Life Insurance Rules and Regulations in Michigan

State of Michigan life insurance policyholders have certain rights available on all term, universal, and whole life contracts. Here are a few common State of Michigan life insurance laws:

Free Look Period A free look period refers to the period of time that you allowed to cancel your policy if you are not satisfied. If you wish to cancel your policy, you will be given a full refund.

Grace Period Active Michigan policyholders are also given 30 days to make late payments on their life insurance premiums before their policy can be terminated by their life insurance company.

Timely Payment of Death Benefits Michigan life insurance companies are given 60 days to pay all legitimate claims. In the state of Michigan, once a claim is filled, the claim will be paid within 60 days. This “timely payment” statute requires insurance companies to pay promptly once receiving a death certificate.

For additional life insurance rules and regulations in Michigan, please contact the Michigan Department of Insurance and Financial Services at 1-877-999-6442, or visit their website at www.michigan.gov/difs.

Michigan Life Insurance Guaranty Association

All life insurance policies in the state of Michigan are also backed by the Michigan Life and Health Insurance Guaranty Association. So, if your Michigan life insurance company is sold or goes bankrupt, you will still be covered.

The Michigan Life and Health Insurance Guaranty Association actually insures your death benefit, provided your policy is active and your life insurance company was legally licensed to sell insurance in Michigan.

In Michigan, policy owners are protected for up to $300,000 in lost death benefits, and for up to $100,000 in lost cash surrender values on permanent policies. This amount is the maximum benefit provided for any one person and may cover more then one policy.



It is good to know that Michigan Life and Health Insurance Guaranty Association will protect Michigan policyholders and their beneficiaries in the event of an insurance company bankruptcy.

Plus, the association is made up of every life insurance company licensed to sell life insurance, health insurance and annuities in the state of Michigan.

If you have additional questions, you can contact the Michigan Life and Health Insurance Guaranty Association at 1-517-339-1755, or visit their website at www.milifega.org.

Michigan Lost Policy Locator

The Michigan lost policy or the life insurance locator is an easy way to find information on your missing or unclaimed policy.

So, if you or if you think a deceased loved one might have left a life insurance policy behind, and you do not know how to find it, the State of Michigan can now assist you in finding it!

Just visit the Department of Insurance and Financial Services website section which is called the Life Insurance and Annuity Search Service.

Michigan Insurance Agent Locator

Is your life insurance agent properly licensed in the state of Michigan?

You can find out all about any agent in a few minutes at Department of Insurance and Financial Services licensing portal.

The primary mission of this agency is to protect the public from dishonest and untrustworthy persons and business entities.

To receive and maintain a license in Michigan, as an insurance agent: