4 Types of Insurance
Nationwide carries four types of life insurance:
Term life insurance protects your beneficiaries for a specified period of time, usually 10, 15, 30 or 30 year terms. Your premium will not change throughout the life of the plan and benefits are the payout is income tax free. You will be given the option to renew after each term, but the price may increase.
Whole life insurance protects your beneficiaries for a lifetime. It is the most popular type of permanent life insurance available. Your premium does not change throughout the life of the policy and you have the freedom to choose your payment schedule, picking from annual, semi-annual, quarterly or monthly payments. With some policies, the payout amount may grow over time.
Universal life Insurance is another form of permanent life insurance. This type of plan also provides access to tax-deferred money. Nationwide offers fixed premium and flexible premium universal life insurance policies. Fixed premiums lock in benefits for the life of the policy, while flexible policies allow you to change the level of protection and control your payment schedule. This type of plan is often used to gift money to loved ones or assist business owners with continuation planning.
Variable life insurance plans combine life insurance and investments into one product. It is a hybrid designed to give you the security of life insurance and the flexibility of investments managed by a professional to be used in the future for things such as retirement, business, education or elderly care.