Every adult faces important financial decisions throughout their life. One of those decisions involves planning how to support their family financially after their eventual passing. If you are in the West Bloomfield, MI, area, our team at the Phil Klein Insurance Group can help you explore the benefits of life insurance. We’ve been working with clients like you since 2011.
What to Consider Before Canceling Your Life Insurance Policy
If you are considering canceling your life insurance policy, there are some important factors to understand before making your decision. According to the Michigan Department of Insurance, changing or canceling a life insurance policy requires informed decision-making. For instance, canceling a policy during its early years may result in additional cancellation fees, which could reduce the policy’s cash value.
If you are canceling your policy to purchase one with lower premiums, ensure that the savings from the new premiums will offset the costs associated with buying a new policy. Additionally, keep in mind that your premiums for the new policy may be higher than those of your previous policy, as premiums often increase with age.
Call Us for Your Appointment Today
There are several types of life insurance, and selecting the best policy for your needs requires careful consideration. Our team at the Phil Klein Insurance Group will take the time to educate you on the available life insurance options. Clients in the West Bloomfield, MI, area have learned they can confidently rely on our team. Call us today, and let’s work together to help you protect your family’s future.
