How much life insurance do you need?
Nationwide Financial launches online life insurance education tool
FOR IMMEDIATE RELEASE
September 21, 2010
Chad Green (614) 677-1679
Jeff Whetzel (614) 249-6354
COLUMBUS, Ohio — A recent study by LIMRA found that an alarming 30 percent of households, roughly 35 million, do not have any life insurance coverage1. To educate consumers about the importance of life insurance and help them determine which type of coverage is right for their family, Nationwide Financial Services, Inc. has created a new life insurance education tool that is now available online.
“We surveyed consumers and found that the top three questions they have about life insurance are ‘What type of coverage is right for me?’, ‘How much life insurance do I need?’ and ‘How much will it cost?’2” said Peter Golato, senior vice president for Nationwide Financial. “This new tool was designed to help consumers get answers to these questions in just a few minutes after filling in some basic information.”
Some key features include:
• The tool helps consumers quickly determine which type of life insurance best fits their needs and how much coverage they should consider.
• Consumers have the option to learn what the estimated cost of a Nationwide term life insurance policy would be after providing some basic information such as age, weight, health status, etc.
• A slide feature allows consumers to adjust their estimated coverage amount to see how changes in coverage can impact their estimated monthly payment.
• After receiving their estimate, consumers can use the tool to locate a Nationwide agent or call Nationwide Sales Solutions to complete the process.
“Though many consumers are focused on immediate financial challenges right now, it’s important that they don’t lose sight of the critical role that life insurance can play in protecting their family’s financial future,” said Golato. “We will continue to enhance this online tool to help ensure that consumers get the information and guidance they need when considering a life insurance purchase.”
This new tool is being launched during Life Insurance Awareness Month (LIAM), an initiative led by the Life and Health Insurance Foundation for Education (LIFE) to encourage Americans to evaluate their life insurance needs.
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.
1Trends in Life Insurance Ownership study, LIMRA,
2Nationwide Financial Consumer Segmentation Study, 2008
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.