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Nationwide YourLife(R) No-Lapse Guarantee UL is the latest addition to Nationwide's broad selection of fixed life insurance products, which also includes Survivorship UL, Single Premium UL, and Current Assumption UL (formerly known as Accumulation UL).
"This product was designed to meet the needs of clients between 50 and 70 who are seeking competitively priced, permanent death benefit protection with guarantees that can help them leave a legacy for loved ones or a favorite charity," said Peter Golato, senior vice president for Nationwide Financial. "We believe it will be especially attractive for affluent to upper-middle market clients who have a lower risk tolerance."
Product features
Nationwide YourLife(R) No-Lapse Guarantee UL offers a variety of features that provide clients greater flexibility and control over their life insurance coverage. These features include:
-- Protection that's there when clients need it - The policy's no-lapse guarantee ensures that the death benefit will be guaranteed for life, as long as clients pay the required premiums.
-- Optional long-term care rider - For an additional charge, clients can receive an indemnity-style benefit that's paid directly to the policy holder if they need it or a death benefit to their loved ones if they don't.
-- Automated premium monitor - At no additional cost, Nationwide offers a three-tiered safety net to help protect the no-lapse guarantee on the client's policy and help them stay on track with their premium payments.
-- Supplemental coverage option - This feature allows clients to turn between 10-50 percent of their total specified amount into temporary insurance to help get the coverage they need at a reasonable price.
-- More protection for the money - Clients are allowed to make premium payments to age 120, which can help them get better pricing.
Enhanced services for financial professionals
To make it easier for financial professionals to sell Nationwide's suite of universal life products, the company has made several enhancements to the services that it provides.
"We're constantly looking for ways to simplify things and make it easier for financial professionals to do business with us," Golato said. "Some of our recent efforts involve enhanced underwriting, improved illustration software and new technology to aid in the application process."
Enhanced underwriting
When it comes to the underwriting process, accessibility and responsiveness are two of Nationwide's main strengths. To build on this capability, the company recently reduced the average time it takes to underwrite a case from 25 to 23 calendar days.
Improved illustration software
Nationwide Life Illustrator is a new illustration program (replacing YourLife(R) Manager) that offers a number of enhanced features for financial professionals. Some of the new features include:
-- more robust illustrations
-- access to marketing and reference materials
-- integrated proposals and illustrations
New technology
To make it faster and easier for financial professionals to submit new business, Nationwide offers online intelligent forms powered by iPipeline(TM), a tool that can help simplify the application process. This new tool can be accessed from the Investment Professionals site on www.Nationwide.com.
Important Consumer Information
Neither Nationwide nor its representatives give legal or tax advice. Consumers should contact their legal or tax advisor for answers to their specific questions. As with all life insurance, guarantees are subject to the claims-paying ability of the issuing life insurance company. As consumers' personal situations change (for example, marriage, birth of a child or job promotion), so will their life insurance needs. Care should be taken to ensure this product is suitable for long-term life insurance needs. Any associated costs should be evaluated before making a purchase. Life insurance has fees and charges associated with it that include costs of insurance that vary with such characteristics of the insured as gender, health and age, and has additional charges for riders that customize a policy to fit individual needs.
About Nationwide
Nationwide, based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A+ by A.M. Best. The company provides a full range of personalized insurance and financial services, including auto insurance, motorcycle, boat, homeowners, life insurance, farm, commercial insurance, administrative services, annuities, mortgages, mutual funds, pensions, long-term savings plans and health and productivity services. For more information, visit http://www.nationwide.com.
Life insurance is issued by Nationwide Life Insurance Company or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
Nationwide, Nationwide Financial, the Nationwide framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. Nationwide YourLife is a service mark of Nationwide Mutual Insurance Company.
SOURCE: Nationwide
Nationwide Chad Green, 614-677-1679 greenc28@nationwide.com or Jeff Whetzel, 614-249-6354 whetzej@nationwide.com
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