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 Cheapest Life Insurance USA

Nationwide - Life Insurance

Nationwide Company History

Nationwide was founded by the Ohio Farm Bureau Federation, a consumer group organized in 1926 by Ohio farmers. The early Farm Bureau leaders decided to start an auto insurance company because they believed that they were being overcharged by established insurers. Although they knew little about insurance techniques and practices, common sense told them it was only fair that rural drivers pay less for their auto insurance because they had fewer traffic accidents than city motorists.

Acting on that belief, the Ohio Farm Bureau Federation incorporated the Farm Bureau Mutual Automobile Insurance Company on December 17, 1925. Staked to a $10,000 loan, the company opened a one-room office in downtown Columbus with three employees. Twenty part-time agents volunteered to sell auto insurance policies without commission to give the company a running start.

To obtain a state license to operate an insurance company, Farm Bureau was required by Ohio law to sign up 100 pledged policyholders. Selling mostly on the basis of their faith in an untried but logical insurance concept, the volunteer agents obtained 10 times the needed number within a few months. With 1,000 policy applications, Farm Bureau Mutual officially started business on April 12, 1926.

At the outset, the new company offered only one product, auto insurance, and only to Ohio farmers. It was so successful in providing quality auto insurance at low rates that rural drivers in other states sought coverage from the new company in Ohio.

In response, Farm Bureau Mutual began to expand into other states in 1928 with help from locally based "sponsoring" organizations. It was a pivotal move that started the company toward eventual national expansion. The first expansion state was West Virginia. Others, all in 1928, were Maryland, Delaware, Vermont, and North Carolina.

Another key decision, one that helped expedite company growth, came in 1931 when Farm Bureau Mutual expanded its services to residents of towns and small cities. In 1934, the company began insuring motorists in metropolitan areas.

By 1943, when expansion was interrupted by World War II, Farm Bureau Mutual was operating in 12 states and the District of Columbia. The company resumed territorial growth in 1952, and accelerated its national expansion in 1956.

To reflect plans to grow countrywide, the Farm Bureau Mutual name was changed in 1955 to Nationwide Insurance. During the next 10 years, Nationwide expanded into 20 additional states, including Oregon, the company’s first state west of the Mississippi River.

To make all-around personal protection available to its customers, the company began to offer fire and life insurance coverages early in its history. It started a fire insurance company in 1934 and bought a struggling life insurance company the following year. The insurer was becoming a conglomerate in the mid-1930s, long before it became a standard business practice.

Entry into life insurance in 1936 was particularly notable. Having agents sell both life and casualty insurance conflicted with standard industry practice. Industry belief held that insurance agents weren’t qualified to sell both life and casualty insurance because those products are so different. Multi-line selling, however, eventually became common practice.

Nationwide moved ahead of the industry again in the mid-1950s when it pioneered the sale of both life insurance and mutual funds shares by its agents. It was a bold move that was viewed skeptically and opposed vigorously at the time by both the insurance and securities industries. Attitudes changed slowly, but many leading insurance companies eventually followed Nationwide’s lead into mutual funds.

Nationwide Life insurance is protection for the living

Most of us take great steps to plan for our future. You want to know that your family will be provided for if you die. This desire for security prompts many people to purchase life insurance as part of their financial plan.

What is life insurance?
Life insurance is a contract between you and an insurance company. Basically, you pay the insurance company a series of payments-or premiums-based on the type of policy that you've purchased. In turn, the insurance company agrees to pay your beneficiary a specified sum of money. The specified sum is called a death benefit. Your beneficiary is the person that you designate to receive the benefit from the insurance company. Generally the payment your beneficiary receives is not subject to federal or state income taxes. However, payments to your beneficiaries may result in estate tax liabilities.

Do you need life insurance?
The purpose of life insurance is to provide funds to help preserve your family's financial future. You should consider purchasing life insurance if you have:

  • a spouse/partner
  • dependent children
  • an aging parent or disabled relative who depends on you for financial support
  • a business
  • concerns your investments won't provide enough to support your loved ones if you die
  • an estate to protect.

