Life insurance policies help provide security to either you or your beneficiaries after you pass away or after a designated period of time. With a life insurance policy from Nationwide, you can help secure your family’s financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
Term policies last a set timeframe (1, 10, 15, 20, or 30 years) and are affordable. They’re typically for supporting your loved ones in case you pass away unexpectedly.
Universal life insurance is a type of permanent life insurance that offers the flexibility to change your death benefit and adjust your monthly premiums. Like whole life insurance, universal life coverage can last for your lifetime and build cash value that you can borrow against while you’re alive. The difference between whole life and universal life insurance is that, as your financial situation changes, you can increase or decrease your premiums, or death benefit payout amount. You can also skip premium payments as long as the cash value will cover the cost of your insurance for that month.
Whole life insurance is a type of permanent life insurance that provides lifelong coverage with a guaranteed rate of return and premiums that are typically locked-in as long as all premiums are paid on time. A whole life insurance policy also offers a savings component that enables the policy to build cash value that could last until you die.