Term Life Insurance

Best Life Insurance Companies

When looking for the best life insurance, look no further than Nationwide Life Plans. We are an independent agency working on your behalf. Nationwide Life Plans only works with the top “A” rated insurance carriers and we only sell policies we would buy ourselves.

Term Life Insurance



One of the biggest advantages of term life insurance is its lower initial cost in comparison to permanent insurance. Why is it cheaper when initially purchased? Because with term life insurance, you’re generally just paying for the death benefit, the lump sum payment your beneficiaries will receive if you die during the term of the policy. With most permanent policies, your premiums help fund the death benefit and can accumulate cash value.

Term life insurance is often a good choice for people in their family-formation years, especially if they’re on a tight budget, because it allows them to buy high levels of coverage when the need for protection is often greatest. Term life insurance is also a good option for covering needs that will disappear in time. For instance, if paying for college is a major financial concern but you’re pretty sure that you won’t need life insurance coverage after the kids graduate, than it might make sense to buy a term policy that’ll get you through the college years.

Living Benefits Option

To begin, term life insurance with living benefits is your basic term life insurance policy. Term life insurance provides a death benefit along with a fixed premium period generally of 10, 15, 20, 25 or 30 years. The living benefits portion is generally a free policy rider that provides the insured the opportunity to advance a portion of the death benefit associated with a qualifying terminal illness, chronic illness, critical illness or confinement to a nursing home.

What Qualifies for Acceleration of Living Benefits?

The life insurance company offering living benefits will specify the qualifications, but generally the following must be met:

  • Qualifying terminal illness with 6-24 month life expectancy
  • Qualifying chronic illness that leaves the insured unable to perform a specified number of activities of daily living (bathing, continence, dressing, eating, toileting and transferring)
  • Qualifying critical illness such as a heart attack, stroke, cancer, end stage renal failure, major organ transplant, ALS, Blindness and paralysis

How can Term Life Insurance with Accelerated Living Benefits Help?

Term life insurance with living benefits can help provide income to pay for:

  • Lost Income from time off work due to illness
  • Medical bills from what health insurance or Medicare could not cover
  • In-home or facility long term care needs

When the Term Ends



To better understand term life insurance, consider this analogy. When you purchase term life insurance, it’s sort of like renting a house. When you rent, you get the full and immediate use of the house and all that goes with it, but only for as long as you continue paying rent. As soon as your lease expires, you must leave. Even if you rented the house for 30 years, you have no “equity” or value that belongs to you.



Return-of-Premium Option


Key Policy Provisions

When considering a term purchase, one thing to keep in mind is that not all term policies are the same. Some may include certain provisions as standard features, while others may require you to pay extra to add these features as “riders” to your policy. So if you’re comparing term policies, remember that price is not the only factor to consider. Ask your agent about provisions such as:

  • Accelerated death benefits – allows a terminally ill person to collect a significant portion of his or her policy’s death benefit while that person is still alive
  • Disability waiver of premium – waives premiums when a policy owner suffers a long-term disability, typically one lasting six months or longer
  • Accidental death benefits – doubles or triples the benefit in the case of death by accidental means