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Continue providing for your loved ones after you pass away. Contact Encore Insurance Group today to request a free term life insurance quote.

No one wants to think about what will happen after we die. However, preparing for our death is a necessary step in ensuring that our loved ones, such as our spouse and children, will be able to move on without us.

Starting a term life insurance policy can give you the assurance you need that your loved ones will remain financially secure after your death. At Encore Insurance Group, an independent local Michigan agency, we partner with several reputable insurance companies to provide affordable, reliable term life insurance for our clients.

We pride ourselves in offering term life insurance that provides peace of mind about the future.

What Is Term Life Insurance?

Term life insurance provides life insurance coverage during a specified term, such as ten years, 20 years, or 50 years.

If you die during your policy term, your beneficiaries will receive the stated benefits from the life insurance coverage. If the term expires before you die, you may be able to renew it for another term, transition to a permanent policy, or terminate coverage altogether.

Term life insurance provides a stated cash benefit to your beneficiaries if you die during your coverage term. This non-taxable cash benefit can cover your healthcare costs, funeral expenses, debt, and other expenses, saving your family the burden of paying for these necessary costs.

Term life insurance is typically more affordable than whole-life coverage, which has no policy length limits. Insurance companies determine your term life insurance rates based on your age, gender, term length, and health conditions. Typically, the younger you are, the cheaper your term life insurance premium will be.

Types of Term Life Insurance Policies in Michigan

Life insurance companies typically offer the following types of term life insurance:

Level Term Life Insurance

Level term life insurance provides coverage for a specified term generally ranging between 10 and 30 years. This insurance provides a fixed death benefit at a fixed premium throughout the term length.

Yearly Renewable Term Life Insurance

Yearly renewable term life insurance does not have a specific term length but provides coverage as long as you continue to renew the policy. The premiums for these policies change from year to year and tend to increase as you age. As a result, they tend to be more expensive overall than level term policies.

Decreasing Term Life Insurance

Decreasing term policies provide a death benefit that decreases each year. Many people use these policies to match the remaining principal on a mortgage or other long-term loan. As a result, if the policyholder dies before they repay their mortgage, their life insurance can cover the remaining balance.

Who Should Choose Term Life Insurance in Michigan

Term life insurance makes sense for some people, while whole life insurance is better for others. Typically, the following types of people can benefit the most from term life insurance:

  •     Young people with children: Young parents often purchase term life insurance that provides coverage for 20 years—or until their children are no longer financially dependent on them.
  •     People looking for affordable coverage: Term life insurance is more affordable than whole life. If you only have a small amount of money to contribute to a life insurance policy, term life insurance is better than nothing.
  •     People with short-term financial needs: If you have a mortgage or other major loan, a term life insurance policy can cover the balance if you die with this financial obligation.

At Encore Insurance Group, we can help you determine whether term life insurance or whole life insurance is right for your needs. Then, we can quote you with several of our top life insurance companies to find a policy with the lowest premiums and best term life insurance coverage for Michigan residents.

Contact our team at Encore Insurance Group today at 248-466-0200 to request your free term life insurance quotes.