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Life Insurance

Life Insurance is cheaper then you think and, is not complicated. Let's explore options for income protection to help protect your loved ones.

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What is Life Insurance and Why You Need it

Why is life insurance important? Having life insurance protects your family from the financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses. Life insurance pays out a sum of money either on the death of the insured person or after a set period of time. Helps replace lost income and pay for final expenses.

According to the 2020 Life Insurance Study by Life Happens and LIMRA, nearly half (44%) of Americans would feel an extreme financial burden within 6 months if the primary breadwinner in the family were to die. About 28% would feel this extreme financial burdern within a month.

Despite these findings, only 54% of American adults have life insurance. What prompts them to buy it? The study found 5 common reasons why adults purchase life insurance that stick out. People want to:
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  • Cover their burial expenses and final costs
  • Facilitate a transfer of wealth to their children
  • Replace income for their families
  • Supplement their own retirement income
  • Pay off the mortgage

This means  46% of the adult population today who feel its not their responsibility to help take care of their family and have no life insurance. Myself, I could never think that way and, I hope you feel the same way as I do too! When looking into purchasing life insurance there are basically 3 common type of life insurance.​

Common Types of Life Insurance

Term Life Insurance

  • Term life insurance or term assurance is life insurance which provides coverage at a fixed rate of payments for a limited period of time, the relevant term. After that period expires, coverage at the previous rate of premiums is no longer guaranteed and the client must either forgo coverage or potentially obtain further coverage with different payments or conditions. If the life insured dies during the term, the death benefit will be paid to the beneficiary. Term insurance is the least expensive way to purchase a substantial death benefit on a coverage amount per premium dollar basis over a specific period of time. Term insurance can be purchased two ways. Simplified Issue Term Life does not require a medical exam and is by far the most popular way but, you will pay higher costs for insurance this way. But, if you are looking for the lowest possible rates you will have to complete a medical exam which usually means blood & urine samples and for larger amount cases an EKG may be required. All costs for these tests are covered by the insurance company.

Whole Life Insurance

  • Whole life insurance, or whole of life assurance, is a life insurance policy that remains in force for the insured's whole life and requires (in most cases) premiums to be paid every year into the policy. Premiums are guaranteed to never increase and benefits will never increase. Cash value is also built up over time with some mutual companies even paying annual dividends that can help enhance cash value. Simplified Issue Whole Life is a very popular plan that people over age 50 and above will use as Final Expense Insurance.

Universal Life Insurance

  • A type of permanent life insurance. Under the terms of the policy, the excess of premium payments above the current cost of insurance is credited to the cash value of the policy. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, as well as any other policy charges and fees which are drawn from the cash value, even if no premium payment is made that month. Interest credited to the account is determined by the insurer.. When an earnings rate is pegged to a financial index such as a stock, bond or other interest rate index, the policy is a "Equity Indexed Universal Life" contract. In fact more and more people are using an "Equity Indexed Universal life to help supplement their retirement as explained by Mutual of Omaha one of the companies we represent.
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Contact us to learn more about which type of life insurance is right for you and your family.
(864) 868-5194
Six Mile, SC 29682
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Shanley Insurance Agency
Six Mile, SC 29682
(864) 868-5194
Click Here to Email Us

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