Does the amount of life insurance you need change as you age?

You might wonder if the amount of life insurance you need changes as you age. Let Phil Klein Insurance Group answer that question with a resounding “yes.”

When you speak to a life insurance agent in West Bloomfield, MI about a policy, you will need to answer a few questions about your life that help determine what amount of insurance might suit you. These questions pertain to your marital or relationship status, number of children, other family members, etc.

Typically, single individuals need the least amount of life insurance. Unless you want to leave money for aging parents, you will only need to cover your burial.

Once you marry or enter into a serious relationship, you share a home with someone. That means you should provide life insurance that protects their financial security if you die.

Children aged 22 or younger also provide a reason to carry a larger amount of life insurance. You can name them a beneficiary on a life insurance policy that covers their schooling through college. When your children marry and have children, you might consider increasing your coverage to leave death benefits to your grandchildren.

You can also use life insurance to help cover the long-term care costs of an incapacitated family member. You can create a trust and place a policy that provides a death benefit to the incapacitated individual. This lets you provide for their care while controlling the payments via a conservator or the trust manager.

Contact Phil Klein Insurance Group, serving West Bloomfield, MI, for more information on life insurance. We’ll help you determine the amount that would best cover your needs.

What Are The Different Types Of Life Insurance?

Term insurance, permanent/whole insurance, endowment insurance, and pension plan are the main types of life insurance. But you commonly come across permanent insurance and term insurance. Premiums are typically cheapest when you’re younger and increase as you grow older. 

It typically comes with higher upfront costs and higher premiums. One of the easiest ways to start researching life insurance is to visit Phil Klein Insurance Group in West Bloomfield, MI. 

What Do the Types of Life Insurance Mean? 

Term life insurance is a form of financial insurance that helps protect your family if you cannot work because of death or disability. It has a fixed duration and will not last your entire lifetime. It’s focused on safety, while permanent policies often have a riskier approach to investing. 

Whole life insurance is a form of insurance you purchase to help provide financial security throughout your lifetime to your family. Level-term life insurance is a level of coverage that will last the policy term. Graded whole life insurance provides a higher level of coverage at a certain age. Various types include: 

  • Term Insurance
  • Whole Life Insurance
  • Endowment Insurance
  • Pension Plan 

By selecting the right policy and provider, you can get the most out of your coverage and benefit your loved ones. With term insurance, you’re not paying into a savings account or securing a fixed rate of return. On the other hand, the spectrum, universal life insurance offers the most coverage but is also the most expensive. 

You can buy term or permanent insurance, sign up for a variable or fixed rate policy, and select individual or group coverage. There are also different insurance benefits, including final expense, co-habitation, accelerated death benefits, and guaranteed benefits. 

Conclusion

Permanent life insurance, often called "whole life" or "universal," provides lifetime coverage but may have a higher upfront cost. It has different coverages such as accidental death, critical illness, or supplemental. Where do you start? Contact Phil Klein Insurance Group serving in West Bloomfield, MI.

4 Tips for Buying Life Insurance

Do you have life insurance? If not, then that’s a mistake. You need to protect your family and your hard-earned assets. However, sometimes buying life insurance can feel complicated. Here are four tips to keep in mind when you’re searching for the right plan.

1. Assess Your Current Financial Situation

The first thing you have to do is think about your current financial situation. As you’re assessing this, focus on the long-term picture, since that’s when you might need life insurance the most. For instance, maybe you’re planning for a child’s college tuition or thinking about retirement. These are things that usually happen years in the future, but they’re still part of your current financial situation. Make sure your family will have enough money to cover these costs when it matters most if something happens to you.

2. Choose a Life Insurance Policy Type

After assessing your current financial situation, you need to think about the different life insurance policies. There are two main factors that differentiate them: premium costs and death benefits. The type of policy you choose is up to you, but decide what works best for your budget and future needs.

3. Ensure You Choose the Right Insurance Company

After choosing a type of policy, it’s important to shop around for the best insurance company. Five factors are important in finding an excellent service provider: financial stability, customer satisfaction, product offerings, price, and policy features. Use this information to choose a company that will offer you peace of mind.

4. Be Honest in Your Application

When applying for a life insurance policy, be honest about your health and finances. This will ensure that you get the most accurate quotes on coverage. If you lie or leave out important information, there’s a good chance your application will be declined, which means no coverage at all. And if they find out after you have the policy, it could be canceled.

Need Life Insurance in West Bloomfield, MI

Life is unpredictable. You need to do what you can to protect your family if something happens. That’s why it’s so important to buy life insurance, even if the process seems complicated at first. Just follow these four tips, and you’ll be able to find the right coverage for your needs. Phil Klein Insurance Group is here to help you every step of the way when you’re buying life insurance. Call us to learn more.

4 Reasons You Need Life Insurance

It’s not about fear of death. It’s about living your life to its fullest potential. That means having a will, setting up trusts, and having life insurance. Why? Because it provides financial protection for you and your loved ones in the event something happens to you. Here are four reasons why Michigan residents should have life insurance.

