Using Your Life Insurance To Build Personal Wealth

Posted on January 30, 2026January 12, 2026 by agentinsure

Maintaining your financial health can be a challenge for everyone. One important financial decision involves the choice to buy life insurance. If you live in or near West Bloomfield, MI, our staff at the Phil Klein Insurance Group encourages you to visit us and discuss the benefits of life insurance.

Using Your Life Insurance To Build Personal Wealth

When buying life insurance, many people will just stash the info in a special place and let their family members know where they can find it. However, you might become curious if you read accounts of how millionaires use their life insurance to increase their personal wealth. According to Life Quote, using life insurance as a wealth builder begins with choosing the right type of permanent life insurance.

When you buy a whole life policy, it has a cash value which can become your key to personal profit. Each premium payment you make increases the amount that is placed in the cash value, and the cash value earns interest. The interest rate for your cash value is typically better than your bank’s saving account. One of our agents can explain when and how to withdraw your cash value from the policy.

Call Us Today for Your Appointment

Life insurance can provide income for your family, or your chosen beneficiaries, when you pass away. Our experienced agents at The Phil Klein Insurance Group will help you to review a wide range of policies and select the one that is best for you. Clients in and around West Bloomfield, MI know that they can depend on us for excellent client support. Call us for an appointment today and let us help you get the right life insurance for you and your loved ones.

What to Consider Before Canceling Your Life Insurance Policy

Posted on September 30, 2025September 12, 2025 by agentinsure

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.

Give the Gift of Life

Posted on December 22, 2017December 20, 2017 by Owen Rosen

This holiday season it’s the gift that can last a lifetime.

How can you help a child in your life:

*Lock in a low life insurance premium for life?
*Build an asset (tax-deferred) that lasts a lifetime?
*Get insurance coverage started that he or she will need as an adult?

It’s simple: just give that child life-long protection with a life insurance policy from PKIG. You’ll not only provide a lifetime of security – you’ll provide solid financial options for life.

Best of all, when that young person becomes a bit older, the gift of life insurance you give provides other policy features such as receiving dividends, borrowing against the policy, or buying more coverage regardless of health down the road.

It’s never too early to plan for the future and these types of policies are very affordable.