New Millennium Financial Services, LLC

08/11/2025

https://vimeo.com/1067377290?share=copy&utm_campaign=9316168-2025+-+Whole+Life&utm_medium=email&utm_content=375061756&utm_source=hs_email&hsCtaAttrib=188916301654

11/25/2024

We represent all the reliable Michigan Health Insurance carriers on the market, including, Blue Cross/Blue Shield of Michigan, United Health Care, Liberty Union, Priority Health, HAP, Blue Care Network, Aetna and many others. Our clients include individuals, and businesses

11/25/2024

What Is Life Insurance?

Life insurance is a financial safety net. It’s a way to ensure that if something unexpected happens to you, your loved ones won’t be left struggling to cover major expenses like:

Funeral costs
Mortgage payments
Day-to-day living expenses
Debts
It’s not just about leaving money behind—it’s about leaving security behind.

Why Do You Need It?

Life insurance becomes more essential as you take on responsibilities—buying a home, starting a family, or planning for retirement. It’s the ultimate act of love and foresight to ensure your family’s financial stability when you’re no longer there to provide for them.

But here’s the thing: the cost and availability of life insurance depend on your health and age. The sooner you get it, the better options you’ll have.

What’s Next?

In the next issue, we’ll dive into the different types of life insurance—term, whole life, and more—so you can make an informed decision that fits your needs.

In the meantime, if you’ve been putting off this conversation, let’s start now. Your future self—and your family—will thank you.

Message me at 248-225-8422 if you’d like to learn more about your options

10/15/2024

https://JArif.coverageforone.com

Please use the above link for your Individual and Family Health insurance . You can get a quote and apply within.

08/13/2024

Disability Insurance 101
Why is disability insurance important?
Many people think that their home or their investment portfolio is their biggest asset. In reality, their earning potential is usually their most important asset.

Everything from paying your mortgage to saving for a child’s college education depends on your ability to earn money from your job. The lost income from a serious illness or injury that prevents you from working can be substantial.

Sadly, about half of working Americans couldn’t make it six months before financial difficulties would set in—and about one in 10 said they would have problems immediately, according to the Insurance Barometer Study by Life Happens and LIMRA. An already unfortunate situation is often compounded by hefty medical bills that pile up on top of everyday expenses. Financial hardship from an injury or illness could lead you to burn through your savings, sacrifice your quality of life or even lose your home.

One of the best ways to protect your future earning potential and keep you and your family on solid financial ground is through a disability insurance policy.

Disability insurance steps in to help you cover expenses; it pays you a percentage of your salary if an illness or injury prevents you from working. Depending on your policy, disability insurance covers your lost income for anywhere for a few weeks to your entire working life.

You most likely purchase auto insurance, homeowners insurance and maybe life insurance to protect yourself and the ones you love. Like each of these coverage options, disability insurance should be a part of your overall financial plan.

The main ways to get disability insurance are through your employer, through a professional organization or on your own. Please call me for any questions or a quote. Thanks

New Millennium Financial Services offers all-encompassing services for our clients. As the most respected financial consultancy firm in Dearborn, our reputation thrives on our high-level of customer satisfaction. When our clients are truly confident in their financial stability, we have done our job...

08/06/2024

What does life insurance cover?
Life insurance covers virtually any type of living expense. Some common expenses include:

Immediate Expenses
Funeral and burial costs
Uncovered medical expenses
Mortgage or rent
Car loans
Credit card debt
Taxes
Estate settlement costs

Ongoing Expenses
Food
Housing
Utilities
Transportation
Health care and insurance
Continue a family business

Future Expenses
College costs
Retirement

06/19/2024

https://www.jameelarif.com/resource-center/insurance/life-insurance-myths-debunked

Whether you have life insurance through your work or are retired it pays to know the truth about life insurance coverage.

06/19/2024

https://www.jameelarif.com/resource-center/insurance/test-your-life-insurance-knowledge

How much do you know about one of the most important tools you have to help protect your and your family’s financial future?

05/29/2024

Five Life Insurance Questions Asked by Newlyweds
Newlyweds, whether young or old, financially established or just getting started, often have similar questions related to their new marital status. So, let’s look at five FAQs newlyweds have about life insurance.

How much life insurance do we need?
What kind of life insurance do we need?
Do we need life insurance if we don’t have kids?
Can we afford life insurance?
What is life insurance used for?
How Much Life Insurance Do We Need?
Understanding how much life insurance you need for your new married life will depend on a few key things.

