Michigan Life Insurance

Buying Michigan Life Insurance can be a little awkward. Nobody wants to think of his or her own death, or the death of a loved one. But just take a moment to think, “How would I provide for my family if I were out of the picture?” The answer is Michigan Life Insurance. Purchasing Michigan Life Insurance today is the smartest move you can make to be sure that your loved ones will always be protected, even if you are not there to take care of them.

There are certain provisions that do vary from state to state regarding Life Insurance regulations. You should be aware of these rules as you shop for Michigan Life Insurance.

Why Do I Need Michigan Life Insurance?

You may wonder why do I even need Michigan Life Insurance? Take a look at these figures.

Michigan is ranked 34th out of 50 states and the District of Columbia in Life Expectancy, with a life expectancy of 76.3 years. For every 100,000 people in Michigan, almost 1000 between the ages of 55 and 64 pass away every year. Between the ages of 65 and 74, that number more than doubles to 2300, and at 75 to 84 well over 5000 Michigan residents die for every 100,000 in the state. More on mortality by age, sex and race, and the leading causes of death in Michigan can be found at: http://www.cdc.gov/nchs/pressroom/data/Michigan09.pdf

For more reasons why you should apply for Michigan Life Insurance, and for help in finding the best kind of life insurance for your needs, at the best value, take a look at our Family Guide to Life Insurance.

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Michigan Life Insurance Specifics

Like most states, Michigan’s Department of Insurance relies on The State Insurance Code of Michigan to standardize Life Insurance polices to some degree. The state uses this code to regulate claims and provide certain provisions to protect Michigan Life Insurance consumers. Such as:
Death Benefit Processing: In Michigan your beneficiaries are entailed to swift and efficient payment of death benefits. If all documentation is in order the norm is within 30 days. The State Code also provides for Michigan Life Insurance companies to pay interest on death benefits. With a Michigan Life Insurance policy, interest begins to be applied to a death benefit as soon a claim is filed. If your Michigan Life Insurance Company fails to pay the claim within 30 days, the interest rate increases on the 31st day.
Grace Period: The Michigan State insurance code also requires that all Michigan Life Insurance companies allow a 30-day grace period on late payments. You can be confident that no matter why you are late, the insurance company must-by law - give you 30 days to bring the account current before the insurer can cancel the policy for non-payment.

State regulations also provide some protections to Michigan Life Insurance companies against potential insurance fraud. A Michigan life insurance company may dispute any information you may have put in your Michigan Life Insurance application for up to two years from issuance of the policy. If they find any discrepancies, especially as relates to medical conditions, dangerous lifestyle or job related activities, or tobacco use -they can terminate the policy immediately.

Michigan Life Insurance State Resources

Michigan Department of Insurance - The purpose of the Department of Insurance is to faithfully execute the state insurance laws in a manner that protects insurance consumers and the Michigan Life Insurance industry.
http://www.michigan.gov/dleg

Michigan Life & Health Insurance Guaranty Association - State guaranty associations are there to provide protection and continuing Michigan Life Insurance coverage, even in the event that a life insurance company becomes insolvent.
http://www.milifega.org/

Michigan Life Insurance Company Ratings - These companies provide ratings for Michigan Life Insurance Companies based on financial strength and past performance
http://www.ambest.com/