Life Insurance Quote Forms
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Life Insurance Information
Livonia, Farmington Michigan
Why do I need Life Insurance?
can help you answer a very difficult question: How will my family manage financially when I die?
There are many types of life insurance
but, with all of them, the bottom line is the same. They pay cash to your loved ones after you die, replacing your income and allowing the financial plans you put in place to continue uninterrupted.
benefits can be used to cover daily living expenses, mortgage payments, outstanding loans, college tuition and other essential expenses. And, importantly, the death benefit proceeds of a life insurance policy are almost never subject to federal income taxes.
There are two main types of Life Insurance
Term life insurance is designed to meet temporary needs. It provides protection for a specific period of time (the "term") and generally pays a benefit only if you die during the term. This type of insurance often makes sense when you have a need for coverage that will disappear at a specific point in time. For instance, you may decide that you only need coverage until your children graduate from college or a particular debt is paid off, such as your mortgage.
In contrast, permanent life insurance provides lifelong protection. As long as you pay the premiums, and no loans, withdrawals or surrenders are taken, the full face amount will be paid. Because it is designed to last a lifetime, permanent life insurance accumulates cash value and is priced for you to keep over a long period of time.
Both types of insurance have variations that are designed to meet people’s individual needs. However, it's impossible to say which type of life insurance is better because the kind of coverage that's right for you depends on your unique circumstances and financial goals.
For more information and valuable tools to learn about purchasing life insurance visit the Life and Health Insurance Foundation for Education, a nonprofit organization dedicated to helping consumers make smart insurance decisions to safeguard their families' financial future. But remember, the best way to learn the amount and type of life insurance that makes sense for your particular situation is to meet with a qualified life insurance professional.
Be sure to ask us about other important parts of your insurance program, including Personal Auto; Home Insurance; Umbrella Liability; Life or insurance for your Business.
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