Nationwide has launched a new variable universal life (VUL) insurance product built specifically for fee-based investment advisors that allows for management of funds within the product without a life license.
Nationwide Advisory Variable Universal Life is a permanent life insurance policy with a customizable guarantee that keeps the cost of the protection separate from the rest of the investment. This is the first fee-based VUL fully integrated within the registered investment advisor's operating system and it can also be sold by dually registered and hybrid advisors.
With no surrender charges Nationwide Advisory VUL keeps your clients' investment money completely liquid, It also has an investment component and allows you to integrate the policy's subaccounts into your assets under management and collect your customary asset management fee."
Holly Snyder, president of Nationwide's life insurance business.
The product features a diverse fund lineup comprised of over 30 of the most recognizable fund managers in the industry such as Vanguard, DFA, PIMCO, American Funds and Fidelity. Because the cost of protection is separate from the rest of the investment, it can give investment dollars the opportunity to grow more quickly and efficiently.
There are fewer fees associated with this product compared with a traditional VUL, There are also no surrender charges upon full surrender of the contract, and no sales loads, which allows more money to be contributed and go to work for your client faster."
Snyder.
Nationwide Advisory VUL also provides clients the ability to authorize their investment advisor to take their advisory fee from the policy as an advisory loan or as a withdrawal.
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor's. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities, mutual funds and ETFs; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.