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Life Insurance in Glen Arbor, MI

Life insurance is a tool that can help provide financial security and peace of mind for you and your loved ones. While many people understand the value of having life insurance, navigating the different types of coverage and options available can be overwhelming.

What Is Life Insurance?

Life insurance is a contract between an insurance provider and a policyholder. Generally, the policyholder pays regular premiums during their lifetime and policy term. When the insured individual dies within the term, the insurance company pays a sum of money to the beneficiaries named in the policy.

What Does Life Insurance Cover?

Life insurance is an important protection to have in place to help support loved ones. Upon the insured’s death, their insurer may provide the policy’s beneficiaries with a death benefit. A death benefit may help pay for the following expenses:

  • Income replacement for dependents
  • Funeral and burial costs
  • Debts
  • Medical expenses
  • Federal and state death taxes
  • Charitable contributions
  • Daily expenses

How Much Life Insurance Do I Need?

Determining the appropriate amount of life insurance coverage is a personal decision that depends on various factors, including your financial situation, your family’s needs and your long-term goals. Discuss your coverage options and goals with your agent.

What Is Whole Life vs. Term Life Insurance?
The following are three main differences between whole life insurance and term life insurance:

1. Coverage period—Term life insurance covers a specific term, while whole life insurance generally covers the insured’s entire lifetime, subject to coverage limitations.

2. Premiums—Term life insurance premiums are typically more affordable than permanent life insurance premiums. The premiums for term life insurance also typically remain level for the entire term of the policy, while the premiums for permanent life insurance may increase over time.

3. Cash value—Whole life insurance policies may include a savings or investment component accumulating cash value over time. The policyholder can borrow against the cash value or use it to pay premiums. Term life insurance policies never have a cash value component.


If you’re in need of a life insurance policy, we’re here to help. Contact Devette & Ford Insurance Agency Inc. to get started.

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