Frequently Asked Questions
Why do I need life insurance?
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Should I choose Term life or Permanent 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 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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