NU Online News Service, Jan. 19, 2004, 12:44 p.m. EST – Nationwide Financial Services Inc., Columbus, Ohio, is cutting its underwriting costs by going after its competitors’ term life policyholders.[@@]
The insurer’s new Permanent for Life program will give customers who have bought term life within the past 2 years from selected Nationwide competitors a chance to buy permanent coverage from Nationwide.
Customers can buy the permanent coverage without facing any current medical requirements.
The policies included in the program are the Best of America Next Generation Flexible Premium Variable Universal Life policy, the Best of America Protection Flexible Premium Variable Universal Life policy and the Protector Fixed Universal Life policy.
To qualify for the program, an applicant must own a recently written term life policy that was “fully underwritten,” Nationwide says.
The applicant must have a policy that was issued at preferred or standard rates with a face amount of $100,000 to $1 million. Applicants with simplified-issue, guarantee-issue or “table shave” policies are not eligible for the program.
“Care should be taken to ensure the strategies and products are suitable for clients who have long-term insurance needs,” Nationwide advises agents and brokers who are considering the possibility of enrolling customers in the program.