Understanding Life Insurance

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We offer a full range of Life Insurance coverage options for individuals, families or small groups. One of our experienced agents will personally help you locate the best Life Insurance to meet your needs, and find the lowest available premiums to fit your budget.

Whether you need a Term Life, Universal Life or Whole Life policy, we take the uncertainty & confusion out of finding a Life Insurance Plan. Our specialists can tailor a package that will satisfy your individual needs & protect your family’s financial future, while keeping your premium affordable.

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TYPES OF LIFE INSURANCE

Single Premium Life Insurance

Single Premium Whole Life is permanent insurance that provides lifelong protection with one single premium.

Some of the benefits of Single Premium Whole Life Insurance:

  • Lifelong insurance protection.
  • A fixed, level death benefit.
  • A guaranteed increase each year in the cash value, that is not currently taxable.
  • A death benefit that is income tax-free to the insured’s beneficiary, subject to policy minimums and IRS guidelines.
  • A death benefit that can avoid probate charges if payable to a named beneficiary.

In addition, as a participating policy, Single Premium Whole Life gives you the right to “participate” through policy dividends, in any distributions of surplus funds generated through careful investing by Farm Bureau Life Insurance Company of Michigan. Dividends can be used to purchase additional paid-up insurance.

If you are looking for lifelong insurance protection with a single premium that also allows you to accumulate a cash value, then Single Premium Whole Life may be the solution.

Term Life Insurance  

Term Life Insurance products are designed to meet the needs of families and small business owners who have a temporary need for insurance protection. Term insurance can be used for:

  • Income Replacement
  • Mortgage Protection
  • College Funding Protection
  • Business Succession
  • Key-Man Insurance
  • Buy-Sell Agreements

Term life insurance does not accumulate any “cash value.” This means that if you decide to stop paying your premiums at any point, your coverage stops and there is no accumulated cash that is returned to you.

 Whole Life Insurance

Whole Life Insurance offers a “level premium”. This guarantees that the premium you pay will never increase. And “cash value” will also grow by a guaranteed amount, and is not subject to fluctuations in interest rates. As with any cash value life insurance policy, you can have access to this fund through low-interest policy loans.

Here are some of the benefits of the Whole Life:

  • The increase each year in the cash value is not currently taxable.
  • The entire death benefit is income tax-free to the insured’s beneficiary, subject to policy minimums and IRS guidelines.
  • The death benefits can avoid probate charges if payable to a named beneficiary.
  • The policy loan interest rate is guaranteed.
  • The policy is assignable at the desire of the owner.

Whole Life you can take advantage of a variety of optional coverage’s to make your policy meet your specific needs. Some of the options include:

  • Paid-Up Additions Rider
  • Waiver of Premium Rider
  • Base Insured Term Rider
  • Additional Insured Term Rider
  • Children’s Rider
  • Accelerated Death Benefit Rider
  • Accidental Death Rider

While term life insurance is an excellent short term solution to offer financial protection to your family, whole life insurance has the added advantage of building up a “cash value” investment – should the time come that you no longer need the protection of your life insurance policy.

While this information provides some general descriptions and “guidelines” – it is wise to sit down with an experienced insurance agent who can help you examine your family’s unique situation and determine what type of life insurance you need to protect your family’s financial future after you are gone.

To discuss your life insurance options call us at 586-739-9937.

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43599 Schoenherr Rd.
Sterling Heights, MI 48313

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Call: (586) 739-9937