individual life Insurance
Protect your loved ones
A life insurance policy is designed not to protect you, but the ones who matter most to you. You can't quantify your family's worth, but you can secure their future. We assist in preparing for the unexpected, the most vital family investment.
Life insurance can provide funds to allow your beneficiaries to replace some of the income you would have earned, to help pay off debt or to cover funeral and other expenses. Talk to an agent to discuss the best option for your individual situation. We’ll walk you through the choices and gladly answer any questions.
ChoosE between term, whole & universal life insurance
Individual life insurance is complex but essential – let us guide you through options.
Before securing life insurance, factors like age, medical history, and desired coverage affect premiums. Seek expert advice to ensure the best fit. Contact us for guidance on whether term, whole, or universal life insurance is the right fit for you.
Term Life Insurance
Rather than life insurance that doesn't expire, "term" life insurance is based on an agreed up on length of the policy. Typical policy lengths are 20-30 years, but special policies can be purchased for just one year and up.
Advantages of Term Life: Cost. The purchase price of term life insurance is typically lower than permanent life insurance because your policy premium is just going to pay for the death benefit IF you die during the policy term. Permanent life insurance premiums pay a death benefit AND accumulate a cash value over time.
Another advantage of term life insurance is the ability to purchase a large amount of coverage for a shorter amount of time when coverage needs are temporarily high and cash is tight. An example of this is when starting a family. As the term times out the children are typically at the age of independence and the need for coverage is much less significant.
Whole Life Insurance
Whole life insurance is designed and priced to be kept over a long period of time. As long as you continue to pay your premiums your coverage will continue.
Advantages of Permanent Life Insurance: Unlike Term life, permanent life insurance allows you to lock in a rate that is consistent through the entirety of your coverage. Permanent life is often chosen to cover dependents' living expenses and maintain their standard of living. Additional key features include the ability of the whole life policy to provide a cash value that has been built over time on a tax-deferred basis, similar to retirement and tuition savings plans.
UNIVERSAL Life Insurance
Universal life insurance operates akin to whole life insurance but offers greater flexibility, enabling early withdrawals and borrowings. However, an outstanding loan upon death can impact the policy payout.
Advantages of Universal Life Insurance: Universal policies offer the flexibility to adjust payment size and frequency, beneficial during financial challenges. However, reducing payments may pose a lapse risk. Increasing the death benefit may require a medical exam, while decreasing is typically allowed after a few years in force. It’s important to consult with one of our experts before purchasing a policy or making significant changes to an existing one!
It’s time to meet Madison!
Madison Ford leads our life insurance department. He’d be happy to help! You can call him directly at (231) 492-0824 or email him at mford@fordinsurance.net.
CALL: (231) 492-0824
EMAIL: mford@fordinsurance.net
Or if you’d prefer, click below to fill out a form and he will get back to you.