Learn
Open 'til 7pm Tonight 2 Agents Available Now
Concierge Insurance. From Start to Claim.
There are two main types of life insurance; term life insurance and permanent life insurance. Term life insurance simply covers you for a specified amount of time (10, 20, and 30 year policies being the most common).
Life insurance policies help provide security to either you or your beneficiaries after you pass away or after a designated period of time. With a life insurance policy from Nationwide, you can help secure your family's financial future by paying for college, paying off a mortgage, covering any final expenses or estate taxes, and more.
Personal life insurance provides financial protection for your loved ones if you pass away. In exchange for paying premiums, the insurance company pays a tax-free death benefit to your chosen beneficiaries. The money can be used to replace lost income, pay off debts, cover funeral expenses, fund a child's education, or help maintain your family's financial stability.
Life insurance can be an important part of a comprehensive financial plan, providing peace of mind that your family will have financial support during a difficult time.
The amount of life insurance you need depends on your income, debts, mortgage balance, future education expenses, family size, and long-term financial goals. Many financial professionals recommend carrying enough coverage to replace several years of income while also paying off major financial obligations.
An insurance professional can help evaluate your individual situation and recommend an appropriate coverage amount based on your family's needs.
Term life insurance provides coverage for a specific period of time, such as 10, 20, or 30 years. If the insured person passes away during the policy term, the beneficiaries receive the death benefit. Permanent life insurance, including whole life and universal life insurance, is designed to provide lifelong coverage as long as premiums are paid and may also build cash value over time.
Both options offer valuable protection, and the right choice depends on your financial goals and budget.
Life insurance is beneficial for anyone whose death could create a financial hardship for others. Parents, homeowners, business owners, newly married couples, individuals with outstanding debts, and anyone who wants to provide financial security for loved ones should consider life insurance.
Even stay-at-home parents often provide valuable services that would be costly to replace, making life insurance an important consideration for many families.
The cost of life insurance depends on several factors, including your age, health, lifestyle, tobacco use, occupation, coverage amount, policy type, and medical history. In many cases, healthy individuals are surprised to learn that life insurance is more affordable than they expected.
Purchasing life insurance at a younger age often results in significantly lower premiums.
Not always. Many insurance companies offer both medically underwritten policies and no-medical-exam life insurance options. Depending on your age, health, and the amount of coverage you need, you may qualify for coverage without completing a physical exam.
An independent insurance agent can help compare companies that offer both traditional and simplified underwriting options.
Yes. Many individuals own multiple life insurance policies to meet different financial goals. For example, someone may have a policy through their employer, a personal term life insurance policy to cover their mortgage, and a permanent life insurance policy for long-term estate planning.
Having multiple policies is common and allows you to customize your overall protection as your financial needs change.
Employer-provided life insurance is a valuable employee benefit, but it may not provide enough coverage for your family's long-term financial needs. Many group life insurance policies offer coverage equal to one or two times your annual salary, which may not be sufficient to replace years of lost income or pay off significant debts.
Many individuals supplement their employer's coverage with an individual life insurance policy that they own and can keep even if they change jobs.
If you outlive your term life insurance policy, the coverage generally expires at the end of the policy term unless it includes a renewal or conversion option. Some policies allow you to convert your term coverage to a permanent life insurance policy without providing additional medical evidence.
Reviewing your coverage before your policy expires can help you determine whether additional insurance is still needed.
You should review your life insurance whenever you experience a major life event such as getting married, having children, purchasing a home, changing jobs, starting a business, or approaching retirement. These milestones often change your family's financial needs and the amount of life insurance that's appropriate.
An annual review with your insurance agent can help ensure your beneficiaries remain up to date and that your coverage continues to provide the financial protection your loved ones deserve.
