What is Life Insurance?
Life insurance is a contract between you and an insurance company. The main purpose of life insurance is to provide a financial benefit to your loved ones in the event of an early death. Typical reasons for buying life insurance include paying funeral expenses, providing mortgage assistance, supplementing educational expenses for children and spouses, replacing lost income, and helping to protect the value of an estate after the insured passes on.
Get peace of mind, knowing you’ve helped protect your loved ones. Life insurance can help provide for the people who depend on you financially, if you can’t be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child’s education, and more.
HIA can work with you to decide which type of term and or permanent life insurance policy best meets your needs:
- Term Life Insurance – Affordable, simplified insurance for a specific time period.
- Whole Life Insurance – Permanent insurance, fixed premiums, guaranteed death benefit, and cash value growth.
- Universal Life Insurance – Permanent insurance, with flexibility to change payments, premiums and death benefit options.
- Variable Universal Life Insurance – Permanent insurance, with flexibility to change payments, premiums and death benefit. This insurance also allows you the option to take investment risks in return for a potentially higher cash value.
- Survivorship Life Insurance – Permanent insurance for two people, which provides a benefit to beneficiaries after the second person passes away.
Contact us or complete the form on the left to get started today.
Serving: Metro Detroit | Ann Arbor | South Lyon | Plymouth | Livonia | Novi
How great is life insurance? Pretty darn great. These statistics are proof that life insurance matters. And why we just love life insurance in the first place.
- 75 million American families count on life insurers to protect their financial futures.
- Life insurance products pay out an average of $1.5 billion every day in the U.S. By comparison, Social Security pays out an average of $1.9 billion per day.
- 20 percent of Americans’ long-term savings are provided by life insurance, including annuities and permanent life insurance.
- $19.2 trillion: Total life insurance coverage in force in the U.S. at the end of 2011.
- $75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011.
- $62 billion: Approximate amount life insurance companies provided in payments to beneficiaries of policyholders who died in 2011.
- $75 billion: Approximate amount of annuity benefit payments paid to annuity owners in 2011. Source: ACLI 2012 Life Insurers Fact Book
- $2.9 trillion: Amount of new life insurance coverage Americans purchased in 2011.
- $162,000: Average size of new individual life policies purchased in 2011.
- Life insurance supports America: 2.5 million U.S. jobs are directly supported by the life insurance industry.
- Life insurers have $4.5 trillion invested in the U.S. economy, making the industry one of the largest sources of capital in the nation.
- The life insurance industry is the No. 1 U.S. investor in corporate bonds, holding 18 percent of all U.S. corporate bonds.
- Life is good with life insurance: 64 percent of life insurance owners think they have a better quality of life than the average American (vs. 51 percent of non-life insurance owners). 92 percent of life insurance owners reported that having enough money to protect family against life’s uncertainties is important to living life as a good person (vs. 85 percent of non-life insurance owners).
Sources: ACLI 2012 Life Insurers Fact Book, The Heart of the Matter, LIMRA 2012, New York Life’s “Keep Good Going” report, SecureFamily.org