New Survivorship VUL II provides comprehensive solution for legacy and estate planning

Columbus, OH – Today, Nationwide announced the launch of Nationwide Survivorship Variable Universal Life II®, a versatile and robust life insurance product designed to provide comprehensive coverage and financial flexibility for two people. This innovative policy covers the lives of two individuals, offering a death benefit that transfers to beneficiaries income tax-free and potentially estate tax-free, ensuring financial security for loved ones.

It also provides a potential source of funds for long-term care expenses, offering the flexibility to manage and customize the policy according to individual needs.

“Nationwide Survivorship VUL II not only provides comprehensive coverage but also adapts to the evolving needs of our policyholders,” said Chuck Bremer, vice president of life product development for Nationwide. “With competitive premiums, a cash indemnity long-term care option, and guarantees, this product is designed for those comfortable with market fluctuations and looking to build a tailored legacy or estate planning strategy.”

Key Benefits:

1. Dual Coverage and Lower Premiums: By covering two lives under one policy, Nationwide Survivorship VUL II offers lower premiums compared to purchasing two individual policies, making it a cost-effective solution. Nationwide also designed this product to be highly competitive in premiums as compared to other top survivorship solutions in the market.
2. Tax Advantages:
   • Income tax-free death benefits for beneficiaries.
   • Tax-free cash value accumulation.
   • Income tax-free loans and withdrawals.
   • No federal tax penalty for early withdrawal before age 59½.
   • Tax-free exchanges between investment options.
3. Investment Flexibility: Policyholders can allocate premiums into variable investment options tied to the stock market, providing potential for cash value growth. Nationwide’s dedicated investment analysis team rigorously evaluates these options, ensuring high-quality, cost-effective choices.
4. Customizable Features:
   • Long-Term Care Rider: A cash indemnity LTC rider available on a survivorship basis, allowing policyholders to use funds for long-term care expenses as needed.
   • Extended No-Lapse Guarantee Rider: Ensures the policy remains in force regardless of cash value, providing peace of mind.
   • VUL Rewards Program®: This program is guaranteed as long as premium requirements are met and offers a 15% reduction in monthly insurance charges for eligible policyholders.
   • Estate Protection Rider: Provides an increased death benefit during the first four years to help cover estate taxes.
5. Access to Funds: Policyholders can access accumulated value through tax-advantaged loans or withdrawals, offering financial flexibility during their lifetime.
6. Automated Policy Management:
   • Automated Premium Monitor: Ensures timely premium payments to maintain the death benefit guarantee.
   • Automated Income Monitor: Simplifies the process of drawing income from the policy.