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IPS / Lighthouse Insurance Group Blog: life insurance

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image of family outdoorsMany people are familiar with the benefits of having life insurance, a policy that can help financially protect your family when you are no longer around. Unfortunately, even those who understand the need for insurance often lack information about the type of insurance that is best for them.

Term life insurance offers many of the financial protections that a typical whole life insurance policy provides you. In fact, term life insurance is quite attractive to many people, offering them:

  • Larger death benefits for less
  • The option to convert to whole life later
  • Simple insurance terms

For many people, term life insurance is a favorite option. If you are considering purchasing a policy, consider the following key factors that may affect the policy you need.

Purchase Term Life Insurance to Pay off a Loan

Although many people don’t like to talk about it, insurance offers families a means to pay their expenses after losing the income of the policyholder. Without life insurance, many families could possibly lose their homes and/or cars, making life harder for them.

If you have a mortgage or a car payment, you can purchase term life insurance to help your family cover the costs after you are no longer with them. Many families add a term life insurance policy to their financial strategy to ensure that their surviving spouse and children can maintain their existing lifestyle.

Secure a Term Life Insurance Policy While You Are Young

With life insurance, purchasing a policy while you are younger nearly guarantees that you could pay less for your policy than you would after you get a little older. In fact, securing a term life insurance policy while you are young helps you lock in lower rates for years. Some insurers may offer you reduced rates for the duration of the policy. Compared to other types of insurance, lower premium payments make term life insurance a budget-friendly option for younger individuals who may have a tighter budget.

Buy Term Life Insurance to Complement Whole Life Insurance

Whole life insurance can easily get expensive, but it’s important to ensure that you have enough life insurance to help protect your family if they couldn’t rely on your income due to death. Fortunately, you can create a life insurance strategy that incorporates both whole and term life insurance. For instance, if you can’t afford whole life insurance at the amount that works for your family, you can purchase some whole and some term coverage until you have the level of insurance you need to protect your family.

If you decide to mix and match your insurance, you should speak with a licensed insurance agent to ensure that you have made a thorough assessment of your financial situation.

We’ll help you get the right coverage. Call Insurance Planning Service at (734) 421-9900 for more information on Michigan life insurance.

Family RunningLife insurance can do some pretty amazing things for people. It can buy loved ones time to grieve. It can pay off debts and loans, providing surviving family members with the chance to move on with a clean slate. It can keep families in their homes and pre-fund a child’s college education. It can keep a family business in the family. It can provide a stream of income for a family to live on for a period of time. First things first, though: you need to own life insurance.

Too many Americans do not have adequate life insurance protection. According to the industry research group LIMRA, 95 million adult Americans have no life insurance whatsoever. Here’s the bottom line: A majority of families either have no life insurance or not enough, leaving them one accident or terminal illness away from a financial catastrophe for their loved ones.

What if you were suddenly gone and your family had to manage on their own? When was the last time you did the math to make sure your loved ones would be financially sound? Have you checked with your employer to find out what kind of life insurance benefit you have through work and whether you have the option to increase your coverage? When was the last time you had your life insurance needs reviewed by an insurance professional?

Visit our Term Life Insurance page to learn more about term life insurance and to learn how to determine your life insurance needs.  You can even answer a few questions to obtain a free quote online.  

Call us at 800-220-5582 if you have questions about life insurance.

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Though the matriarch and patriarch of families with children are the most common life insurance policyholders, that doesn’t dismiss this coverage as unnecessary for single adults. Young adults may not yet have enough financial responsibilities to warrant such coverage, but the need for this type of coverage often grows as you age and accumulate more financial responsibilities.

Many single adults have dependents—children, elderly/sick parents or disabled family members—that they provide financial care for. These dependents may or may not be able to monetarily take care of themselves, but oftentimes policyholders consider life insurance benefits to provide comfort and support in the wake of tragedy.

The family members of single adults may undergo a financial burden following that person’s death, even if they are not dependents. A single adult may leave behind unpaid debts, such as a mortgage, student loans, a car loan or credit card debt. If the deceased’s savings cannot cover these debts, they can default to the next of kin, placing a hardship on the grieving family. Life insurance benefits can be used to pay off such debts without dipping into the savings of the surviving family members.

