Life Insurance in Michigan
What Are my Life Insurance Options?
Given the uncertainty of life, and the financial obligations your beneficiaries may face at the time of your passing, attaining life insurance is a wise decision. There are multiple options to choose from, giving you the tools needed to mitigate financial risks while protecting the people you care about most. Below are common types of life insurance and the benefits of each.
Term Life Insurance
If you’re looking for low-cost insurance for a specified time, such as 10, 20, or 30 years, then term insurance might be the right option for you. There is no cash surrender value associated with this type of policy. Instead, you are only covered for the term specified in your policy. This means that if you cancel the policy, you won’t receive any money. One of the advantages of term insurance is that you pay a low premium relative to the death benefit of the policy. Upon your death, your beneficiaries will receive a lump sum payment.
Permanent Life Insurance
Universal and whole life insurance policies, which are considered permanent life insurance, differ from term insurance because these policies often come with a cash surrender value. That means if you want to cancel your insurance policy, you’ll receive the cash surrender value of the policy. The amount of money you receive is contingent upon how long you’ve had the policy, and the premiums you’ve paid during that time. A Great Michigan Insurance specialist in Marshall, MI can help examine the benefits and payouts of permanent life insurance to tailor a policy to meet your needs.
Life insurance can protect your beneficiaries and ensure that their financial interests are catered. For additional information on life insurance options and products, please contact Great Michigan Insurance in Marshall, MI, today. The right insurance policy can give you and your beneficiaries peace-of-mind.