1. Life Insurance Offers Financial Stability After a Loss

If you have dependents, then life insurance is one way to help provide for their financial needs if anything should happen to you. Simply put, life insurance provides your beneficiaries with an income stream that will be there even when you can’t be around anymore.

2. Life Insurance Can Help Pay Off Debt

Life insurance can help pay off any debts you have accumulated during your lifetime. Your creditors will not be able to get their money from you, but instead, they will receive it from your beneficiary in the form of a life insurance payment.

3. Life Insurance Can Also Be Used as an Investment

Life insurance can also serve as an investment on top of other functions. The money that you put into the policy accumulates over time in the form of cash. When you reach retirement age, you can use this money to provide for your own financial needs.

4. Life Insurance Provides Peace of Mind

Life insurance provides a financial safety net that allows you and your loved ones to concentrate on living instead of worrying about finances.

Get the Right Life Insurance in West Bloomfield, MI

Life insurance is an all-around financial tool. It provides a way to pay off your debts while still providing an income stream for your loved ones. That’s why it pays to talk to Phil Klein Insurance Group to help customize a life insurance policy for you.

Reasons to Review Your Life Insurance

Life insurance is designed to cover policyholders through various stages of their journey, whether it is taking care of dependents or helping you get the right plan for your retirement. But life constantly changes, bringing along different realities that need tending. If a few years have passed or you have recently experienced a milestone in your life, now is the time to review your policy. Phil Klein Insurance Group tackles the various reasons that residents within West Bloomfield, MI should revisit their life cover.

Your Premiums Have Changed

Premiums are subject to changes every now and then, with factors such as economic changes and legal requirements being some leading causes of this. Your insurance provider may, for instance, offer reduced premiums after some time lapses, making you eligible for reduced annual payments. With this, you could enjoy significant savings, helping you take care of other essential needs. Other instances call for an increase in interest rates, resulting in increased premiums, which will require you to change your payments.

Your Beneficiaries Have Changed

Various life covers protect dependants for specific periods, after which your loved ones may not be eligible to collect the benefits. This is often the case when your policy covers tuition fees and health benefits for specific events, calling for a review on your cover after these requirements are met. Based on your current state of life, identity if your dependants still need a cover for their daily routine. With this, you can then determine whether or not to update your beneficiaries and how to structure their future needs.

The Emergence of New Products

Life insurance may also offer new products with features that could benefit you or your family. If you have the option to get more riders or get new features underwritten for your life cover, it may be an ideal solution to have your current policy reviewed.

Your life insurance should reflect your family’s current and future goals to ensure you get the right coverage for your needs. If you reside within West Bloomfield MI and need help reviewing your cover, consider reaching out to Phil Klein Insurance Group today.

Who Needs Life Insurance in Michigan?

At Phil Klein Insurance Group, we always receive this question from our West Bloomfield, MI clients: Do I need life insurance? The answer to this question isn’t a straightforward one. To determine if you need life insurance, we need to understand the situation you are in. That said, if you belong in the below categories, you need a life insurance plan the soonest as possible.

You have a spouse

If you have a life partner, they depend on your income to make household expenses and other expenses like mortgage payments. Without life insurance, it could be devastating if they lose your income contribution.

You have children

With children, bills like school fees and child care become unavoidable. To ensure that your children’s lives aren’t interrupted in your absence, you need life insurance to replace your income when you die.

You have debts

Your debts won’t disappear when you pass away. If you have a mortgage, student loan, or credit card, joint owners and co-signers and probably your loved ones will be left bearing the financial burden of your unpaid debts. 

You want to take care of your funeral expenses

Did you know that an average funeral in the US costs about $7,000 to $10,000? Of course, this cost can go up depending on your final wishes. You can save your loved ones this financial burden by purchasing life insurance. With life insurance, your loved ones can mourn in peace without bearing the headache of your funeral expenses.

You have a business

If you have a business, you may have a partner and employees that depend on you. If you die, you may leave them in financial shambles because they relied on your financial contribution. Thankfully, life insurance can help your employees and business partner buy time as they think of the next course of action.

Buy life insurance today!

Would you like to buy life insurance in West Bloomfield, MI? Please contact Phil Klein Insurance Group to help you buy a life insurance plan to take care of your interests when you pass away.

What You Need to Know About Life Insurance

If you have felt confused about life insurance options the knowledgeable team at Phil Klein Insurance Group, serving West Bloomfield, MI is here to help. We understand that the topic of life insurance can sometimes feel awkward for families. No one wants to think about losing a loved one, but the truth is that there are financial issues that need to be figured out before it’s too late. We can help your family navigate these topics with knowledge and compassion. Keep reading to find out what you need to know about life insurance. 

Why Is Life Insurance So Important?

Life insurance is an important type of financial investment which you will make for your family. Instead of thinking of life insurance as an expense each month, it helps to think of it as an investment you are making in your family’s future. Life insurance will help to cover the costs of your final expenses, as well as to provide financial security for your loved ones. 

How Much Life Insurance Do I Need?

