What is the free look time
When you buy your life insurance policy, you still have the so-called "free look" period where you can return the policy.
If you use the free viewing period, the insurance company must repay all your money and the policy will be canceled.
The average free appearance time is 30 days; However, each company may have a different period, so it is best to check them directly.
Age will be one of the biggest factors when deciding your life insurance rates in Michigan. The younger you are when you buy coverage, the cheaper it will be.
Your gender will be the second largest factor when deciding your life insurance rates. You will find that women will get much cheaper rates than men, mainly because they live longer than men on average.
Use of tobacco
If you are a tobacco user, you can expect your prices to go up 65% more monthly each month. With cancer as a leading cause of death in Michigan, and since smoking increases your prices significantly, if you smoke, it's time to quit.
The amount of coverage you purchase will also change the prices. The higher the amount of coverage you buy, the more expensive the policy becomes.
The length of the term will be a factor, since the longer the term is, the more expensive a policy becomes. But don't let this fool you if you lock your prices in the longer term, you will actually save more money over time.
Everyone is individually signed means that if you have a twin, their prices may still be different if their health is different.
Life insurance companies want to know that you are not a crazy driver. If you have a history of speed, DUI or DWI can look at higher prices or even a fall for coverage.
A life insurance policy would cover all the aforementioned deaths, including suicide after 2 years of having the policy.
The Michigan Guaranty Association was created to ensure that consumers were protected if a life insurance company became insolvent. Their contact information can be found below:
Web site: Michigan Life Insurance Company
Phone: (517) 339-1755
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 achieve if your life insurance company fails.
(1) MLHIGA cannot cover more than what the insurance company would owe under a policy or contract.
(2) for one and the same life, regardless of the number of policies or contracts held by the same company, MLHIGA will cover a maximum of:
(a) $ 300,000 in life insurance death benefits, but no more than $ 100,000 in net contributions and net assets for life insurance;
(b) USD 250,000 in the present value of annuity benefits, including net contributions and net assets
© for health insurance: (i) $ 300,000 in benefits for invalidity income insurance or long-term health benefits, (ii) $ 500,000 in basic hospitals, medical and Surgical Insurance Benefits (iii) $ 100,000 in all other health insurance benefits.
(d) Under no circumstances is the association obliged to cover more than one $ 300,000 aggregate in all benefits (except basic hospitals, medical and surgical benefits) for one and the same life.
The limits mentioned above are applied per insured person.