For consumers who want lifetime protection, strong living benefits and simplified policy maintenance, Nationwide Financial Services offers a new Nationwide ULtimate Universal Life product. ULtimate is a universal life insurance policy designed to provide consumers with low-cost, permanent life insurance with a guaranteed death benefit. Nationwide Financial guarantees the policy will be there when the consumer (or their beneficiary) needs it, as long as the regularly scheduled no-lapse premium is paid.
Also known as secondary guarantee or no-lapse guarantee universal life insurance, ULtimate Universal Life offers several beneficial riders and endorsements, which can be added to personalize the product. These include:
- long-term care rider
- spouse rider
- child rider
- waiver of monthly deductions
- accelerated benefit rider (no cost unless invoked)
- accidental death benefit rider
- maturity date extension endorsement (no cost).
Consumers should consult with their insurance professional to discuss costs, advantages and disadvantages of each rider in detail. Riders and endorsements may not be available in all states and most involve additional cost.
“Uncertainty about the future of their family, the markets and personal security is driving some consumers to more conservative products with guarantees,” says Peter Golato, senior vice president for Nationwide Financial. “We’re finding many consumers are concerned about having enough money throughout their lives because they expect to live longer, so low-cost protection is important. They also want financial independence and control, so the ability to access the death benefit while alive for terminal illness or long-term care needs is also important.”
Evolving client needs and preferences have made no-lapse guarantee universal life insurance products one of the top sellers in the industry. ULtimate can also be used for legacy planning and wealth transfer for clients who want to preserve assets for loved ones in a tax-efficient manner, provide lost income for survivors and create an estate for their heirs.