Life insurance can protect you and your family from the unexpected
Life insurance provides financial support to your family upon your death.
- In the case of an unexpected death, it can help replace your income and pay for things like housing, living expenses and education costs
- A life insurance policy’s death benefit is not typically subject to federal income taxes, so your family will receive the policy proceeds income tax free
Term life insurance is temporary coverage that pays a death benefit if the insured person dies within the term of the policy (typically 10, 15, 20 or 30 years).
- Useful for: mortgage payoff, income replacement, paying off major debts at death
- Good to know: it’s one of the least expensive ways to buy life insurance
Nationwide® can help you decide what kind of life insurance coverage is best for your needs. Call us at 1-888-490-1553.
Want more information about life insurance? You can find it in our Life Insurance Basics guide.
Whole life insurance is permanent life insurance protection (which means you own it for your entire life) that offers level premiums (the payments you make into your policy) and a guaranteed death benefit; keep in mind that all guarantees are subject to the claims-paying ability of the company that issues the policy.
- Useful for: mortgage payoff, income replacement, paying off major debts at death
- Good to know: it’s usually most appropriate for more conservative clients
Nationwide® can help you decide what kind of life insurance coverage is best for your needs. Call us at 1-888-490-1553.
Would you like more information about life insurance? You can find it in our Life Insurance Basics guide.
Guarantees are subject to the claims-paying ability of the issuing insurance company.
*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. Unpaid loans will reduce the cash value and death benefit payable, and if the policy lapses with a loan outstanding, it will be treated as a distribution and may be subject to income tax.
How much life insurance do I need?
Since everyone’s circumstances are different, there’s no simple, all-purpose formula for figuring out how much life insurance you need.
The most accurate way to evaluate your need is to work with an insurance professional to analyze your finances and obligations. Before you speak with an insurance professional, use our calculator to estimate how much coverage you may need.
To learn about customizing life insurance coverage for your needs, call Nationwide at 1-888-490-1553.
Be sure to choose a life insurance policy that meets your long-term life insurance needs. If your personal situation changes — for example, you get married, have a child or get a job promotion — make sure your policy continues to meet your needs. You should also weigh the costs of the policy before making a purchase. Life insurance has fees and charges that vary based on your sex, health, age and smoking status. Riders that customize a policy to fit your individual needs usually carry an additional charge.
Not a deposit • Not FDIC or NCUSIF insured • Not guaranteed by the institution • Not insured by any federal government agency • May lose value
Life Insurance is issued by Nationwide Life Insurance Company, Columbus Ohio
Nationwide, the Nationwide framemark and On Your Side are service marks of Nationwide Mutual Insurance Company.
NFW-2378AO.2
