The Differences Between Term Life and Whole Life Insurance

Selecting the Appropriate Life Insurance Policy

Deciding on the right life insurance policy can be a critical decision. Contact us at Great Michigan Insurance in Marshall, MI, to learn about the types of life insurance and decide which policy suits your needs.

Understanding Time Periods

The key difference between term life and whole life insurance is the duration they cover. Term life insurance typically lasts for a predetermined period, after which it expires. A new policy needs to be initiated for continued coverage. On the other hand, whole life insurance, as the name suggests, covers you for your entire life, providing constant reassurance.

Weighing Costs of Policies

Term life insurance policies are generally less expensive than whole life insurance policies, making them a popular choice for many. As term life policies expire before one reaches senior years, the mortality risk is lower, contributing to their lower cost. Whole life policies have higher premiums as they cover mortality risks in the late stages of life.

Factoring in Cash Value

Whole life insurance policies accumulate a cash value over time, which can be borrowed against if needed, thus serving as an emergency financial reservoir. Term life insurance doesn’t offer this feature.

Securing Your Life Insurance

If you still haven’t purchased life insurance, now is the time. Contact Great Michigan Insurance in Marshall, MI, to explore a policy that’s right for you.

Inherited a Business: Did I Inherit the Insurance?

Understanding Commercial Insurance for New Business Owners

Let’s say you’ve been working with a company for an extended period. Perhaps you’re related to the owner, you’ve been taken under their wing, or they’ve seen your potential and groomed you to be their successor. Over time, you’ve grown to know the business inside out, and now you’re about to take the reins. But what about insurance?

The Pre-Existing Insurance Settings

If the former owner were diligent, they would have added your name to the policy before the business was handed over to you. If they’ve passed away, you should review the policy to ensure your name is registered. If the previous owner is still alive but has retired, they may still technically own the property while you manage the operations. It’s essential to update all the stakeholders before proceeding.

Transition of Liability

It’s important to note that now all liability falls into your hands. You could be held accountable for your employee’s negligence, and your workers’ compensation coverage might change. Be sure to stay updated about what workers’ compensation will cover for your employees, and make sure you have ample liability insurance as the ownership transitions to you.

Professional Insurance Guidance with Great Michigan Insurance

If you’re in the Marshall, MI, area and need any assistance with commercial insurance, don’t hesitate to get in touch with Great Michigan Insurance. Our helpful and knowledgeable agents will guide you, ensuring your new venture starts its journey toward success on a solid footing.

Life Insurance vs. Final Expense Insurance in Marshall, MI

Living in the town of Marshall, MI can sometimes feel like you’ve stepped into the scene of a picturesque postcard. Residents of Marshall who want to protect the financial security of their loved ones often get life insurance to shield their loved ones in the event of their untimely passing. 

Choosing the right life insurance policy can be tricky as there are a wide variety of options and similar options available, including final expense insurance. 

The insurance professionals at Great Michigan Insurance can help Marshall, MI residents make an informed decision about getting a life insurance policy. 

Life Insurance vs. Final Expense Insurance

Life insurance offers a comprehensive insurance solution that generally provides a lump-sum payout or death benefit upon the policyholder’s passing. Your loved ones can use payouts from your life insurance policy to cover the costs of mortgage payments, education costs, and other daily expenses in your absence. 

Many people refer to final expense insurance as "burial insurance" as it is tailored to cover the costs of funeral and burial expenses. While final expense insurance helps your loved ones cover funeral costs, these policies don’t typically have extended coverages for daily living expenses and outstanding bills. 

Michigan Life Insurance Quotes

Choosing between a term life, whole life, or final expense insurance policy can be challenging if you don’t understand the differences between these policy types. Choosing a life insurance policy is easier when you have the knowledge and support of caring insurance agents. 

Talk to a knowledgeable agent at Great Michigan Insurance in Marshall, MI, who can walk you through the steps of choosing the best policy for you. Licensed agents will help you choose a policy that meets your budget and personal needs. 

