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What is life insurance?
Life insurance policies help provide security to either you or your beneficiaries after you pass away or after a designated period of time. With a life insurance policy from Nationwide, you can help secure your family’s financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
Types of life insurance
There are two main types of life insurance: term life insurance and permanent life insurance. Term life insurance simply covers you for a specified amount of time (10-, 20- and 30-year policies being the most common). Permanent life insurance can be broken down into three types: universal, whole and variable. You can use this tool to get a better understanding of which type of life insurance is right for you.
Term life insurance can be used to replace lost income. This can provide a safety net for your family and help them meet their financial goals.
Universal life insurance offers flexible payment options, death benefits and cash value.
Whole life insurance can be used to help cover the cost of final expenses and leave something for beneficiaries.
Variable life insurance offers whole life protection and an investing component similar to a mutual fund.
Long-term care (LTC) coverage can be used to pay for potential LTC expenses and offers a death benefit.
Common life insurance questions
Who needs life insurance?
Generally speaking, if you have dependents or are married, your family can benefit from you having a life insurance policy. Life insurance offers peace of mind by ensuring that your loved ones will be taken care of in the event of your untimely death. Plus, payouts are tax-free.
Why should I get coverage now?
Rates tend to go up as you age. Buying a policy when you’re younger lets you lock in a lower rate.
How much life insurance do I need?
This depends on what you want to leave when you’re gone. There are two common methods for calculating the amount of life insurance you need: lump sum and income replacement. You can use this estimator tool to get an understanding of how much life insurance you may need.
How much does life insurance cost?
The cost of your life insurance policy is dependent on a variety of different factors, ranging from your age, gender, location, and health. You can use this term life insurance tool to get an idea of what life insurance may cost you.
What is term life insurance?
“Term” refers the length of coverage that you choose. If you pass away during the term (usually 10, 20 or 30 years), your beneficiaries receive a cash payout.
Why is term life a good option?
With term life insurance, you’re only paying for the years where the need is greatest (when your kids are younger or in college), and it is usually the most affordable type of insurance.
Is my policy through work enough?
Life insurance through your employer is not portable, so it won’t come with you if you leave the job. Also, the amount is often not enough to meet people’s protection needs.
What is permanent life insurance?
Permanent life insurance falls under three types of policies: whole, universal, or variable. These policies cover your entire life and usually build cash value over time, but tend to be more expensive than term life insurance.
Long-term care resources and solutions
Long-term care basics
Become familiar with the basics of long-term care coverage by visiting our interactive website.
Life insurance with a long-term care rider
Our Long-Term Care Rider is designed for people who have a primary need for life insurance but also have concerns for covering long-term care costs.
CareMatters offers long-term care coverage that can help ease concerns about needing extra help in the future, even in your own home.
Life insurance resources
Related topics & resources
 Share of LTCI Claims Starting with Nursing Care Falls: AALTCI”, ThinkAdvisor, Allison Bell – April 20, 2018
Read this important information
Your life insurance coverage needs may change if your personal situation changes. For example, if you get married, have a child or get a promotion, you may want to increase your coverage. Make sure that these strategies and products are appropriate for your long-term life insurance needs. Also, make sure you are able to continue premium payments so your policy doesn’t lapse if the market declines. If you take a loan, withdrawal or partial or whole surrender your death benefit may be reduced, your policy may lapse or you may face tax consequences.
There are fees and charges for variable life insurance coverage, including a cost of insurance based on characteristics of the insured person, such as gender, health and age. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit your individual needs. Investing involves risks, including possible loss of principal.
Neither Nationwide nor its representatives give legal or tax advice. Please consult your attorney or tax advisor for answers to specific questions.
Guarantees and protections are subject to Nationwide's claims-paying ability. They don't apply to the investment performance or safety of the underlying investment options.
Variable products are sold by prospectus. Both the product prospectus and underlying fund prospectuses can be obtained by writing to Nationwide Life Insurance Company, P.O. Box 182021, Columbus, OH 43218-2021. Before investing, you should read the prospectus carefully and consider investment objectives, risks, charges and expenses. The product prospectus and underlying fund prospectus contain this and other important information.
Investment products offered are not FDIC-insured, may lose value, have no bank guarantee.