LIFE INSURANCE IN MICHIGAN
Life insurance is an essential policy to hold, even for people in great health. Unfortunately, though, accidents do happen. Here at Bye Insurance we recognize this and offer great life insurance packages to make sure your close friends and family are taken care of in case of an accident.
State Requirements
As residents of Michigan, we know the state has certain laws and requirements for insurance many other states may not have. For life insurance, the following essential laws and regulations are enforced in Michigan.
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Your coverage is 25% of the coverage you carried when you retired
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Any person can be named a beneficiary of your life insurance
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If you become disabled before retirement at age 65, your coverage will continue in the same amount as on the day you became disabled
There are more state laws regarding life insurance. However, these are the most important ones for most people. For more information on case-specific rules, contact our office at (517) 622-5020 or visit us in Grand Ledge, MI.
Types of Life Insurance
There are two major types of life insurance plans to discuss, term and whole life. Term and whole life insurance are similar, although, they do have some major differences.
The main points of term life insurance are:
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Pays if death occurs during the term of the policy which is set with yearly increments
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The death benefit either stays the same throughout the policy or decreases, depending on whether the carrier purchased a level term or a decreasing term policy, respectively
Whole life insurance is different in the following ways:
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Pays a death benefit no matter the age of death
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Certain packages may also offer a savings account
If you would like to know more about the specifics of life insurance or policy costs, contact our offices at 517-622-5020 or 616-456-9790 or visit one of our offices in Grand Ledge or Grand Rapids, MI.