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Our Experts Are Helping You Plan For Tomorrow…Today
Deciding on the right Michigan individual life insurance policy hinges upon your future goals. Whether you wish to provide a tax-free income for your beneficiaries, have funds for the payment of the final estate expenses or replace the income that is lost if you die, we can help you choose the policy that will fit your needs at an affordable price.
Individual life insurance can be important for:
If not paid out by death benefit, some types of life insurance can have a cash value.
Life insurance can pay for funeral and burial expenses.
Income for dependents
A life policy can provide much-needed income for your dependents when you die. Many times this is used for children, but can also be used for a partner that has a loss of income.
A life insurance policy can be used as an inheritance, even if you don't have substantial assets to pass on to your beneficiaries.
Making a charitable contribution
Generally, age and health are the most important factors in creating the amount of the premium you will pay. Although you can purchase a policy at any age, the younger you are the more affordable the policies will be. All life insurance policies are designed to pay a benefit when someone dies. The two most common types of life insurance are term policies and whole (or permanent) policies.
Term insurance is usually the most affordable type of coverage. The term of the policy usually lasts between one and 30 years and pays only if a death occurs during the policy term. Most term policies have no other benefit provisions. Term policies can be level term, which means the death benefit will remain the same throughout the duration of the policy. Conversely, they can be decreasing term, and this means that the death benefit drops of the course of the policy’s term. When the policy term ends, you may or may not qualify for new coverage based on your health, and, based on your age, the cost of the premium may be too high to be affordable.
The advantage of whole or permanent insurance is that the death benefit and premium will usually remain the same during the duration of the policy. These policies can also build cash value, which may be withdrawn or loaned similar to a savings account. The 3 types of Michigan whole life insurance are traditional whole life, universal life, and variable universal life, and there are variations within each type.
Our agents at Wolf-Chandler Agency, LLC can guide you through the different types of Michigan life insurance policies available, and help you chose the policy that will best fulfill your unique needs and goals.
We want you to have a positive overall experience with Wolf-Chandler Agency, LLC. Our one-on-one service approach is our #1 goal for all our insurance clients. Give us a call at (248) 952-9500 or contact us through our easy-to-use form and we'll be happy to answer any of your insurance questions.