Life Insurance

Hope for the best, plan for the worst. This may seem like a bleak outlook on life, yet it is a savvy way to plan for your future.

No one wants to imagine an unthinkable tragedy befalling themselves, yet the reality is that these tragedies happen to people in all walks of life. If you were to pass on, in what financial state would you leave your loved ones? Life insurance can leave you with the peace of mind that they will be left with ample financial security in such an event.

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Frequently Asked Questions

Why do I need life insurance?
This is a question that many individuals and families are faced with. Life Insurance is needed to provide financial security for your family if you pass away. Life insurance proceeds can be used to put a child through college, pay off mortgages, ensure your spouse’s retirement, cover your funeral expenses, and many other things. Of course as life changes, your policy should also change. If you have a new child, you may want to increase your coverage.
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Should I choose Term life or Permanent life insurance?
This is another question that many people ask regarding life insurance policies. This is a question with no definitive answer; it depends solely on your own personal circumstances. Term life insurance only provides coverage for a set period of time such as ten years, while permanent life insurance lasts for a lifetime and is partially an investment and not just a worst case scenario plan. The premiums of permanent life insurance are much higher than on term life insurance.

In order to determine what type of coverage is right for you and how much coverage you need, give McMichael Insurance a call and either talk with an agent over the phone or set up a meeting with them.
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How much life insurance do I need?
The average amount of life insurance coverage on insured husbands is $235,600, with insured wives being $147,800. Using these amounts, an insured husband will have enough life insurance to replace his income for 4.2 years and wives for 4.9 years. Rule of thumb recommendations state that the typical married couple would need to double its current coverage to have enough life insurance to replace income for 7 to 10 years.

The amount of life insurance can vary greatly depending upon how many children you have, schooling and college plans for them, debt load, and other factors. Tools are available to help you establish a basis for how much life insurance is appropriate for your family. Since no two situations are alike we do recommend utilizing these tools.
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What are the basic uses of life insurance?

Individual Life Insurance

Life insurance can help protect your personal assets you may have used as collateral on business loans. Your business may be the largest asset in your estate yet the most difficult for your heirs to liquidate.  This unnecessary burden to your beneficiaries may be prevented by purchasing a life insurance policy.

Buy-Sell Agreements

Life insurance may be used to buy your business interest from your family or estate should you die prematurely.  In a general partnership, surviving heirs of a partner can force liquidation of the business.  This potentially crippling business scenario may be prevented by a proper Buy-Sell agreement funded with life insurance.

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