Shelter Insurance: Life Insurance Options And Availability

Shelter Insurance is a mutual insurance company that offers a range of insurance products, including life insurance. The company was founded in 1946 as the insurance subsidiary of the Missouri Farmers Association and currently operates in 15 US states. Shelter offers both term life and permanent life insurance, as well as low-cost life insurance for children. The company provides three options for term life insurance and four options for permanent life insurance, including whole life and universal life. Shelter also offers several endorsements that allow policyholders to personalise their coverage.

Shelter Insurance's life insurance coverage options

Shelter Insurance offers a range of life insurance options, including term life and permanent life insurance, as well as low-cost life insurance for children. The company provides three different options for term life insurance coverage, depending on your age and insurance needs, and its permanent life insurance options include three types of whole life insurance and one type of universal life insurance.

Term Life Insurance Options

Shelter offers three types of term life insurance:

• EZ Term Life Insurance: $50,000 of term life insurance is available for most people up to 40 years old. Monthly premiums remain the same throughout the term, and the policy can be converted to permanent life insurance at any time before age 40 without proof of good health.
• Level Term Life Insurance: Available in 10-, 20-, or 30-year terms with coverage amounts starting at $100,000.
• Shelter Express Term Life Insurance: Available for people between the ages of 18 and 60 who want a term life insurance policy without a physical exam. As long as you can pass Shelter's health questionnaire, you can receive coverage of up to $100,000.

Permanent Life Insurance Options

Shelter offers four types of permanent life insurance:

• Whole Life Insurance: This option provides coverage for your entire life and includes a savings component that builds cash value over time. Shelter offers three types of whole life insurance policies with different features and benefits.
• Universal Life Insurance: This option provides flexible coverage and allows you to adjust your premiums and coverage amounts as your needs change.

Junior Special Insurance

Shelter also offers a low-cost life insurance option for children. The Junior Special Insurance policy provides $20,000 of coverage for a child or grandchild under the age of 17. Coverage ends when the child turns 26 and can be converted to a permanent life policy of up to five times the face value when they turn 25.

Shelter Insurance's life insurance riders

Shelter Insurance offers several riders that can be added to a life insurance policy for personalized financial protection. While these riders may increase the cost of your life insurance, their benefits could outweigh this additional expense. Here is a detailed overview of the available riders:

Waiver of Premium Rider

The Waiver of Premium Rider allows the premium to be waived if the policyholder becomes disabled. This waiver takes effect after the policyholder has been disabled for 180 consecutive days. This rider ensures that the policy remains active even if the policyholder is unable to work and generate income.

Accidental Death Benefit Rider

The Accidental Death Benefit Rider increases the death benefit if the policyholder's death occurs as a result of an accident. This rider provides additional financial protection for beneficiaries in the event of an accidental death.

Guaranteed Insurability Rider

The Guaranteed Insurability Rider allows policyholders to purchase additional coverage at certain intervals without undergoing a medical examination to prove good health. This rider is valuable as it enables policyholders to increase their coverage over time without the need for additional health assessments.

Paid-Up Additional Insurance Rider

The Paid-Up Additional Insurance Rider permits the policyholder to purchase additional life insurance coverage while still paying the premium, provided they can prove good health. This rider may increase the policy's surrender value and death benefit and can also earn dividends.

Shelter Insurance offers a range of life insurance riders that provide policyholders with flexibility and enhanced financial protection. By customizing their policies with these riders, individuals can ensure that their life insurance meets their specific needs and provides comprehensive coverage for their beneficiaries.

Pros and cons of Shelter life insurance

Pros of Shelter Life Insurance

• Shelter offers a range of life insurance policies, including term life and permanent life insurance, as well as low-cost life insurance for children.
• There are several riders available, including the waiver of premium rider, accidental death benefit rider, guaranteed insurability rider, and paid-up additional insurance rider.
• Term life insurance is available without a medical exam.
• It may qualify the auto policy for a companion discount.

Cons of Shelter Life Insurance

• Shelter life insurance is not available nationwide.
• Customer service is not available 24/7.

Shelter Insurance's life insurance rates

Shelter Insurance offers a range of life insurance policies, including term life and permanent life insurance, as well as low-cost life insurance for children. The company provides three different options for term life insurance coverage depending on your age and insurance needs, and its permanent life insurance options include three types of whole life insurance and one type of universal life insurance.

The company also offers several endorsements that could help you personalize your policy. Some of the riders offered by Shelter Insurance include:

• Waiver of premium rider: If you’re disabled for more than 180 consecutive days, your life insurance premium would be waived for the duration of the disability.
• Accidental death benefit rider: If an accident causes a policyholder to pass away, the death benefit may be increased.
• Guaranteed insurability rider: Allows policyholders to purchase additional coverage at certain times without undergoing a medical exam to prove good health.
• Paid-up additional insurance rider: Allows the insured to purchase additional life insurance coverage while their premium is still being paid, as long as they prove they’re in good health.

Shelter Insurance also offers low-cost life insurance for children, called Junior Special Insurance. This policy can be purchased for as little as $240, and it ensures your child can get coverage as an adult. You can purchase up to $20,000 in life insurance for one premium payment.

While Shelter Insurance has excellent customer service reviews and good coverage options, it is not available in most states. The company only offers coverage in 15 states: Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Tennessee.

Shelter Insurance's life insurance customer satisfaction

Shelter Insurance has received generally positive feedback for its life insurance offering. The company provides three different options for term life insurance coverage depending on the customer's age and insurance needs, and its permanent life insurance options include three types of whole life insurance and one type of universal life insurance. Shelter also offers several endorsements that allow customers to personalise their policies.

In a review of Shelter Insurance, Bankrate gave the company a score of 3.7 out of 5, noting that "policyholders who value top-notch customer service over strong digital tools might consider Shelter Insurance as their company of choice — as long as they live in a state where Shelter does business". The review also highlights that Shelter offers eight types of life insurance policies, including life insurance for children.

Reviews on WalletHub give Shelter Insurance an average rating of 3.2 out of 5. One user review states that Shelter Insurance is a "scam" and that the company prioritises profits over taking care of its customers. However, another user praises the company for its "great rates and great customer service".

NerdWallet gives Shelter Insurance a rating of 4.5 out of 5 for overall performance, noting that the company has "far fewer than the expected number of complaints about auto insurance to state regulators relative to its size, according to three years' worth of data from the National Association of Insurance Commissioners".

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