Life Insurance Agency in Michigan That You Can Trust
If you have others who depend on you financially, life insurance can provide the resources needed at a time of loss. It doesn't matter what stage of life you're in; we can guide you through the planning process and help secure your future.
Our experienced team will help you determine the right type and amount of life insurance. We'll help deliver peace of mind for those who matter most to you.
Call us today for a customized quote.
What is Life Insurance?
Life insurance is a policy in which the policyholder pays regular premiums in exchange for a lump-sum death benefit that’s paid to the policyholder's beneficiaries. This lump-sum benefit is paid when the insured passes away.
To enforce the policy, the life insurance application must accurately disclose the insured’s past and current health conditions, and any high-risk activities they partake in.
Why Should I Get Life Insurance?
There are many reasons why you should get life insurance. However, the key reasons are as follows:
- Guaranteed Protection: When you have a family, business, or others that depend on you, life insurance is a huge financial safety net to ensure their protection should you pass. Your beneficiaries will receive a lump-sum payment that’s guaranteed to be paid in full (so long as all premiums are paid and there’s no outstanding loans).
- Income Replacement: If you’re a main provider for your family, imagine what would happen if the income you provided suddenly disappeared through your death. With a comprehensive life insurance policy, you can ensure that your loved ones have the means to pay a mortgage, afford childcare, healthcare, tuition costs and much more.
- Tax-free Benefit: Since life insurance is generally federal income tax-free, your beneficiaries can enjoy each and every cent you leave them.
- Guaranteed Cash Value Growth: As you pay your premiums, certain types of life insurance policies build cash value that’s guaranteed to grow—tax deferred. This can help meet a variety of financial goals, such as supplementing your retirement income, funding your children’s or grandchildren’s education, and much more.
- Optional Riders: For an additional cost, you can use riders to purchase additional protection without further underwriting, to pay your premiums should you become disabled, and more. Your Insurance Network Agency agent can help you decide which and if any riders are right for you.
- Dividend Potential: With certain life insurance policies there’s potential to receive dividends. While not guaranteed, should dividends be awarded, you can withdraw them in cash, use them to offset your premiums, or use them to buy additional insurance.
The Two Main Types of Life Insurance
There are two main categories when it comes to life insurance:
1. Permanent Life Insurance: This is the type of policy that is constructed to last your entire life. There is generally a cash value component attached to these policies. The policy holder may borrow or withdraw against the cash value during the life of the contract.
2. Term Life Insurance: Suitable for people that want protection for a specific amount of time. Term insurance typically has no cash value, and is constructed to last a certain number of years.
Whether you’re a current or potential client, we’re here to help you do the heavy lifting. Contact us to learn more and see which policy is right for you and your family.
ARE YOU PROTECTED?
Our agents are ready to ask the right questions to help you get the best coverage at the best price. Request a proposal now.