Reasons to Purchase
This reason for purchasing life insurance helps loved ones manage loans, credit cards, and other financial obligations after the insured's death.
What is paying off debt?
This product generally provides coverage for a set period, such as 10, 15, 20, or 30 years, and typically has no cash value.
What is term insurance?
This is the person whose life is covered by the policy and whose risk is evaluated during underwriting.
Who is the insured?
These are the payments made to keep a policy in force.
What are premiums?
This internal Nationwide role reviews and manages submitted applications, and every pending application is assigned to one.
What is a Case Manager?
Funeral costs are often called these expenses, which life insurance can help a family cover during a difficult time.
What are final expenses?
This permanent product has fixed premiums, a fixed face amount, and guaranteed cash value based on a set schedule.
What is whole life insurance?
This participant signs the application and is generally the only person who can change beneficiaries, request a loan, update billing, or surrender the policy.
Who is the policy owner?
This is another name for the amount of coverage in force.
What is the face amount?
This role makes the final decision to approve, postpone, or decline and application after evaluating the insured's risk.
What is an Underwriter?
Some policies build this value over time, which may later be accessed as a source of financial support during retirement.
What is cash value?
This permanent product is known for flexibility because, within policy limits, both the protection level and the amount and frequency of payments can be adjusted.
What is universal life insurance?
This person or entity pays the premiums but has no rights unless also named as the policy owner.
Who is the payor?
This is the amount paid to beneficiaries when the insured dies; it may differ from the face amount because of loans, riders, or other policy activity.
What is the death benefit?
For a producer selling non-variable products, this insurance license line of authority is required.
What is the life line of authority?
A policy designed to cover a specific period of time and less than 1% ever pay a death benefit.
What is term insurance?
Unlike traditional universal life, this product invests cash value in market-based investment options, so the policy value is not guaranteed.
What is variable universal life insurance?
This person or entity receives the death benefit, and the percentages assigned to all recipients must total 100%.
Who are the beneficiaries?
This add-on provision can customize a policy by providing additional benefits.
What is a rider?
The Phone & Support Team's mission includes assisting and coaching producers, mediating among producers, Case Manager, and Underwriter, and doing these 2 additional things.
What are guiding and educating the producer?
When a primary income earner dies, the death benefit can help a family maintain its quality of life by providing this type of protection.
What is loss of income protection?
A client wants permanent coverage, flexible premiums, and access to market participation, and understands cash value is not guaranteed. This product best matches those goals.
What is variable universal life insurance?
Charlie owns a policy covering Pat's life. Alex pays the premiums. Alex is first to receive the death benefit, with Charlie named as contingent recipient. Identify Alex's 2 roles.
Who are the payor and primary beneficiary?
A policy owner may surrender a policy, withdraw from it, or borrow against this asset, although not every contract earns it.
What is cash value?
Illustrations, Amendments, and Allocation Forms are exceptions to the Phone Team's general DocuSign capability; these form can be sent through DoscuSign by this role.
Who is the Case Manager?