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Randy Palmer
Palmer & Associates
(586) 604-9669

Michigan Life Insurance - Protect Your Families Future

Life insurance offers peace of mind as it relates to the equitable distribution of assets to heirs; providing ready funds to pay estate taxes and settlement costs without the delay and costs of probate; by furnishing a significant increased cash death benefit to beneficiaries; and by not leaving family members with the burden of paying for your funeral.

Our portfolio of insurance companies offers specialized options to help protect and manage your estate.

Term Life Insurance
Inexpensive option and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value. Also ask about our term life insurance with return of premium. Pay for your entire term, and receive a lump sum check back for the entire amount of premium you paid.

Burial Insurance - Funeral Expense or Final Expense Life Insurance
This is the agencies specialty. This type of plan helps pay for final expenses upon death. These burial insurance plans usually provide up to $5,000 to $50,000 in benefits and usually do not require medical examinations. However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application. A final expense policy is usually recommended for consumers who just want a policy for his or her burial. However, final expense life insurance is also bought by younger consumers looking for this same protection.

Finally, have you been declined for any reason in the past for life insurance? We now offer a final expense life insurance product with no questions asked.

Whole Life Insurance
Offers a guaranteed death benefit, generally free from federal income tax. The policy has a level premium guaranteed to never increase. The policy holder is also eligible to earn dividends, if paid out by the insurance company. These dividends can be paid back to the consumer, or used to buy more life insurance. The whole life policy also allows you to borrow from the cash value on a generally tax free basis.

Accident Life Insurance
Only pays on the death of an accident, however very affordable and a plus to any portfolio. Also has a return of premium rider at the age of 65 for an small additional charge. Pay your premiums until the age of 65, and get a full refund for all you have paid in if no benefits have been paid out. No health questioned asked, and also perfect for our Harley riders of the state.

We now offer guaranteed issue whole life insurance!! No questions asked, and policy even builds cash value.

Now, you can apply for our life insurance products in three ways. Online, in person, or by postage mail.

The main question should be this. If I could save you money on your monthly premium, or give you more coverage for the same price, would you be interested?

Frequently Asked Questions

1. Do I need a doctor's physical before getting a insurance policy?
Some life insurance companies require a paramed, and some do not. If so, they will send someone to your home or work to perform a check up that might require blood work and a urine sample. Policies with higher death benefits usually require a more in depth checkup that might include an electrocardiogram, etc.

2. How do I know what amount of life insurance is right for me?
At the Palmer & Associates group, we sit down with you and map out your assets, liabilities, and dependents. At that point we recommend how much life insurance you need.

3. What if I am young and healthy? Should I still buy a life insurance policy?
We always recommend you plan ahead. We do suggest a life insurance policy, as at a later date and age you may find yourself in a high medical table for price, or even uninsurable. Might be wise to lock in a lower price now, then risk a high price in the future.

4. I have a life insurance policy from my employer. Is that enough coverage?
The typical answer to this question is no, it is probably not enough. First, what if you leave your job and life insurance is not offered from your next employer? Second, rarely do I see a life insurance policy from an employer that is sufficient. I always recommend sitting down and doing an outline of all your liabilities and assets to truly see how much life insurance is needed.

5. Can I name my children as a beneficiary on my life insurance policy?
Yes, but I always suggest this be done within a legal binding will. The legal documents should appoint an executor to manage the money and a guardian to take care of the kids. Palmer & Associates partners with a highly respected Estate Planning Law Firm out of Troy, Michigan. Contact us today for more information.

6. Should I buy life insurance for my children?
I do recommend a small permanent policy for a child as it does two things. One, it helps through a transitional stage in the horrible event if you do lose a child. Two, is it locks in a very affordable rate for life insurance for your child.

7. What is mortgage protection life insurance?
Mortgage protection life insurance has been pushed here for the last five years or so. Typically, when your buy a new home or refinance, you get a letter saying congrats, your eligible for life insurance coverage with no exam. A mortgage protection life insurance policy is a life insurance plan built around how much you currently owe on your home. Typically, it is a non-medical term life policy which means no paramed is involved.

8. Would you recommend a non-medical life insurance policy?
I do not blame consumers who do not want to get a paramed for their life insurance policy. The issue with that is, non-medical life insurance is usually more expensive than life insurance plans where the consumer does a paramed. We present the options to the consumer, and let them make their choice. With that, if consumers do not want a paramed. We can offer up to $400,000 in death benefit with no paramed required.

9. What is the concept of the 10 Pay Life insurance plan?
The 10 pay permanent whole life plan is really popular. Here in the state a lot of consumers have burial life insurance plans (final expense). These policies have a death benefit of usually $8000 to $15000, and are lifetime pay. This means the consumer will pay on the policy until death. The 10 pay is a little different. While still being a whole life plan, after ten years the policy is completely paid up. You owe no more premium and even the cash value continues to grow, while the death benefit stays the same. The one thing to keep in mind about a 10 pay plan is because you are paying off a permanent life insurance plan in ten years, premiums are a little higher. Still though, a great plan for kids, young adults, and even middle aged consumers.

10. What are the uses for a Single Premium life insurance plan?
A single premium life insurance plan has many uses. One is for the obvious, consumers who want to pay one lump sum (Min. $5000.00) for a whole life insurance plan that is paid up for the rest of their lives. Like most (not all) whole life policies, the cash value will continue to grow, however the death benefit remains the same. Another use for a SPWL is for middle aged consumers and Seniors. As you grow older you accumulate savings that if you pass might have to go through Probate, taxes, etc. A option is to take your savings that you might want to leave to your family, and put it into a single premium life plan. Now it bypasses Probate, and goes right to your beneficiary. (Example- A 60 year male non smoker who would like to put $50,000 into a SPWL, nets him close to $130,000 in death benefit. This is one of a couple of ways to pass on a legacy).

11. How can I give back to my church using a life insurance plan?
First, if you would like to consider this, please consult a tax professional first. Church charitable giving through life insurance is a popular concept for which consumers can leave some of their legacy back to their favorite church. Works in a manner to where you pick a permanent life insurance product (Lifetime Pay, 10 pay, Single Premium). Within the policy, you pay the premiums however your church is the owner of the policy and beneficiary. By having it this way, your premium payments may be considered a gift, and eligible for a tax deduction (again, consult with your tax professional).

With over 60 life insurance companies at our disposal, we are very confident we can find the best product for your situation. I see many families left in the dark because consumers did not have any or enough life insurance when they passed.

Do not leave that burden to your family! Request your quote today. Contact me to get life insurance information for yourself.

Also, contact me if your life insurance policy is more than two years old. Life insurance prices have dropped in the last few years.

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