTS.

              On December 3, 2002, Moody's Investors Services (Moody's)
              confirmed the Aa3 insurance financial strength ratings of
              Nationwide Life Insurance Company and Nationwide Life and Annuity
              Insurance Company and senior secured debt ratings of Nationwide
              Financial Funding LLC and Nationwide Life Global Funding I. The
              outlook for all of the above ratings is stable.

              Moody's stated that the confirmed ratings are based on the
              companies' strong position and diversified distribution channels
              in the annuity and pension markets, high quality investment
              portfolios and leading national presence in the market for
              public-employee deferred compensation. They said these strengths
              are offset by the companies' focus on lower-margin, asset
              accumulation products, earnings volatility related to substantial
              equity market exposure and increased refinancing risked related to
              its growth in spread-based institutional products.


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                             NATIONWIDE LIFE INSURANCE COMPANY
                                             ---------------------------------
                                                        (Registrant)



Date: December 4, 2002          /s/Mark R. Thresher
                                -----------------------------------------------
                                Mark R. Thresher
                                Senior Vice President - Chief Financial Officer