38500 Assembly Park Dr
Wixom, MI 48393
A life insurance policy will be between the insurance provider and the insured. As long as the insured continues to make the regular payments to the provider, the provider will pay out a settlement to the insured's beneficiaries after his or her death.
When deciding when to get life insurance, there are various types available that can be chosen. An agent at America's Choice Insurance Partners can help you determine which is best for you.
Term life insurance policies are for a set period of years. Once the policy expires, so does the coverage. Term policies can typically be renewed until the owner of the policy is 95 years old. Premiums will renew at different rates. With a level term life insurance policy, there is a fixed premium and a fixed death benefit. With a decreasing term policy, the death benefit will go down over time, but the premiums will remain the same. Some term policies will include a conversion option rider that will allow the owner of the policy to convert it to a permanent coverage with no health screening. This can be useful if the person who has the coverage comes down with an illness and can’t get any additional overage. The length of these policies will vary and can range from 10-30 years.
Whole life policies will provide permanent coverage that will last the entire lifetime, and some policies have guaranteed cash value or premiums. Many people choose a whole life policy as part of retirement planning since some policies will allow you to borrow against the cash in the policy. Since whole life policies extend benefits until death, they can typically be more expensive than other types of coverage. Borrowing against the policy has some advantages, but it does diminish the cash value in the policy.
Contact America's Choice Insurance Partners to get a quote on life insurance.