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

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Life Insurance

Life Insurance FAQ's

Welcome to the Life Insurance section of John A. Barton Insurance, where we understand the importance of securing the future for you and your loved ones in Michigan. Life insurance is more than just a policy; it's a cornerstone for your family's financial security and peace of mind. Whether you're exploring term life insurance for short-term needs or considering the lasting benefits of a whole or universal life policy, our team is here to guide you through the choices with compassion and expertise. We take pride in offering personalized solutions that reflect the unique needs of each individual and family in the Ann Arbor area and beyond. At John A. Barton Insurance, we're not just insuring lives; we're nurturing legacies, ensuring that your loved ones are protected, come what may.

What types of life insurance are available in 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.

Does life insurance cover deaths from COVID-19 in Michigan?

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

How much life insurance should I have in Michigan?

  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.

Can I change my life insurance policy once I have one in Michigan?

  1. Yes, you can typically adjust your policy, but changes may be subject to underwriting and could affect your premiums or coverage.

Is life insurance taxable in Michigan?

  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.

What is a life insurance beneficiary and how do I choose one in Michigan?

  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.

Can I buy life insurance on someone else in Michigan?

  1. Yes, but you must have an insurable interest in that person (e.g., a family member) and their consent.

Does my health affect my life insurance rates in Michigan?

  1. Yes, insurers consider health factors like smoking, medical history, and current health status, which can impact premiums.

What happens if I miss a premium payment on my life insurance policy in Michigan?

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.

What is the process for filing a life insurance claim in Michigan?

  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.


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