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Aspen Insurance Group

5075 Cascade Rd SE
Suite 2A
Grand Rapids, MI 49546

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Life Insurance in Michigan

What You Should Know about Life Insurance in Michigan

The state mandates that you get at least a 10-day period for a free look. You can return the policy to the company within the first 10 days, and you will get your premiums refunded. If a death occurs during the period, then the insurance company still needs to pay the claim. There is also the industry standard 30-day grace period. This means there is a 30-day period after a payment is missed that a beneficiary can still file a death claim. This grace period will prevent the policy from lapsing. If a payment is submitted during that time, then the policy is back in good standing. Michigan law helps with quick death claim payouts. Starting on the date the insurer gets the death certificate, interest will begin to accrue until the claim is paid. In order to save money, insurance companies like to pay out as quickly as possible.

Different Types of Life Insurance

There are different policies for life insurance available in Grand Rapids, MI. Discuss with an agent at Aspen Insurance Group in order to find the best policy that will suit your needs. The most common decision people have to make when deciding on which policy is between term versus whole life insurance. Term insurance is just a pure insurance policy, where you pay the premium and, if you pass away during that time period, the death benefit goes to your beneficiaries. Term life policies can be more affordable but will expire at the end of the term unless you renew. Whole life insurance not only has a death benefit but there is also some cash value. Whole life policies will last as long you pay any premiums. The cash value component can make whole life insurance a little more complex, but it could provide you with some added benefits.

Contact Aspen Insurance Group, serving Grand Rapids, MI, to get a quote on home insurance.


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