Protect What's Important With Life Insurance From Nationwide
In today’s financial environment, it’s important to know that there are some things you don’t have to worry about. Life insurance can be the foundation of financial security for you and your family. It can be the base upon which other insurance and investment decisions are built.
Different life situations call for different types of life insurance. Think about these things when you choose term, universal variable and whole life.
The concept of life insurance is actually pretty simple: Pay today to protect your loved ones when you're gone tomorrow.
But with so many types of life insurance out there, it can be hard to choose the right one for your situation. We can help you with this big decision.
Use our tool to find the right amount for your budget and your peace of mind.
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Coverage and features to consider when choosing life insurance
Basic protection − Do you need life insurance just to provide financial support to your survivors if you die unexpectedly? Term insurance generally provides coverage at a lower cost than other types of insurance and can cover a specific length of time. Market participation and cash value − If you need insurance protection for the long term, want the potential to build cash value (money from which you can borrow, even during your lifetime) and have a little more money to spend, consider permanent life insurance.
There are three types of permanent insurance:
Whole life insurance builds value based upon a set schedule. You'll know the exact cash value of your policy on each policy anniversary. (If you take a loan or withdrawal from your policy, of course, the cash value and death benefit will decrease.)
Universal life insurance earns a fixed interest rate on the cash value in the policy. While the interest rate may change over time, it will never dip below a guaranteed minimum rate.
Variable universal life insurance lets you invest your cash value in the stock market, so your policy value goes up or down based on the performance of your investment choices. The investment subaccount options in VUL policies are not offered for sale to the general public.
How long should your coverage last? Do you need life insurance coverage just for a specific timeframe – like while you're paying off your mortgage?
Term life insurance offers protection for a set period. All other types of insurance cover you for life, as long as the necessary premiums are paid. Fees and charges − Before you buy, ask about the fees and charges associated with a life insurance policy, how they're calculated and what they're for. Access to your money − Will you need to take money out of your policy in the future, for instance, to pay college tuition or to take retirement income?
Most whole, universal and variable universal products let you withdraw money from your policy or take loans.1 Some, however, restrict when you can take money, how much you can take and, in the case of loans, the interest rate. Flexible payments − Some universal and variable universal life products let you make flexible payments once youve paid enough to cover your policy charges.
Ready to take the next step?
Determining the right insurance coverage for your needs is an important decision. For help with your life insurance needs, call us at 1-866-207-9160 or find an agent in your neighborhood.
The income replacement method calculates the amount needed to replace a percentage of your income for a specific number of years, usually until your youngest child is out of college or until your mortgage is paid off.
In addition to these two methods, you may also want to consider other needs. For example, would you want to provide the financial means so your spouse wouldn't have to work for the first year after your death?
Calculate future spending
When you're determining your family's future financial needs, remember that you don't have to provide 100% of the income that will be needed.
For instance, if you're planning to provide $100,000 for your child's college tuition in 15 years, you don't need $100,000 now – you need an amount that will potentially grow to $100,000 by the time college starts.
The potential to have your policy's cash value grow over the years to cover future expenses is one of the advantages of permanent life insurance.
Ready to take the next step?
Determining the right insurance coverage for your needs is an important decision. For help with your life insurance needs, call us at 1-866-207-9160 or find an agent in your neighborhood.
A professional can use their knowledge and experience to help you by:
Understanding your goals
Helping you select investments that fit your needs
Analyzing how changing economic and personal situations may affect you
Giving you timely financial information
Life Insurance Comparison From Nationwide
There are a variety of life insurance products designed to meet different needs. Compare the types below to find a type of life insurance with the features and characteristics you’re looking for.
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