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Michigan Life Insurance

"Millions of individuals and households are either uninsured or underinsured, leaving them highly vulnerable if a breadwinner suddenly dies."

—Richard A. Wecker, president and CEO of LIMRA

Your Michigan Life Insurance Options

Purchasing life insurance is vital to providing for your loved ones in your absence. That's why our goal is to provide you with the information necessary to help you make the best decision possible regarding your Michigan life insurance purchase. We not only give you information, we also give you choices—because only you know what is best for your family and yourself.

Life insurance can be a bewildering product. Speaking with qualified Michigan life insurance agents who will listen, answer your questions and compete for your business helps ensure you get just the protection you need. A little information about yourself—which we will provide only to qualified agents in your area—is all we need to get you and your family started on your way to the future you deserve…regardless of the circumstances.

Michigan life insurance is the best form of financial protection available to guard your family against your premature death.

Though the price of life insurance has become much more affordable in recent years, the percentage of individual Americans covered in the past 20 years has actually declined from 63 percent to 53 percent, according to LIMRA International, a worldwide insurance and financial services research organization. Twenty-two percent of today's American households carry no life insurance protection at all. This means that many of us are either uninsured or underinsured, leaving our families exposed to the possibility of an uncertain future of staggering financial bills.

Buying Michigan Life Insurance

Finding Michigan life insurance that meets your family's needs involves several steps:

  1. Deciding how much coverage you need, how much you can afford and for how long
  2. Educating yourself about the various policy types and choosing the one best suited to you
  3. Choosing the best combination of benefits and premium to emphasize either protection (in case of early death) or benefits (in case of long life)—or a combination of both

Things to Consider

Use the following guidelines when shopping for a Michigan life insurance policy:

  • Review your own insurance needs and circumstances, and choose the kind of policy that most closely fits your situation
  • Know your options, including the types of Michigan life insurance available, and make sure you can afford your premiums
  • Comparison shop, comparing both price and value
  • Check insurance companies' financial stability and consumer satisfaction ratings using independent ratings firms such as A.M. Best or Weiss Ratings, Inc
  • Read your policy carefully before signing it
  • Review your policy regularly and update it to reflect changes in income or needs
  • Study new policies thoroughly before purchasing, as changing coverage could become a costly decision

Types Available

Two types of life insurance can be purchased in Michigan:

Term life is the simplest form, and provides financial protection for a temporary period of time. This type of policy may or may not be renewable. Michigan term life policies are normally written for individuals who need large amounts of coverage for specific time periods. Initial premiums for Michigan term life insurance are usually much less than for permanent life insurance, but they may increase each year (or remain level) for a specified period. Term life insurance provides good coverage for young Michigan families raising children or paying off mortgages. These policies are, however, short term solutions and do not build equity—but monthly costs are low, so individuals with limited resources are able to purchase life insurance protection in Michigan. Most term life policies do not accrue cash value.

Permanent insurance provides Michigan residents with long-term financial protection. This includes both a death benefit and, in some cases, cash savings. Permanent insurance equity builds over time, but premiums are higher than those of term insurance. Rates usually remain the same once the policy is purchased. Those who are attempting to meet long-range financial goals do well utilizing this type of insurance.

Important Questions

"Why should I buy life insurance?

Choosing the right Michigan life insurance company—and the right coverage at the right price—is vital to ensuring your family's protection in case of your death. Your family can use your Michigan life insurance to pay off any remaining debts, settle your estate, provide necessary income, pay off a mortgage, pay for education or provide retirement.

"How much life insurance do I need?"

Determining your current need for life insurance and how much you can afford to spend is the first step in deciding how much Michigan life insurance to buy. Some of the factors you should consider in making this determination are marital status, family size, number of dependents and income. Examine the financial resources your dependents would have if you died now, and what they would need to maintain their current standard of living. Take all assets and income into consideration, including savings, investments, personal property and any real estate owned. Conversely, consider your family's cost of living, educational costs, and any other potential financial needs. Then closely examine your budget and living expenses to determine a comfortable, affordable monthly premium.

"What factors determine my life insurance premium?"

Your premium amount depends on the type and amount of insurance you buy, as well as your chance of death while the policy is in effect. Risk of death is determined by factors such as your age, gender and medical condition. Other elements Michigan life insurance companies take into consideration when determining your premium might include the company's overhead expenses and necessary agent commissions.

"Who can take out a policy on my life?"

Only someone who has an "insurable interest" can purchase a Michigan life insurance policy on you. This generally includes members of your immediate family, ex-spouses with whom you share children, and sometimes a business partner or employer. Strangers cannot buy policies to insure your life.

"What happens to the cash value in my policy when I die?"

Regardless of how much cash value you have in your policy when you die, your Michigan life insurance company pays your beneficiaries the policy's death benefit in the exact amount specified—no more, no less.

Now, get affordable quotes and guaranteed protection!

Thank you for visiting InsureMe's Michigan quotes and information page. The Michigan life insurance you need is within your reach—and we can help you find it! Just fill in our quote box at the top of this page, speak with the agents who contact you, and set your family's future in stone with the life insurance policy you need.

Don't wait for the inevitable…contact InsureMe today!

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