Michigan Life Insurance Quotes
Michigan life insurance quotes are a quick and easy way to find the cheapest life insurance rates for your needs. Life insurance is something that should be used to protect you and your family until you become financially independent. At that point you just need to have coverage for your funeral expenses and the rest of the money can be used for investments.
That said, the insurance industry is anything but simple. It is important that you understand some of the terms, so that you can ensure you get the coverage you need and the rate you deserve. Michigan life insurance quotes are a great place to start.
Here are a few key terms that you should understand before buying your life insurance policy.
- Accidental Death Benefit - An insurance pay-out that is additional to the original policy amount, in case of an accidental death.
- Annuitant - This is who an annuity is payable to, normally the recipient of the income money.
- Beneficiary - This individual will receive the money for the insurance policy when the policy owner dies.
- Cash Value - This the accumulated funds in the insurance policy that are received if the policy is cashed in before it matures or the owner dies. This is also called the ‘cash surrender’ value and there are fees involved.
- Claim - A claim is a request for the insurance company to pay money to a person in accordance to their policy provisions.
- Endowment Insurance - This refers to life insurance that is paid to the policy owner if they are living after a certain period of time, often called the maturity date. Or the payment to the beneficiary if the policy owner died.
- Extended Term Insurance - This is a form of paid-up life insurance. It entails continuous insurance protection for the full value of the policy for a specific amount of time, of course minus any policy loan. Michigan Life insurance quotes can help you compare different term insurances and figure out which is the best for you.
- Face Value - This is the amount of money to be paid to the beneficiary in the case of death. It does not include any extras, such as accidental or numerous other provisions.
- Insurer - The party that promises to pay the benefits to the insured people.
- Lapsed Policy - Coverage that has been cancelled because the premiums haven’t been paid. Sometimes it’s used when a policy is cancelled before it has any cash value.
- Level Life Insurance - This is coverage where the premium remains constant throughout the life of the policy. In the early years the premium is more than the cost of the protection and the difference is invested. Later more of your premium goes towards the cost of the coverage. This built-up money acts as a reserve and keeps the premiums down.
- Life Insurance - Insurance that forwards payment when the policy owner dies.
- Paid-Up Insurance - This is life insurance coverage in which all of the premiums have been paid. Michigan life insurance quotes will help you compare insurance companies and find the cheapest paid-up insurance coverage for your needs.
- Permanent Insurance - Insurance that will offer coverage throughout your life as long as the premiums are paid as contracted. It also has a cash value element.
- Policy - A legal document between an insurance company and individual.
- Policy Loan - This is a loan that is given by an insurance company with the money the policy owner has accumulated over the years. The policy owner is charged to borrow their money.
- Policy Owner - This is referring to the individual that owns the insurance policy, or the ‘insured’ person.
- Premium - This is the money that a person pays to an insurance company for their insurance coverage. Michigan life insurance quotes will help you find the cheapest premium for your coverage needs.
- Rated Policy - This is often referred to as an extra-risk policy, where the insurance rate is higher than normal.
- Reduced Paid-Up Insurance - This is known as a form of paid up insurance. It implies that coverage is payable at the same time as the main policy but at a smaller amount.
- Surrendered Policy - When the coverage is cancelled because the premiums weren’t paid, when there is a cash value available.
- Term Life Insurance - This is life insurance coverage that will be paid out if the insured person dies during the contract period. Michigan life insurance quotes will ensure you are able to compare insurance providers to get the coverage you need while saving money.
- Term To 100 - This is coverage where the cash value and paid-up benefits are restricted or eliminated if the coverage is cancelled before death.
- Universal Life - This is a type of permanent life insurance where some of the premium is used to pay for the insurance and some for investments. Most often the policy owner has control of the timing and the amount of the premiums.
- Whole Life - Whole life insurance consisted of both term insurance and savings. The coverage is payable after the policy owner dies or after a specified number of years.
Each of these terms is important in understanding what type of insurance you need, how much you need and how much you should be paying. Michigan life insurance quotes make it easy to shop online and save money in the process. Get your quote today!
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