Best Life Insurance in Detroit, MI (October 2024)


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Protective is the top life insurance company for women in Detroit, Michigan, with a MoneyGeek score of 92 and an average monthly premium of $17. For men, Mutual of Omaha ranks highest, with a MoneyGeek score of 91 and an average monthly premium of $21.

Different factors influence life insurance decisions, and these scores and premium costs are based on a 20-year term policy with $500,000 coverage. Your unique needs may mean a different company is best for you.

Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Detroit, Michigan.

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Coverage costs and company information for life insurance providers were updated in October 2024.

1,488Quotes Analyzed
 
14Companies Compared
 
50ZIP Codes
MoneyGeek Logo IconBestLife InsuranceDetroit, MI
2024

Best Life Insurance Companies in Detroit

Overall Best Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

Mutual of Omaha offers the best life insurance for men in Detroit, with a MoneyGeek score of 91 and an average monthly premium of $21. For women, Protective is the top provider with a MoneyGeek score of 92 and an average monthly premium of $17.

Top providers for men:

  • Mutual of Omaha: MoneyGeek score of 91 out of 100 at $21 per month for men
  • Protective: MoneyGeek score of 91 out of 100 at $22 per month for men

Top providers for women:

  • Protective: MoneyGeek score of 92 out of 100 at $17 per month for women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 at $21 per month for women

These companies offer a balance of affordability and customer satisfaction for residents seeking life insurance in Detroit.

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MoneyGeek Top Pick
Mutual of Omaha

In Detroit, Mutual of Omaha is the leading choice for men seeking life insurance, scoring 91 and offering an average monthly premium of $20. Protective takes the top spot for women, with a MoneyGeek score of 91 and an average monthly premium of $16.

Mutual of Omaha

Pros:

  • High customer satisfaction
  • Good affordability
  • Reliable financial stability

Cons:

  • Buying process could improve

Protective

Pros:

  • High customer satisfaction
  • Superior affordability
  • Reliable financial stability

Cons:

  • Rigid buying process

Best Term Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

In Detroit, Mutual of Omaha is the top choice for men with a MoneyGeek score of 92 and an average monthly premium of $9, while Protective is the leading provider for women, scoring 91 with an average monthly premium of $9. These companies offer the best term life insurance, balancing affordability with high customer satisfaction and financial stability.

The top two term life insurance companies for men are:

  • Mutual of Omaha: MoneyGeek score of 92 out of 100 at $9 per month for men
  • Protective: MoneyGeek score of 91 out of 100 at $10 per month for men

For women, the top two are:

  • Protective: MoneyGeek score of 91 out of 100 at $9 per month for women
  • Mutual of Omaha: MoneyGeek score of 91 out of 100 at $9 per month for women

Term life insurance is a policy that covers a specified term and offers a death benefit if the insured passes away during the term. It's often chosen for its simplicity and lower cost than permanent life insurance. For example, a parent might opt for term life insurance to fund their child's education should anything happen to them.

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MoneyGeek Top Pick
Mutual of Omaha

For men seeking term life insurance in Detroit, Mutual of Omaha is the optimal choice, boasting a MoneyGeek score of 92. It is an affordable and reliable option, with an average monthly premium of just $9.

Pros:

  • High customer satisfaction
  • Excellent affordability
  • Strong financial stability

Cons:

  • Buying process needs improvement
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MoneyGeek Top Pick
Protective

Protective is the leading choice for term life insurance for women in Detroit, boasting a MoneyGeek score of 91. With a monthly premium of only $9, women can secure their peace of mind.

Pros:

  • High customer satisfaction
  • Affordable premium rates
  • Robust financial stability

Cons:

  • Buying process could be improved

Best Whole Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

The best whole life insurance in Detroit for both men and women is Protective. Its MoneyGeek score of 92 proves affordability, customer satisfaction and financial stability.

Top whole life companies in Detroit:

  • Protective: MoneyGeek score of 92 out of 100 for men and women
  • Mutual of Omaha: MoneyGeek score of 91 out of 100 for men and women

Whole life insurance offers lifelong coverage and includes an investment component that can grow over time. Someone might choose whole life insurance to ensure their family's financial stability while also building cash value that they can borrow against in the future.

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MoneyGeek Top Pick
Protective

Protective is the leading provider of whole life insurance for both men and women in Detroit, garnering a MoneyGeek score of 92. This score ensures that clients receive reliable and well-rounded services.

Pros:

  • High customer satisfaction
  • Strong financial stability

Cons:

  • Lengthy buying process

Compare Life Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.

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Best Universal Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

The best universal life insurance in Detroit is from Protective. Its MoneyGeek score of 91 for both men and women reflects its reliable and comprehensive universal life insurance that meets diverse needs and preferences.

Best universal life insurance in Detroit:

  • Protective: MoneyGeek score of 91 out of 100 for men and women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for men and women

Universal life insurance offers flexible premiums, a death benefit and the potential to build cash value over time. For instance, someone who wants to adjust their premiums and coverage as their financial situation changes might opt for universal life insurance over more rigid policies, providing security and flexibility.

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MoneyGeek Top Pick
Protective

In Detroit, Protective is the top choice for universal life insurance for both men and women. Its MoneyGeek score of 91 reflects its reliable and comprehensive coverage for clients.

Pros:

  • High customer satisfaction
  • Solid financial stability
  • Competitive affordability

Cons:

  • Buying process could improve

Best No-Medical-Exam Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

Protective offers the best no-medical-exam life insurance provider in Detroit, with a MoneyGeek score of 91 for both men and women. It offers affordability, customer satisfaction and financial stability.

