All vehicle insurance
All business insurance
By business type
All investment products
What can it offer?
In addition to lifetime protection, universal life insurance offers a unique combination of benefits to help meet your needs, including:
Access to the cash value
Long-term care coverage
How does universal life insurance work?
A portion of your premium payment goes toward the insurance, which includes any fees and death benefit coverage.
The remainder of your premium payment adds to the policy’s cash value, which you can withdraw or borrow against.
There are several types of universal life insurance products, and the cash value growth rate in your policy — either a fixed rate set by your insurance company or a rate based on the performance of market indexes — will depend on the product you select. With a universal life insurance policy, you have the ability to withdraw or borrow against your cash value. If you pass away, the income tax-free death benefit will be paid to your beneficiaries.
Could universal life insurance be right for you?
See how it compares to other types of life insurance (e.g., universal life vs. whole life) to get a better idea of whether it meets your needs.
|Universal life||Term life||Whole life||Variable universal life|
|Designed for low cost|
|Access to your money1|
Indexed universal life
Cost-efficient death benefit protection with the potential for cash value accumulation that you can use to help meet a variety of planning needs.
- Nationwide® Indexed Universal Life Accumulator II 2020 offers permanent life insurance that’s designed to help protect your family today and enhance your cash value growth potential for the future
- Nationwide® Indexed Universal Life Protector II 2020 provides cost-efficient death benefit to help assure a good value for your money, along with potential of cash value growth so you can plan for the future with confidence
Guaranteed universal life
Affordable, guaranteed protection that can be customized to meet your needs today, while still being flexible enough to evolve as your needs change.
- Nationwide® No-Lapse Guarantee UL II
- In New York only: Nationwide® No-Lapse Guarantee UL II
Survivorship universal life
Permanent life insurance on two people that helps protect your family by paying a death benefit when the second insured passes away.
Linked-benefit universal life
A universal life insurance policy and long-term care coverage in one hybrid policy.
Tools and resources
Life insurance calculators
2023 award list
How to buy universal life insurance
You need to work with an insurance professional to buy this type of product. If you don’t have one, our life insurance specialists are here to help.
Give us a call today at 1-866-207-9160 for a no-obligation consultation.
Hours of operation are 9:30 a.m. to 5 p.m. ET, Monday through Friday.
 This assumes that the contract qualifies as life insurance under section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under section 7702A. Most distributions are taxed on a first-in/first-out basis as long as the contract meets non-MEC definitions under section 7702A. Loans and partial withdrawals from a MEC generally are taxable and, if taken prior to age 59½, may be subject to a 10% tax penalty.
 This assumes there is sufficient cash value to cover monthly policy charges. Keep in mind that variable universal life insurance has market volatility so it’s possible that you may need to pay an additional premium on your policy.
Guarantees and protections are subject to Nationwide’s claims-paying ability.