Objective: Provide a comprehensive overview of the life insurance options available through Nationwide, helping agents understand and communicate the benefits and features of each product to clients.

Content:

• Introduction to Nationwide Life Insurance Products: Overview of various life insurance products offered by Nationwide, including term life, whole life, universal life, and indexed universal life insurance.
• Features and Benefits: Detailed discussion on the unique features and benefits of each product, including coverage options, premium structures, and additional riders.
• Comparative Analysis: Comparison of Nationwide products with other market offerings to highlight competitive advantages.
• Case Studies: Real-life scenarios demonstrating the application of different life insurance products to meet various client needs.
• Interactive Q&A: Session for addressing common questions and concerns about Nationwide life insurance options.

Lesson 2:1: Goals of Life Insurance

Objective: Understand the primary goals of life insurance and how to align these goals with the needs of clients.

Content:

• Protection: Ensuring financial security for beneficiaries in case of the policyholder’s death.
• Wealth Transfer: Facilitating the smooth transfer of wealth to heirs and minimizing estate taxes.
• Income Replacement: Providing a source of income for dependents and maintaining their standard of living.
• Debt Coverage: Paying off outstanding debts, such as mortgages and loans, to prevent financial burden on loved ones.
• Business Continuity: Supporting business succession plans and protecting key employees.

Lesson 2:3: Protection

Objective: Learn about the protection aspect of life insurance and how it safeguards the financial future of clients’ families and businesses.

Content:

• Death Benefit: Explanation of how the death benefit works and its significance for beneficiaries.
• Policy Types for Protection: Analysis of different types of policies (term, whole, universal, and indexed universal) and their suitability for protection purposes.
• Riders for Enhanced Protection: Overview of additional riders, such as accidental death benefit, waiver of premium, and guaranteed insurability.
• Client Scenarios: Examples of how protection-focused policies can be tailored to meet individual client needs.
• Sales Strategies: Techniques for effectively communicating the importance of protection to potential clients.

Lesson 2:4: Accumulation and Income

Objective: Explore the role of life insurance in wealth accumulation and generating income for policyholders.

Content:

• Cash Value Accumulation: Understanding the cash value component in whole life, universal life, and indexed universal life insurance.
• Tax Advantages: Benefits of tax-deferred growth and tax-free withdrawals under certain conditions.
• Policy Loans and Withdrawals: Mechanics of accessing cash value through loans and withdrawals, and their impact on the policy.
• Retirement Planning: Utilizing life insurance as a tool for retirement income, including strategies like life insurance retirement plans (LIRPs).
• Investment Options: Options for investing the cash value in various accounts, such as fixed interest, indexed, or variable accounts.

Lesson 2:5: Long Term Care & Living Access Benefits

Objective: Understand the additional benefits provided by life insurance policies for long-term care and living access.

Content:

• Long-Term Care Riders: Explanation of long-term care riders, their benefits, and how they can be added to life insurance policies.
• Living Benefits: Discussion on living benefits, including critical illness, chronic illness, and terminal illness riders.
• Eligibility and Claims: Criteria for activating long-term care and living access benefits, and the process for filing claims.
• Cost and Premiums: Analysis of the cost implications of adding long-term care and living access riders to a policy.
• Client Education: Strategies for educating clients on the importance and benefits of long-term care and living access options.

Lesson 2:6: Policy Management

Objective: Equip agents with the skills to effectively manage life insurance policies post-sale to ensure they continue to meet clients’ evolving needs.

Content:

• Policy Review: Importance of regular policy reviews and steps to conduct a thorough review.
• Beneficiary Updates: Process for updating beneficiaries and ensuring the policy reflects current client intentions.
• Adjusting Coverage: Methods for adjusting coverage amounts, adding or removing riders, and converting term policies to permanent coverage.
• Premium Management: Strategies for managing premium payments, including options for policyholders facing financial difficulties.
• Client Communication: Best practices for maintaining ongoing communication with clients to address their questions and keep them informed about their policies.