Category: 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. 

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. 

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.

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.

The beneficiary of your Phil Klein Insurance Group life insurance policy is the person who will receive the policy’s payout in the event of your death. That payout is often partly used to cover any financial needs associated with your death (i.e. final medical expenses and funeral arrangements) and may partly be used to help the beneficiary move forward. While many have an idea of who will be beneficiary on their life insurance policies, understandably many more have questions about it. 

The Basics of Naming a Beneficiary On Your West Bloomfield, MI Life Insurance Policy

When establishing your West Bloomfield MI life insurance policy, you’ll be asked to name two or more people as beneficiaries and then to outline what percentage of each policy payout would each named beneficiary receives. If you only have one person in mind to be a beneficiary, such as an only child, then you may be asked to add what’s called a contingent beneficiary who will only receive the policy’s payout if your sole beneficiary is unable to.

Who you choose to name as your beneficiary or beneficiaries will largely depend upon your own unique life circumstances. In general, however, we recommend choosing someone who would be most impacted by you leaving and no longer able to support them. In many cases, this will be a partner who will need financial assistance to help pay things like the mortgage or a child who has not yet established themselves financially.

However, while spouses and children are frequently the beneficiaries of life insurance policies, this isn’t always true. Some established adults with and without children will choose instead to name a charity they love, sibling, or close friend as their beneficiary. 

Contact Phil Klein Insurance Group for more information or for help in establishing who to name as your beneficiary. 

One of the best ways to protect your loved ones is to purchase a life insurance policy. Life insurance can give them the funds they need to pay bills and provide for their needs in the event of your passing. However, you may have questions about the policy and how many beneficiaries can be named if there are multiple individuals you would like to provide for in the future.  

Can You Name Multiple Beneficiaries?

If you want to name more than one beneficiary on a life insurance policy, you will be pleased to know that it is indeed possible. There can actually be several and in some cases, a policy can be structured to give specific named beneficiaries a pre-determined amount. You can create a net of financial security that can protect all the individuals you wish to include. Keep in mind, however, that there are usually a set number of beneficiaries that you can name, so be sure to consult with your insurance agent prior to your policy purchase. 

Getting The Policy You Need

In order to make sure that you get the type of policy you need to provide coverage for all those you care about, you should enlist the help of a licensed life insurance agent who can guide you through the process. They can also advise you about the number of individuals who can be named on your policy and the guidelines regarding splitting the claim money. If you are a resident in or around the West Bloomfield MI area, you should consult with the professionals at Phil Klein Insurance Group to get started with your life insurance purchase.

Protect those you love with a high-quality life insurance policy from Phil Klein Insurance Group. They are proud to serve those who live in the West Bloomfield, MI area. Call or stop by today to get more information or to schedule and appointment for a consultation. 

 

 

Life insurance is generally regarded as something that you don’t really worry about until your retirement age. There is some truth to that, but the fact is that it has nothing to do with your biological age. Rather, retirement is usually the age people are at when they have something worth protecting with life insurance, and the means to invest in a good policy. We are not trying to say that the people in West Bloomfield, MI should wait to call Phil Klein Insurance Group for life insurance, and it should have nothing to do with how many gray hairs you have on your head, but more to do with who you’re trying to support when you are gone.

If you have dependents, a wife, children, or family members that you look after, then life insurance will ensure that they are taken care of should something happen to you. That’s all life insurance is about. It has nothing to do with physical age.

This applies to many people who are fairly young. If you already have a family in your twenties and you want to make sure that they are provided for, life insurance can help. In fact, it may be wiser to invest while your children are young. When they’re able to get jobs of their own, they might not need the support. Life insurance can also help to cover funeral expenses and education. So, keep all these factors in mind.

It is up to you to take the responsibility of researching and reaching out to a trusted agency like Phil Klein Insurance Group. Life insurance can protect you from unforeseen financial troubles in the future. Contact our agency to speak with a representative and to get a quote.