Life Insurance

  

Life insurance can give you peace of mind, especially if you know your loved ones have financial help. Many people want financial protection for their loved ones after they die. The team at Shankland Insurance is here to help you navigate your life insurance needs. Contact us today for more information.  

Term and Whole Life Insurance: What to Know 

There are two main types of life insurance. The coverage you choose depends on how you plan to use this coverage. 

• Term life insurance provides money to your beneficiary if you die during the policy’s term. This term may be a period of 10, 20, 30 or more years, depending on your policy’s expiration date. If you don’t die during this time, the policy doesn’t pay, and you need to reapply for a new life insurance policy to continue coverage. 
• Whole life insurance lasts for the remainder of your life once you’ve enrolled, and the policy won’t expire unless you stop paying it. Whole life coverage also gives you a cash value investment opportunity. The cash value component can provide a source of income while you’re still alive—in addition to the eventual death benefit.  

Other types of life insurance may be beneficial, and these include the following: 

• Final expense insurance 
• Group life insurance 
• Individual life insurance
• Key person insurance
• Long-term care insurance 
• Mortgage protection insurance 
• Second-to-die policy 
• Universal life insurance 

How Much Life Insurance Should I Have?  

The value of your life insurance is sometimes tied to your debts, such as your mortgage or car payment. If you die while your debts are outstanding, your beneficiary can settle these expenses with the death benefit. You may also choose to associate your death benefit with your income and leave a certain number of years’ worth of your paycheck to your beneficiaries. What you decide to do with your life insurance is your choice; however, we can help guide your decision. 

Is Life Insurance Expensive? 

Your policy premium will depend on your age, health and coverage. You can choose to have multiple life insurance policies. For example, you may choose permanent life insurance and a term life policy to close any gaps in your financial plan. Shankland Insurance can help you select life insurance that meets your future needs. 

How to Get Life Insurance 

We will take time to understand your situation and what insurance is best for you. Call Shankland Insurance at 641-228-7473 to get started on your coverage.