Nationwide Term Life Brochure Summary
Here is an overview of Nationwide’s YourLife Guaranteed Level Term Life, which is what we offer here at InsuredTY!
Why is Term Life Insurance Important?
Life insurance can help provide a safety net for you and your family financially. In case of a tragedy, your policy will provide beneficiaries a stream of income to cover financial obligations. Term life insurance is an affordable way to purchase this “financial safety net” for a selected amount of time.
Modified Term Life Insurance Plans
Annual Renewable Term: Death benefit is a level amount, policy is renewed annually without evidence of insurability, premiums may increase annually with increase of age.
Level Term: Death benefit is a level amount, terms of 10, 20, or 30 years available with level premiums throughout the selected term.
Decreasing Term: Selected mostly to help individuals pay mortgages, level premiums throughout the term while the benefit decreases annually.
Advantages:
Different term periods available, allows for flexibility (10,20,30 years)
Ability to convert to a permanent policy after expiration of term
Low premiums initially when compared to permanent policies
Affordable for the amount of coverage you receive
Disadvantages:
Premiums can increase upon renewal as you age, once policy has expired it may be greatly expensive to renew
No cash value built