Schenck insurance has life insurance products available for all walks of life. Whether you need income replacement, want your benefit to grow through investment opportunities, or need a policy to pay for your final expenses — we’ve got you covered.
You may want to consider applying for coverage which offers living benefits and pays out money when “life happens.” There are benefits for stroke, cancer, heart attack, loss of eyesight paralysis, and more.
There are numerous qualifying events which can trigger tax free benefits to you and your family when “life happens.”
We also offer policies which have long-term care riders should you need long-term care, nursing home care, or home health care. In the event you need any of these things, the money can come from your life policy. If those benefits are not needed, when you pass away the death benefit would be paid to your beneficiaries. So, this type of policy will pay either way — “end-of-life care” or for death.
Term life insurance
Term life is one of the most well-known forms of life insurance.
You purchase this type of policy to protect against loss of income should you die. Normally, the length of the policy is tied to a large debt you would need to protect your family from, like a mortgage.
With term life you pay the premium for a set number of years. Once that period of time ends, the policy — and its protection — ends.
How much you pay for the monthly premium depends on your health and other risk factors, how much coverage you want, and how long you want your policy to last.
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Whole life insurance
Whole life insurance is a permanent policy that will cover you for the rest of your life.
Depending on the amount of coverage you purchase, these too can protect against loss of income.
These policies contain a savings component in which cash value accumulates over time. You can actually borrow against these policies or cash them out.
Indexed universal life insurance
Indexed universal life (IUL) insurance allows the owner to allocate cash value amounts of the policy to either a fixed account or an equity index account. IULs offer access to indexes such as the S&P 500 or the Nasdaq 100.
These policies offer tax-deferred cash accumulation for retirement in addition to having a death benefit.
Burial insurance is a type of life insurance meant to cover funeral and burial expenses.
It is also an affordable way for those with health issues or people at an advanced age to get a permanent life insurance benefit.
Unlike other life insurance policies, you are not required to take a health exam. Instead, there’s a short medical questionnaire that most people pass. If you cannot pass the questionnaire, there is a guaranteed issue option for burial insurance.