Life Insurance and Why do I need it?

Are you recently married? Did you have a new additon to the family? How much will my kids college be in 15 to 20 years?

These are all great questions and if you can answer them, It would probably be even a better decision to have a life insurance policy. Life Insurance can get pretty complicated so I am going to try to make this as easily to understand as possible.

1. You should have a life insurance policy if your family depends on income from you. If something tragic was to happen to you, Your family would need to continue to be able to pay the mortgage, car notes, utilities and much much more.

Other common people to have life insurance policies are business owners, especially if they have partners in business. Also elderly people who are dependant on others for help such as financially or personally.

2. There are many different life products out there. Term life, and Universal life are probably the two most common.

Term life is exactly what it is called. It is good for a duration of time such as 10, 15, 20 or even up to 30 years. These tend to be less expensive so if you are tight on money, this is a great alternative until you can beef up your finances.

Universal life is usually for the duration of your life and usually will have a cash value attached to them. This is nice in case you get into a bit of a crunch down the road, it acts sort of like a savings account. You can borrow against the policy or take money out of it in the future with the intent of putting it back at some point.

3. The trick is to ALWAYS pay your life insurance policy. Do not let it lapse because you basically lose your money if this happens. Make it a priority that when you do decide to buy a policy, it is something affordable and a payment that you can definitely manage to fit in your budget.

I can't emphasize the importance of a life insurance policy. When you are gone, the greatest feeling it to make sure that your family will be taken care of and they don't become a burden on someone else.

So please, if you are recently married, have kids, buy a policy NOW. The longer the wait, the older you get and thus the more your premium becomes. There is just too much information to fit on this blog so if you have further questions, please feel free to contact us on any of our social media pages, or at our office at 734-434-1500.

Want Affordable Insurance? Listen To This!

I run into lots of people on a daily basis. Some are prospects and some are already customers. They all have one IMPORTANT thing in common. They want the best insurance at a low low price. For some, this could be a reality and for others, Not so much. There are PLENTY of factors that determine your insurance rates, Here's a list of a few:

1. Keep your credit squeaky clean! For some people, this is harder than for others. Most Insurance companies now a days will run some form of a credit score or insurance score. The better the score, the better the rates. This process gives insurance companies an idea of what kind of risk they are insuring. With this process, they can give you a fair rate depending on your credit history.

2. Don't get any moving violations! Pretty obvious right? Some people just can't avoid the law. Take small steps in preventing this, such as: write yourself a "note" and stick it right next to your speedometer. Sounds goofy, but it does work. Typically one violation in the last 5 years doesn't affect you but any more than 1, pull out that wallet because most likely, you will be paying more.

3. What's your zip code where your vehicle is garaged? This is an important factor for everyone and most people don't know about it. If your living in a higher crime area, you will be paying more for insurance. So next time you move, think about that long and hard! In Michigan, Some examples of  higher cities to insure home and auto policies are Detroit or Dearborn.

4.  Do you OWN your home? With just about every insurance company, If you bundle your home and auto policy together, you will see significant discounts. Even if you just own your home, you will get a discount.

These are just a few tips on how to save money and get more affordable insurance. There are tons more so please feel free to ask me any questions on Facebook, or Twitter. Also feel free to give my agency a call at 734-434-1500.