Shelter Insurance: A Good Option For Life Insurance?

Shelter Insurance is a good choice for those who want a wide range of coverage options and discounts, as well as good customer service. The company offers term life and permanent life insurance, as well as low-cost life insurance for children. It has a solid NAIC score, indicating good customer satisfaction, and has an excellent financial strength rating from AM Best. However, Shelter Insurance is only available in 15 states, and its rates are slightly higher than average.

Shelter Insurance's life insurance policy options

Shelter Insurance offers a range of life insurance policies, including term life and permanent life insurance. Here are some of the options available:

EZ Term Life Insurance

This is an affordable option for younger buyers with lower coverage needs. It provides $50,000 in coverage until the age of 40, with a fixed premium. This policy can be converted to a permanent policy without providing proof of good health before the age of 40.

Level Term Life Insurance

Level Term Life Insurance offers coverage for 10, 20, or 30 years, with a guaranteed death benefit of $100,000 or more. The premium remains the same for the duration of the policy and is renewable until the age of 95, with annual adjustments based on age. This policy can also be converted to a permanent policy without a health check.

Shelter Express Term Life Insurance

This policy is designed for individuals between the ages of 18 and 60 who don't have health issues and prefer not to undergo a medical exam. It offers three coverage amounts: $50,000, $75,000, or $100,000, with premiums locked in for 30 years or until the age of 65, whichever comes first.

Secure Whole Life Insurance

This is Shelter's cheapest whole life insurance option, but it does not earn dividends.

Whole Life Insurance

Whole Life Insurance offers the most cash value over the term of the policy and may pay an annual dividend.

20-Pay Whole Life Insurance

This policy allows you to pay off the policy within 20 years, making it ideal for those who start the policy at a young age. It may also earn annual dividends.

Universal Life Insurance

Universal Life Insurance is a form of permanent life insurance that offers flexibility. You can adjust your premiums as your circumstances change and choose to maintain or increase the death benefit as the cash value grows.

In addition to these policies, Shelter also offers life insurance for children, known as Junior Special Insurance. This provides $20,000 in coverage for a child or grandchild under the age of 17. The coverage ends when the child turns 26 and can be converted to a permanent life policy worth up to five times the face value when they turn 25.

Customer satisfaction with Shelter Insurance

In addition, Shelter Insurance has excellent customer service reviews and good coverage options. Its basic policy includes roadside assistance and new car replacement at no additional cost, which most companies charge extra for. Shelter also offers a wide range of insurance products, including auto, home, life, motorcycle, ATV, utility vehicle, farm and business insurance.

However, Shelter Insurance is only available in 15 states, so most people cannot take advantage of its great service. Some customers have also complained about sudden rate increases with no clear reason, as well as issues with claims processing and unresponsive customer service.

Pros and cons of Shelter Insurance

Pros of Shelter Insurance

• Shelter Insurance has excellent customer service and good coverage options.
• Shelter Insurance offers a wide range of insurance products, including auto, home, life, farm, and business insurance.
• Shelter Insurance has a mobile app that allows customers to view policy details, pay bills, request roadside assistance, and contact their agent.
• Shelter Insurance offers various discounts on auto and home insurance, such as multi-car, paid-in-full, safe driver, and good student discounts.
• Shelter Insurance has a low NAIC Complaint Index score, indicating that it receives fewer complaints than average based on its size.
• Shelter Insurance offers several types of life insurance, including term life and permanent life insurance, as well as low-cost life insurance for children.
• Shelter Insurance has an A (Excellent) financial strength rating from AM Best, indicating its ability to pay out claims.
• Shelter Insurance offers customizable coverage options and various endorsements for its home insurance product.
• Shelter Insurance offers gap insurance, rental reimbursement, disability income coverage, and accidental death coverage for auto insurance.
• Shelter Insurance provides a life calculator tool to help customers determine the correct type of life insurance and coverage limit they may need.

