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
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.
Having life insurance is very important as it will provide your dependents with financial protection. For those that are in the West Bloomfield, MI and shopping for life insurance, there are many different decisions to make. One of the first decisions to make is to decide on the right type of life insurance. There are two different major life insurance options that should be considered.
Whole Life Insurance
One common type of life insurance is whole life insurance, which is a form of insurance that will provide you with coverage for your entire life as long as premiums are made as scheduled. With this type of insurance, your payments will be higher, but the premiums will also accumulate into an account that will accrue interest. Not only will this provide you with a modest amount of life insurance, but it could also be a conservative investment option.
Term Life Insurance
For those that want the most amount of coverage, getting term life insurance is a good idea. This form of life insurance will provide you with more insurance coverage but only for a certain period of time, which typically ranges from 10 to 30 years. While your payments will not accrue as they do with whole life insurance, your payments will be much less to receive the same level of life insurance coverage.
When you are looking for life insurance, it is important that you have someone by your side helping you to choose the right policy. The Phil Klein Insurance Group can help you get into the right policy for your situation. The Phil Klein Insurance Group will help a West Bloomfield, MI to better understand all of their options so they are able to make the right life insurance decision.
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.
When you’re applying for an individual life insurance policy, you’ll usually need to complete a simple medical exam administered by a paramedical professional. However, at PKIG we can offer up to $1 million in coverage without a medical exam in many cases. If you do need to complete the exam, follow these steps to prepare for your exam so you can minimize your chances of inaccurate test results and set yourself up to receive a fair rate on your policy.
When to Eat
Read and follow your pre-exam directions. If you’re supposed to fast for eight to 10 hours, make sure you do. Fasting properly means you won’t get a false positive on blood glucose tests for diabetes or artificially high cholesterol levels because of something you ate. Don’t even drink black coffee the morning of, as caffeine can increase your blood pressure.
Tip: If you accidentally eat something before your test, ask the examiner if you need to reschedule.
What to Eat
You may also want to pay attention to what you eat and drink for at least 24 hours beforehand. Avoid alcohol, skip salty foods and drink plenty of water. Consuming too much alcohol, too much sodium or not enough water can throw off test results for liver and kidney function as well as urine concentration. It’s also easier to give blood when you’re well-hydrated.
Finally, avoid tough workouts in the 12 to 24 hours before your exam, as heavy exercise can lead to urinalysis results that may suggest kidney problems and high blood pressure. But a light workout, like a walk, may be a good idea to help you get a good night’s sleep. And, being properly rested can possibly improve your test results by decreasing anxiety and lowering blood pressure.
Thinking over your life insurance options? Reach out if you have any questions. 248-682-7445 or email@example.com
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.