Life in Michigan for families today is full of extra-curricular activities such as sports, dance and music classes. If you are the primary income earner in your household, no doubt you have a significant budget for your children's activities and education. It's important to ask how your family's needs would be met if something happened to you, and you were no longer there to provide for them. How can you protect those you leave behind?
Michigan life insurance is one way to ensure your family is financially stable after your death. Keep the futures of your family members safe by working with an independent insurance agent in our network. An independent agent has the ability to compare policies and Michigan life insurance quotes to find the one a great match for your needs and budget. Contact a local member agent in your area today to review your options and find the right plan for your needs.
Leading Causes of Death
- Heart disease
- Chronic lower respiratory disease
- Unintentional injuries
- Diabetes mellitus
- Alzheimer’s disease
- Kidney disease
Do I Need Michigan Life Insurance?
Since life insurance isn’t a mandatory insurance product, many people go without coverage. However, it's important to think about what kind of hardships your family could encounter without the financial safety net of life insurance. If you’re young, single, and have no dependents or debt, you might not think you need life insurance anytime soon. However, the cost of life insurance goes up as you age, which means it can be a financially sound move to buy it before you need it.
Most people begin to think about buying life insurance as they start a family, buy a home and begin to think not only about their future but the future of their family. Life insurance benefits can help provide your children or grandchildren with a college education. It can help your spouse pay off a mortgage or other debts. Life insurance can even help you buy a home. If you want to know how a Michigan life insurance policy can benefit you, contact an independent agent in our network.
Michigan Life Insurance Coverage Options
Choosing a life insurance policy can be a challenge. There are a number of different options, including types of insurance, amounts and how to structure your policy to suit your needs. It’s important to set up personal criteria to help you make a choice. If budgeting is your main concern, there’s a policy for you, but if money isn’t an issue, you may want to choose another policy that will utilize your money more effectively. Standard life insurance options include:
- Term life insurance: This is an affordable policy that is elected for a certain amount of time, ranging anywhere from 5 to 30 years. In addition to cost, this plan is popular due to its flexibility. If you’d rather buy a plan that lasts until a certain age, you can. If you want to change your policy mid-term, that may also be possible. Upon your death, your family receives a benefit in the amount elected by you. That benefit can range anywhere from $5,00 to $1 million, although the higher the benefit is, the higher your premium will be.
- Permanent life insurance: This policy typically costs more than a term life policy, but allows you additional means of investing cash. Policies are valid until you reach age 100. In addition to choosing a death benefit, a permanent life insurance policy can assist you with estate planning, establishing trusts, or business planning. You can also borrow from this account for certain circumstances. The two types of permanent life insurance are:
- Whole life insurance: This policy is more consistent, with steady premiums and rate of return on cash investments.
- Universal life insurance: This policy is more of a risk, but it comes with greater flexibility. If you want to defer premiums for a few months, it’s possible.
Life insurance can be overwhelming when you first begin reviewing your options. Some policies are more flexible than others and have many additional options to sort through. Some term policies can be converted to permanent life insurance policies over time. Be sure you work with a knowledgeable agent to get the help you need to match your Michigan life insurance policy to your needs.
Affordable Michigan Life Insurance Quotes
Choosing the best life insurance policy for you is a matter of determining your goals, your family's needs and assessing your existing assets. Then you can choose a coverage type that matches your unique requirements. An independent agent in our network can help you decide which policy is best for you right now. Your agent can help you compare policies and prices to find exactly what you’re looking for.
Contact a local member agent today for help with all your Michigan life insurance needs.