Permanent life case examples
Whole Life
Meet Alex
Alex is a 38 year old professional. They are determined to save for retirement, but they also want to ensure their family’s financial security. Alex chose a whole life insurance policy because it offers lifelong coverage and the potential for cash value growth. The cash value will grow steadily over time, providing a reliable source of supplemental income for retirement. Alex can also access that money for emergencies or other financial needs.
The policy includes options for long-term care coverage, helping Alex prepare for future health expenses. Tax advantages, such as tax-free death benefits and tax-deferred cash value growth, make it an excellent tool for retirement planning.
This whole life insurance policy ensures financial security for Alex’s family and supports their retirement goals. Its comprehensive coverage and flexibility make it a suitable choice for anyone in a similar situation, and it provides flexibility in adjusting protection levels and premium payments in case Alex’s situation changes.
No-Lapse Guarantee Universal Life
Meet Beth
Beth wants to ensure that her family members can maintain their current lifestyle if anything happens to her during her working years. She purchased a $200,000 Nationwide No-Lapse Guarantee UL II policy with the optional return of premium feature. Years later, Beth’s children have grown and she’s retired.
Because she no longer needs the policy, Beth meets with her insurance professional to discuss her options.
She learns that she can exit the policy in year 21 for the lesser of either 100% of the adjusted premiums she’s paid or 40% of the base policy specified amount. Beth chooses to use this exit strategy and puts the money she receives toward the travel plans she and her husband have been considering.
Indexed Universal Life Accumulator
Meet Dan
Dan is 20 years away from retirement. He contributes the maximum amount to his 401(k), but he knows this won’t be enough to maintain his current lifestyle.
He’s looking for a way to save for retirement that will also help protect his family and enhance his growth potential. He also needs an option that will offer a certain level of protection from market risks.
To help Dan achieve the growth he’s looking for, his insurance professional recommends an indexed universal life policy. That way, Dan has the flexibility to choose between different indexed interest strategies for his investment selections. And with a guaranteed minimum floor rate of 0%, he knows that his interest rate will never fall below that level, no matter what happens in the market.
Indexed Universal Life Protector
Meet Charlotte
As she grows older, Charlotte doesn’t want her children to have to worry about her out-of-pocket health care costs.
Her insurance professional suggests a Nationwide Indexed Universal Life Protector II policy with a $500,000 death benefit. They also recommend the LTC Rider II, which offers up to the full death benefit amount for long-term care coverage. That way, if Charlotte needs long-term care services, she can use the LTC Rider II to cover the costs of home health care, assisted living, a nursing home or other qualifying services.
Once her claim is established, Charlotte won’t need to submit receipts to be reimbursed for her care. The Nationwide LTC Rider II provides a benefit each month for as long as she needs it, or until she uses the $500,000 long-term care benefit amount from her Nationwide Indexed Universal Life Protector II death benefit.
Variable Universal Life Accumulator
Meet Melissa
Melissa is a 45-year-old executive who already contributes the maximum allowable amount to her 401(k). She’s concerned that her qualified plan won’t provide enough income in retirement to support the lifestyle that she and her family currently enjoy. She’s looking for a strategy to increase her income in retirement and is comfortable taking on market exposure to help her do it.
Melissa’s financial professional suggests a Nationwide Variable Universal Life Accumulator policy because, in addition to death benefit protection, it offers strong, tax-deferred cash value growth potential.
Once Melissa retires, she can begin drawing income on a tax-free basis from the policy’s cash value to help supplement her retirement income.
The death benefit ensures that her family is financially protected in the event of her premature passing, creating the dual benefit of a reliable income stream during retirement and a safety net for her family.
Variable Universal Life Protector
Meet Steve
Steve is a 50-year-old manager at an IT firm. He’s in good health and looking for a cost-effective way to grow his assets for retirement. But with a young family at home, he also wants to know they’ll be protected financially in the event that something happens to him.
Steve’s financial professional recommends a Nationwide Variable Universal Life Protector policy because it can help him achieve both of his goals with one product.
It offers tax-advantaged, cash value growth potential and a simplified fund lineup for a more straightforward approach to retirement income planning that Steve likes.
And by adding the Extended No-Lapse Guarantee (ENLG) Rider to his policy for an additional cost, Steve can feel secure knowing that his loved ones will be protected financially, too.
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