First, it will depend on all of your financial obligations. If you or your spouse were to die, what debts and responsibilities would you each leave behind for your partner? Making sure those expenses and obligations are covered is a good first step to deciding how much life insurance you need. Your list could include a mortgage, car payments, student loans, credit cards or other personal debts.
Next, you will need to decide how much money your spouse depends on you to bring home each year. Does that income need to be replaced if you die? Both partners need to make this calculation for buying their own policies to protect the other. Your everyday expenses should factor into your calculations, along with monthly, yearly and incidental financial events.
Finally, you may need to plan for the future with your life insurance. You and your spouse should consider any current or future dependent costs (i.e., children) and any retirement savings you could lose out on if your partner dies.
For help in coming up with a more defined number, visit our life insurance needs calculator here.

What Kind of Life Insurance Do Newlyweds Need?
The type of life insurance you need as a newlywed depends on your budget and the extent of what you need your coverage to do. You may simply need insurance to cover funeral costs and necessary living expenses in the event of a partner’s death. However, you may also have a need for more sophisticated financial planning.

You and your partner can choose from many different types of life insurance products from many different insurance companies to meet your unique needs. However, most can be defined as either term or permanent life insurance.

Term is life insurance that you buy for a specific period of time. If you die during that time, your spouse (or another beneficiary) will receive a specified amount of money as a death benefit. Learn all the ins and outs of term insurance here.
Permanent life insurance will not end at a certain time like term. It continues to cover you through your life, and not only provides a death benefit but can also provide what is known as cash value. Although you may pay more for a permanent policy, there are still affordable options available—even for young, just-starting-out newlyweds. You can read more about permanent insurance here.
Do We Need Life Insurance If We Don’t Have Kids?
A common reason couples cite for having life insurance is to continue providing for their kids if their financial contributions were no longer in the picture. So, what if you don’t have children? Do you still need life insurance?

The answer is usually still yes. Let’s look at two instances.

No kids now, but maybe later?

If you don’t have kids now but may want them in the future, buying life insurance before children is still a good idea. To start, life insurance rates are typically more affordable the younger you are. So, getting a policy now could keep your rates lower for longer.
Additionally, the ability to buy life insurance depends on you being healthy enough to get it. Buying a policy now ensures that if you have a future health event that makes you uninsurable, you will have addressed that risk and already be covered.
No kids now… and probably never.

If children are not in your plans, you probably still need life insurance to cover your partner—at least until you and your partner are financially secure enough and have enough savings to cover all of your financial needs if one or both of you should pass. You may also want life insurance for any other family members who depend on you, or perhaps even for philanthropic reasons.

Can We Afford Life Insurance?
The world of life insurance is large, and there is a policy out there for just about anyone. Most couples are surprised to learn that life insurance is more affordable than they might think. According to recent research, 8 in 10 millennials overestimate the cost of life insurance, many by as much as 5x its actual cost.

First, decide how much life insurance you think you need. Then, if you can’t find a policy with a premium level in your budget, try starting a little lower and scaling up coverage over time. The saying is true: Some life insurance is better than none.

What is Life Insurance Used For?
For newlyweds, life insurance is another way to show your partner how much you love and care for them. You’re providing a way for them to carry on their life and take care of themselves and others if you die. The burden of grief is enough without the weight of financial strain.

Additionally, you can also use life insurance as a financial planning tool. Working with a licensed insurance agent, you can design a life insurance policy that provides more than just a death benefit. If you are looking into a permanent policy, your life insurance could provide cash value, a critical illness provision, or even long-term care benefits. Please call me for a quote at 248-225-8422.

05/29/2024

One million dollars seems like a lot of money, and for most of us, it really is.

However, when it comes to life insurance, is a one-million-dollar life insurance policy enough? Is it too much?

Let’s look at what a million-dollar life insurance policy really means for your financial security.

The Basics of a One-Million-Dollar Life Insurance Policy
First, let’s start with a few basics. Life insurance is a financial protection you provide to your loved ones if you die. Depending on your family’s stage of life, you may need more or less coverage.

Take, for example, newlyweds in their early twenties with a baby on the way, and then compare them to a retired couple with grown kids and sizable savings. If a spouse dies in either of these scenarios, the financial outcomes could be very different. The young couple may not have as much saved in the bank to cover their living expenses compared to the older couple.

In this example, the one-million-dollar death benefit might be more than enough for the retired couple. However, the newlyweds may see a need for a larger death benefit as they assess their obligations as a young and growing household.

What does life insurance need to cover?

Common considerations to factor into your decision include mortgage payments, car payments, student loans, personal loans, credit cards and other debts. You should also consider everyday living expenses and future costs (like college tuition for the kids and retirement costs).

Depending on your circumstances, suddenly that big $1 million number can start shrinking.

Although $1 million seems like a nice, round amount when applying for a life insurance policy, it makes sense to take a more strategic path. Using a calculator to help you decide how much life insurance is appropriate for your situation will give you a better picture of how much money you need to support your loved ones if you die.

