Life can be unpredictable and you never know with certainty what the future holds. With a bright future ahead of you and great plans for your family, the tides can turn upside down with a twinkle of an eye. So, what happens to your loved ones once you’re no more? Life insurance ensures that your beneficiaries continue to live a meaningful life even after you’re no more. With lost income, buying food, paying bills, and footing college fees can be a daunting task for your loved ones, and that’s why life insurance from Phil Klein Insurance Group comes in.
There are several life insurance coverage options to consider in West Bloomfield, MI. Some policies are packaged like an investment plan while others are tailored to provide a lump sum payment upon the demise of the policyholder. Here are the common coverage options to consider:
Term Life Insurance. Everyone immediately thinks of term life insurance whenever life insurance is mentioned. This coverage is often affordable but is also limited in terms of the duration of coverage. It doesn’t accumulate any cash value in the entire duration of coverage but only offers pure death protection.
Whole Life Insurance. This policy lasts the entire lifespan of the policyholder. It has no term limit and covers the insured as long as the premiums are paid. It comes with a cash value benefits and a death benefit as well.
Universal Life Insurance. For those seeking more flexibility, Universal life coverage provides both components of cash value benefits and death benefits. The only difference is that the policyholder gets to choose the coverage limits that go towards each component.
At Phil Klein Insurance Group in West Bloomfield, MI, we offer several other options to consider including Variable Life and Variable Universal Life Coverages. Each policy comes with unique benefits that suit the specific needs of the insured. For more information about our life insurance coverage options, visit our website or give us a call today.