When Life Changes
We can help you navigate through the sometimes overwhelming maze of life insurance and other tools to protect your family’s financial future. Sometimes life insurance can be complicated. You not only have to decide what policy is right for you – you need to know how much protection you need and can afford.
Since Thornapple Insurance is an independent agency representing many different insurance companies and products, we can develop a personalized life insurance plan based on what you and your family need.
As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” include:
|Recently||married or divorced.|
|A new||child or grandchild.|
|Opened or Expanded||a business.|
|Health||issues or your spouse’s health has deteriorated|
|To provide||care or financial assistance to a parent|
|To support||a child or grandchild requiring assistance or long-term care|
|A new||home purchase, or re-financed your home mortgage in past six months.|
|Income Concerns||when you retire.|
|Assets||from a spousal inheritance or sizable estate.|
Type of Life Insurance
Life insurance is one of the most vital pieces of your family’s long-term financial plan—and it’s the one we want to discuss the least. Its purpose is simple: to replace your income for your family if you die. But with all the choices available, finding a policy that’s just right for you could lead to extreme confusion and frustration.
What type of life insurance is best for you? Thornapple Insurance Agency in Grand Rapids, MI can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available.
|Term Life Insurance||Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period.Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.|
|Whole Life Insurance||Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.|
|Universal Life Insurance||Universal life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.|
Life Insurance Advantages
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
|Living Benefits||The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.|
|Life Insurance Death Benefit||When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.|