Life Insurance Specifics in Michigan
In the Great Lakes State, life insurance is regulated through the State Insurance Code. Under this code, there are certain specifics that you should know about:
- Freelook. It is a fixed period of time, during which you are allowed to change your mind and cancel your life insurance without any penalty even if you have already signed the agreement. The life insurance free look period of time in MI lasts from 10 to 30 days depending on the insurance company.
- Grace period. After the first policy year, you are provided with a grace period on late payments. This means that an insurance company will give you one month to bring the account current before the policy is canceled for non-payment.
- Two types of life insurance available. The basic two types of insurance are term insurance and permanent insurance. Temp insurance is the type of policy that is valid for a specific number of years. Permanent insurance (also known as Whole Life Insurance) builds cash value over a lifetime and pays a death benefit.
Life insurance is not a luxury anymore – it is a necessity that helps to protect your family and gives you peace of mind. If you are a resident of the Great Lakes State and you are searching for a reliable insurance company to purchase life insurance LIG Insurance & Financial Group is ready to help you. Our goal is to help our clients to save money and preserve their financial future. If you are shopping for a life insurance policy, give LIG Insurance & Financial Group a call to find out what the options are available.