Life

Throughout your life, your life insurance needs will evolve. Michelle Lim Insurance Services offers life insurance to fit the needs of all our clients. We are always happy to assist you every step of the way.

The first thing to keep in mind when considering life insurance is that there are two primary types: whole life and term life.

Whole Life Insurance

Whole life insurance provides the benefits of insurance with the added benefit of acting as a savings account. As long as you continue making payments, the cash value of the policy will increase. Whole life insurance exists for your entire life–for the same premium that your insurer originally issued it. You can cash-in the policy, borrow against it, or it can be paid to your beneficiary upon your death.

Term Life Insurance

Term life insurance covers you for a set period, or term, of your life. You may choose it to last over the same period as you pay on your mortgage or while you have young children. It does not build value you can borrow against, but because of this it is often cheaper. If you choose to renew your policy, the rate may change based on your current situation.

Which is the best option?

A number of different factors affect life insurance premiums including: age, employment, health, and certain lifestyle activities. Call or contact us today to talk to the experts at Michelle Lim Insurance Services. We are happy to discuss your situation and help you customize a life insurance plan that will meet your needs.