 |
 Specializing In Affordable Health Insurance for Michigan |
||
|
|
Life Insurance
Let’s start with term insurance. Term insurance is generally purchased by younger individuals, couples and/or families, because when people are younger they usually have large investments such as a home, a car, student loans or other debt. Most of this has yet to be paid over a period of years. How much term life should you buy? Some people think it might be hard to figure out, but it’s really not. All you need to figure out is how much income would need to be replaced in the unfortunate event of a death. Then figure out the period of time that missing income will need to be replaced for, it could be years. Multiply your yearly amount by the period of years to be replaced and you have your term amount. Term is for just that, a term, or period of time after which it expires and has no value. For this reason term is less expensive than whole life. Whole life can be used in two ways, as an investment that will accumulate over a period of years or for final expenses. As an investment, whole life will accumulate with interest and will eventually be worth more than the money you have paid in over a period of years in premiums. For final expenses it will pay out a guaranteed amount for expenses associated with someone’s passing. Whether it’s for investment purposes or for final expenses whole life is permanent and will have value that will not expire like term insurance, and for this reason it is more expensive. Please indicate if you are interested in term or whole life and the amount you would like in the box provided below along with your name and a preferred method of contact.
|
||
|
|
|||
