Nationwide launches YourLifeSM Whole Life Insurance
New whole life insurance product offers affordable protection for consumers
FOR IMMEDIATE RELEASE
Sept. 12, 2007
Dan Orzano 614-677-5115
Jeff Botti 614-249-6339
Columbus, Ohio— Many Americans often cite price as a primary reason why they don’t have life insurance or are underinsured. To help consumers overcome that objection and to help them make simpler, affordable choices, Nationwide Financial Services, Inc. (NYSE: NFS), has launched a new whole life insurance product. This is the second in a new series from Nationwide YourLifeSM, and follows Nationwide’s new YourLifeSM Term Insurance launched in mid-July.
“Sadly, we know many consumers either don’t have life insurance or may be underinsured,” said Peter Golato, senior vice president for Nationwide Financial. “Although the cost of insurance is cited as a major reason, fear of the unknown is often another. Our new whole life insurance product is designed to be easy to understand, affordable and allow consumers to make simpler choices to protect their families. Adding our new whole life product to our existing suite of products ensures that we are providing consumers with a variety of life insurance choices to meet their needs.”
Nationwide YourLifeSMWhole Life Insurance
This new product is designed for consumers who want traditional, permanent life insurance with guaranteed premiums and guaranteed cash values for asset replacement or final expenses.
Nationwide YourLifeSM WL Series policy can offer additional benefits, including:
- Choice of level premiums to age 100 or 20 years of payments
- Maturity age of 120
- Guaranteed premium, death benefit and cash values
- Income tax-free death proceeds
- Access to cash value through loans*
- Tax-deferred growth of the policy’s cash value
- Guaranteed coverage as long as the required premium payments are received.
* All references to loans assume the contract remains in force and qualifies as life insurance under Section 7702 of the Internal Revenue Code, and is not a modified endowment contract (MEC) under section 7702(A). Loans from a MEC will generally be taxable and, if taken prior to age 59½, may be subject to a 10-percent tax penalty. Unpaid loans will reduce the death benefit payable, and if the policy lapses with a loan outstanding, it will be treated as a distribution and may be subject to income tax.
Innovative riders to help customize the policy to fit individual needs are available, including:
- 20-year Term Spouse
- Children’s Term Insurance
- Accidental Death Benefit
- Guaranteed Insurability Benefit
- Waiver of Premium Disability Benefit
- Owner’s Waiver of Premium Death or Disability Benefit
- Owner’s Waiver of Premium Death Benefit.
Important Consumer Information
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. All riders may not be available in all states.
Neither Nationwide nor its representatives give legal or tax advice. Consumers should contact
their legal or tax advisor for answers to their specific questions.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world, with more than $160 billion in assets. Nationwide ranks #104 on the Fortune 500 list. The company provides a full range of insurance and financial services, including auto, motorcycle, boat, homeowners, life, 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 products are underwritten by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide, Nationwide Financial, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. Nationwide YourLife is a service mark of Nationwide Mutual Insurance Company
Not a deposit • Not FDIC or NCUSIF insured• Not guaranteed by the institution • Not insured by any federal
government agency • May lose value
Investments Retirement Insurance nationwide.com One Nationwide Plaza Columbus, OH 43215-2220