There are different types of life insurance to meet your different
needs. Compare the different types below.
Let us help you find out which type is right for you.
1Access to your money – This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A. Most distributions are taxed on a first-in/first-out basis as long as the contract meets non-MEC definitions under section 7702A. Loans and partial withdrawals from a MEC generally are taxable and, if taken prior to age 59½, may be subject to a 10% tax penalty.
2 Flexible payments – This assumes there is sufficient cash value to cover monthly policy charges. Keep in mind that variable universal life insurance has market volatility so it’s possible that you may need to pay an additional premium on your policy.
There are fees and charges for variable life insurance coverage, including a cost of insurance based on characteristics of the insured person, such as gender, health and age. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit your individual needs. Investing involves risks, including possible loss of principal.
Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
Guarantees and protections are subject to Nationwide's claims-paying ability. They don't apply to the investment performance or safety of the underlying investment options.
Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectuses can be obtained by writing to Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021. Before investing, you should read the prospectus carefully and consider investment objectives, risks, charges and expenses. The product prospectus and underlying fund prospectus contain this and other important information.
Investment products offered are not FDIC-insured, may lose value, have no bank guarantee.
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, OH.
Read More http://www.nationwide.com
Life insurance comparison chart
| Term Life Insurance | Whole Life Insurance | Universal Life Insurance | Variable Universal Life Insurance | |
|---|---|---|---|---|
| Death benefit | yes | yes | yes | yes |
| Designed for low cost | yes | |||
| Access to your money1 | yes | yes | yes | |
| Guaranteed cash value | yes | yes | ||
| Market participation | yes | |||
| Tax advantages | yes | yes | yes | yes |
| Flexible payments2 | yes | yes | ||
 | | | |
1Access to your money – This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A. Most distributions are taxed on a first-in/first-out basis as long as the contract meets non-MEC definitions under section 7702A. Loans and partial withdrawals from a MEC generally are taxable and, if taken prior to age 59½, may be subject to a 10% tax penalty.
2 Flexible payments – This assumes there is sufficient cash value to cover monthly policy charges. Keep in mind that variable universal life insurance has market volatility so it’s possible that you may need to pay an additional premium on your policy.
Factors to consider with variable life insurance policies
Your life insurance coverage needs may change if your personal situation changes. For example, if you get married, have a child or get a promotion, you may want to increase your coverage. Make sure that these strategies and products are suitable for your long-term life insurance needs. Also, make sure you are able to continue premium payments so your policy doesn’t lapse if the market declines. If you take a loan, withdrawal or partial or whole surrender your death benefit may be reduced, your policy may lapse or you may face tax consequences.There are fees and charges for variable life insurance coverage, including a cost of insurance based on characteristics of the insured person, such as gender, health and age. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit your individual needs. Investing involves risks, including possible loss of principal.
Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
Guarantees and protections are subject to Nationwide's claims-paying ability. They don't apply to the investment performance or safety of the underlying investment options.
Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectuses can be obtained by writing to Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021. Before investing, you should read the prospectus carefully and consider investment objectives, risks, charges and expenses. The product prospectus and underlying fund prospectus contain this and other important information.
Investment products offered are not FDIC-insured, may lose value, have no bank guarantee.
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, OH.
Read More http://www.nationwide.com
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