3. Get a quick term life insurance quote

We’ll provide an estimate for a term life insurance policy based on the amount of coverage you want, the length of time you want your policy to last, and your health and lifestyle.

[1] Access to your money — This assumes that the contract qualifies as life insurance under Section 7702 of the Internal Revenue Code (IRC) and is not a modified endowment contract (MEC) under Section 7702A. Most distributions are taxed on a first-in/first-out basis as long as the contract meets non-MEC definitions under Section 7702A. Loans and partial withdrawals from a MEC generally are taxable and, if taken prior to age 59½, may be subject to a 10% tax penalty.

[2] Flexible payments — This assumes there is sufficient cash value to cover monthly policy charges. Keep in mind that variable universal life insurance has market volatility, so it’s possible that you may need to pay an additional premium on your policy.

Read this important information

Your life insurance coverage needs may change if your personal situation changes. For example, if you get married, have a child or get a promotion, you may want to increase your coverage. Make sure that these strategies and products are suitable for your long-term life insurance needs. Also, make sure you are able to continue premium payments so your policy doesn’t lapse if the market declines. If you take a loan, withdrawal or partial or whole surrender, your death benefit may be reduced, your policy may lapse or you may face tax consequences.

There are fees and charges for variable life insurance coverage, including a cost of insurance based on characteristics of the insured such as sex, health, age and tobacco use. There may also be underlying fund charges and expenses, and additional charges for riders that customize a policy to fit your individual needs. Investing involves risks, including possible loss of principal.

Blog Credit to Our Partners: Nationwide Insurance