• by Tanya Gazdik , September 19, 2007

Nationwide Financial Services is responding to the common objection of price as the reason many consumers do not have life insurance or are underinsured with the launch of a new simpler, more affordable product.

Nationwide markets to consumers via its distribution partners, and the company has created collateral samples of several whole life-related pieces that agents/producers/brokers will share with clients or potential clients. The first one is a folder; the rest are pieces that might go within the folder to create a client packet, including a 12-page "5-Minute Guide" titled "The Promise of Life Insurance" that explains the ins and outs of whole life insurance in an easy-to-understand way.

"Nationwide's distribution model includes both affiliated and non-affiliated sales partners, which allows a wide variety of consumers to be helped by our diverse product line, including our new 'YourLife Whole Life' product," Jillian Combs, marketing consultant, Nationwide Financial Services, Inc., tells Marketing Daily. "With the launch of our 'Whole Life' product, we are looking primarily toward our Nationwide Financial Network producers and Nationwide agents to promote the new Whole Life product to their current customer base, and to prospective clients within their territories."

Consumers can get information on both YourLife products at Nationwide's Web site, where the collateral materials are also provided as PDF files.

The Nationwide YourLife Whole Life Insurance joins the YourLife Term Insurance that was launched in mid-July. The Whole Life Insurance policy is designed for consumers who want traditional, permanent life insurance with guaranteed premiums and guaranteed cash values for asset replacement or final expenses.

"Although the cost of insurance is cited as a major reason, fear of the unknown is often another," says Peter Golato, senior vice president for Columbus, Ohio-based Nationwide Financial, in a release. "Our new whole life insurance product is designed to be easy to understand, affordable and allow consumers to make simpler choices to protect their families."

The Nationwide YourLife Whole Life Series policy offers additional benefits, including: a choice of level premiums to age 100 or 20 years of payments; maturity age of 120; guaranteed premium, death benefit and cash values; income tax-free death proceeds; access to cash value through loans; tax-deferred growth of the policy's cash value and guaranteed coverage, as long as the required premium payments are received.

There are innovative riders available to help customize the policy to fit individual needs, including: 20-year term spouse; children's term insurance; accidental death benefit; guaranteed insurability benefit; waiver of premium disability benefit; owner's waiver of premium death or disability benefit and owner's waiver of premium death benefit.