Nationwide Financial simplifies life insurance process with Nationwide's YourLife Term II
FOR IMMEDIATE RELEASE
February 16, 2010
Chad Green (614) 677-1679
Jeff Whetzel (614) 249-6354
Columbus, Ohio — As families deal with immediate financial challenges such as paying their mortgages and keeping up with monthly bills, it can be easy to lose sight of long-term needs like life insurance. To help financial professionals ensure that their clients get the protection they need, Nationwide Financial Services, Inc. is launching Nationwide YourLife® Term II, a new product that makes it quicker and easier for financial professionals to provide their clients with affordable term life insurance.
“Life insurance is something all families should consider, but unfortunately many people are intimidated by the complicated process that is often involved with a life insurance purchase,” said Peter Golato, senior vice president for Nationwide Financial®. “Nationwide YourLife Term II was specifically designed to simplify the process for both financial professionals and their clients and is a great option for young families who are looking for affordable temporary protection.”
Flexibility – A client’s life insurance needs will evolve over time, which is why Nationwide YourLife Term II offers them the ability to convert both the base policy and the spouse and children’s term life insurance riders from temporary to permanent insurance if their needs change.
More term options – Nationwide added a 15-year term option, which can be a perfect fit for clients who have a mortgage loan that would need to be paid off in case of an unexpected death. Clients have the option of a 10-, 20- or 30-year term as well.
Greater control – Nationwide YourLife Term II gives clients more control over their death benefit by allowing them to structure the payments according to their beneficiary’s needs.
Why it’s easier for financial professionals
There are a number of ways in which Nationwide YourLife Term II makes the process of selling life insurance quicker and easier for financial professionals, including:
A seamless sales process –
• Financial professionals have access to new Term Quote and Intelligent Form tools from iPipeline, which allow them to do a needs analysis, quote, get forms and submit business all with one online tool.
Faster applications (available exclusively to Nationwide affiliated
• Enhanced Express Application helps financial professionals easily shift from Express issue to full underwriting with one application.
Expanded Express Issue limits (available exclusively to Nationwide
affiliated agents) –
• The Express Issue maximum specified amount has been expanded from $99,999 to $124,999 enabling more clients to take advantage of the simplified process.
• The oral fluids program has also been extended to include ages 40 to 50 for specified amounts of up to $249,999.
Some financial professionals may not have access to all of the features mentioned above.
“Adding life insurance to their product offerings is a great way for financial professionals to deepen relationships and retain more of their client base,” Golato said. “By simplifying the life insurance process we hope that more financial professionals will take advantage of this opportunity to grow their business and help their clients protect what matters most.”
Important consumer information
Neither Nationwide nor its representatives give legal or tax advice. Consumers should contact their legal or tax advisor for answers to their specific questions. As with all life insurance, guarantees are subject to the claims-paying ability of the issuing life insurance company. As consumers’ personal situations change (for example, marriage, birth of a child or job promotion), so will their life insurance needs. Care should be taken to ensure this product is suitable for long-term life insurance needs. Any associated costs should be evaluated before making a purchase.
Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit individual needs.
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit www.nationwide.com.
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide, Nationwide Financial, the Nationwide framemark, Nationwide YourLife and On Your Side are service marks of Nationwide Mutual Insurance Company.