In 1974, ShelterPoint started selling its first short-term disability insurance after changing its original 1972 name to "The First Rehabilitation Shelter Point Insurance Company of America" (First Rehab). In 2014, the name was changed again to Shelter Point, and it has become a prominent player in the New York market for temporary disability insurance.

Shelterpoint is now also a private Andlan provider for the statutory disability program in New Jersey. New York, Massachusetts, and Connecticut residents can take advantage of paid medical and family leave through this company. In New York, the corporation serves more than 184,000 businesses with the help of its more than 1.9 million employees.

Shelterpoint offers health insurance that covers all medical costs and preventative care. When a person becomes disabled, disability insurance helps make up for lost income, and annuities provide a consistent source of income as one age. Term, whole, and universal life insurance are among the covered Shelterpoint insurance products.

Term Life Insurance by Shelterpoint

Term policies are the simplest, and in some cases, affordable life insurance is available. Usually, insurance policies cover an insured person for a predetermined amount of time, known as the term, during which a death benefit is paid. Numerous employers provide group-term life insurance as a desirable benefit.

A person's group term life insurance policy's duration is usually congruent with their length of service to a particular company. Joining a firm offering group term life insurance makes an employee eligible for coverage while employed there. Based on the insurer's rules, coverage often ends when an employee quits the firm unless there are ways to convert it to an individual shelter point insurance or transfer it to another group plan.

For example, Shelter Point provides group Shelterpoint insurance policies with $50,000 in coverage. The coverage amount provided under this policy may vary based on the number of workers participating. As an example:

Maximum Coverage

The coverage may reach a maximum of $25,000 if there are many participating workers.

Coverage may go up to $50,000 for an employer with 59 workers.

The maximum coverage amount might be $100,000 for companies with ten or more participating workers.

Guaranteed issue amounts are the maximum coverage qualified workers can get without providing medical documentation or passing a medical exam. Assuming the worker satisfies the requirements established by both the business and the shelter point insurance provider, the latter may promise coverage up to the former's stated limits.

Pros Of Shelterpoint Life Insurance

Extensive Riders Availability

What differentiates Shelterpoint from competing group life insurance providers is the extensive range of riders they provide. Instead of being stuck with generic coverage like other companies, Shelterpoint lets you customize your plan with customizable riders. Riders can be anything from a premium waiver to benefits for your dependents (spouse or children) or even death or injury benefits. Additional financial protection for your loved ones in case of a covered loss may be yours with these riders attached to your Shelterpoint insurance policy.

A resident's life insurance policy with shelter points can be tailored to their needs and preferences. These riders can protect your loved ones in the case of your untimely demise or illness and help ease financial strain in times of crisis.

No Medical Exams Required

A medical exam is one of the numerous bothersome requirements for obtaining life insurance. The liability is eliminated, however, because Shelterpoint's term life insurance policies do not require a medical exam to be accepted. Customers may find the process of getting health insurance easier and faster as a result of this modification.

With Shelterpoint, medical exams are no longer an issue, making Shelterpoint insurance accessible to more people. This might be helpful for anyone who wants a less complicated application process or is concerned about their health. By eliminating the need for a medical exam, patients can get Shelterpoint insurance with minimal effort and time wasted.

Cons Of Shelterpoint Life Insurance

Not Available To Individuals

Shelterpoint provides group life insurance that covers only participating business employees. The insurance alternatives shelter point offers are only available to employees of participating firms. Shelterpoint declines applications from individuals in favor of its exclusive focus on group life policies for employers and employees.

Limited Coverage

Shelterpoint's group life shelter point insurance policy covers a maximum of $500,000. This may appear excessive, but consider how adequately it will cover your loved ones' expenses following your passing. Suppose you or your loved ones have significant financial obligations or require long-term assistance. In that case, the coverage limits offered by Shelterpoint need to be revised compared to those provided by other insurance companies.

Shelterpoint Life Insurance vs. Other Providers

Examples of the specialized rivals Shelterpoint might encounter are as follows:

• Metlife: If you want health or life insurance, look at their extensive product offerings. Due to their large presence, numerous people see them as rivals in the life insurance sector.
• Prudential Financial: Prudential Financial, a leading provider of financial services, offers life, whole, and universal insurance options. Its impact on the life insurance market is substantial.
• Aetna: The well-known Aetna health insurance policies include individual and group coverage. You'll find Aetna at CVS Health. They might be a competitor in the health insurance industry.

Mergers and acquisitions within the insurance industry and shifts in focus within the market could lead to a dynamic competitive landscape. Another consideration is that Shelter Points specific competitors might vary by region and insurance policy type.

Final Verdict

Shelterpoint is well-known for its solid financial position. Am Best, a credit rating organization specializing in insurance has confirmed Shelterpoint's Financial Strength Rating of A- (Excellent). This high grade shows that AM Best trusts the company's financial stability to meet its claims and other commitments. Shelterpoint life insurance can be a great choice for you if your workplace provides it as a perk. Without a medical exam, you may acquire life insurance protection up to $500,000; your employer can even help pay for some of it.

Certain employers only offer The company's plans, and the coverage choices are restricted. You must shop around for life insurance if you're looking for a bigger death benefit or an individual policy.