Shopping for life insurance can be overwhelming. First you have to find the time in your busy schedule, then choose a carrier and then go through the complicated process of getting a quote.
But it doesn’t have to be that way.
Michigan Term, a life insurance brokerage company based in Troy, offers a unique “sold locally online” approach that gives customers the best of both worlds: Free, quick online quotes without providing tons of personal information and the benefit of a local agent to answer all your questions.
Customers have access to policies from big insurance companies like Prudential and MetLife and can choose what plan best meets their needs – all with the help of a professional close to home.
“We can shop around and take the hassle out of looking for insurance,” says Jessica Pepple, an agent with Michigan Term. “We can find the best rates industry-wide because we work with so many carriers.”
Life insurance can pay for funeral costs, mortgage debt, car loans, credit card debt, taxes, college costs, a surviving spouse’s retirement costs and ongoing costs like food, housing and transportation for your family. Going without insurance – or being underinsured because you only have a small policy through your employer – can have major consequences yet it often gets overlooked. According to LIMRA, an insurance research company, 30 percent of U.S. households have no life insurance at all and only 44 percent have individual life insurance.
“A lot of people aren’t thinking about it. You have to have health and auto insurance. The coverage that gets put on the backburner is life insurance,” Pepple says.
People also tend to forgo life insurance because they assume it will be too expensive.
“I think a lot of people overestimate the cost,” she says. But most younger people opt for term policies, which are affordable and can often be converted to a whole life policy without a medical exam.
Having your own policy is better than relying on employer-provided coverage, which is usually inadequate.
“A lot of times people don’t have enough insurance. You need to have 10 to 15 times your gross annual income,” Pepple says. “Most of the time, insurance policies through work don’t cover that. It’s better to back that up or supplement it with your own individual policy.”
Customers shopping for life insurance will inevitably have questions. Working with a smaller, local company means dealing with just one agent instead of multiple people at call centers.
“You don’t have to call back to explain your situation all over to a different person,” Pepple says. “I’ve yet to meet someone who doesn’t have some questions. That’s kind of what we mean by ‘local and online.'”
As a family-owned company, Michigan Term wants to focus on meeting the needs of other families in the area.
“When you start a family and you have kids, you buy a house, you have all these hopes and dreams. You start getting accustomed to a standard of living and if one of the spouses passes away, all those hopes and dreams are in jeopardy,” Pepple says. “When people start families, they’re putting out financial obligations to meet all the hopes and dreams they have. Hopefully nothing bad happens, but if it does, what’s your safety net?”
For more information on Michigan Term, visit michiganterm.info or call 888-242-9644.