Life can change in the blink of an eye. Having the right amount of life insurance for you and your family is an important responsibility. Whether you are seeking supplemental life insurance to your employer paid policy, or you are newly married, or have your own business, every time something major in your life happens, you need to re-evaluate your needs to find out if you have the appropriate amount of coverage.
The peace of mind that a Michigan Life Insurance plan can give you now, helps you know that your loved ones are taken care of in case something happens. Golm Insurance Agency can help you examine your needs and find the right policy at an affordable price.
There are two types of life insurance: Michigan Term Life or Michigan Cash Value Life (aka: Whole Life, Universal Life and Variable Life). Some policies are essentially both. Term life pays a sum to the beneficiary when the insured dies during the coverage period. Term policies do not accumulate value during the life of the policy. Cash value life provides a variety of benefits and features in addition to the death benefit of a term policy. Cash value life insurance policies have a savings element built into the policy that accumulates over the life of the policy. The insured usually has the option to withdraw, invest or borrow money against the value of the cash value life policy. Term policies are usually less expensive than cash value life policies.
Many factors can influence the final rate of a Michigan Life Insurance policy. Each company has its own procedures and policies they follow in determining whether or not to issue an Individual Life Insurance Policy. Depending on the answers you give to underwriting questions, rates can be higher or lower than average for our age. Everything from hereditary disease to diet, will influence insurance company rates. Here are some important elements to consider when contemplating life insurance:
AGE - The younger you are the lower your premium rate; the older you are the more expensive the rate. Young people are seen as less of a risk than older people. Life insurance companies anticipate that younger people will live longer and be able to pay a monthly premium longer than an older person. Life insurance rates are higher as we get older because companies take on the heightened risk of pay out as we age.
SMOKING - Non-smokers pay less in life insurance premiums than smokers. Rate savings for non-smokers can be as much as 50%. In most cases, a person needs to have been a non-smoker for one year before taking out a life insurance policy, in order to qualify as a non-smoker.
PRE-EXISITING HEALTH CONDITIONS - If you have a hereditary disease, especially if it runs on both sides of the family, this could greatly increase the rates for a life insurance policy. Rates could also be higher if you are found to be medically less healthy than the "average" for your age.
OTHER FACTORS INCLUDE - Height, weight, sex, health history, purpose of insurance, marital status, occupation, income, alcohol use, certain hobbies, foreign travel, and the amount of insurance an applicant already has or additional insurance he/she proposes to buy.
For information on how to reach Golm Insurance Agency regarding Michigan Individual Life Insurance, please go to our contact us page.