Michigan Overview

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April 11, 2011

Michigan is a US state situated in the Great lakes Region of America. The state has its name Michigan from French word which means Large Water or Large Lake. The state is the 8th most populated state in the US. The state has the unique distinction of being the state that has longest freshwater shoreline in the world.

Michigan is ranked 34th amongst the 50 states in US in terms of life expectancy. According to the reports from the Michigan state department of insurance the average life of Michigan residents is 76.3 years. The reports suggest that for every 100,000 people in Michigan almost 1000 people aged between 55 and 64 die every year due to health related problems. The mortality rate is more than double for people aged between 75 and 84.

Michigan life insurance policy specifics:

Like majority of states in US, the state has a separate department of Insurance which governs the life insurance policies based on the State Insurance code of Michigan. The state department uses the code to lay a standard procedure for insurance claims and protect the interest of Michigan life insurance policy consumers such as:

• Death Benefit Processing:

  In Michigan the beneficiaries of the life insurance policy holders are entitled to prompt payments of death benefits. If all the documents are perfectly in order, the insurance companies make payments within 30 days. According the state Insurance code, the insurance companies are entitled to pay interest on death benefits to the beneficiary, if the payment is not made in stipulated time. With Michigan life insurance policy, the interest on death benefit starts as soon as the claim for insurance is filed. If your Michigan life insurance policy fails to make payment of the death claim within 30 days, the interest rate increases from the 31st day.

• Grace Period:

  According to the Michigan state insurance code all life insurance companies are required to allow 30 days grace period for late payment of monthly insurance premiums. No matter what is the reason for the delay in making payment, the insurance company must give 30 days grace period before cancelling the policy due to non-payment of the premium.

  The state regulations also provide protection to Michigan life insurance companies against potential insurance frauds. The state code empowers the insurance providers to dispute any information provided by the life insurance policy holder in the application form. If the insurance companies doubts any information, the company has the right to terminate the policy.