Life Insurance Plus MoreLife Insurance Products
What type of life insurance do you need?
Term Life Insurance - Term Life Insurance is simplest form of life insurance as well as typically the least expensive. Term Life Insurance coverage is purchased for a specific premium for a specified period of time typically 10, 15, 20 or 30 years. If you die during that time, your beneficiary receives the value of the policy. There is no investment component with Term Life Insurance.
Whole Life Insurance - Whole Life is much like to term, but the policy covers your whole life not just a set period or term. Premiums typically remain level throughout the life of the policy, and the insurance company invests at least a portion of your premiums. Some insurance companies share investment proceeds with policyholders in the form of a dividend.
Universal Life Insurance - Universal life Insurance provides permanent protection for your dependents and is more flexible than whole or variable life. Universal Life Insurance pays a death benefit to the beneficiary as well as provides a low risk “cash value account” which grows from earned market rates of interest accumulating tax deferred. Universal Life Insurance policies allow cash to be withdrawn or borrowed providing client control of the policy as well as flexibility.
Final Expense Insurance - Final Expense Insurance, sometimes called "Burial" or "funeral" life insurance, is a policy with a low face value, typically ranging from $5,000 to $50,000. A beneficiary is selected, typically a family member or even a funeral home, that would receive the money upon your death. That beneficiary would then be responsible for using the money to carry out your wishes.
Final Expense policies are usually "Term Life" or "Whole Life" policies. They are either simplified issue policies in which several medical questions are asked, with no medical exam required or guaranteed issue where the policy is issued to anyone who applies with no medical questions asked.
Michigan Disability Insurance
Disability Insurance is often the most overlooked of all insurances you should have to protect you and your family. Disability Insurance is typically used to replace income should you become disabled. Disability Insurance is usually based on your current and most recent income. Typically you are able to select up to 60% of your income for a benefit. There are several components within a disability policy that will make a big difference in premiums such as elimination periods, benefit periods, income, and occupation.
Michigan Health Insurance
