Life Insurance in Michigan

You've probably heard many times that you need to get life insurance. There is a possibility you've thought about it. But do you know the basics? Not many people understand this type of insurance. Unfortunately, not knowing can also prevent people from getting it. Here at Halabicky Insurance Group, serving the people of Brighton, Imlay City and surrounding areas, we want you to know what you're purchasing. Take a look at the options below.

Term Life Insurance

Term Life insurance is the most common type of life insurance in Michigan. The policy lasts several years, and the premium payments remain the same. If you pass away within your policy's term, your beneficiaries will make a claim and receive a tax-free death benefit. However, if your policy expires, there aren't any death benefits unless you choose to renew your policy.

Whole Life Insurance

This type of life insurance is permanent. That means you have coverage for the rest of your life. In addition, the policy builds a cash value. The cash value aspect accumulates over the life of your policy. It's like savings; you can borrow against it or even withdraw. Such a policy can be beneficial when you want to leave an inheritance to loved ones.

Universal Life Insurance

Universal life insurance is also a form of permanent life insurance but differs slightly from whole life in that you can adjust your premiums up to a certain limit. For instance, if you want to renovate your home, you can reduce your premiums so that you aren't financially strained.

Getting life insurance is a pretty straightforward process, and Halabicky Insurance Group is here to facilitate and prove it. Call our offices in Brighton, MI or Imlay City, MI and talk to one of our Michigan agents or schedule a sit down in our office. We will walk you through your options and help you choose what's ideal for you.