Life insurance from Shane Insurance Agency can help you secure your family's financial future by providing the funds they need to: cover burial expenses, uninsured medical bills, pay off your mortgage and other outstanding debts, and maintain a comfortable standard of living. There are a variety of life insurance policies that we can provide. The kind of policy you choose depends on your needs
Term insurance is often a good choice for your family in earlier years, especially if the budget is tight, because it allows for affordable, yet high levels of coverage, when the need for protection is often greatest. Term insurance is also a good option for covering needs that aren't permanent, for instance, paying for college, or paying off a mortgage.
Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 10-30 years.
Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.
Term Life Insurance remains in force for as long as premiums are current. The insurance coverage terminates if you discontinue your premium payments.
Universal life (UL) offers flexible premiums that can give you the option to make higher premium payments when you have extra cash on hand or lower premium payments when money is tight. Once the policy has enough cash value, the flexibility of UL insurance generally allows you to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums of the policy guidelines. You also can reduce or increase the death benefit (which may reduce or increase your premium payment) should your needs change.
In addition to the death benefit, another important characteristic of universal life insurance is a feature known as cash value or cash-surrender value. These types of policies can earn interest and build cash value over time, as well as provide a death benefit to your loved ones.
When you pay your premium, administrative fees, applicable rider charges and other insurance costs are deducted from the amount you paid. The balance of your payment is applied to your cash value account, and continues to build with each premium payment. The cash value account may also earn a current interest rate offered by your insurance carrier. Generally, over time your policy can develop a cash value available to you in the form of a policy loan or partial surrender.
Benefit features like a No-Lapse Guarantee can be very useful to help protect your policy. With an ordinary universal life product, the policy could lapse under certain circumstances (e.g., interest rates fall below projections, insurance costs or administrative expenses rise, etc, which can affect your ability to make premium payments). With a No-Lapse Guarantee, you're guaranteed that the policy won't lapse for a specified period of time as long as premium payments are made within the time frame outlined by the company.
Whole Life Insurance provides permanent protection for the whole life from the date of policy issue to the date of the insured's death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy's life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child's education, or cash surrender value if the policy is ever cancelled.
These products are continually changing and we can provide you with the latest information and policies available!
Sometimes called second-to-die insurance, survivorship life insurance covers two people and provides a benefit only after the second person has passed away. Whether your goal is to leave an inheritance, protect your business or provide a lasting benefit to a charity, survivorship life insurance can be an important part of your estate plan.
Survivorship life insurance policies allow you to:
Long-Term Care is the type of care received either at home or in a facility, when someone needs assistance with activities of daily living, such as bathing and dressing due to an accident, an illness or advancing age.
Rising life expectancy means that the potential need for "long-term care" grows with every passing year of your life. The likelihood is that you or a member of your family will need long-term assistance due to a prolonged illness, a disability, or general deterioration of your health and ability to perform routine daily activities. Most long term care expenses are not covered by Social Security or Medicare, Medicare Supplement ("Medigap"), or private health insurance. Medicaid pays for nearly half of all nursing home care, but you must meet federal poverty guidelines and you may have to "spend down" most of your assets on health care to qualify for those benefits.
If you’re unable to work due to a sickness or injury, disability income insurance can help you meet expenses and maintain your standard of living. It can help you pay bills like your mortgage, tuition and car payments, and help cover expenses for food, clothing and utilities. By replacing a portion of your income, disability income insurance can help provide financial security until you get back on your feet and return to work.
Are you an owner or partner in a business? If so, death of a business owner or partner can be an uncertain time for the life of a business. A buy-sell agreement can help protect you and your business from the effects of unintended or unwelcome transfers of ownership. Consider funding your buy-sell agreement with life insurance. By purchasing a life insurance policy to fund your buy-sell agreement, you can help protect and extend the life of your business.
An insurance policy taken out by a business to compensate that business for financial losses that would arise from the death or extended incapacity of an important member of the business.
Who can be a key person?
A key person can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, the person could be a director of the company, a partner, a key sales person, key project manager, or someone with specific skills or knowledge which is especially valuable to the company.
There are four categories of loss for which key person insurance can provide compensation: