In the journey of life, ensuring your loved ones’ financial security is paramount. Life is unpredictable, and that’s why having robust life insurance coverage is essential. At Schultheis Insurance, we understand the importance of safeguarding your family’s future against unforeseen circumstances. Serving the Evansville, Mt. Vernon, and Greenwood, Indiana areas, we offer a wide array of life insurance options tailored to meet your unique needs.
At Schultheis Insurance, we go above and beyond to ensure our clients receive personalized attention and expert guidance every step of the way. Our team of experienced agents will work closely with you to understand your unique needs and recommend the best life insurance solution for you and your family. With our unwavering commitment to excellence and customer satisfaction, you can trust us to protect what matters most to you.
For additional insights into the world of life insurance, we recommend consulting resources such as the Insurance Information Institute (III). The III offers comprehensive information and resources on various insurance topics, including life insurance, to help you make informed decisions about your coverage needs.
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Ensure your family’s future today. Reach out to Schultheis Insurance for tailored life insurance coverage. Our team simplifies the process, securing your loved ones’ financial well-being.
Comprehensive Life Insurance Options
Term Life
Ideal for those seeking coverage for a specific period, Term Life Insurance provides financial protection for a predetermined duration. It offers a cost-effective solution with fixed premiums and coverage for a specified term, providing peace of mind during critical life stages.
Whole Life
For lifelong protection and cash value accumulation, Whole Life Insurance is the perfect choice. With guaranteed premiums and a death benefit that lasts a lifetime, this policy offers stability and security, ensuring your loved ones are financially protected no matter what.
Universal Life
Flexibility meets security with Universal Life Insurance. This policy allows you to adjust your premiums and coverage as your financial needs evolve. With the potential to build cash value over time, Universal Life Insurance offers a customizable solution tailored to your changing circumstances.
Senior Whole Life
It’s never too late to prioritize your loved ones’ financial security. Senior Whole Life Insurance provides coverage for individuals over 50, offering peace of mind and financial stability during the golden years. With guaranteed acceptance and fixed premiums, you can protect your legacy without hassle.
Children’s Whole Life
Secure your child’s future from the start with Children’s Whole Life Insurance. This policy offers lifelong protection and cash value accumulation, providing a solid financial foundation for your child’s future endeavors. Start building their nest egg today and ensure they have the resources they need to thrive tomorrow.
Do I Need Life Insurance?
Most people should have life insurance that will help meet their financial obligations in the event of death. Consider these questions to help you determine your need for life insurance.
- Do You Have A Spouse Who Depends In Whole Or Partly On The Income You Earn? Even though both of you are employed, most likely it takes the income both of you earn to maintain your home and your lifestyle.
- Do You Have Children? If something happened to you, would your spouse still be able to provide for your children’s home and education? This question is even more important to consider if you’re a single parent as your children are even more dependent on you for their welfare.
- Are You Retired? Even though you are retired, you still have financial responsibilities and need to maintain a home for yourself and your spouse. Social Security or an individual’s retirement income may not be sufficient to support your surviving spouse for his or her remaining life span.
- Are You A Business Owner Or Partner? The death of a business owner or partner can be devastating to the business. The arrangements you make for the survival of your business should include consideration of the costs for your family to maintain the business until a decision is made about selling the business or merging with another. If you are an owner partner, life insurance proceeds will allow the surviving partners to buy out your share of the business and make arrangements for continued operation of the business.
- Do You Have Other Financial Obligations? You may not have a spouse or dependent children, but if you are making payments on property you own, credit cards, or loans, you should consider life insurance that will pay off your financial obligations in the event of your death. You should also consider the potential cost of final medical expenses and funeral arrangements so your family is not left with these financial obligations.
Whatever financial needs you have identified, your Schultheis Insurance Agent can help you obtain the coverage you need to protect your family and others who depend on you. Call today to set up an appointment.
How Much Life Insurance Do I Need?
Calculating the right amount of life insurance involves estimating the amount needed to meet your final expenses and funeral costs as well as the amount of income your surviving spouse and children will need to support them for the years to come. You should estimate the value of your current and potential future contributions to the family and deduct any existing financial assets and insurance policies. This can be a complicated process, and your Schultheis Insurance Agent can advise you as you make this important decision.
What Are The Different Types Of Life Insurance And Which One Do I Need?
There are basically two types of life insurance – term life insurance and whole life insurance – with some variations within each type.
With term life insurance, you pay a fixed premium for a specific amount of life insurance for a specific period of time (the term), which could be 5, 10, 20, or 30 years. If you maintain your premiums, your beneficiaries will receive the face value of the policy should you die within the term of the policy. At the end of the term, the insurance policy is no longer in effect. However, many term policies can be renewed for an extended term. The disadvantage is that the premium amount will probably increase because you’ll be older then and, therefore, a higher risk.
Because the premiums for term life insurance are typically lower, this is a good type of insurance for younger people and those with limited income. It’s also a good investment to cover costs for children’s education and other expenses in the event of the death of a parent.
Term life insurance does not accumulate cash value, however, and many people feel they’re losing their money if they don’t have to claim the coverage because of death.
Another type of term life insurance, return of premium life insurance, directly addresses this problem. With this type of policy, the full amount of your total premiums is paid to you at the end of the policy term if you still survive. If you don’t maintain the policy to the end of the term, you may receive either no refund of premiums or a pro-rated amount of the total premiums.
The second type of life insurance, whole life insurance, is valid until the end of your life. If you continue to pay the premiums, your beneficiaries will receive the face value of the policy upon your death. Initially, premiums may be somewhat higher than a comparable amount of term life insurance because the policy is written on a definite event, your eventual death. However, the premium amount will not change as you age, and there is no need to renew and thus have an increase in premium.
Whole life insurance policies offer the advantage of accumulating cash value over time, augmented by earned interest. This cash value grows tax-deferred and is passed on to your beneficiaries tax-free upon your passing. If you decide to terminate the policy, only the cash value exceeding your total premium payments is taxable. Moreover, dividends earned, particularly from mutual insurance companies owned by policyholders, further contribute to the cash value. These dividends are typically tax-deferred and exempt from taxation when disbursed to your beneficiaries upon your demise.
Universal life insurance is another type of permanent life insurance. Like whole life insurance, universal life insurance will pay upon your death if you continue to pay the premiums. However, the premium amount for universal life insurance is based on speculation as to the interest rate and cash value, so your premium amount may increase over the life of the policy, or the policy coverage or cash value may change or be entirely discontinued.
Another variation of whole life insurance is survivorship or second-to-die life insurance which is written to cover two people and pays out at the death of the last surviving insured. This type of insurance is often used in estate planning to provide cash value to cover estate taxes which leaves the value of the estate intact for the heirs.
Your decision about the type of insurance policy you need is based on your individual circumstances. The primary difference to consider is that whole life and universal life policies are meant to be maintained for a long period of time whereas term life insurance provides coverage for a set amount of time.
Your Schultheis Insurance Agent can help you decide which type of policy is right for you and will work with a variety of insurance providers to identify the best policy coverage for you at the lowest premium rate.