Contact an agent today! 

Who should get umbrella insurance?

Umbrella insurance from Great Michigan Insurance offers additional protection beyond your existing home, auto, and other liability policies here in the Marshall, MI area. It provides an extra layer of financial protection against claims or lawsuits resulting from car accidents, injuries on your property, libel or slander, and more. 

Who should get umbrella insurance? 

Anyone with significant assets should consider getting umbrella insurance because it can help protect you in a catastrophic lawsuit or judgment against you. Even if you already have a substantial amount of home and auto insurance coverage, an umbrella policy will provide even greater protection for your assets if needed. 

Additionally, anyone who spends much time around water, such as boaters and people who own pools, should strongly consider an umbrella policy. Water-related activities can result in expensive lawsuits if someone gets injured, so having an additional layer of protection from an umbrella policy is essential to consider. 

Overall, anyone with significant assets to protect or those involved in water-related activities should definitely look into getting umbrella insurance. It is relatively inexpensive but provides excellent protection in the event of a serious legal issue that could cause financial ruin without it. You don’t want to get sued over your existing policies and be caught having to pay the difference. 

For more information, or if you want to explore a policy that meets your needs and your budget, call us at Great Michigan Insurance today. We are proud to serve the Marshall, MI area, and it would be our pleasure to help you find the right umbrella policy for you. So don’t wait! Call us today!

The difference between a master policy and a condo unit policy

Regarding insurance from Great Michigan Insurance in the Marshall, MI area, there are two main types of policies for condo owners: a master policy and a condo unit policy. A master policy is typically purchased by the building’s association or management company and covers the common areas of a condominium complex like the lobby, elevators, hallways, stairwells, etc. It also covers any additions or improvements made to a condo complex and liability coverage in case of accidents. 

On the other hand, a condo unit policy covers individual units and their contents. This type of insurance generally covers damage caused by fires, storms, theft, and vandalism to personal property within the unit. This policy may also provide liability coverage for someone injured while inside an insured unit. 

Owners of condominiums need to understand the difference between these two policies to ensure they’re fully protected against potential damages or hazards they may face. While both types of policies are necessary for any homeowner living in a condominium complex, understanding which one provides which kind of coverage is essential to ensure your assets are safe and secure.

For more information, give us at Great Michigan Insurance a call today. We proudly serve the Marshall, MI area and would be happy to help you find a policy that meets your needs and budget. We work with both owners and associations and have precisely the policy you need to make sure you are covered in case of an accident. So don’t wait! Call today!

Assessing Your Life Insurance Policy After Divorce with Great Michigan Insurance in Marshall, MI

Divorce is emotionally draining for both parties and dividing assets can get ugly. With so much to worry about, many people overlook the role life insurance plays during divorce proceedings. However, it should be as big a priority as your other assets, as you need to protect your financial future.

When you chose your life insurance policy, you probably considered the financial well-being of your ex-spouse. After all, you were still married then, and you wanted to know they would be protected if something happened to you. That policy doesn’t magically change once you’re divorced, and there’s a lot to think about now that you are divorced. 

Finding an Insurance Agency That Puts Your Needs First

Before you move any further with the process of assessing your life insurance policy, you need to find an insurance agency that puts your interests first. At Great Michigan Insurance, located in Marshall, MI, we know this is an emotional and challenging time, and we are here to guide you through the process. With our expert team, we’ll help you understand the different types of policies available to you and ensure you have comprehensive coverage that protects you and your loved ones in the future. 

Protecting Yourself and Your Loved Ones in the Future

If you have been the primary provider for your family, your children and ex-spouse are likely to rely on your income to maintain their standard of living. While that might be the arrangement, you come to in life when you are no longer here.

Don’t wait to speak to one of our expert agents. Learn how Great Michigan Insurance in Marshall, MI can help you find comprehensive coverage by calling (269) 789-0909.

Do You Need Commercial Insurance For a Mobile Business?

