Life insurance can be a difficult topic, one that many may prefer to avoid altogether. We know talking about our mortality can be uncomfortable, but it’s also a reality we can’t ignore. Despite our best efforts to stay healthy and safe, unforeseen events can occur, leaving our loved ones vulnerable and unprotected.
For Shelly Harrell, director of operations at Leliaert Insurance Agency in Osceola, Indiana, the importance of life insurance cannot be overstated.
With more than 30 years of experience assisting Leliaert clients, Shelly has witnessed firsthand the benefits of having a life insurance policy and the peace of mind it can bring to families in the face of unexpected tragedy.
“Everybody always thinks insurance is boring; It’s not,” Shelly explained. “There’s new stuff every day. Some days it’s stressful but, a lot of days, it’s about educating people.”
What Type of Life Insurance is Right For You?
Life insurance can be the difference between staying and moving when a head of household passes away. For families with children, this can be an especially difficult adjustment, both emotionally and financially. However, with the right life insurance policy in place, families can ensure they have the financial security they need to move forward and provide for their loved ones.
But what type of life insurance policy is right for you? That’s where Shelly and the team at Leliaert Insurance Agency can help. There are typically two main types of life insurance policies to choose from: term and whole life.
Term life insurance provides a death benefit for a set period of time, usually 10, 15, 20 or 30 years. This makes term life insurance an affordable option for those who need coverage for specific financial obligations, like a mortgage or a child’s college education.
Whole life insurance, on the other hand, provides both a death benefit and a cash value component that grows tax-deferred over time.
“We have a lot of people wait until they’re retiring (to purchase a policy),” Shelly explained of trends she’s noticed. “With a higher premium, you may get lower coverage.”
Whole life insurance tends to be more expensive than term life insurance, but it can also provide greater long-term savings and investment opportunities.
What’s the Cost?
So how much does life insurance actually cost? According to Shelly, the cost of a life insurance policy can vary widely depending on a number of factors, including age, health and lifestyle habits. However, as a rough estimate, a healthy individual in their 30s can expect to pay around $20 to $30 per month for a 20-year term life insurance policy with a $500,000 death benefit.
“A lot of carriers are doing an express issue,” Shelly shared as alternative to policies requiring more comprehensive medical exams. “They will pull prescription records and medical records and motor vehicle records — basic info — and then they give you a price.”
One thing to keep in mind when shopping for life insurance is that it’s important to tell the truth about your health and lifestyle habits. Insurance underwriters will rely on this information to determine your risk level and set your premiums, and lying about your health or smoking habits could result in higher premiums or even a denied claim down the line.
“The underwriters can be understanding as long as they know what they’re seeing,” she said. “They’re going to find out in the bloodwork.”
How Leliaert Insurance Agency Can Help
The key to finding the right life insurance policy is to work with an experienced and knowledgeable insurance agent like Shelly and the team at Leliaert Insurance Agency. With our decades of shared experience, more than 15 major carriers and a deep understanding of the insurance industry, we can help you navigate the complexities of life insurance and find the policy that meets your unique needs and budget.
When it comes to protecting your family’s financial well-being, there’s no substitute for a good life insurance policy. Contact Leliaert Insurance Agency today to learn more about our comprehensive coverage options.