Nationwide Financial® unveils new YourLife® Survivorship Variable Universal Life product
Innovative life insurance offers protection, growth and guarantees
FOR IMMEDIATE RELEASE
July 2, 2009
Dan Orzano 614-677-5115
Jeff Whetzel 614-249-6354
Columbus, Ohio— Today’s new economic reality means consumers can no longer rely on what’s worked for them in the past. And the ever-changing life insurance marketplace means financial professionals must find even more creative solutions to their clients’ needs.
To meet those needs, Nationwide Financial Services, Inc. (NFS) today launched the newest version of its YourLife® suite of life insurance products – Nationwide YourLife® Survivorship VUL – a variable universal life product for couples who want a cost-effective way to insure both their lives, or if one person in the pair has a medical condition that could make getting individual coverage difficult. All protections and guarantees are subject to the claims-paying ability of the issuing life insurance company.
“Our new YourLife Survivorship VUL product offers consumers a way to create a legacy compared to purchasing two individual policies, allowing them to leave more to their children, grandchildren or a favorite charity,” said Peter Golato, senior vice president for Nationwide Financial.
Nationwide YourLife® Survivorship VUL is a competitively priced VUL product that offers accumulation and death benefit protection, and can adjust to each client as his or her life changes. It offers a customizable death benefit guarantee rider, a broad investment lineup and simple policy-management tools.
“The primary client is affluent, typically between 50 and 70 years old with a high-net-worth,” Golato said. “Generally, the client is looking for death benefit protection in amounts starting at $2.5 million. He or she has a tolerance for moderate to high-risk investments, but those tolerances may change as they age, so they want cost-effective but flexible, extended death benefit guarantees, as well as accumulation potential.”
Product benefits for both the financial professional and the client
Nationwide makes it easier for financial professionals to underwrite their life insurance business, protect the varying risk tolerance levels of their clients, feel confident using the investments available through Nationwide and service their clients’ ongoing needs.
With Nationwide YourLife® Survivorship VUL, a financial professional can offer clients:
- Wealth enhancement — Protection for loved ones plus the potential to grow cash value during the clients’ lifetimes.
- Estate and business planning — Attractive accumulation for estate tax funding, buy/sell plans and key person coverage.
- Market protection — The optional Extended Death Benefit Guarantee rider provides guaranteed protection regardless of market performance.
- Income replacement and family protection — This permanent life insurance product offers clients a way to protect their families financially after they're both gone.
- Access to cash value — Clients can access the tax-deferred potential cash value growth within their policy to help pay for things such as funding a grandchild’s education or supplementing their retirement income.
Flexible and attractive death-benefit guarantees
The optional Extended Death Benefit Guarantee rider, available at an additional cost, lets clients choose the amount and duration of death benefit protection based on their needs and risk tolerance, and the Advance Payment Premium option allows clients to pay up the rider at a lower cumulative price versus other funding patterns.
Simpler solutions to underwriting challenges
Nationwide’s underwriting accessibility makes the company one of the easiest to work with in the industry. And Nationwide is continually adding improvements to underwriting requirements and programs, including retention and inspection limits. Recently, Nationwide either eliminated or relaxed certain underwriting requirements.
“Stress testing has been eliminated as a requirement for ages 40 to 50 for amounts $10 million and up, and chest X-rays are no longer a routine requirement for certain ages and amounts,” said Golato.
Optional riders provide even more choices
Nationwide offers several beneficial riders, which can be added to personalize the product. Most riders have an additional cost and may not be available in all states.
“For example, the guarantee rider is simple to elect at issue and maintain on policies by allowing clients to catch up on their guarantee-related premiums just in case they needed to take a little break for life’s unforeseen expenses. We’ve also made administering their policies easier by offering premium monitoring, over-loan lapse protection and income maintenance,” Golato said.
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. Investing involves market risk, including the possible loss of principal.
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.
Variable products are sold by prospectus. Carefully consider the investment objectives, risks, charges and expenses that may apply before investing. The prospectus contains this and other important information about the investment company. To request a copy, contact your investment professional or write to Nationwide Life Insurance Company, P.O. Box 182150, Columbus, OH 43218-2150. Please read the product and underlying fund prospectuses carefully before investing.
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.
* Source: Fortune Magazine, April 2009
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio. The general distributor is Nationwide Investment Services Corporation, member FINRA.In MI only: Nationwide Investment Svcs. Corporation.
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