What You Need to Know About Life Insurance

One of the best ways to ensure your loved ones are taken care of is to take out a life insurance policy with beneficiaries.  It can be an emotional thought for many to consider what might happen to them.  As hard as it might be, life is filled with unexpected occurrences, and in case the worst of it might happen, it is better to prepare now.

Plan IV has years of experience helping Michiganders purchase life insurance with criteria that fits exact needs.  In case of death, policies such as these are put in place to secure your spouse and children from financial losses.  Plus, many times, surviving beneficiaries will need to use the policy payout to pay for funeral and burial expenses upon your death, as well.

So, in order to understand what the basics are about life insurance, trust Plan IV to walk you through some things to know about such a policy.

What Are the Different Types of Life Insurance?

• Term life insurance is made for financial protection for a specific point in time, such as 10 or 20 years. Typically, premiums are level and guaranteed for that time.
• Whole life insurance is a type of permanent life insurance made for lifetime coverage.  Because of the lifetime coverage period, whole life usually has higher premiums than term life.
• Universal life insurance is another type of permanent life insurance made for lifetime coverage.  In comparison to whole life insurance, universal life policies may allow you to increase or decrease your premium amounts during your lifetime.  Universal life plans typically have higher premiums than term life plans.

Determine How Much Coverage You Need

There are plenty of factors that might come into play when purchasing a life insurance policy.  How much income does your family take in or what you provide?  Do you have any dependents?  Does your spouse or family have a plan in place for your final expenses and/or burial?  Based on the answers to these questions, you might be thinking that there are some steps you’ll need to take to ensure the financial stability of your spouse or family should anything happen to you.  Let Plan IV sit down and discuss your options and what might look like the best fit for you.

Should I Make Changes to My Policy After I Get It?

Yes, absolutely!  It’s always a good idea to reevaluate your policy whenever a major life event happens — marriage, purchasing a home, starting a business or getting a new job, having children, etc.  Plus, the ongoing cost of life insurance will continue to fluctuate based on your age and overall health.

As a general rule, for example, term life insurance policies are usually less expensive as you are younger and healthier with premiums increasing as you age.  The older you get, and the more expensive your policy becomes for you, the better you might be with changing your policy to a permanent policy or whole life policy.

All-in-all, over the course of your life, you will likely see various short-term and long-term financial needs that change over time.  Trust us here at Plan IV to be able to explore the best options available to you.  We’ll make sure you see the best coverage options at the price you can afford!

Trust Plan IV for Information on Life Insurance Policies

If you do not have a healthcare plan, our experts in health insurance and benefits services at Plan IV will take the time to evaluate your specific requirements to identify which healthcare plans meet your exact needs and budget.  Whether you need Medicare supplement plans, best short term health insurance plans, best long term care insurance plans, supplemental health insurance, dental and vision coverage, payroll or Prime Pay services, HR outsourcing Michigan, and more, we can save you time and money and give you peace of mind.

Contact Plan IV to Find Affordable Healthcare for Michigan Residents

Call Plan IV for a priority health quote at (248) 689-4910. Or, if you have questions about our plans or services, reach out to us through the contact form on our website!