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Permanent life insurance

Lifelong coverage can ensure that your loved ones receive a benefit when you pass away, and it includes a cash value component that can grow over time.

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What is permanent life insurance?

Focus on the long term

Permanent life insurance is intended to last a lifetime, and the premium generally stays the same. You get a sense of security knowing your policy helps provide for your loved ones.

Tax-free death benefits

The beneficiary of a permanent life policy receives an income tax-free death benefit when the policyholder passes away.

Access to your money

A permanent life insurance policy has the potential to build cash value that policyholders can withdraw during their lifetime.

Who needs permanent life insurance?

Anyone can apply, but here’s who it will benefit most:

Those with lifelong needs or a desire to cover final expenses

Those wanting to leave their loved ones an inheritance

Case example

Alex, a 38-year-old professional, is determined to save for retirement while ensuring their family’s financial security. Alex chooses a permanent life insurance policy, which offers lifelong coverage and the potential for cash value growth. This policy is perfect for them because it provides flexibility in adjusting protection levels and premium payments as their financial situation changes. The cash value component allows them to build savings that can be accessed for emergencies or other financial needs.

Read more permanent life examples

Permanent product comparison

All permanent life products offer an insurance payout, access to your money and tax advantages.

They differ in market participation, your investment control and your ability to change the payment amount.

How much growth potential and risk are you comfortable with in the market? What kind of control do you want to have in your investments? Do you want to be able to change the payment amount?
Whole life No market participation N/A No, fixed rate
Universal life No market participation N/A Yes
Indexed universal life Potential for high growth based on market performance, moderate risk Indirect control, by selecting a specific market index (like the S&P 500)1 Yes
Variable universal life Potential for the highest growth based on market performance, higher risk Direct control over investment choices in sub-accounts (similar to mutual funds) Yes

Interested in permanent life insurance?

Our knowledgeable service team is ready to help you understand your product options and choose what is right for you and your loved ones.  

Give us a call today at 1-866-207-9160 for a no-obligation consultation.

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Permanent life insurance resources

Term vs. permanent life insurance

Learn more about the differences between term life insurance and permanent life insurance.

Life insurance calculators

We offer tools to help you determine the kind and amount of life insurance that may be right for you.

Fees and charges

Learn more about the fees and charges associated with life insurance coverage.

More questions you may be asking
Expand all

The cost varies based on your age, health and the type of policy (whole, universal or variable). It’s generally more expensive than term life insurance because it lasts your entire life and builds cash value.

It depends on your policy. Some policies have a cash value that can cover the insurance costs if premiums are missed, while others may lapse.

You can access the cash value through loans or withdrawals. Note that this can reduce the death benefit and might have tax implications.

Yes, you can. Some parents do this to lock in insurability and provide a financial safety net. It can also build cash value over time.

There are various payment options. Premiums can be paid throughout the life of the policy. Some policies offer limited payment periods, such as 10, 20, or 30 years, after which the policy is paid up.

Permanent life insurance provides lifelong coverage and builds cash value over time. It’s useful for estate planning, wealth transfer or as a financial safety net.

Permanent life insurance is ideal if you need lifelong coverage, want to build cash value or have estate planning needs. It’s best to get it when you’re younger and healthier to benefit from lower premiums.

Did you know?

60% of Americans have life insurance

Roughly 60% of Americans have some sort of life insurance policy and will not leave behind a financial burden to a loved one in the event of their death.2

Life insurance can be used for wealth transfer

You can purchase a permanent life insurance policy for your child or grandchild. By paying into it, you build a tax-sheltered cash value that can be passed down.
Get expert help to guide your decisions
Schedule a consultation or call us at 1-866-207-9160.
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[1] The "S&P 500®" is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by Nationwide. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Nationwide Indexed Universal Life products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties makes any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions or interruptions of the S&P 500®.

[2] Triple-I: Education Is Key to Life Insurance Awareness Month," Michael Barry, iii.org/press-release/triple-i-education-is-key-to-life-insurance-awareness-month-082423#:~:text=NEW%20YORK%2C%20Aug.,your%20funeral%20and%20burial%20expenses (Aug. 24, 2023).
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