Do you ever think about what would happen to your family in the event of your passing? Would they be financially secure? If you live in or around the Clarkston, MI area, the Ryan Insurance Agency can provide the protection your family deserves.
Life insurance is a means to help protect the future of your loved ones. If you have a savings account, it is doubtful that it will be enough to support your family for years or decades.
There are three types of life insurance.
- Term life insurance offers coverage for a specific period, usually 10-30 years. Coverage expires at the end of the term.
- Whole life insurance does not expire as long as the premiums are paid. It has a cash value component with growth potential. The cash value can be borrowed from, but withdrawals and loans may result in an income tax liability, reducing the policy’s cash value and death benefit.
- Universal life insurance is similar to whole life, as it does not expire if the premiums are paid and have a cash value component. You can adjust the monthly premium and death benefit with universal life. Increases in coverage are possible.
Life insurance can replace lost income. If you lose your job, and life insurance is a benefit offered, you lose that too.
Certain types of debt do not disappear upon death. Your loved ones may have to use money from your death benefit or sell assets to pay them. The policy can pay credit cards, mortgages, and other debts.
Funerals can be costly. Some of the death benefits can be used to pay for it.
Contact the Ryan Insurance Agency today if you would like a no-obligation quote or answers to any questions. You will be glad you did.