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Protection for Your Family for a Specific Period
Life insurance is a way to protect your family in the event of your death. The money your beneficiaries receive can be used to help pay your final expenses, take care of debt and cover the mortgage or rent.
Term life insurance provides protection for a specific period of time, or term. It is most often sold in -10,-15, -20 and -30 year terms. The premium stays the same throughout the term. If the insured person dies during this period, the beneficiaries receive the proceeds income tax-free. At the end of each term, the insured may renew the policy (generally at a higher cost) up to age 95.
Nationwide term life insurance
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Advantages and disadvantages of term life insurance
Term life insurance can provide essential protection for your family. It is less expensive than other life insurance options.
The downside of term life insurance is that it isn’t a permanent life insurance solution. Once the term ends, the coverage ends or the premiums increase dramatically. And, the older you are, the more expensive it gets.
Fortunately, you can convert many term life insurance policies to a permanent insurance product such as whole life insurance, universal life insurance or variable universal life insurance.
If you want to purchase another policy after your term ends, you may have to show evidence of good health to purchase continued protection. An annual renewable term policy may not require this, but your premiums may increase each year.
Keep in mind that as your life changes (for example, marriage, birth of a child or a job promotion), so will your life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges including costs of insurance that vary based on the insured person’s gender, health and age. There are additional charges for riders that customize a policy to fit your individual needs.
Please read this important information
Guarantees and protections are subject to Nationwide’s claims-paying ability. Life insurance is issued by Nationwide Life Insurance Company, or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
How to Choose a Beneficiary
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Why Buy Life Insurance?
Discover some of the ways life insurance can help protect you and your family.
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This material is not a recommendation to buy, sell, hold, or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.
Life and annuity products are issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Company, Columbus, Ohio. The general distributor for variable products is Nationwide Investment Services Corporation, member FINRA. The Nationwide Retirement Institute is a division of NISC. Nationwide Funds distributed by Nationwide Fund Distributors, LLC, Member FINRA, Columbus, OH. Nationwide Life Insurance Company, Nationwide Life and Annuity Company, Nationwide Investment Services Corporation, and Nationwide Fund Distributors are separate but affiliated companies.
The Nationwide Group Retirement Series includes unregistered group fixed and variable annuities issued by Nationwide Life Insurance Company. It also includes trust programs and trust services offered by Nationwide Trust Company, a division of Nationwide Bank ® .
Nationwide, the Nationwide N and Eagle, The Nationwide Retirement Institute, Nationwide is on your side and Nationwide Funds Group are service marks of Nationwide Mutual Insurance Company. Let’s Face it Together is a service mark of Nationwide Life Insurance Company.
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