Life Insurance - John A. Barton Insurance - Ann Arbor, Michigan - Michigan Center, Michigan | John A. Barton Insurance -Insurance Company - Ann Arbor, Michigan - Michigan Center, Michigan

1. In Michigan, the main types are term life insurance, which provides coverage for a specific time period, and permanent life insurance, like whole life and universal life, which offer lifelong coverage and can build cash value.
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Yes, life insurance policies should cover deaths due to COVID-19, provided the policy was in force and all disclosures were made accurately at the time of application

1. The amount depends on your individual circumstances, including income, debts, lifestyle, and dependents. A common guideline is 10-15 times your annual income, but it's best to speak with a licensed insurance agent for a tailored recommendation.
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1. Yes, you can typically adjust your policy, but changes may be subject to underwriting and could affect your premiums or coverage.
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1. Generally, life insurance death benefits are not subject to income tax. However, any interest received or portions of the policy that exceed the death benefit may be taxable. Consult with a tax professional for specific advice.
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1. A beneficiary is the person or entity you designate to receive the death benefit. Choose someone who would be financially impacted by your death or a trust/organization you wish to support.
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1. Yes, but you must have an insurable interest in that person (e.g., a family member) and their consent.
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1. Yes, insurers consider health factors like smoking, medical history, and current health status, which can impact premiums.
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Policies typically have a grace period (often 30 days). If payment is not made within this period, the policy may lapse. Permanent life policies might use the cash value to cover the premiums.

1. The beneficiary should contact the insurance company to report the death, complete the claim form, and submit it along with a certified copy of the death certificate.