Similarly, the expense of laying the deceased to rest can be quite high, averaging up to $15,000 including the costs of the funeral service, cemetery plot, casket and headstone. Rather than letting this burden fall to family members, a single adult can buy life insurance to cover these expenses so the family can mourn their loss without the added stress of scrounging up the money to pay for the funeral.

If you are a single adult and find yourself if one of these situations, you may want to consider purchasing life insurance. Your local agent can evaluate your needs and help you select the coverage that best suits your lifestyle and your budget.

Learn about your options today. Call Insurance Planning Service at (734) 421-9900 for more information on Livonia life insurance.

image of family enjoying the parkMost people don’t think about buying life insurance when they are young, healthy and single. However, if something should happen to you unexpectedly, a life insurance policy could pay for your student loans or other large outstanding debts, as well as your funeral expenses. These are never fun things to think about, but evaluating risks is a first step to preparedness.

Another good reason to consider buying life insurance at a younger age is to lock in rates. The affordability of life insurance is based largely on your age and risk factors, and life insurance for adults becomes increasingly expensive. While you are young and healthy, you will pay lower premiums. With short term insurance you can choose a lock-in term, such as 15 or 20 years at a preferred rate.

It is important to know that many term policies can be converted into permanent policies later on, without having to re-qualify. If you develop a severe or chronic condition at any point, your life insurance is already secured. Essentially you can insure your insurability.

There are many types of life insurance.  Call Insurance Planning Service at 800-220-5582 or contact us online today.  We can help you sort through the options and choose the plan that best suits your needs.


image of the word life written on beach sandLife insurance is a phrase that is tossed around and a product that is often purchased without a clear understanding of what it means. For many people, the Michigan life insurance policies they hold are not going to last them long enough to pay off. For this reason, it is important to understand the different policies, what they mean and why it is so important to shop now instead of later.

Term life insurance policies only last for a specified period of time. The benefits expire when that period ends, and any money placed into them is wasted. These policies tend to be bought more often because they are less expensive, but consumers are saving money on a less effective policy. In essence, they’re saying they must die before the policy ends. No one wants to feel that way.

Whole life insurance policies last from the moment of purchase until the death of the insured, no matter what. These are more expensive because their coverage might last many years or even decades. This type of policy is less common than term life due to its expense, but is beneficial in many ways. Once owned, whole life policies are less stressful, as the insured knows that their plan will cover them in the event of their death. Also, whole life insurance policies can be borrowed against (albeit at high interest rates) in case of an emergency.

Many policies are woefully underfunded. Ask yourself: what is your plan? $100,000? $150,000? The average consumer holds around $50,000 in debt, and the average funeral cost is between $10,000 and $15,000. When you consider that it takes around two to three years of financial readjustment for the surviving spouse with an average household income of $32,000, then you are looking at $161,000 already, and that doesn’t include additional expenses. Keep in mind that you want to leave enough for your spouse to live on until they adjust. Would you like to leave enough behind to help put your kids through college? To pay for your daughter’s wedding? These questions are important to ask yourself.

Life insurance costs are based on age and health at the moment of purchase, so your health in the past or the future is irrelevant. Buy now, before costs rise. A healthy 40-year-old man might pay between $300 and $500 a year for life insurance for a $500,000 policy. However, those costs double and quadruple over the next 20 years for the same cost. If purchased at an even younger age, like the 20s, a plan could pay out well over $1,000,000 at a low cost per year over a lifetime.

Call Insurance Planning Service at 800-220-5582 today for more information about purchasing a life insurance policy.

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Lighthouse Group Main Office in Grand Rapids, MI
Mailing Address | P.O. Box 530009, Livonia, MI 48153

Phone: 734.421.9900 | Toll Free: 800.220.5582 | Fax: 734.421.9911

Also serving these Detroit area communities in Michigan: Livonia, Farmington Hills, Ann Arbor, Southfield, Plymouth, Canton, Westland, Northville, Novi, Dearborn, South Lyon & Walled Lake