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Is Whole Term Life Insurance Right for Me?

Life insurance is an important decision that can help provide financial security and peace of mind to you and your loved ones. Whole life insurance is one of the most popular options for comprehensive coverage in Grand Rapids, MI.

But is it the right option for you? Dalessandro Agency Inc. is here to assist. 

What Is Whole Term Life Insurance? 

Whole term life insurance—also known as permanent life insurance—is a type of policy that provides coverage over an extended period, often your entire life. This policy pays out a death benefit if you pass away during the term of the procedure and also accumulates cash value. A Dalessandro Agency Inc. life insurance broker can help you understand the different types of whole life policies available and explain their associated benefits.

Benefits Of Whole Term Life Insurance 

The benefits of whole life insurance include: 

  • Coverage For Your Entire Lifetime: Since this type of policy covers you for as long as you live, it offers more security than other policies with limited terms. It also provides protection in case something unexpected happens later in life when you are older or in poor health.  
  • Cash Value Accumulation: With whole life insurance, your premiums are invested into the cash value portion of the policy, which accrues interest over time, allowing your money to grow tax-deferred. This accumulated cash value can then be used to pay future premiums or taken out as a loan against the policy itself.  
  • Tax Advantages: Any loans taken from your policy will not be taxable as long as they do not exceed the cash surrender value within a given year. This makes this an attractive option for those looking to minimize their taxes while still building up their finances.  
  • Additional Benefits: Some whole policies offer additional benefits such as accelerated death benefits which allow you to access part or all of your death benefits if needed due to terminal illness or injury before passing away.

Give Us A Call

If you think this is the right option, contact Dalessandro Agency Inc today to learn more about our life insurance plans in Grand Rapids, MI.

How Does Life Insurance Work?

When it comes to our lives, we all want to feel like we are prepared for anything that comes our way. That’s where life insurance comes in. This important type of insurance can provide peace of mind in knowing that you and your loved ones are taken care of financially if something happens to you.

The question is, how does life insurance work? Here are the basics of life insurance and how it can help protect you and your family.

How Does Life Insurance Work?

At its most basic, life insurance is a contract between you and an insurance company. You pay premiums, and the insurer agrees to pay a benefit to your beneficiaries if you die during the policy term. The money can be used for anything your beneficiaries want, including covering final expenses or paying off debts. Dalessandro Agency Inc. in Grand Rapids, MI is here to help you understand how life insurance works.

Types of Life Insurance

There are two main types of life insurance: term life insurance and whole life insurance. Whole life insurance provides coverage for your entire life, as long as you continue to pay premiums. Term life insurance, on the other hand, only covers you for a specific period of time, such as 20 or 30 years. Once that term is up, you can either renew your policy or let it lapse.

The most important thing to understand about life insurance is that it’s not an investment. It’s designed to provide financial protection for your loved ones, not to make you money. That’s why it’s important to work with an independent insurance agent who can help you compare different policies and find the one that’s right for you.

Contact Us Today

If you have any questions about how life insurance works, Dalessandro Agency Inc. in Grand Rapids, MI is here to help. Give us a call today to speak with one of our agents. We’re always happy to help.

Is Life Insurance Required in Michigan?

Life insurance is a way to ensure that your family and loved ones are cared for in the event that you pass away, whether unexpectedly or not. 

Many patriarchs decide to invest in life insurance as a way to give themselves peace of mind. If you care for many people, and they rely on you for monetary support, a life insurance policy is essential to ensuring that those people are cared for once you’re gone. 

While some people think life insurance policies are too morbid or unnecessary, the team at Dalessandro Agency Inc. in the Grand Rapids, MI area highly recommends this type of policy for people with families who rely on them. 

There are many things to know when it comes to selecting a life insurance plan, so it’s best to work with an agent who has the experience to help guide you through it. 

Life insurance policies not only ensure that your loved ones receive financial support (in accordance with your wishes) but the money can also be used for funeral expenses, a celebration of life gathering, any medical bills, and other end-of-life costs. Having this money readily available means your family will not be financially stressed at the time of your passing, and they can grieve properly.

It may not be the happiest topic of conversation, but life insurance provides a way for you to have peace of mind that your loved ones are cared for after you’re gone. While it’s certainly not a required insurance plan in Grand Rapids, MI, your family members will be so grateful to know that your wishes were to care for them. 

Looking for the right life insurance plan? Contact Dalessandro Agency Inc. and we’ll get you set up. Visit our website for more information! 

Can You Get Michigan Life Insurance With Pre-Existing Conditions?

The short answer to this question is, yes. If you have a pre-existing condition, you can almost always get life insurance.

When you are looking for life insurance, you will undergo an application process that will determine your eligibility for life insurance. That process will determine what life insurance product you are eligible for, and what you need to do in order to get it.

At Dalessandro Agency Inc., we want Grand Rapids, MI residents to feel secure about their life insurance choices. We can help you get the life insurance you need, even if you have a pre-existing condition.

How to Get Life Insurance

When you apply for life insurance, the life insurance company will collect the following information:

• Current health
• Health history
• Family history
• Lifestyle factors (i.e. smoking/non-smoking)

From there, your provider will determine what kind of life insurance you qualify for, and how much it will cost.

