Life insurance is more affordable than most people think and helps your family deal with an uncertain future without you. While we don’t like to think about our death, having the right amount of coverage helps to protect your loved ones from financial stress.
Term Life policies can be renewable and convertible. After the initial term (10, 20, or 30 years), you have the option to renew annually at a new premium each year until age 95.
Conversion (to a Permanent Life policy) options are available during the level term period (10, 20, or 30 years) prior to age 70. This converted policy provides insurance protection for the rest of your lifetime.
The two main types of permanent life (Whole Life and Universal Life) both have a financial benefit paid to your beneficiaries when you die, and both have the potential to accumulate cash value over time that you can borrow against tax-free.
Mortgage term policies help your loved ones with mortgage payments in the event of your death. The premiums can be set to a variety of frequencies, and terms are usually 15 or 30 years – as are most mortgages.
The Right Coverage
A full 70% of households admit that covering everyday living expenses would be a challenge if a primary wage-earner dies. Life policies are not a one-size-fits-all solution. There are many products and coverages available that can help with everything from funeral costs, outstanding debt, survivors’ retirement, and educational needs. Trust the experts in Traverse City, MI.
Based in Traverse City
As a local, independent agency, you will find we are both accessible and experts in life insurance coverage in Traverse City MI, and beyond. Call us today for your life insurance needs.