As always, we would agree that Michigan life insurance is a must. One aspect overlooked sometimes is life insurance for Michigan children. The subject is difficult as you can imagine, but necessary.
So what are some options for parents or even grandparents here in the state to look at?
* Michigan accident life insurance – As the name says, this is an accident life insurance policy where the death benefit is only paid if the insured dies by an accident. What are the stats for accidents? According to the National Safety Board Council (2007), someone dies on an accident every five minutes. This type of policy should never be considered over a regular life insurance plan. However for the price ($15.00 for an individual a month $100,000 death benefit) it is selling fast. Parents are buying it for them as well as well as their children, and even young adults are purchasing this policy as an add on to their portfolio.
* 20 pay Michigan whole life insurance program- As of right now, this is the biggest program that parents and grandparents are buying for their children. It works in a way where the policy owner is only paying for 20 years, and at that point the life insurance policy is paid up in full. The neat part occurs with the whole life insurance policy itself. We only represent a whole life insurance policy that grows with dividends. This means that while you will get your death benefits if something does occur, the cash value will also be included as it continues to grow even after 20 years. Let us show you what $20-$30 a month can do with a whole life that grows with dividends. It is truly amazing what can happen in the long-term, and how much cash can be available if needed.
* Term to 25- A term to 25 policy is a very cost efficient way of covering your child. This policy guarantees a death benefit of $30,000 for your child up to the age of 25. At 25, the child can convert the policy to a permanent whole life policy for the duration. Again, this policy is very affordable and should be looked at by all Michigan parents. Example, a 10-year-old child can have a $30,000 death benefit policy put on him/her for $10.00 a month.
Life insurance on Michigan children is very important. All three policies above are very affordable, and with consultation one can be decided on. It all comes to down to personal choice.
Within my agency I will continue to push coverage on young kids. It is necessary and affordable, and Michigan parents will appreciate the outcome if needed. Contact me today, or by phone directly at 586-604-9669.
As always come back and visit for more information. We honor your questions about this subject.
Randy
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