Life insurance is an important part of your financial planning at any age. In the event you were to pass away, a quality life insurance policy will provide your loved ones with financial security. Most families would struggle financially if they were to lose a loved one and they did not have an adequate life insurance policy. At Superior State Agency, our goal is to help families throughout Manistique, Munising, St. Ignace, Newberry, and Gladstone achieve this financial security through quality life insurance options.
It is common for life insurance to be offered as part of an employee benefits package. A general rule of thumb is that life insurance should provide a benefit of roughly 8 to 10 times the breadwinner’s yearly income. Typically, only a single year of income is offered through employer programs. Without supplemental life insurance plans, your family can be left unprotected financially.
Premium rates will begin to increase with age so it is important to review your options sooner rather than later. Life insurance policies can be purchased with confidence at a young age as your benefits are protected. The Michigan Life & Health Insurance Guaranty Association protects policy holders in the event a life insurer was to become insolvent during their lifetime.
Life insurance is offered as either Term Life Insurance or Permanent Life Insurance. There are also variations that fall within these two general policy types.
- Term Life Insurance – Provides coverage for a set period ranging from 5-30 years in most cases. Term Life Insurance is one of the more affordable types of life insurance.
- Permanent or Whole Life Insurance – Provides coverage for a lifetime. An investment component is commonly included. This added investment component makes Permanent Life Insurance the more expensive option when compared to Term.
You may also notice other options such as Universal Life, Variable Life, and Variable Universal Life insurance policies. These are variations of Permanent Life Insurance. The purpose of these policy types is to offer more flexibility than what is offered in a standard policy. The team of life insurance experts at Superior State Agency can explain what each of these options offers and help you select the type of policy that best meets your needs.
It is important to take into account any future expenses your loved ones may incur when reviewing your life insurance options. Consider things like medical expenses, burial costs, monthly bills, mortgages, estate taxes, college tuition, and retirement costs. You should reevaluate any life insurance investments after every major life event such as the birth of a child, marriage, or the purchase of a new home, to ensure your coverage is still adequate.
At Superior State Agency, our dedicated staff is committed to helping you care for your loved ones through a qualify life insurance plan from a trusted provided. Contact us today with any questions you may have about your life insurance options in Manistique, Munising, St. Ignace, Newberry, and Gladstone.