Adequate life insurance coverage is needed to pay final expenses such as:

  • health care costs
  • funeral arrangements
  • estate taxes.

The death of a loved one causes enough personal anguish without adding financial problems. How would your family pay the bills if anything unexpected happened to you? Your beneficiaries may also need ongoing income to cover the:

  • mortgage
  • car payment
  • daily living expenses, like groceries and utilities.

Life insurance can also keep personal business ventures afloat and our estates protected. Most expenses will continue to increase by at least the amount of inflation. You'll need to consider this when you're deciding how much life insurance you'll really need. Clothing, food and transportation are just a few examples of costs that don't stand still.

Find the fit that's right for you.
Life insurance can be purchased in terms-for a certain period of time-or on a more permanent basis-for life.

Nationwide Life Insurance Policies

Term life insurance
A term policy provides life insurance coverage for a specific period of time.

  • It is pure life insurance.
  • It does not accumulate in value.
  • If you die within the designated time frame, your beneficiary will receive the death benefit amount.
  • It is the least expensive form of life insurance.
  • The younger you are, the lower the premium-or price-you pay for term insurance. This price break can help you buy more life insurance coverage when you're young and need to protect your young family's future.

Term insurance is often purchased to cover a specific financial obligation, such as a mortgage payment, since you can select the time period you want the insurance to cover. The premium amount you pay for term life does increase with age, so you may want to look into other available options for ongoing, lifelong coverage. Term life premiums cover the death benefit only and do not accumulate in value. When the specified contract period ends, premium payments stop and coverage ends.

Permanent life insurance
There are four types of permanent life insurance policies-whole, variable, universal and variable universal. All offer coverage for your entire lifetime and provide your family with money should something happen to you.

With permanent life insurance policies, your age is a determining factor when premium amounts are set. Therefore, it can be more economical to purchase permanent life insurance when you're young. Permanent life policies are generally best suited for the long term.

Whole life insurance
Whole life insurance provides protection for life. The premium amount is fixed throughout the life of the policy and is due in regular intervals. The payment, though, tends to be higher than the premiums associated with term policies. Part of the premium pays for the death benefit coverage, commissions and fees. The rest is invested in the insurance company's investment portfolio. This investment is called the cash value of the policy. Cash value accumulates on a tax-deferred basis until withdrawal or lapse of the policy. The cash value provides a guaranteed minimum rate of return.

Variable life insurance
Variable life insurance is similar to whole life, in that it offers coverage for life and fixed premiums for a specific term or the life of the contract. The difference between whole and variable life insurance is the treatment of the cash value portion of the premium. Instead of the insurance company investing your money in its investment portfolio at a guaranteed rate, you hold the purse strings. This type of life insurance allows you to invest the cash value portion of the premium into a separate account and to direct where this portion of your premium is invested. Investment options generally include mutual funds that invest in stocks, bonds and cash equivalent investments.

Learn more about variable life insurance at Nationwide Financial's The BEST of AMERICA web site.

Universal life insurance
Universal life insurance is similar to whole life insurance. The difference is that your premium is flexible. How much and how often you pay depends on the policy's cash value and the size of the death benefit you choose. You can use the cash value to reduce your out-of-pocket premiums; likewise, a smaller death benefit would reduce the premiums. A flexible premium can be ideal when you need to reduce your coverage. Some policyholders choose to reduce coverage as their children grow up. With fewer dependents living at home, the need for a larger death benefit may not be necessary. Universal life policies also build cash value with a guaranteed minimum return.

Variable universal life insurance
Variable universal life insurance combines:

  • universal life's flexible premium payments
  • variable life's ability to let policyholders invest their cash value.

The premium amount is flexible based on the size of your death benefit and cash value policy. Plus, you control the invested portion of your premium. This money is placed into a separate account from your insurance company's investment portfolio. You're allowed to direct where this portion of your premium is invested. Investment options generally include mutual funds that invest in stocks, bonds and cash equivalent investments.

Your cash value varies with the performance of the underlying investments you select. The amount is not guaranteed. The cash value can be taken in a lump sum if the policy is terminated. If the earnings are greater than what the insurance company projected, the death benefit can increase.



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