This low-risk product comes with two no-lapse guarantees, one for the initial period and one for an extended period that can be customized to up to age 120. It is available to people up to age 85 and with a minimum face amount of $100,000. Nationwide No-Lapse Guarantee UL II is Nationwide’s universal life insurance option targeted for affluent clients with low risk tolerance. Since policyholders can expect minimal gains from this type of life insurance, it is usually cheaper than other universal life products.

Guaranteed universal life insurance offers the potential for flexible premiums and death benefit amounts, up to specified limits, but the ability to accumulate cash value could be minimal. If the coverage is of equal or lesser value, no additional medical exams or underwriting will be required for the term life conversion. If you decide to convert the term policy into a permanent policy, Nationwide allows you to do that up to age 65. After the level term period, renewing annually at a higher premium, up to age 95, is an option. Nationwide YourLife Guaranteed Level Term is Nationwide’s term product offered in level terms of 10, 15, 20 or 30 years for buyers ages 18 to 70 (age limits depend on term length).

Term life insurance does not build cash value and, as a result, it is often the cheapest life insurance policy type to purchase. After the level term expires, you can renew or buy a new policy, but you should prepare for a significant increase in premiums. For example, if you want life insurance to cover income replacement if you die and have 20 years left before retirement, a 20-year term policy would be an option. Term life insurance is life insurance that offers steady rates for a level term period.

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