Term Life Insurance is a low-cost way of providing maximum coverage for your family. Protection is provided for a limited number of years. The insurance expires without value if the insured lives beyond the policy period, usually 5 to 20 years. Other policy life periods are available, including 1 year annual renewable term.

Term insurance premiums will not increase during the guaranteed policy time period (term) you select. Term Life Insurance pays a death benefit only if you die during that term. Term insurance generally provides the largest insurance protection for your premium dollar.

Term Life Insurance remains in force for as long as premiums are current, provided there are no misrepresentations on the application. The insurance coverage terminates if you discontinue your premium payments.

These type of polices are best for people that are young and are not ready to pay the larger premiums of a universal or whole life policy. They are also very good for people who are transitioning from one job to another, or for people who know that in a certain amount of time, their dependents will no longer need the protection of their life insurance plan. Certain term policies allow individuals to convert their policies to a universal or whole policy further down the road. 

Whole Life Insurance provides permanent protection for the whole of life – from the date of policy issue to the date of the insured’s death, provided that premiums are paid. Premiums are set at the time of policy issue and remain level for the policy’s life. Unlike term insurance, whole life combines insurance protection and savings or cash value which builds over time. Cash value build-up may provide a source for living benefits, for example, helping pay off a mortgage, or a child’s education, or cash surrender value if the policy is ever cancelled.

These products are continually changing and we can provide you with the latest information and policies available!

Universal Life Insurance is a more complicated kind of policy, and it is characterized by great flexibility. Policyholders can determine the amount and frequency of premium payments – i.e., the more you pay, the less time you will need to pay. It is similar to a whole life policy in the way that it has both a death benefit element and an investment/savings element. Universal life policies do not have a fixed annual interest rate, instead the rate is based on market performance. If the market is doing worse, the payment will be lower and if the market is doing better it will be higher. Under universal life insurance, one can choose from a fixed interest rate investment or an index-tracking investment. A fixed interest rate investment has a lower risk and offers a higher guaranteed minimum return, and an index-tracking investment has higher potential returns but a lower guaranteed interest. We at MIG are here to help you understand the intricacies of these polices and chose the one that is the best fit for you.