Who regulates your policy in Michigan
Insurance is regulated state by state, so your policy is governed by Michigan law and overseen by the Michigan Department of Insurance and Financial Services — not by a federal agency. It licenses the agent who sells to you and handles complaints if something goes wrong.
Two things worth doing before you sign: verify your agent's license is active in Michigan, and keep the consumer line (877-999-6442) on hand. Both are free, and an agent not licensed in your state is a hard stop.
Your window to cancel in Michigan
Individual life free-look is a statutory minimum of not less than 10 days after receipt (not a single fixed number); insurers may provide a longer period.
Because the rule is not a single fixed number here, the period that applies to you is whatever your specific policy states. Find that clause in the contract before you sign, rather than assuming a standard period exists.
If a carrier fails in Michigan
If your carrier became insolvent, the Michigan Life & Health Insurance Guaranty Association is the backstop. In Michigan it covers a death benefit up to $300,000 and cash surrender value up to $100,000. Those are separate ceilings, so an IUL's accumulated cash value is protected independently of the death benefit.
This protection is not a reason to skip carrier due diligence. It caps what you would recover, and a policy designed above that cap leaves the excess exposed.
What Michigan adds to the cost
Michigan levies a state premium tax of 1.25% on life insurance premiums. That sits below the 2% median of the 50 states covered here. You do not pay it as a separate line item — carriers price it into the premium, which is part of why the same policy design can cost differently across state lines.