Life insurance can be a very important investment tool for you, especially if you have a growing family. Depending on the policy an insured can get hassle-free wealth distribution for dependents, emergency loans at low interest and in the end, a death benefit. One of the many advantages of working with MHIA is that we represent almost all of the major life insurance companies in the industry. We have great working relationships with several different insurance companies including, but not limited to, Aviva, Genworth, ING, Auto-Owners, and Ohio National. We will find the best fit for you, both in coverage and price.
While cost is a very important factor in determining which insurance company to choose, there are many other things to consider. While there is not a simple answer as to how much coverage is enough, there are some simply to use programs that we offer to assist in determining what is right for your specific situation and circumstance. Remember, the sole purpose of life insurance is to replace your income in case you die, so that your dependents can maintain their current lifestyle. These, and many other factors, influence the decision on how much coverage you need. Together we will determine what the best fit is for you, whether it is term insurance, whole life, or universal life.
We use simple forms to help us gather our some basic information about you. We then contact you to get the specific information we need to evaluate your individual case. This way, you are not wasting time completing information that is not needed. However, because life insurance policies can become complicated we will always speak directly with each and every customer to ensure that our customers truly understand their life insurance purchase. Together we will evaluate your options and ultimately, come to the best decision for your life insurance needs.
Permanent Insurance: policies provide lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums. Because these policies are designed and priced for you to keep over a long period of time, this may be the wrong type of insurance for you if you don’t have a long-term need for life insurance coverage.
Term Insurance: Life insurance policies that provide protection for a specific period of time that is provided for a certain period of time or term. Term life insurance has no investment, no cash values will accumulate within the policy. Which in most cases makes it much more affordable than whole life or universal life.
Whole-Life: A type of permanent insurance, combining life coverage with an investment fund. Here, you’re buying a policy that pays a stated, fixed amount upon your death, and part of your premium goes toward building cash value from investments made by the insurance company. Cash value builds tax-deferred each year. You can borrow against the cash accumulation fund without being taxed. The amount you pay usually doesn’t change throughout the life of the policy.
Universal Life: Also a type of permanent insurance that combines term insurance with a money market-type investment that pays a market rate of return. To get a higher return, these policies generally don’t guarantee a certain rate like a whole life policy. Universal life policies typically have much more flexibility than a whole life policy. Premiums paid can vary; death benefit can be adjusted, etc. Universal Life allows you, after your initial payment, to pay premiums at any time, in almost any amount, subject to certain minimums and maximums. You also can reduce or increase the death benefit much easier than under a traditional Whole Life policy.