If this rider is active on a policy, the policy owner can take loans and withdrawals without fear of the policy lapsing. To invoke the rider:
- The policy must have reached its 15th anniversary
- The insured person must be at least age 75
- The cash value must be at least $100,000
- Policy indebtedness must have reached the trigger point (a certain percentage of the policy’s cash value which varies by the insured person’s age)
There is no charge to add the rider to a policy, and there are no periodic charges involved. When the rider is invoked, there is a one-time rider charge, which is a percentage of the cash value based on the insured’s attained age. Please refer to the insurance contract or product prospectus for specific details.
For more information or to make a case, contact your Nationwide wholesaler at 1-800-321-6064.