Michigan life insurance should be a necessity for any Michigander whether you live in the upper or Lower Peninsula. The problem most people have is understanding their life insurance options. While life insurance is not as straight forward as Michigan auto insurance there are really only two types of Michigan life insurance; with cash value and without cash value.
Michigan term life insurance is the only type without a cash value and is pretty simple to understand. You are only paying for insurance. The policies themselves are very straight forward you have the face value, the term, and the premium. The face value is the amount for which you are purchasing insurance. So if you purchase a $250,000 policy the face value is $250,000. Your premium is the amount you will pay each set time period. Many people choose monthly premiums but the least expensive premiums are annual premiums. The term of a Michigan term life insurance policy is the number of years for which the premium will stay the same. So if you go with a 20 year term then the premium will not go up until twenty years are up. Another nice feature of Michigan term life insurance is that it looks exactly the same no matter which state you are in. So if you move to Indiana it will look exactly the same as Michigan (to learn more about Indiana life insurance click here). Term life insurance is the most popular form of Michigan life insurance.
While cash value Michigan life insurance policies carry the same kind of characteristics as a Michigan term life insurance policy they have one very big difference; they actually build up a sum of money into an account over time. So while you are covered with life insurance you are also building up an investment over time. While this sounds great, the premiums you will have to pay to acquire such a policy are much steeper than those for Michigan term life insurance. With the simplicity of Michigan term life insurance comes a lower premium. With cash value Michigan life insurance you have the management of the cash value account and the investments that where the cash is held. These two factors and the obvious gaining of value of the cash value of the policy make these type of Michigan life insurance especially expensive.
With any type of Michigan life insurance we at TermLife360.com are honored that you have come here for information. If you are interested in getting quotes for life insurance please fill out the form on the side of this page. If you have any questions or if there is any way we can serve you please contact us and we will do whatever we can to answer your questions and serve you.