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When people ask about life insurance, there are two questions that are always at the top of the list.

"What kind of life insurance do I need?"
"How much life insurance do I need?"

Let's take a moment to walk through the basics of life insurance.

All life insurance policies agree to pay an amount of money when you die. But all policies are not the same. Some provide permanent coverage and others temporary coverage. Some build up cash values and others do not. Some policies combine different kinds of insurance, and others let you change from one kind of insurance to another. Your choice should be based on your needs and what you can afford.

At National Western Life, we offer universal life and term life insurance products.

Universal life insurance is a flexible premium product that lets you vary your premium payments every year, and even skip a payment if you wish. The premiums you pay (less expense charges) go into a policy account that earns interest, and charges for the insurance are deducted from the account. Here, insurance continues as long as there is enough money in the account to pay the insurance charges.

NWL®'s Universal life insurance portfolio includes

  • NWL Lifetime Returns®
  • NWL® MAXWealth
  • NWL® ProviderSelect
  • NWL Life 100 ®
  • NWL ® Lifetime Returns Solutions
  • NWL Lifetime Returns Select ®
  • NWL ® Term NWL ® Secure Term

"How much life insurance do I need?"
Each of our families face cash needs at the time of our death. While there are several ways of saving for this contingency, life insurance is the only real solution to long-term financial needs.

To decide how much life insurance you need, figure out what your dependents would have if you were to die now, and what they would actually need. Your new policy should come as close to making up the difference as you can afford. In figuring this out, think of the income your dependents will need for family living expenses, educational costs, and any other future expenses. Think also of cash needs – for the expenses of a final illness and for paying taxes, mortgages or other debts. To help you calculate the amount of insurance you need, we have developed the Financial Needs Analysis below.

Financial Needs Analysis

Expenses Requirements Client Spouse
Final expenses -Medical


-Burial costs

$ $
Emergency fund -Money for unexpected expenses
Education -Funds for children’s education
Mortgage & debt liquidation -Paying off mortgage

-Other obligations

Estate settlement -Costs to transfer assets to heirs
Other needs

Day to day living expenses x 10 years?
Less existing coverage
Additional coverage required:

Things to Remember:
Review your particular insurance needs and circumstances. Choose the kind of policy with benefits that most closely fits your needs. If you’re not sure about any particular area, ask your NWL® agent for help.

Be sure that the premiums are within your ability to pay. Do not look only at the initial premium, but note any later premium increases.

Now that you know the different kinds of insurance as well as the estimated amount of insurance you will need, let's take a look at the variety of life insurance products NWL® offers.

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