You make a lot of decisions every day. Some are small, like what to make for dinner or what color to paint the living room. Some are big, such as accepting an offer for a new job or starting a family. Selecting a life insurance company falls in the “big decision” category. There are many options out there and choosing the right company can be difficult, especially if you aren’t familiar with your choices.
If you want to learn more about Shaw Crosby Insurance Brokerage and our life insurance lineup, you’re in the right place. Our products are designed to be competitively priced, while still offering client-centric features.
You won’t find Shaw Crosby Insurance Brokerage running expensive TV commercials or listed on the New York Stock Exchange. As a privately-owned company, we invest in developing products that bring more value to our clients, their families, and the financial professionals helping you plan for the future.
You want to ensure your family is financially protected in case you pass away. You apply for life insurance with a death benefit equal to the remaining balance on your mortgage, allowing your family to continue living in your home if the unexpected were to happen.
You’re approaching retirement age, but you don’t have enough saved in your retirement account. You apply for life insurance and your financial professional helps you secure death benefit protection with a policy that could also help supplement your retirement income
You want to pass along an inheritance but you’re also concerned about the future cost of medical expenses. You learn about living benefits offered through life insurance, which, coupled with a death benefit, could help you achieve both.
You have an emergency fund, but now you’re wondering if it’s reaching its full potential. You apply for a life insurance policy that provides needed death benefit protection, has cash value potential, and allows you to access funds later in life if the need arises.
If it’s your first time shopping for life insurance, there’s a good chance you may not know which option is the right one for you. Finding the best match requires some homework before you make your choice. Here’s a breakdown of the various life insurance options to help you figure out which one fits best.
Term life insurance is a policy that has level premiums that last for a set number of years (the term). Term life insurance includes a death benefit in the form of a lump sum of cash that’s paid out to a beneficiary by the life insurance company if you die during the term period. This lump sum that can be used for a variety of things, from burial expenses to mortgage and debt payments, to living expenses for your family, to donations. The death benefit is typically passed on the beneficiary generally tax-free. After the term expires the policy terminates. In order to continue coverage, you’ll have to convert your policy to permanent coverage before the term ends, renew it for another term, or shop for a new policy.
Term life insurance is a great choice for most life insurance shoppers because it’s simple and cost-effective. If you’re on a tight budget, or you’re a young person age 20-30 who is just starting to build your financial future, term life insurance can be a good match for you.
Whole life insurance is permanent coverage that provides the ability to guarantee a death benefit to any age up to a maximum age as stated in the policy, as long as the premiums are paid and the policy remains in force. Whole life is designed to generate cash value.
Anyone with a need for death benefit coverage that who desires to buy a policy that can cover their entire life with less costly premiums compared to other permanent products.
Indexed Universal Life is insurance offers death benefit protection, and the opportunity to earn tax-deferred interest on the interest credits linked to the performance of one or more stock market indices chosen. This feature gives you the potential for cash value accumulation plus, it offers downside protection in a poorly performing market because you do not participate directly in the stock market and the credited interest rate is never less than the minimum interest rate or zero percent (floor). The upside is limited by either an index cap rate or an index participation rate. The index cap rate is the maximum interest rate used to calculate the index credit and the index participation rate is the portion of the index change used to calculate the index credit. The premium paid in the policy is not directly invested in any index or the stock market.
If interested in providing a death benefit for your beneficiaries with additional benefits, indexed universal life insurance policy might be attractive to you for its upside growth potential.
Remember that you don’t have to make a decision about life insurance alone. If you feel lost or overwhelmed by the choices or complexities of the products, discuss the pros, cons, and possibilities with a financial professional.
Shaw Crosby Insurance Brokerage, LLC's website is operated by Shaw Crosby Insurance Brokerage, LLC., a licensed insurance agency doing business as Shaw Crosby Insurance Brokerage, LLC. The purpose of this website is to help individuals, families and businesses obtain the best insurance solution for their specific needs. Contact may be made by an insurance agent/producer or insurance company. We offer plans from a number of insurance companies. Shaw Crosby Insurance Brokerage, LLC. is privately owned and all information and advertisements are independent and are not associated with any state exchange or the federal marketplace. Additionally, Shaw Crosby Insurance Brokerage, LLC. is not associated with, sanctioned by or managed by the federal government, the Centers for Medicare & Medicaid, healthcare.gov or the Department of Health and Human Services.
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