A common phrase in the industry is that life insurance is for the living, not the dead. Life insurance provides aid and financial support to loved ones when the policyholder dies. A good life insurance company offers competitive rates and stability. Our partners at ConsumerAffairs researched the best life insurance in Lansing to protect your family.
Life insurance provides financial security to policyholders and their loved ones. The benefit of these policies can be used as:
Finances to cover funeral costs
Funds to replace the policyholder’s income
Savings to pay for children’s education, mortgages and other debts
A financial asset that some policies allow you to borrow against
Life insurance policies provide benefits to a person named by the policyholder. This person is typically a spouse or significant other, but benefits can also be awarded to children, siblings, extended family members or close friends.
Types of life insurance available in Lansing
The two most common types of policies in Lansing are term life insurance and whole life insurance. Generally, term life insurance is cheaper but does not have a guaranteed return on investment, and whole life insurance acts as an asset in a balanced financial portfolio. The key features of some of the most common types of life insurance are listed in the chart below.
Common life insurance policies in Lansing
Type of policy
Policy earns interest at fixed rate
Constant and set for life
Acts a potential investment and may be borrowed against
Usually between 1-30 years
Does not grow in value
Usually constant for insured term
Value only applies during term, once term expires policy loses all value
Variable rate set by insurer
Can vary depending on investment component
Policy premiums and benefits may be adjusted without creating a new policy
Value determined by pooled investor funds
Varies, determined by policyholder
Risks involved with investment component
Does not grow in value
Small policy intended for funeral and burial expenses
The cost of life insurance in Lansing
The type of policy you choose and the amount of the death benefit will impact the price of your monthly premiums. Other factors that will influence the cost of life insurance are:
Frequent world travel
Dangerous hobbies or profession
Policies are typically cheapest for young and healthy people because they pose the least risk.
Choosing a life insurance provider in Lansing
Because of the value of life insurance policy, it’s crucial to work with a company you can trust when it’s time to pay benefits. Companies such as MetLife, Prudential Financial, State Farm and New York Life Insurance Group have a long history of stability and offer life insurance policies in Lansing. A few qualities to look for in your potential provider are:
A stable financial foundation, which you can verify through independent credit report agencies such as Moody’s and A.M. Best
Positive reviews, especially from those who have had to make claims to receive benefits
Policies that fit your needs
Helpful customer service that provides information without pressure
Don’t ignore your instinct when comparing life insurance providers. If you call to get information and the agent lacks the knowledge to answer your questions, tries to pressure you into buying a policy before you’re ready or provides poor customer service, steer clear. Chances are your beneficiaries will encounter the same when they submit a claim in the future.
Policygenius is an online broker service that lets you explore life insurance policies and compare rates. The company allows you to receive quotes from dozens of insurance companies within a few minutes. There are no aggressive sales tactics and no obligation. Lansing customers love the service’s value and the speedy responses from representatives.
EverQuote is an online insurance broker service that lets you quickly and conveniently receive quotes from multiple insurance providers. The company connects customers with Lansing agents to receive a formal quote. Lansing consumers appreciated the ease of access to the service, but some noted they received numerous calls and emails from insurance companies.
The Rathburn Agency has more than 60 years of experience providing life insurance to the Lansing area. The company offers a variety of life insurance policies, and it actively seeks to better the Lansing community by partnering with local businesses and nonprofits on community initiatives. Lansing residents love the company’s courteous agents.
Payne Insurance Agency
Payne Insurance Agency strives to be a one-stop insurance agency for the Lansing area. The company lets you request a life insurance quote online, and its agents compare quotes from the providers it works with to find the best life insurance policy for your situation. Lansing customers love the company’s professional and helpful agents..