Life insurance can get complicated, and there are as many options available as there are people it seems. It is a good idea to talk with your insurance agent about all of the options available in Michigan when it comes to insuring yourself or your loved ones.
Basic life insurance covers your family if something were to happen to the main income provider for the family. But there is more involved, as you can combine it with other things to make it part of your retirement plan.
Our agents can help you determine how much insurance you need based on your situation and your goals for your family. You may also want to take a look at your current policy, and our agents will help you see if it is doing what you need it to do.
Even though it can get complex if you get things like annuities involved, there are two basic kinds of life insurance. There is term and cash value insurance available in Michigan. As the word implies, term insurance covers you for a specific amount of time and there is no cash value at the end of that term. The cost is less for this kind of insurance, but it does end. Cash value insurance may be called whole life, universal life, or something similar. You pay the premiums and your family is covered if something happens to you during that time, and at the end of the term, there is a cash value that you may redeem.
Our agents can help you determine how much insurance you need, and how much insurance you can afford. You need to be sure you can afford the payments and understand the payoffs at the end of the policy. It is also important to keep your policy current as your life situation changes.
Contact our agency to set up an appointment with one of our life insurance agents. Our representatives can help you update your existing policy, or create a new one that will accurately reflect your needs and goals. We can help you make sure your life insurance policy is doing what you need it to do.