What can it offer?
In addition to lifetime protection, whole life insurance offers a unique combination of benefits to help meet your needs, including:
Consistent premium payments
Consistent cash value growth
Tax-free death benefit
How does whole life insurance work?
Your premium payments remain the same over the life of the policy, and a portion of it goes toward the insurance, which includes any fees and death benefit coverage.
A small amount from each payment is also set aside to build up your predetermined, guaranteed cash value.
With this policy, you can borrow against the cash value if needed. When you pass away, an income-tax free death benefit is paid to your beneficiaries. Keep in mind that borrowing against the cash value will reduce the death benefit paid to your beneficiaries, though.
Could whole life insurance be right for you?
See how it compares to other types of life insurance (e.g., whole life vs. term life) to get a better idea of whether it meets your needs.
|Whole life||Term life||Universal life||Variable universal life|
|Designed for low cost|
|Access to your money1|
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How to buy whole 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.