Michigan Life Insurance

Compare cheapest life insurance quotes on SaveOnLifeInsuranceNow.com. About 500 life insurance companies have a license to do business in Michigan. 16,000 people are employed in the industry. Over 30 are domiciled in Michigan. In addition, over $100 billion of life insurance companies’ assets are invested in Michigan’s economy.

Michigan residents are protected by 5 million individual life insurance policies ($740 billion in death benefit coverage). The average amount of coverage purchased is $95,000 per policyholder. Group life insurance coverage amounts to $310 billion. In 2008, $10 billion was paid to Michigan residents in the form of death benefits, and in addition, annuity benefits paid totaled $3 billion.

Michigan Life Insurance Regulations

Chapter 40 the state’s Insurance Code outlineы claims procedures and policy requirements. Customers have 30 days grace period on late payments, and during this period, the carrier cannot cancel the life insurance policy. All claims must be processed and settled within two months of receiving proof of death.

If consumers make inaccurate statements, and they are discovered within the first 2 years, the policy can be canceled by the carrier. If there has been a misstatement of age, the death benefits and monthly premiums will be recalculated. Compare cheap life insurance quotes on our site! The content on our site will help you determine which life insurance coverage works best for you.

Michigan Health Facts

In Michigan, the life expectancy at birth is 76 years. The state ranks 34 out of 50 for life expectancy. The major causes of death is cancer. The data was taken from the American Human Development Report (2008-2009).

The total population is 10 million people. 14% of Michigan residents are uninsured. The annual median income is $48,0000. More information about state demographics, economy, health costs, and insurance coverage can be found at www.statehealthfacts.org.

Get cheapest life insurance quotes in Michigan. There are many options you need to be aware of prior to buying life insurance in Michigan.

Michigan Department of Insurance

611 W. Ottawa Street, 3rd Floor

Lansing, Michigan 48933-1070

Web site: http://www.michigan.gov/ofir

Phone: (517) 373-0220

Toll Free Consumer Hotline: (877) 999-6442