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Life Insurance Basics

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?"

Most people know that life insurance policies pay an amount of money when you die. But all policies are not the same. Some provide permanent coverage such as universal or whole life while others provide temporary coverage such as term life. Some build up cash values such as universal life while others do not. While the list of other possible features goes on and on,your choice should be based on your needs and what you can afford.

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

NWL®'s life insurance portfolio includes

Universal Life

  • NWL Lifetime Returns®
  • NWL® MAXWealth
  • NWL Life 100 ®
  • NWL ® Lifetime Returns Solutions
  • NWL Lifetime Returns Select ®

Term and Whole Life

  • NWL® Rapid Issue (Term and Whole Life)
  • NWL ® Graded Death Benefit (Term and Whole Life)
  • NWL ® Term and NWL ® Secure Term
  • Living Benefit Term

"How much life insurance do I need?"

Each family or business has unique cash needs at the time of a death. While there are several ways of saving for this contingency, life insurance may be the best solution to covering long-term financial needs.

A National Western Life agent can help you determine what amount and type of coverage you need.

Agent Locator

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.