In terms of population, Michigan is one of the most populated states. It currently has a population of more than 9 million, making them the 9th most populous state. Michigan is one of the leading growers of Christmas trees. Their industries cover automobiles, information technology, military equipment, furniture, food products and mining. Michigan is also famous for having highly-skilled and educated people. It has one of the highest numbers of engineering graduates, which makes the state also prominent for their focus on education. Despite being highly populated, Michigan is still a very progressive state.
Health Care Insurance Statistics in Michigan
Michigan has one of the lowest number of uninsured residents in the US. People in Michigan get their coverage from three sources: public, individual, or employer-based. Out of 9 million residents, 1 million residents are uninsured. For the past 10 years, Michigan’s uninsured rate has always been within the range of 9-12 percent.
What You Have to Know About Life Insurance
Life Insurance is basically a policy that secures the beneficiaries should the insured dies. Death benefits will be issued upon the death of the insured that will cover funeral expenses and financial support for the beneficiaries. If you have your own family and you want to secure their future, this is one of the highly recommended options.
When looking for the best life insurance policy for your life plans, there are three factors to consider:
- Protection – the financial benefits that will be provided.
- Premium – you can pay in lump sum or regularly.
- Coverage – is it for a lifetime or for a certain period only?
Depending on the type of life insurance, these three factors will vary. Premiums can either stay fixed in amount in the entire coverage or increase. Some policies offer a lifetime of protection, while some only for a certain period of time.
The Three Types of Life Insurance
Here are the three types of life insurance being offered in Michigan:
- Term Life Insurance. From the name itself, this type of life insurance only covers up to a certain length of time. The longer the term coverage, the cheaper the premium – this is why some policyholders avail of the longer term instead. If you die within the coverage period, death benefits will be given to your beneficiaries. However, if you get to outlive the contract, then you will not be getting any – unless, of course, you will avail of a rider (ROP Life Insurance). This type of life insurance does not build equity; therefore, there is no cash value to use in case of emergency.
- Whole Life Insurance. Also known as Permanent Life Insurance, this type of life insurance will keep your covered for the rest of your life. However, the premiums to be paid are a lot higher than the usual Term Life Insurance, but will definitely be of higher value in the long run. When it comes to building equity, this life insurance policy has cash value – which you can use in times of unexpected events. The cash value can also provide the immediate cash that you need to pay for bills, tuition fees and the like.
- Term and Whole Life Combined. This life insurance combine benefits from both Term- and Permanent Life Insurance. If you have a more complicated set of life goals, then this one is for you. You can customize your policy depending on your requirements.
Life is Important in Michigan
No matter how successful you are, you will never know when your time in this world is up. When you die, your loved ones surely will be affected by your loss. Michigan is a very progressive state. Every single resident plays a huge role in its government. However, you also play a huge role in your family. Secure their future by getting the appropriate life insurance policy.