Life insurance is more important than many people think it is. There are several different types of life insurance policies to choose from, and the agents at the Phil Klein Insurance Group serving the West Bloomfield, MI area are explaining those options so you can make the best choice for you and your loved ones.
Reasons Life Insurance is Important
There are many reasons why life insurance is essential. One reason is that it will give you peace of mind while you are still alive, knowing that your family will be financially protected when you pass away. Another reason is that some policies will allow you to borrow money from them so that you can pay off your debt ahead of time. This allows your family to grieve when you die without worrying about how they will pay the house or car payments.
Types of Life Insurance Policies
Whole Life Insurance
Whole life insurance has long been a favorite for many people since it allows you to borrow money from it over the years to make large purchases or to pay off debt ahead of time to provide your family with security when you die.
Universal Life Insurance
A universal life insurance policy has a cash value that can actually earn interest and increase in value over time.
Term Life Insurance
Term life insurance will pay a death benefit if the policyholder dies while it is in effect. If the term expires, you can purchase another term, but it may cost more since prices change over time. Terms can be for just one year or three decades, depending on your preferences.
Contact Phil Klein Insurance Group
Contact the experienced and knowledgeable agents at the Phil Klein Insurance Group serving the West Bloomfield, MI area to create the best life insurance policy for you and your family today!