Insurance is vital for any business to protect owners from liability and losses. Mobile businesses of all types need commercial insurance to protect them from covered events. Anyone living in or around the Marshall, MI area can count on Great Michigan insurance to provide exceptional customer service to help them get the coverage they need.

Mobile Business Insurance 

All types of businesses, including mobile businesses, need insurance coverage. Commercial insurance is a broad term used to describe insurance for business purposes. However, specialty commercial insurance products are also designed to protect mobile businesses operating in various industries. Anyone considering opening a mobile business or looking for a new mobile business insurance policy should consult a qualified insurance agent to learn more about their options.

Individuals in the market for top-quality insurance for their business should stop in at our office and speak with one of our helpful and knowledgeable insurance agents. They can work closely with each customer to assess their current situation and offer common sense insurance solutions to cover current and future needs. We not only assist with policy selection and purchases, but we also provide support for any policy changes or claims. It’s a part of our commitment to exceptional customer service before, during, and after the policy purchase.

Reach Out Today 

Call or stop by our office today to speak to one of the insurance agents at Great Michigan Insurance. We proudly serve the Marshall, MI area and strive to provide the most compatible insurance options for our customers’ individual situations. Be sure to get the reliable coverage necessary to protect business owners from liability or losses related to unexpected events.

What Umbrella Insurance Protects

If you want to get liability coverage that exceeds the limits of your current insurance policy, you might need umbrella insurance. Great Michigan Insurance is dedicated to offering umbrella coverage to the residents of Marshall, MI. Please find out more about this unique coverage by contacting us today. 

Umbrella Insurance Protection 

You may need more than the liability coverage offered by your current insurance to protect you in case of a liability claim. Sometimes the liability exceeds the coverage limit, which means you’ll be liable without umbrella insurance coverage. That’s why knowing if you potentially have excessive liability is important. The extra protection can prevent losses to the client. 

If you’re ready to explore umbrella coverage options and determine if you are in need, you can count on our team at Great Michigan Insurance to guide you through the process and help you understand what level of coverage you need. We can assess your risks and compare them to your current coverage, which tells us how to proceed. We then help you secure a policy that meets your needs. 

Reach Out Today 

If you’re interested in securing top-quality umbrella insurance coverage from a leading provider in the industry, you can count on Great Michigan Insurance, proudly serving the residents of Marshall, MI. We encourage individuals interested in securing umbrella insurance or any other insurance product to stop by our offices or call to speak to one of our knowledgeable agents. Our goal is to provide unparalleled protection and security for each client that meets and exceeds their needs. Don’t rely on your homeowners or commercial insurance coverage to protect you from liability claims if you have excessive risk potential. Reach out today to see how we can help.

Is it a good idea to get condo insurance in Michigan?

When living in the Marshall, MI area, owning a home is a great investment. If you are a property owner, you will always need to have the right insurance. For a condo owner, this includes having a condo insurance plan. There are multiple reasons why a condo insurance policy is a good investment for people that live here. 

Remain in Compliance

One of the reasons to always have a condo insurance plan is so you can remain in compliance with your requirements. Most people that are going to buy a condo are going to have various insurance obligations. If you choose to take out a mortgage, your lender will require coverage. Further, most home and condo associations require insurance. When you have the coverage, you will be in good standing with all such obligations. 

Protect Yourself

Having condo insurance is an effective way to protect yourself. If you purchase a condo, you will be making a big investment, and ensuring your investment is supported is important. When you have condo coverage, you will have support if you incur a loss due to damage or are named liable for various accidents. Ultimately, this insurance provides necessary coverage and peace of mind. 

You will always want to have proper insurance for your home. If you are a condo owner in the Marshall, MI area, you should consider obtaining a condo insurance plan. When you start looking for coverage, start with a call to Great Michigan Insurance. There are many choices to make when looking for this insurance and Great Michigan Insurance is a great resource. We can ensure you choose an ideal policy that meets your needs. 

Protect Your Loved Ones Future with Life Insurance

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.