Nationwide creates fee-based variable universal life policy

Nationwide has created a variable universal life insurance product for fee-based investment advisers that allows for management of funds within the product without a life license.

The product, Nationwide Advisory Variable Universal Life, is a permanent life insurance policy with a customizable guarantee that separates the cost of protection from the rest of the investment.

“With no surrender charges, the product keeps clients’ investment money completely liquid,” said Holly Snyder, president of Nationwide’s life insurance business. “It also has an investment component and allows an adviser to integrate the policy’s subaccounts into the adviser’s assets under management and collect the customary asset management fee.”

The product features investments from over 30 fund managers, including Vanguard, DFA, PIMCO, American Funds and Fidelity. Clients can authorize their investment adviser to take their advisory fee from the policy as an advisory loan or as a withdrawal.

[MORE: Nationwide, Capital Group create target-date with annuity]

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The post Nationwide creates fee-based variable universal life policy appeared first on InvestmentNews.

Andrew is half-human, half-gamer. He’s also a science fiction author writing for BleeBot.

Andrew Vincent
Andrew is half-human, half-gamer. He's also a science fiction author writing for BleeBot.
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