Best life insurance companies that do not require a medical exam:

  • Protective: MoneyGeek score of 91 out of 100 for men and women
  • Mutual of Omaha: MoneyGeek score of 90 out of 100 for men and women

Life insurance without a required medical exam allows individuals to obtain coverage quickly. This can be particularly beneficial for those who need immediate coverage or have health issues that could complicate a traditional application process. For instance, someone with a chronic condition might opt for no-medical-exam insurance to avoid being denied or facing higher premiums.

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MoneyGeek Top Pick
Protective

The best life insurance without a required medical exam in Detroit is offered by Protective, with a MoneyGeek score of 91 for men and women.

Pros:

  • High customer approval
  • Cost-efficient policies
  • Reliable financial standing

Cons:

  • Complex purchasing process

How Much Life Insurance Do You Need?

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Best Term Life Insurance for Seniors in Detroit, MI

How was this MoneyGeek score calculated?

For Detroit residents seeking the best term life insurance for seniors, Mutual of Omaha leads for men with a MoneyGeek score of 67 and an average monthly premium of $36. Women find their top choice with Protective, boasting a score of 91 at the same premium.

Age is a factor in life insurance premiums; as individuals age, the risk to insurers increases, often leading to higher costs. Mutual of Omaha's MoneyGeek score reflects its commitment to affordability, customer satisfaction, financial stability and product diversity. Such comprehensive value is essential for seniors looking to secure their futures without financial strain.

Best Term Life Insurance for Seniors in Detroit
Data filtered by:Results filtered by:
gender:
gender:M
1Mutual of Omaha$3692
2Protective$4291
3Nationwide$3591
4Transamerica$4487
5Prudential$4486
6AAA$6086
7Allstate$6585
8State Farm$7184
9Haven$6683

Best Term Life Insurance for Smokers in Detroit, MI

How was this MoneyGeek score calculated?

In Detroit, Mutual of Omaha offers the best term life insurance for smokers, with a MoneyGeek score of 91 for men and 89 for women. The average monthly premiums stand at $20 and $21, respectively.

Smoking significantly affects life insurance premiums due to the health risks it poses, often leading to higher rates for smokers than nonsmokers. Mutual of Omaha provides valuable coverage at competitive prices. This information is crucial for smokers who need a reliable policy that can accommodate their circumstances without compromising quality or cost.

Best Term Life Insurance for Smokers in Detroit
Data filtered by:Results filtered by:
gender:
gender:M
1Mutual of Omaha$2091
2Nationwide$2489
3Transamerica$1888
4Protective$3088
5Prudential$1987
6State Farm$2686
7AAA$3685
8Allstate$3184
9Haven$3583

Best Term Life Insurance for Young Adults in Detroit, MI

How was this MoneyGeek score calculated?

For men in Detroit, Mutual of Omaha has the best term life insurance for young adults, with a MoneyGeek score of 92 and an average monthly premium of $6. For women, Protective leads with a MoneyGeek score of 92 and an average monthly premium of $5.

Age is crucial in determining life insurance premiums, with younger adults typically benefiting from lower rates. Choosing a reliable term life insurance is essential for securing financial protection at a reasonable cost.

Best Term Life Insurance for Young Adults in Detroit
Data filtered by:Results filtered by:
Sex:
Sex:M
1Mutual of Omaha$692
2Protective$692
3Nationwide$690
4AAA$988
5Transamerica$788
6Haven$786
7Allstate$1086
8Prudential$985
9State Farm$1285
10Bestow$1583

Best Cheap Term Life Insurance in Detroit, MI

How was this MoneyGeek score calculated?

For residents seeking the best cheap term life insurance in Detroit, Nationwide is a good choice for men with its MoneyGeek score of 92 and average monthly premium of $68. For women, Protective leads with a MoneyGeek score of 91 and an average monthly premium of $65.

Factors such as age, health, coverage amount and term length affect life insurance costs. To get the lowest premiums, maintain good health, choose a shorter term and opt for a lower coverage amount.

Best Cheap Term Life Insurance in Detroit
Data filtered by:Results filtered by:
Sex:
Sex:M
1Nationwide$1092
2Mutual of Omaha$992
3Protective$1091
4Transamerica$1089
5AAA$1586
6Prudential$1386
7Haven$1385
8Allstate$1684
9State Farm$1982

Average Cost of Term Life Insurance in Detroit, MI

The average cost of term life insurance premiums in Detroit is $16 per month for women and $19 per month for men.

Many factors affect life insurance premiums, including age, health, lifestyle and the amount of coverage you choose. Insurers assess these factors to determine the risk for them by insuring you.

The cost of life insurance in Detroit might differ from the rest of Michigan due to higher crime rates or cost of living. Different health statistics in Detroit compared to other areas in the state can also play a role.

Always consider your circumstances and the specific conditions of your area when evaluating your options.

FAQ About Life Insurance in Detroit, MI

What company has the best life insurance in Detroit for men?
What is the monthly premium cost for the best life insurance for men in Detroit?
What company has the best life insurance in Detroit for women?
What is the monthly premium cost for the best life insurance for women in Detroit?
Is there anything different about life insurance in Detroit compared to the rest of Michigan?
What happens to your life insurance if a company goes bankrupt in Detroit?
Why might Detroit residents need life insurance?
How do you find a lost life insurance policy in Detroit?

About Mark Fitzpatrick


Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.


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