Shelter Life Insurance Review

Shelter’s life insurance products are worth considering if you are a resident of the 15 states where it operates. This insurance carrier offers term, whole life and universal life insurance policies that are customizable with additional riders. Shelter has policy options that are suitable for young, middle-aged and elderly individuals at various coverage amounts and premiums.

This provider caters mainly to healthy individuals. It also has policies that don’t require you to take a medical exam. You could also qualify for a discount if you bundle your Shelter life insurance with your auto insurance policy.

You must look elsewhere if you live in a state where Shelter doesn’t provide life insurance. We also suggest checking other providers if you prefer to have a wider range of options for coverages and riders or if you have a medical condition. You may refer to our list of the best life insurance companies for a quick review of our recommendations.

Go over our review of Shelter Life Insurance to learn more about this company and its products and services. We’ve sifted through the data to give you the most important information that can help you decide whether this carrier matches your life insurance needs.

The 2022 Insurance Barometer Study conducted by the Life Insurance Marketing and Research Association (LIMRA) revealed that most Americans consider life insurance as a key element in feeling financially secure — with those who have overlapping coverage sources (such as from multiple policies) reporting the highest level of security. Around 68% of U.S. adults reported feeling less vulnerable to financial challenges after purchasing life insurance, while 44% foresee experiencing significant hardship within six months if they don’t have life insurance. Shelter offers several types of life insurance policies that cater to different buyer profiles, each one serving to protect your loved ones from an economic burden, especially if you’re the principal income earner in the family.

Term life insurance provides coverage for a specific period at a fixed premium. This is typically more affordable than permanent life insurance policies because it doesn’t accumulate cash value, and the death benefit may be tax-free. Keep in mind that this type of policy might not be renewable after a certain age. Benefits are only paid to beneficiaries if the insured passes away within the time frame of the policy or by a certain age.

Shelter offers three types of term life insurance: EZ Term Life Insurance, Level Term Life Insurance and Shelter Express Term Life Insurance.

Term life insurance is a great option for young people who have a limited budget but want coverage. You need to be in good health since policy buyers are usually required to undergo a medical exam. Some policies are convertible to permanent life insurance later on without proof of good health. This is the perfect affordable solution if you only need coverage for a specific period of time, such as while paying your mortgage.

Whole life insurance is a type of permanent life insurance that provides coverage throughout your lifetime. The most noteworthy perk that comes along with this type of policy is its ability to accumulate cash value. You may access the funds to cover virtually any need through partial withdrawals or loans. But this reduces the amount payable to your beneficiaries unless you return the money to your policy account.

Shelter has three options for whole life insurance:

Whole life insurance is best if you’re looking for lifetime coverage and want to lock in lower premiums while you’re still young and healthy. It’s also the ideal option if you want to earn passive income on your policy through cash value and dividends that you can use as an additional source of income at retirement.

Universal life insurance is ideal for individuals who want greater flexibility on their policy in terms of premiums and coverage. It’s also best for those who want to build larger cash value growth, which could serve as a form of investment that they could tap into to fund a future goal.

You may be able to customize your Shelter life insurance policy with one or more of the following riders at an additional cost to your policy.

Let’s cover the basic steps in purchasing life insurance from Shelter and what to do if you’re denied coverage.

Here are our answers to the questions that most buyers have when considering Shelter as their life insurance provider.