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Michigan return of premium term life insurance (ROP) is a new life product that combines the advantages of traditional Michigan term life with affordable, guaranteed level-premium periods (10, 20 or 30 years), and a return of payment feature. At the end of the level-premium period, 100% of the premiums paid will be returned to you!

How is this possible you may ask? Specific life insurance companies that offer this product calculate more for it than for non-return of payment term insurance. During the level-premium period, the insurance company is able to invest portions of the payment for company growth. As a result they are able to return your premiums to you at the end of the payment-premium period.

So for a Michigan consumer, what are the advantages of having a return of payment term life plan? Well for one, if you are healthy and outlive your term life period, then 100% of your premiums will be returned back to you. Second, in some cases rate of return on the additional premium approaches 5% to 6%.

While we have looked at the advantages of a Michigan return of payment life insurance policy, it is now time to look at the disadvantages. Obviously to start, the monthly payment structure will be higher. Sometimes 35%-50% higher if you want the return of premium. Second, how many people do you know who have kept their term life policy for the entire term? What would happen if you lapse your term life with return of premium rider? Well you might get a little bit of payment returned (depending on how long the policy has been in place), but it financially would not be worth it.

So you have to ask yourself, do I spend more money for the return of premium rider for my life policy, or just buy more life insurance? That choice falls completely onto the consumer.

Eventually it comes down to one choice for Michigan consumers. That is, do I want to spend the extra money to receive a lump sum check back when my term life period is over? Affordability should be considered as again premiums will be much higher. Consumers considering buying life insurance should always make sure they can afford it.

We at http://www.michiganhealthbroker.com offer all the available life insurance companies in the state of Michigan. We take our job very seriously, and sit with you to determine what kind of Michigan life insurance your need, what death benefit suits you. This takes a process of determining your debts and future costs that might be associated to you.

Randy Palmer has been a Michigan Life Insurance broker in the state of Michigan for over 5 years. We bring the best insurance companies for you to view and choose from. Rest assured you will be satisfied.

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Our portfolio of Michigan Life Insurance companies offers specialized options to help protect and manage your estate.
Life Insurance Michigan

• Michigan Term Life Insurance
Inexpensive option and provides a tax-free death benefit to your beneficiaries with coverage for a fixed period of years (5, 10, 15, 20 and 30) depending on your age at the time of purchase. Term life does not accumulate cash value.

• Michigan Final Expense or Simplified Issue Life Insurance
Helps pay for final expenses upon death. These plans usually provide up to $5,000 to $30,000 in benefits and sometimes do not require medical examinations. However, issuance of a policy is often not guaranteed and may depend on answers to questions set forth in an application. A final expense policy is usually recommended for older consumers who just want a policy for his or her burial. However, final expense life insurance is also bought by younger consumers looking for the same protection.

• Michigan Whole Life Insurance
Offers a guaranteed death benefit, generally free from federal income tax. The policy has a level premium guaranteed to never increase. The policy holder is also eligible to earn dividends, if paid out by the insurance company. These dividends can be paid back to the consumer, or used to buy more life insurance. The whole life policy also allows you to borrow from the cash value on a generally tax free basis.

Frequently Asked Questions

1. Do I need a doctor’s physical before getting a Michigan life insurance policy?
Most Michigan life insurance companies require a paramed. They will send someone to your home or work to perform a check up that might require blood work and a urine sample. Policies with higher death benefits usually require a more in depth checkup that might include an electrocardiogram, etc.

2. How do I know what amount of life insurance is right for me?
At the Palmer & Associates group, we sit down with you and map out your assets, liabilities, and dependents. At that point we recommend how much life insurance you need.

3. What if I am young and healthy? Should I still buy a Michigan life insurance policy?
We always recommend you plan ahead. We do suggest a life insurance policy, as at a later date and age you may find yourself in a high medical table for price, or even uninsurable. Might be wise to lock in a lower price now, then risk a high price in the future.

4. I have a life insurance policy from my employer. Is that enought coverage?
The typical answer to this question is “no”, it is probably not enough. First, what if you leave your job and life insurance is not offered at your next stop for employment? Second, rarely do I see a life insurance policy from an employer that is sufficient. I always recommend sitting down and doing an outline of all your liabilities and assets to truly see how much life insurance is needed.

5. Can I name my children as a beneficiary on my life insurance policy?
Yes, but I always suggest this be done within a legal binding Michigan will. The legal documents should appoint an executor to manage the money and a guardian to take care of the kids. Palmer & Associates partners with a highly respected Estate Planning Law Firm out of Troy, Michigan. Contact us today for more information.

6. Should I buy life insurance for my children?
I do recommend a small permanent policy for child as it does two things. One, it helps through a transitional stage in the horrible event if you do lose a child. Two, is it locks in a very affordable rate for life insurance for your child.

7. What is mortgage protection life insurance?
Mortgage protection life insurance has been pushed here in Michigan for the last five years or so. Typically when your buy a new home or refinance, you get a letter saying “congrats, your eligible for life insurance coverage with no exam.” A Michigan mortgage protection life insurance policy is a life insurance plan built around how much you currently owe on your home. Typically, it is a non-medical policy which means no paramed is involved.

8. Would you recommend a Michigan non-medical life insurance policy?
I do not blame consumers who do not want to get a paramed for their life insurance policy. The issue with that is, non-medical life insurance is usually more expense than life insurance plans where the consumer did a paramed. We present the options to the consumer, and let them make the choice.

With over 60 life insurance companies at our disposal, we are very confident we can find the best product for your situation. I see many families left in the dark because consumers did not have any life insurance when they passed.

Do not leave that burden to your family! I have seen it up close, trust me! Request your life insurance quote today. Contact me to get life insurance information for yourself. Also, contact me if your life insurance policy is more than two years old. Michigan life insurance prices have dropped in the last few years.

Michiganhealthbroker can be found at www.michiganhealthbroker.com

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