Variable Life Insurance in Berkley, MI

How is variable life insurance Berkley different from other policies?

Variable life insurance is a unique life insurance policy that is different to other life insurance options in the Berkley, MI area. While other life insurance products provide a guaranteed cash benefit upon the policyholder’s death, variable life insurance is unique in that it can also provide variable investment opportunities. Rather than a guaranteed lump sum payout, it allows a policyholder to allocate a portion of the life insurance premiums in a range of investment options that have the potential for higher, variable returns.

Do variable life insurance quotes in Berkley come with a cash surrender value?

Yes, variable life insurance policies issued in Berkley, MI, can have a cash surrender value. Your cash surrender value is based on how many payments you have made and the performance of any underlying funds, and varies from policy to policy. When you decide to cash in your variable life policy, you’ll receive the current cash surrender value, which may be more or less than the premiums you have paid. It is important to talk to an insurance specialist in the Berkley, MI, area to determine the specifics of your policy and the potential cash surrender value of your variable life insurance policy.

With a variable life insurance policy Berkley, can I decide where my premiums are invested?

With variable life insurance from a Berkley, MI provider, policyholders can choose where their premiums are invested. Depending on the type of life insurance policy, policyholders may have access to a variety of mutual funds, stocks, bonds, and other investment options to ensure their premiums are customized to meet their personal needs. Furthermore, individuals can consult a financial advisor from the Berkley, MI provider for help in selecting the right mix of investments.

How often can I modify my investments in variable life insurance near Berkley?

In Berkley, MI, you can change your investment choices for variable life insurance as often as you'd like; however, speak with a certified insurance professional to ensure that your policy is tailored to meet your long-term goals. Depending on your policy specific coverage, there may be limits as to how often you can switch out investments or fees associated with such transactions. Taking advantage of the expertise of a professional may prove to be beneficial for those living in the Berkley, MI area in making the best decisions for their individual needs.

What are the surrender fees for a variable life insurance quote Berkley?

The exact answer to your question as it pertains to Berkley, MI will depend on a variety of factors, such as the life insurance provider, the product/policy you choose and the level of coverage you opt for. In general, life insurance carriers in Berkley, MI may have surrender charges for variable life insurance of up to 15% -25% in the first year, with diminishing percentages after that. For more specific details, you should consult an experienced life insurance agent in Berkley.

What benefits do I get with Berkley variable life insurance companies?

Variable life insurance offers a number of unique benefits to people living in Berkley, MI. For starters, it has a flexible premium level, allowing policyholders to choose lower up-front payments or higher ones. Additionally, the policyholder can select their own investments within the policy portfolio, providing the opportunity to both meet their desired insurance coverage needs, and grow their funds at the same time. Finally, variable life insurance offers a potential for greater cash value than universal life insurance, making it an attractive option for individuals who wish to have more control over their investments and be proactive in growing their wealth.

How flexible are premium payments for variable life insurance policies near Berkley?

At Berkley, MI-located Lincoln Financial, we understand how important and financially difficult it is to pay for Life Insurance, especially when it comes to variable premiums. Our Premium Payment Flexibility Programs give our policyholders the opportunity to adjust payments according to their spending plan. This includes options such as payment deferral, installment payment options, and cash value loans among others. As we understand that life is constantly changing and if you cannot afford to make your premiums payments, our team of experienced personnel are available to work with you and come up with the best solution.

Does all variable life insurance in Berkley offer the same investments?

No, not all variable life insurance policies offer the same investment options; it depends on the specific company and policy. For example, living and working in Berkley, Michigan, the Fifth Third Insurance Company offers a suite of variable life insurance products with a selection of up to 32 different investment options tailored to meet the needs of the local community. Each of these investment options include a range of diverse, high-quality, professionally-managed mutual funds, designed to give each policyholder the best opportunity to reach their financial goals.

Is the cash value in my Berkley variable life insurance policy safe from creditors?

In Berkely, MI variable life insurance provides policy holders with a guarantee of death benefits, regardless of their cash value. However, it's important to remember that the cash value of this type of policy generally isn't protected from creditors. They can be subject to seizure if the policy owner is adjudicated bankrupt. It’s important to make sure you are properly informed of the conditions and exceptions that apply to the protections in place for you as a policy owner in Michigan.

Do I get dividends from my Berkley variable life insurance company?

Depending on the type of variable life insurance plan you have and where you are located, such as in Berkeley, Michigan, you may be eligible to receive dividends from investments within your variable life insurance. Generally, variable life policies offer a range of investment options with which to grow cash value and, combined with certain riders, can provide dividends in the form of repayment of premiums paid or access to additional assets. Furthermore, some policies in Berkeley, MI may offer features and riders designed to ensure a steady and consistent stream of dividend payments.