Life Insurance Overview - North Carolina • South Carolina

When a family loses a loved one along with a source of income, paying off debts and maintaining bills can be difficult. Life insurance helps lessen the burden of unexpected loss. Although some feel they won’t need life insurance until they’re older, the best time to purchase a policy is actually earlier on in life, when steady income is often even more essential for covering things like new mortgages and college tuition debt. Regardless of your age, reliable policies can be tailored to accommodate various circumstances and requirements.

Sheally Insurance Group  can assist with tailoring a life insurance policy for you and your family. Whether you need whole life or term life insurance, we provide affordable and comprehensive policies to support a wide range of lifestyles and needs. Contact our agency to get started right away!

What are the different types of life insurance?

• Final Expense coverage concerns the expenses that come after the death of a policyholder. Final expenses vary per family and can cover the cost of a funeral, cremation or burial services, casket prices and more.
• Individual Life insurance refers to policies purchased directly through an insurance agency rather than through your employer. This policy provides death benefits to the policyholder’s beneficiaries, who are loved ones listed on the policy to receive compensation.
• Term Life insurance policies last only a certain period of time as specified by the policyholder. For example, if you only want a life insurance policy to last until you’ve paid off your student loan debt, a term life insurance policy can be adjusted to five, ten, or even twenty years.
• Universal Life insurance is a cash value policy that allows you to adjust premiums and benefits more easily than a typical whole life insurance policy. Policyholders can also borrow from the cash value if they run into financial difficulties.
• Whole Life policies are the most common types of policies. As the name suggests, whole life insurance remains for the duration of the policyholder’s life and pays benefits to beneficiaries after death. These benefits can include a lump sum payment and help with monthly bills, such as a shared mortgage.

Additional Coverage Options to Consider

There are additional options for those looking for less coverage or those on a budget. Accidental death insurance, for example, only provides compensation if the policyholder’s death is due to an accident. This policy is typically cheaper than a whole or term life insurance policy. An accelerated death benefit provides advance cash compensation if the policyholder is diagnosed with a terminal illness. For policyholders that fall critically ill, disabled or injured, a waiver of premium rider is available, which allows the policyholder to waive premium payments on their life insurance policy. Some term life insurance policies also come with term conversion which allows you to switch a term life insurance policy to a whole or universal life insurance policy.

Life insurance doesn’t have to be complicated. Contact Sheally Insurance Group to discuss and obtain quotes for your best options.

Everyone’s needs are different, and the amount of life insurance you need depends in part on how many beneficiaries you have. On average, insurance professionals recommend that you carry anywhere between ten to fifteen times your income.

It's true! You can save money by bundling a life insurance policy with other coverages you need like a homeowners insurance or auto policy.