Have you thought about what would happen to your family if something happened to you? Would they be financially secure? The Great Michigan Insurance of Marshall, MI can provide life insurance to protect your family.
What is life insurance? It is a contract between the insurance company and a policyholder, where the insurance company promises to pay the designated beneficiary an amount of money upon the insured’s death. Based on the contract, terminal or critical illness could also force payment.
Life insurance protects your beneficiaries from the potentially disastrous financial losses that could result if the unmentionable happened. It would provide financial security, help to pay living expenses, pay off debt, and help to pay any medical costs or final expenses.
There are three types of life insurance:
- Term life insurance is a simple form of life insurance. A premium is paid for a period of time, usually ten to thirty years. A cash benefit is paid to the beneficiary if death occurs during that time.
- Whole life insurance is a policy that is guaranteed to remain in effect for the insured’s lifetime as long as the premiums are paid or to the policy’s maturity date.
- Universal life insurance is permanent life insurance. The insured person is covered for their entire lifetime.
You typically pay much less for insurance at a young age. If you wait until age 40 or even 60, the price increases. As we age, the risk of developing health conditions increases, which could result in higher life insurance rates.
So don’t jeopardize the financial future of your loved ones. Make sure you have enough life insurance to ensure they can live as before you passed. The insurance professionals at Great Michigan Insurance of Marshall, MI can provide a quote or answer any questions you may have to get you started. Contact our team today.