Cons of Shelter Insurance

• Shelter Insurance is not available nationwide and is currently only available in 15 states.
• Shelter Insurance's auto insurance rates are higher than average, especially for young drivers.
• Shelter Insurance does not offer accident forgiveness.
• Shelter Insurance's customer service is not available 24/7, and there have been some complaints about delays in claims processing and unresponsive customer support.
• Shelter Insurance's home insurance rates are unavailable, and it is not included in J.D. Power's home insurance studies.

Shelter Insurance's availability

Shelter Insurance is a regional insurance company that offers its services in 15 states: Arkansas, Colorado, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Nebraska, Nevada, Ohio, Oklahoma, and Tennessee. The company was founded in 1946 as MFA Mutual Insurance and initially only offered auto insurance to Missouri residents. Today, Shelter Insurance provides a wide range of insurance products, including auto, home, life, motorcycle, and business insurance.

The company's limited availability may be an issue for some, but Shelter stands out for its positive customer experience indicators and highly customizable coverage options. Shelter policyholders generally express satisfaction with the company, as evidenced by its customer satisfaction rankings. Additionally, Shelter offers a variety of discounts that could help offset higher rates for some individuals.

While Shelter Insurance is not available nationwide, it is worth considering for those living in the states it serves, especially if customer service and customizable coverage are priorities.

Shelter Insurance's discounts

Shelter Insurance offers a wide range of discounts for its auto, home, and life insurance policies. The availability of these discounts varies by state and policy. Here are some of the discounts offered by Shelter Insurance:

Auto Insurance Discounts:

• Safe Driver Discount: Customers who have been accident and violation-free for three years can qualify for this discount. The longer you maintain a safe driving record with Shelter, the higher the discount.
• Good Student Discount: Primary drivers who are students with good grades can qualify for a discount on their overall premiums. The student must have an active license and provide proof of qualification before the age of 19. The discount can be renewed until the driver is 25, unmarried, and a full-time student.
• Pay-in-Full Discount: Customers can save up to 10% or 12% on their car insurance if they pay their premiums in full every six months or annually instead of monthly.
• Multi-Car Discount: Customers with two or more vehicles insured with Shelter Insurance may be eligible for a discount.
• Companion Policy Discount: Drivers who are at least 48 years old and have a qualifying Shelter Insurance property policy, such as homeowners or farmowners insurance, can receive a discount on their auto insurance.
• Companion Life Discount: Customers who have a life insurance policy and a qualifying property policy with Shelter may be eligible for a discount on their auto insurance premiums.
• Passive Restraint Discount: If your car has factory-installed airbags or automatic seatbelts that meet federal safety standards, you may be eligible for a discount.
• Accident Prevention Course Discount: Completing an accident prevention course can lead to reduced premiums.
• Anti-Theft Discount: Residents of Kentucky and Illinois with vehicles equipped with basic alarms, steering wheel locks, or ignition/fuel cutoffs may receive a discount on their auto insurance.
• Multi-Coverage Discount: In Nevada, a discount may be applied to uninsured and underinsured motorist coverage when any two motor vehicles, motor homes, or motorcycles from the same household are insured by Shelter Insurance.
• Driver Training Course Discount: In certain states, premiums may be reduced if all drivers in the household under 21 have completed an approved driver's education course.

Home Insurance Discounts:

• Companion Policy Discount: Customers with a qualifying Shelter Insurance auto insurance policy in addition to their home or renters policy may be eligible for discounted premiums.
• Protective Devices Credit: Having approved security features, such as an alarm system, smoke alarms, and deadbolt locks, can result in a discount.
• Claim-Free Discount: Maintaining your insurance policy without a claim for six consecutive years can lead to a discount on your premium upon renewal.
• New Home Discount: Homes under construction can receive a discount of up to 40% for one year, while newly completed homes occupied within the preceding calendar year are also eligible for a significant discount.
• Heating System Discount: If your home does not have a solid fuel heating device (e.g., wood or coal), you may be eligible for a discount.

Life Insurance Discount:

Bundling Discount: You may qualify for a discount if you bundle your Shelter life insurance policy with your auto insurance policy.

Frequently asked questions