This question comes up very often when people are shopping for life insurance. There is no one size fits all policy. Each family is very different. The amount of life insurance that you should purchase will be based heavily on your family’s standard of living, the amount of income they will lose when you pass as well as other factors. The best way to determine how much life insurance you need will be to sit down with an insurance representative and discuss these issues.  Be sure to talk with your family to make sure you have some idea of what your family’s expectations are as well. 

If you would like to learn more about life insurance, please contact our office at the Phil Klein Insurance Group, serving West Bloomfield, MI. 

Do I Need Life Insurance If I Am Single?

You probably know that the main idea of life insurance is to protect your family and dependants in case of your untimely death. However, does it mean that single people, who do not have partners and kids, do not really need life insurance? No, it is not true. There are many reasons why you still should get a life insurance policy even if you are single, and Phil Klein Insurance Group serving West Bloomfield, MI has prepared the list of few of them: 

Life Insurance is Cheaper When You Are Young

If you are young and single, it is actually a perfect time to get a life insurance policy. The younger you are, the lower premium is due to quite a low risk of you dying. Therefore, instead of waiting until you buy the first house, get married, and have kids, it is more cost-efficient for you to get life insurance now. 

It Will Support Your Dependants

You may have no children or spouse, but you probably have your parents. Getting life insurance is a guarantee that they will not be left in need after your death. 

Life Insurance Will Cover Your Mortage Debts

If you are paying a mortgage, getting a life insurance policy is a great idea. In this case, if you die, the remaining mortgage balance will be transferred to one of your relatives. That relative will be able to continue making payments by using your life insurance payout. 

If you have any questions about life insurance or you are thinking of getting a policy and you need some assistance, Phil Klein Insurance Group serving West Bloomfield, MI and other surrounding towns is ready to help you and provide you with all the necessary information. Do not hesitate to give us a call to talk to one of our experienced and highly qualified agents. 

Life Insurance Coverage Options for West Bloomfield, MI Residents

Having an active life insurance policy is important for different reasons. As a Bloomfield, MI resident, you have the option of term life insurance and permanent life insurance. Here are the facts regarding both types of life insurance and the benefits they offer.

Term Life Insurance

Term life insurance is temporary and can last anywhere from 10 to 30 years. After this time, you can renew your life insurance policy. This type of life insurance can benefit everyone, especially if you are:

  • Young parents
  • Newlyweds
  • Homeowners

Term life insurance provides a specific amount of time, but it’s enough time for you to reach retirement or for your children to become adults. This type of life insurance is more flexible than permanent life insurance options. You can switch to permanent life insurance coverage and you have the choice of having policies that pay out-of-pocket in a lump sum or monthly intervals.

Permanent Life Insurance

Permanent life insurance includes:

  • Whole life insurance
  • Universal life insurance
  • Variable universal life insurance

Whole Life Insurance

Whole life insurance is ideal for individuals who are retired or getting ready to retire and want to leave funds to their loved ones. This type of insurance can accumulate interest and be used in other ways. Whole life insurance offers fixed premium payments over time.

Universal Life Insurance

Universal life insurance is ideal for individuals who are interested in lifelong coverage and want a cash value that accumulates over time. This type of life insurance is flexible and allows you to adjust your plan over time.

Variable Universal Life Insurance

Variable universal life insurance offers excellent coverage for individuals who are investment-savvy. This life insurance gives individuals the freedom to choose where they invest their funds. The beneficial funds of this policy can be used for retirement or other needs.

Here at Phil Klein Insurance Group, we know there are different insurance types available from various companies. We are a trustworthy insurance agency that looks forward to helping you find one or multiple insurance policies that suit your needs. Contact us now so we can discuss your insurance options.

Why It’s Best to Start Thinking About Life Insurance at a Young Age

Thoughts of life insurance and the associations that come along with it might make you shudder. This is particularly the case if you’re a young adult. You think you’ll be around for many years and won’t have to worry about your family experiencing financial troubles, along with their grief if something were to happen to you. The discussion with an insurance agent is likely to be a difficult one, but Phil Klein Insurance Group of the greater West Bloomfield, MI area makes it a little easier.

Less of an Expense

Life insurance tends to cost a lower amount depending on your age. It’s almost certain you’ll have higher premiums if you wait until you’re in your 30’s or older to sign up for this type of insurance.

Removing Debt from Co-Signors

If you took out a school loan and had your parents or someone else co-signs for it, the responsibility to pay it back may fall on them if you were to pass away. With a life insurance policy, the amount may be covered and the person(s) wouldn’t have any obligation to pay any of the rest of the debt.

Conduct Some Research

As with nearly anything else that’s complicated and frankly, a big deal, it’s key that you do some research on types of life insurance and the amount of coverage. You’ll want to think about what you can afford and how long you’d like to have the insurance coverage.

A knowledgeable and compassionate agent at Phil Klein Insurance Group, serving the West Bloomfield, MI area, can talk over your options for life insurance. Reach out to learn more and see if life insurance is right for you.