Life insurance is a financial contract between a policyholder and an insurance company. In exchange for regular premium payments, the insurer promises to pay a lump sum—called a death benefit—to your chosen beneficiary when the insured person passes away. Some policies also include living benefits, which let you access part of your coverage while you’re alive if you experience a terminal illness, critical illness, or another qualifying life event.
The main purpose of life insurance is to protect your loved ones from financial hardship and provide peace of mind.
Types of Life Insurance
Life insurance comes in two main categories: Term (Temporary) and Permanent coverage, each designed for different goals.
Term Life Insurance
- Coverage for a set period (10–30 years)
- Death benefit paid only if the insured passes during the term
- No cash value or loan options
- Health underwriting is required; not guaranteed issue
- Some policies offer limited living benefits for terminal illness
- Often the most affordable way to protect income, debts, and major expenses
Read more about term life insurance →
Best for: Maximum coverage at the lowest cost during a defined period.
Permanent Life Insurance
- Designed to last your entire lifetime
- Includes Whole Life and Universal Life insurance
Whole Life Insurance
- Fixed premiums and guaranteed death benefit
- Cash value you can borrow from
- Optional dividends for participating policies
- Smaller face amounts available for budget-friendly permanent protection
Whole life is ideal for families seeking long-term peace of mind and a guaranteed payout.
Universal Life Insurance (UL)
- Adjustable premiums and death benefits
- Cash value with a minimum guaranteed interest rate
- Some policies tied to market indexes (Equity Indexed UL / IUL)
- Flexible coverage; can be more complex but potentially more affordable than whole life
- Many clients prefer Guaranteed Universal Life (GUL) for term-like pricing with lifetime coverage starting at $50,000
Final Expense Life Insurance
Final expense insurance is designed to cover burial costs, funeral expenses, and other end-of-life bills. It’s easier to qualify for than larger policies and can be a good fit for seniors or those with health challenges. Learn about final expense insurance →
Who Needs Life Insurance & How Much?
Life insurance is important if you have dependents, debts, or want to leave a legacy. The right amount depends on your mortgage, living expenses, college costs, and final expenses. Consider:
- Mortgage or rent
- Ongoing living expenses
- College costs for children
- Funeral and final expenses
What Affects Life Insurance Cost?
- Age and health
- Gender
- Driving record
- Occupation hazards
- Lifestyle choices
- Coverage amount
- Policy type (term vs. permanent)
Permanent coverage generally costs more than term, but affordable options exist even for individuals with health challenges when guided by an experienced broker.
Coverage & Service Areas
We work with clients across the United States and are licensed in over 30 states. Whether you’re in Michigan or miles away, we can meet by phone, Zoom, or in person to find coverage that fits your needs.
Our local service areas include Kalamazoo, Portage, Mattawan, Vicksburg, Plainwell, Otsego, and surrounding Michigan communities.
Serving Kalamazoo and Nearby Communities
Maple Valley Insurance Group proudly serves families across Kalamazoo and surrounding Michigan towns with tailored life insurance solutions. Explore our local service pages to learn more:
- Life Insurance in Kalamazoo, MI
- Life Insurance in Portage, MI
- Life Insurance in Mattawan, MI
- Life Insurance in Vicksburg, MI
- Life Insurance in Plainwell, MI
- Life Insurance in Otsego, MI
Trusted National Coverage, Local Expertise
We partner with top-rated national insurance carriers, giving you access to multiple options. Our job is to compare policies side by side, explain the pros and cons, and help you make a confident choice.
“We live in Florida but also have a home in Michigan. Working with Maple Valley Insurance was easy and stress-free. Mike was able to find us the insurance we were looking for.” – A. Tyler, Hobe Sound, FL
Talk to an Independent Life Insurance Expert
📞 Call 269-244-3420 for your free consultation—our expertise never costs you a nickel.
Get a personalized quote instantly using our instant quote tool, or check our National Service Map to confirm licensure in your state.
Final Thought: Life insurance doesn’t have to be overwhelming. By understanding your options and working with a knowledgeable broker, you can confidently choose coverage that protects what matters most.