Think of the hardships your loved ones may undergo in your absence and without the financial security you give them. Having life insurance policy from Dalessandro Agency Inc. in Kentwood, MI is the best way to protect your loved one’s future. Life insurance can be a significant part of financial planning. Upon the insured demise, a lump-sum amount is paid to the beneficiary. The beneficiary can use the amount to cater for all kinds of expenses, including funeral expenses, bills, education expenses, debts, and so on.
Michigan residents aren't required by law to have life insurance. Even so, the state regulates the insurance industry to protect the consumer. For instance, you are allowed a free look period to back out of the policy if you are not satisfied and a 30-day grace period on late payments. On the other hand, insurance providers are required to pay a claim within 60 days. In addition, Michigan state guarantees you coverage even if your insurance providers go bankrupt.
The standard life insurance options that residents can take include:
Term life insurance gives coverage for a certain amount of time often between 5-30 years. This plan is popular due to its affordability, flexibility, and fixed premiums. It is a good option for those seeking short-term financial goals.
A permanent life insurance policy gives long-term coverage provided you keep updating your premiums. Since it accumulates cash value over time on a tax-deferred basis, it offers an extra means of investing cash. You can also borrow from the accumulated cash in case of an emergency. The two major forms of permanent life coverage include whole life insurance, which is more consistent and offers steady premium rates and returns on cash investments, and universal life insurance, which is a bit risky but offers greater flexibility.
Choosing the right coverage can be a bit challenging. At Dalessandro Agency Inc. in Kentwood, MI, we can help you understand what coverage option suits your unique needs. Contact us today for a Michigan life insurance policy.
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