We have 2 of the best companies around Midland National Life is a privately owned firm that has 0 Debt. They are family oriented and have been around a long time. Privately owned life insurance companies are hard to come by, but it is a nice addition because you don’t have board members worrying about there stock price versus there customers.
Columbus Life is one of the largest Life insurance carriers in the world. Both of these companies are very financially sound and not going anywhere for a long time. The reason we have 2 companies for Life is because they have different underwriting requirements. We need to make sure our customers get the best rates possible and by having they two different companies we are able to get the broadest possibilities for our customers.
Basically, there are two different types of Life Insurance that can be purchased in Michigan; Term Life & Whole Life. We have outlined the differences below.
Term Life Insurance is most often the choice for those individuals that have limited budgets but prefer to carry larger policies until they can convert to Whole Life Insurance.
Whole Life Insurance is a permanent insurance and there are many different types that will suit most situations. Most often used in retirement years to have cash equity when needed.