Life Insurance
from Big John Insurance AgencyDetermining the right Michigan Individual Life Insurance policy can be a challenge. That’s where we come in. Big John Insurance Agency helps you take the guess work out of deciding on the right life insurance policy, depending on your future goals. Let us help you chose the right policy that fits your needs, all at an affordable price.
Many people ask why they need life insurance. Well, it honestly all depends on what you want out of your future. Do you want to provide a tax-free income to your beneficiaries? Concerned about having funds available for final expenses or estate taxes? Maybe you just want to ensure that your lost income is replaced if you pass away. Whatever your goals, Big John Insurance is here for you. Our life insurance experts pride themselves on ensuring you find the right life insurance policy with the best rates and coverage for you. If you have any questions at any time, please contact us. We’re here to help!
Reasons to Have Individual Life Insurance
Income for Dependents – When you die, a life insurance policy can provide much needed income for your dependents. Often used for children, these policies also can ensure your partner has income during your loss.
Inheritance – Even if you don’t have substantial assets to pass on to your beneficiaries, a life insurance policy can be used as an inheritance.
Final Expenses – A life insurance policy may be used to pay for funeral, burial, and other final expenses.
Used to Pay Taxes – Your life insurance policy in Michigan may be used to pay any taxes that you may owe at your death.
Savings – Some types of life insurance have a cash value if not paid out as a death benefit.
Charitable Contribution – Some people choose to leave a large amount of money to a charity at their passing. Your life insurance policy may be used for this contribution.
Factors in Life Inurance Rates
Age and health are typically the most important factors in the premiums / rates you will pay. Generally the younger you are, the more affordable a life insurance policy will be. Keep in mind, you can purchase a life insurance policy at any age. Other factors in determining your life insurance policies can include: physical condition, gender, your medical history, your family’s medical history, occupation, whether you smoke, whether you drink alcohol, whether you use recreational drugs, and more.
Term vs Whole Life Insurance Policies
You’ve probably heard of both term-life insurance and whole-life insurance, but what’s the difference? The three main types of life insurance include term life, universal life, and whole life. Term life is coverage over a specific period of time. Universal and whole life insurance are known as permanent coverage, as they cover you throughout your life.
Term insurance policies tend to be the most affordable, with the term lasting between 1 and 30 years. It only pays if the death occurs during the policy term. There are typically no other benefit provisions with most term policies. At the end of the term policy, depending on your health and age, you may or may not qualify for new coverage. If you do qualify, the cost of the premium may not be affordable. Term policies may be level, meaning the death benefit remains the same across the entire term length. Alternatively, the policy may be a decreasing term, meaning the death benefit drops as the policy ages. Gleaner Life Term Solutions Plus offers 15-, 20-, 25-, and 30-year terms.
Whole life insurance, also known as permanent life insurance, has a death benefit and premium that typically remains the same during the duration of the policy. Often, these types of policies build cash value which may be withdrawn or loaned like a normal savings account. Gleaner’s indexed universal life insurance option, Strategic Choice IUL™, you will have a permanent life insurance coverage that builds cash value. The whole life insurance products offered by Gleaner’s can be the center of any family’s financial plan, providing for those left behind in your death.
Gleaner Life Insurance Society
We offer whole life insurance with flexible payment options from Gleaner Life Insurance Society out of Adrian, Michigan. Insurance plans are available for single individuals, married couples, families, empty-nesters, retirees, and business owners.
“Life insurance provides for your loved ones when you are no longer able. By purchasing life insurance now, you can help guarantee that your spouse, children, grandchildren or other loved ones have the means to pursue their dreams and maintain their financial independence.” Gleaner Life Insurance Society
Ready to choose a life insurance policy?