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According to the company, Nationwide YourLife Accumulation VUL (variable universal life) provides clients with death benefit protection, potential cash value growth plus living benefits as part of their long-term planning strategy.
The primary market for this product is a person between 35 and 55 years old, affluent and with a higher market risk tolerance. These clients are typically contributing the maximum amount allowable to their qualified retirement plans and have a well-diversified portfolio. They need additional retirement income or other income-planning solutions and would like to use some of their disposable funds for tax-advantaged accumulation opportunities.
A secondary market for the product includes business partners who want to protect the business from disruption should something happen to either of them. The potential cash value growth can be used by one partner to buy out the other in the case of early retirement. Or, the death benefit could provide the capital needed for one partner to purchase the business back from the other partner's estate.
Nationwide offers several beneficial riders, which can be added to personalize the product. Most riders have an additional cost and may not be available in all states of the US.
Peter Golato, senior vice president for Nationwide Financial, said: "Consumers used to rely on social security and a company pension to take care of their retirement income needs. A term life insurance policy would cover burial expenses and pay off the mortgage. Today, consumers want more from their life insurance."
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