Instead of a premium that stays the same for a specific period, with term life insurance you get a tax-free death benefit, which is why it is probably one of the most popular forms of life insurance. So, if something happens to you, your family can keep paying for the things your income provided with help from the benefits of your term life insurance policy.
Advantages and disadvantages Term life insurance is simple to understand, affordable and can provide required protection for your family. Because it typically is inexpensive, you can buy larger amounts without having to spend tons of money.
Keep in mind that as your life changes (for example, marriage, birth of a child or a job promotion), so will your life insurance needs. You should weigh any associated costs before making a purchase. Life insurance has fees and charges, including costs of insurance, that vary based on the insured person's gender, health and age. There are additional charges for riders that customize a policy to fit your individual needs.
The downside is that term insurance isn't a permanent life insurance solution. Once the term ends, the premiums can increase dramatically. And, the older you are, the more expensive it gets. Fortunately, you can convert many term life insurance policies to a permanent insurance policy like whole life insurance, universal life insurance or variable universal life insurance within stipulated time periods.
Not a deposit • Not FDIC or NCUSIF insured • Not guaranteed by the institution • Not insured by any federal government agency • May lose value
Guarantees and protections are subject to Nationwide's claims-paying ability. Life insurance is issued by Nationwide Life Insurance Company, or Nationwide Life and Annuity Insurance Company, Columbus, Ohio.
FLW-0138AO
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Did you know California's Date of Statehood: September 9, 1850?
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