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Term Life Insurance In Michigan // Free Quotes & Tips For 2019

May 29, 2019 (0) comment

life insurance michigan
life insurance michigan

The Best Life Insurance Companies In ​Michigan

​​We put together this post so that you can have quick access to​ the Michigan department of insurance as well as their guaranty association.

​You will also find out information specific to the state of ​Michigan in regards to obtaining life insurance and have a better understanding of why you need life insurance if you live in ​Michigan.

​In This Article



​Comparing ​MichiganLife Insurance Quotes

​What's The Free Look Period

When you purchase ​a life insurance policy you still have what is known as the "free look" period in which you can return the policy.

If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.

​The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.  

How Life Insurance Rates Are Determined In ​Michigan

Age

​Age is going to be one of the largest factors when determining your life insurance rates in ​Michigan.  The younger you are when you purchase coverage, the more affordable it is going to be.

​Gender

Your gender is going to be the second largest factor when figuring out your life insurance rates.  You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.

Tobacco Usage

If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in ​Michigan, and since smoking increases your rates considerably, if you smoke, it's probably time to quit.

Coverage Amount

The amount of coverage that you purchase will also change your rates.  The higher the coverage amount you purchase, the more expensive the policy will become.  

Term Length

Term lenght is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.

Current Health

Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different.

Driving Record ​

Life insurance companies want to know that you aren't a crazy driver.  If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.

Top 10 Leading Causes Of Death In ​Michigan

​It is essential that you purchase ​Michigan life insurance ​when you are young so that your rates are affordable. 

  1. 1
    ​Heart Disease - ​25,187 Deaths
  2. 2
    ​Cancer - ​20,671 Deaths
  3. 3
    ​ Chronic Lower Respiratory Diseases - ​5,688 Deaths
  4. 4
    ​Accidents - ​5,623 Deaths
  5. 5
    ​Stroke - ​5,002 Deaths
  6. 6
    ​Alzheimer’s Disease - ​4,428 Deaths
  7. 7
    ​Diabetes - ​2,798 Deaths
  8. 8
    ​Kidney Disease - ​1,874 Deaths
  9. 9
    ​Flu/Pneumonia - ​1,798 Deaths
  10. 10
    ​Suicide - ​1,457 Deaths

​​A life insurance policy would cover all of the ​above deaths, including suicide after 2 years of having the policy.

​Michigan Department Of Insurance

michigan department of insurance

Website: ​Michigan Department Of Insurance

Insurance Commissioner:  ​Patrick M. McPharlin

Consumer Insurance Helpline:  ​(877) 999 – 6442

Office Hours:  Monday - Friday  9:00 am to 5:00 pm

File a Consumer Insurance Complaint: Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

​Michigan Life & Health Insurance Guaranty Association

michigan guaranty association

​The ​Michigan Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:

Website: ​​Michigan Life & Health Insurance Guaranty Association

Phone: ​(517) 339 – 1755

Address:
     ​Michigan Life & Health Insurance Guaranty Association
     1640 Haslett Road, Suite 160
     Haslett, MI 48840-8683

​Michigan Guaranty Association Protection Limits

Each state has a specific limit that they can go up to in case your life insurance company ​fails.

  • ​​Life Insurance Death Benefit: $300,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 
  • Annuity Cash Surrender: $250,000 for deferred annuity contracts per contract owner 
  • ​Annuity In Benefit: $​250,000 per contract owner
  • Health Insurance Claims: $300,000 ​disability income ​or long-term care benefits
  • Health Insurance Claims: ​$500,000 in basic hospital, medical, and surgical insurance
  • Health Insurance Claims: ​$100,000 ​in all other health insurance benefits

(1) MLHIGA cannot cover more than what the insurance company would owe under a policy or contract; 
(2) for any one life, regardless of the number of policies or contracts held with the same company, MLHIGA will cover a maximum of: 
(a) $300,000 in life insurance death benefits, but not more than $100,000 in net cash surrender and net cash withdrawal values for life insurance; 
(b) $250,000 in the present value of annuity benefits, including net cash surrender and net cash withdrawal values; 
© for health insurance: (i) $300,000 in disability income insurance benefits or long-term care benefits; (ii) $500,000 in basic hospital, medical, and surgical insurance benefits; (iii) $100,000 in all other health insurance benefits.
(d) In no event is the association obligated to cover more than an aggregate of $300,000 in all benefits (other than basic hospital, medical, and surgical benefits) for any one life.

The limits mentioned above are applied per insured.


Sa El is the Co-Founder & CEO of Simply Insurance. He is a Licensed Life and Health Insurance Agent with over 11 years of experience in the industry. He is an Entrepreneur, Insurance Educator and Field Underwriter. Sa is on a Journey to get 1 Million Families insured.

All posts by Mark Mathon

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