NU Online News Service, Oct. 27, 2003, 11:12 a.m. EST – Nationwide Financial Services Inc., Columbus, Ohio, has introduced the marketFLEX VUL variable universal life insurance policy.
Nationwide has designed the product so that policy owners can designate fee-based registered investment advisors to manage the subaccounts.
Policyholders can choose from a menu of 31 Rydex funds and 13 Nationwide funds.
Policy features for advisors include Web-based account management tools and a choice of four trail-based compensation options.
The VUL policy is different from variable annuities because, in many cases, policyholders can get loans and make withdrawals without facing tax headaches, Nationwide says.
Nationwide is issuing the policy through its Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company units.