Life

Basic Term Life

Basic Term Life Insurance, which is paid for by your Employer, provides you with a certain level of coverage for your loves ones in the event of your death.  Your designated Beneficiary would receive this benefit which could be used for funeral and other expenses they may face.

Voluntary Life

It’s not easy to think about how our loved ones will survive financially should we no longer be with them. Although Basic Life Insurance does provide them with some benefit in the event of our death, will that be enough? Unfortunately, when a primary wage earner passes away, 34% of households would have immediate trouble paying everyday living expenses; 29% could cover everyday living expenses for only several months; and only 36% could cover everyday living expenses well into the future.

While there are many different ways to estimate how much money your dependents may need, we suggest a combined amount of term life insurance that is five to eight times your annual income as a good starting place. Again, this is an estimated amount of life insurance coverage you and your family could consider. A complete financial plan for your family should take into account your specific circumstances including your debt, other obligations, available resources and many other factors.

Unum Life CTA from Unum on Vimeo.

Whole Life

While Term Life Insurance is an important benefit to maintain through your working years, Whole Life Insurance can also provide you with an additional level of Life Insurance coverage. Typically the premium for Whole Life insurance is fixed so your cost will not increase for the life of the policy. Whole Life insurance not only helps pay for final expenses it can also potentially accumulate cash value where, over time, you could borrow from that cash value.

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The information contained on this website is intended for general purposes only. It is an abbreviated overview of the benefit plans. Please refer to the Certificate Booklet (the contract) available from the plan carriers for complete details. Your Certificate Booklet will provide detailed information regarding copayments, coinsurance, deductibles, exclusions and other benefits. The Certificate Booklet will govern should a conflict arise related to the information contained in this website. The information contained in this website does not establish eligibility to participate in or receive benefits from any benefit plan. Please note the links to any external websites are provided simply to assist our employees with convenient access. ShawHankins is not liable for the information provided on any of the external websites provided.