Midwest Insurance Group Life Insurance
If your loved ones would suffer from a financial loss if you passed away, life insurance is worth a conversation. Life insurance policies can be designed to replace lost income, pay off debts, pay funeral costs, continue a family business, protect a spouse’s retirement plans or help send your children to college. Businesses use life insurance to protect business partners, the business itself, and their key employees. Using life insurance as collateral for a business loan from a bank or as a buy-sell agreement is also very common.
Customized Life Insurance Policies
Term Life Insurance
Using actuarial science to determine the risk that an insured will die within a stated term – typically 10, 20, or 30 years. Term life insurance is generally simple to understand, inexpensive to own, and the most commonly asked about product we offer at MIG.
Permanent Life Insurance
Using similar underwriting procedures, the insurance company will offer coverage with additional guarantees and benefits. Generally, as long as the premiums are paid as stated in the contract, the death benefit is payable to your beneficiaries regardless of how or when you pass away. Due to the complexity of these products and their expense permanent products are not for everyone.
However, there are scenarios that include business planning and tax-advantageous transfers of wealth where this product acts as an ideal solution. Keep in mind that life insurance is not an investment. At MIG, we creatively use this product as a risk management tool and can show you ways to utilize these products as guaranteed assets to supplement your retirement all while protecting the ones that mean the most to you.
Our life insurance advisors can help you identify the risks that your unique situations that life events present and help you devise a plan to keep your goals and dreams on track when ‘life happens’.
Midwest Insurance Group partners with Erie insurance, one of the nation’s leading auto and home insurers, with an A.M. Best rating of A+ (Superior).