It is important, to be honest when you are looking for life insurance. In the end, what your answers are may not preclude you from life insurance, unless they are not accurate.
When You Have a Pre-Existing Condition

In your life insurance application, you will tell your provider what your health history is, and what your pre-existing condition might be. They will then use that information with their policy underwriters to determine what life insurance you qualify for. You won’t always be automatically disqualified.

From there, you will probably undergo the medical, which happens in most life insurance applications. That involves a nurse coming to your home, taking blood, urine, and vitals, and delivering that to the insurance company.

If there is any impact to your life insurance policy from your pre-existing condition, it is likely going to be your premium costs. Pre-existing conditions will likely impact your premiums, but you will probably still be able to get it.

Get a Quote

When you have a pre-existing condition and want life insurance in Grand Rapids, MI, call Dalessandro Agency Inc. for a quote. We’ll work hard to get you covered, even with a pre-existing condition.

The Different Types of Life Insurance

It is wise to make sure your family is financially protected in case you or your spouse die. However, there are various types of life insurance in the market, so it is vital to make sure you choose what is right for you and yours. The following includes various types of life insurance:

Term Life Insurance

This life insurance has an expiration date where it lasts for a certain number of years, but there will be no payout to your family if you or your spouse don’t die before the expiration date. 

Whole Life Insurance (Permanent)

This life insurance lasts for you or your spouse’s whole life and increases cash value as you keep up with the premiums.

Universal Life Insurance

This life insurance policy includes a cash value that goes toward the death benefit and the cash value. You also can change the amounts of the death benefit and premium without obtaining a new policy. 

Variable Life Insurance

With this life insurance, you are guaranteed a fixed death benefit and premiums regardless of the market trends. 

Simplified Issue Life Insurance

With this insurance, it is not required to take a medical exam. However, instant approval or rejection is determined through a few health questions that must be answered on online health questionnaires using data and algorithms for a quick application process. 

Guaranteed Issue Life Insurance

Just about anyone within an eligible age range, usually 40 to 85, can not be rejected and without needing a medical exam.

Group Life Insurance

Employers provide life insurance as part of the workplace benefits. Thus, the company’s workplace as a whole determines the premiums instead of each individually. 

Indexed Universal Life Insurance

According to a stock market index, this life insurance relates its cash value, and thus, a formula determines the gains. 

The different life insurance types mentioned above are common types of life insurance, and there are more important details about these types of life insurance. Other types of life insurance policies are available, including mortgage life insurance, fully underwritten life insurance, credit life insurance, accidental death and dismemberment insurance, and joint life insurance.

For more information about life insurance, contact Dalessandro Agency Inc. today. For 25 years now, Dalessandro Agency Inc. has locations in Kentwood, Charlotte, and other areas around Grand Rapids, MI. They have been providing outstanding service to people in Grand Rapids, MI and surrounding areas. Contact them today. 

An Introduction to Life Insurance

When you begin shopping for life insurance, you will find a plethora of terms specific to its policies. While there exist only two major types of life insurance – whole and term – more than ten policy types exist within those two categories. Here’s a short primer on the significant terms and policies.

Whole Life

This insurance policy provides a death benefit during your whole life so long as you pay the premiums. It also gets referred to as permanent insurance. Many of its policy types combine the death benefit with an investment fund component. 

Term Life

Juxtapose that with term life, which insures your life for a finite period, typically 10, 20, or 30 years. If you die within that time, so long as you have paid your premiums, your beneficiary will receive the death benefit.

Policy Types Within the Categories

Life insurance companies like Dalessandro Agency Inc. provide a vast number of choices. You can purchase more than one policy so that you can mix and match. Choose from the following:

  • universal life
  • variable life
  • variable universal life
  • survivorship life
  • increasing and decreasing term life

Whole life insurance policies like universal life, variable life, and variable universal life provide permanent insurance options. Each offers both a death benefit and a cash value account that lets you save money in a tax-deferred account. Universal policies invest this cash value in a money market account that earns or losses depending on the market performance. Variable life and variable universal life provide a death benefit and a cash value investment fund linked to a mutual fund with stock and bonds.

With term life, you only receive the death benefit. You show evidence of good health when purchasing the policy initially. You renew it year-to-year, but do not need to renew your proof of good health.

A survivorship life insurance policy covers more than one person. It typically pays out when the first person on the policy dies, but you can also obtain a joint and survivor policy, also known as a last to die policy. You can obtain these as a whole or a term policy.
A final expense or burial policy pays for the funeral and related expenses like the headstone and services. These small policies of about $10,000 of coverage can be permanent or term. Most life insurance policies require a medical exam, but you can find no exam policies.

A decreasing benefit policy proves popular with those who have a large mortgage to pay and want the family to be able to cover the payments. As time passes and the mortgage gets paid off, the policy benefit decreases until it reaches zero. At that time, the policy expires. An increasing benefit policy lets a young professional provide a more significant income for their family commensurate with their increased earnings.

Corporations often obtain key man life policies to protect the corporation from the effects of the loss of an executive officer, a superior salesperson, or a specialized skill player.

The variety of life insurance possibilities remains vast. Contact Dalessandro Agency Inc. of Grand Rapids, MI to learn more about your life insurance options and how we can help you provide for your family’s future now.