If you are shopping for the best value in Michigan life insurance policies, AccuQuote can help you compare prices, features and financial strength of plans from the most well-respected life insurance companies in the country. Since 1986, we’ve consistently delivered the best values to hundreds of thousands of people providing a variety of life insurance products.
Benefits of Michigan Life Insurance
The State Insurance Code of Michigan regulates the life insurance industry in the state. The code safeguards the interests of anyone purchasing a life insurance policy through provisions such as:
Processing of Death Benefits: All life insurance companies are required to settle death claims quickly. Provided all the paperwork is in order, this is usually within 30 days. The State Insurance Code of Michigan provides that life insurance companies pay interest on death benefits. Interest begins to be applied on the date the claim is filed. If the life insurance company does not pay within 30 days, interest rate increases on the 31st day.
Grace Period: Life insurance companies must provide a 30-day grace period to insurance holders who miss a payment before canceling their policy.
Life insurance companies are protected by state regulations and have the right to contest any information that a consumer puts on the application for up to two years from the effective date of the policy. If there is any discrepancy, the policy can be terminated.
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