One of the most understood and maybe least appreciated life insurance plans in Michigan are the 10 and 20 pay whole life insurance programs.
Working in the burial life insurance business that I do, mostly if not all of my burial plans are whole life insurance plans that I sell. When you lay out options, and tell consumers that their life insurance plans can be paid off in 10 or 20 years, some jump at the option. That is a considerable difference then paying their entire life for their insurance program.
So in a nutshell, both 10 and 20 pay whole life plans work by paying your premium (usually more expensive) for the select years, and then the plan is paid off for good. That is correct, your life insurance plan requires no more premiums and continues to gain cash value even though you are paying no more premiums.
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If more consumers understood the nature of these life insurance plans, I feel they would be popular. To be able to pay off your Michigan life insurance plan in a certain amount of years, again most people would take that option. Who wants to pay their life insurance forever, if they could afford to limit the years they pay.
You could always contact us to learn more about these certain plans within our state of ours. We would be happy to discuss your options.
Michigan 10 & 20 Pay Whole Life Insurance Information
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