Who can get a million-dollar life insurance policy?
Let’s say you’ve decided that a million-dollar life insurance policy is the right amount. Then, you need to see if you can get one. The first question to ask yourself is, “Can I afford to keep up the monthly premiums to carry the policy?” When you buy a life insurance policy, you pay a monthly premium to keep it in force.

How much does a one-million-dollar life insurance policy cost?

Typically, the premium for a million-dollar term policy starts at around $30+ a month and then goes up from there based on your age and health status.

Here are a few of the factors that affect the cost of the policy:

Age
Lifestyle factors (i.e., skydiving or smoking)
Health
Gender (women tend to live longer than men)
Policy type (Term vs. Permanent)
Term vs. Permanent for a Million-Dollar Policy

Buying a one-million-dollar permanent life insurance policy will have a significant price difference over a term policy with the same face value. Term insurance will be cheaper, as these policies have no accrued cash value and end after a certain amount of time (the “term”).

For example, if you have a 20-year term policy for $1 million, you would pay your monthly premiums for 20 years, and if you did not die during that time, your policy would end at 20 years with no value attached to it after that. As mentioned before, perhaps you paid $40 a month or so for that policy.

On the other hand, you may pay hundreds a month for a one-million-dollar permanent policy, but that policy will be, as the name suggests, permanent. If you keep it long enough, it will also accrue cash value that can be accessed if needed.

Do I Have to Take a Medical Exam?

Your next question may be, “What’s the process for getting a policy?” The insurance company offers you a life insurance policy only if you are considered a reasonable risk for them. The way the insurance company determines this is through a process called underwriting. They’ll ask you health questions, do a medical exam and/or obtain medical records from third-party sources.

No Medical Exam Options

Some insurance companies advertise “no medical exam needed” for their insurance plans. However, these are typically for policies with a lower face value than a million dollars.

Express policies with no exams can sometimes go up to $300,000, but any higher, and you’re looking at more scrutiny to get underwritten. Perhaps you may even be able to find a company or two that offers up to $1 million with no medical exam. But even with these, there is a good chance that you won’t get through the whole process without a follow-up exam.

Conclusions
Knowing what a million-dollar life insurance policy means in today’s market and in today’s dollars is an important benchmark to understand. It’s a good starting point for making your own decisions on life insurance. Then, your next step should be to dive deeper into your own needs and find the insurance product that is right for you.

Finally, if you are looking for help in this process, please call me at 248-225-8422

05/29/2024

You may be underinsured with life insurance coverage if…
1. Your only life insurance coverage is through your employer.
While some life insurance is certainly better than no life insurance, if your only coverage is through your employer, you may not have enough. These plans generally offer very limited coverage (like a year’s worth of your salary, maybe two), which is unlikely to be enough to meet your family’s needs if you have any significant debts or children whose college educations you’re hoping to help fund.

Furthermore, life insurance offered through your employer is usually contingent on you keeping that job, so if you leave your position for any reason, the coverage disappears.

Finally, buying an individual policy gives you access to different types of life insurance policies, including permanent life insurance, which has living benefits you can use while you’re alive.

2. Your income went up.
Getting a raise is almost always a good thing, but if you’re making significantly more income today than you were when you first bought your life insurance policy, you may find yourself underinsured. A higher income usually comes with associated lifestyle changes, and learning how to live with less is likely the last thing your loved ones will want to do if you depart unexpectedly.

3. Your stay-at-home spouse doesn’t have life insurance.
If your stay-at-home spouse doesn’t have life insurance coverage, you’ll want to consider getting them a policy. Even if they don’t make an income that would need replacing, they perform valuable services like childcare that would need to be paid for if they’re no longer there.

Watch the Virgen family’s Real Life Story to see just how critical life insurance was for a family who, thankfully, insured Teresa, a stay-at-home mom. If not for the insurance, they’re certain that they would have lost their home.

4. You had a child.
As every parent knows, having a child is expensive—in fact, in 2023, raising a child costs more than $21,000 per year on average. (And that’s before you factor in college!)

All of which is to say, if you’re a new parent or you brought an additional child into your family, it’s a good time to review your life insurance coverage and ensure you have enough to meet your dependents’ long-term needs, including food, shelter and education, until they’re of age. Given the high cost of childcare (and the precarious financial position of an underinsured single parent), even one child can increase your life insurance needs significantly.

5. You bought a new home.
Paying the mortgage is one of the most pressing financial needs for any family—and more pressing, still, for a newly widowed spouse. If you purchased a new home since you first got your life insurance policy, you may find that you need more coverage to help ensure your loved ones can successfully pay down that debt. After all, moving is never fun, especially in the face of a tragic loss.

While it can feel overwhelming to determine how much life insurance coverage you need as your financial situation changes over time, it’s also well within your power to ensure you’re sufficiently covered.