Best Life Insurance Companies in Michigan

By purchasing life insurance, you’ll be able to financially support your family even when you pass away. Many life insurance companies in Michigan offer flexible policies with coverage that meets your needs, which can make it difficult to choose the best one. Here at MoneyGeek, we considered gender, age and smoking history to determine the best life insurance companies in Michigan. We’ve also included the average rates of the most popular companies to help you find the cheapest life insurance quotes in Michigan.

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Best Cheap Life Insurance in Michigan

A policy with less coverage means lower monthly premiums and vice versa. MoneyGeek found that MassMutual and Transamerica are among the most affordable life insurance companies in Michigan. MassMutual is the cheapest option for men with a $250,000 policy, with an average monthly premium of $9.99. Transamerica offers the most affordable average policy for women, at $8.82 per month.

While low coverage is cheaper, it might not be enough to cover the necessary expenses. Protect your loved ones by accurately estimating how much coverage they would need. Personal debt and current savings are worth taking into consideration as well.

An average person living in Michigan should have a life insurance policy worth $628,000. MoneyGeek found that this amount is enough to cover the cost of living in Michigan when factoring in average incomes and other state-specific factors.

For a policy worth $684,000, MassMutual offers the most affordable policy at $16.20 per month for men. They can also consider Mutual of Omaha and Nationwide, which offer competitive average rates at $16.99 and $16.66 per month, respectively. As for female policyholders, they are able to score cheap policies with $684,000 in coverage from Transamerica for only $13.92 on average.

Best Cheap Life Insurance Companies in Michigan: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $628k
  • MassMutual
    $9.99
    $16.20
  • Nationwide
    $10.63
    $16.66
  • Mutual of Omaha
    $11.22
    $16.99
  • Transamerica
    $15.09
    $29.05
  • AAA
    $19.21
    $40.79
  • State Farm
    $23.30
    $40.86
  • Progressive Life
    $22.51
    $44.15
  • Prudential
    $26.84
    $65.58
Best Cheap Life Insurance Companies in Michigan: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $628k
  • Transamerica
    $8.82
    $13.92
  • Mutual of Omaha
    $12.47
    $15.64
  • Nationwide
    $11.59
    $15.66
  • MassMutual
    $10.45
    $15.82
  • AAA
    $11.88
    $20.72
  • Prudential
    $10.91
    $25.12
  • State Farm
    $18.72
    $30.14
  • Progressive Life
    $15.88
    $40.35

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Michigan using average buyer profile statistics in Michigan, including average age of 32, average weight of 205 pounds for males and 162 pounds for females, and an average coverage need of $628,000.

What Is the Average Cost of Life Insurance for Companies in Michigan?

Policy rates can change based on gender. Male and female life insurance quotes vary in Michigan. Because women have a longer life expectancy than men, they are more likely to pay low-cost premiums.

Let’s consider a $250,000 policy coverage. To get this coverage, women must pay an average monthly premium of $14.16, while men pay a monthly premium of $19.81 on average.

Of course, a higher monthly premium is required to reach the recommended life insurance coverage level of $628,000. Life insurance quotes in Michigan offering $628,000 of coverage cost an average of $26.69 for females and $40.01 for males.

Most Popular Life Insurance Companies in Michigan

Before purchasing life insurance, compare quotes from various insurers. You also want to think about the company's financial stability and ability to pay claims. Larger businesses with a larger market share should be more stable.

The number of premiums written by a company divided by the total number of policies written in the state determines the company’s market share. In Michigan, the top three most popular life insurance companies account for roughly 22.57% of the market. With a market share of 8.93%, Northwestern Mutual is the most popular life insurance company in the state.

Most Popular Life Insurance Companies in Michigan

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  • Company
    Market Share
  • Northwestern Mutual
    8.93%
  • Lincoln Financial
    8.50%
  • John Hancock
    5.14%
  • Prudential Financial Inc.
    4.02%
  • State Farm
    3.65%
  • MassMutual
    3.45%
  • Pacific Life
    3.19%

Life insurance market share data for Michigan is based on total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in Michigan?

One of the most important factors in determining the cost of life insurance policies is one's age. Because their age qualifies them as a low-risk individual, a younger buyer looking for affordable life insurance quotes in Michigan will find lower rates. In this state, the least expensive options for young people are, on average:

  • Mutual of Omaha: $14.99 per month
  • MassMutual: $15.35 per month
Best Life Insurance Companies for Young People in Michigan

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14.99
  • MassMutual
    $15.35
  • Transamerica
    $16.22
  • Prudential
    $17.53
  • Nationwide
    $18.59
  • Progressive Life
    $21.53
  • AAA
    $21.56
  • State Farm
    $23.95

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Michigan who is 5 ft 10 inches and 174 pounds that purchases a 20-year term contract at the average coverage need of $260,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in Michigan?

Seniors typically pay higher monthly premiums since they are riskier to insure. However, you can still find low-cost life insurance policies since older buyers are less likely to need coverage for adult dependents. MoneyGeek calculated rates for seniors based on a policy coverage of $79,000. This amount is expected to at least cover death benefits and the policyholder's final burial expenses.

According to our research, the most affordable life insurance companies for seniors in Michigan are:

  • Mass Mutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in Michigan

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Transamerica
    $76.29
  • Prudential
    $79.39

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Michigan who is 5 ft 10 inches and 205 pounds that purchases a 10-year term contract at the average coverage need of $79,000.

Which Companies Have the Best Life Insurance Rates for Smokers in Michigan?

Another determining factor that raises monthly premiums is the insured's smoking history. Life insurance companies in Michigan charge higher premiums to smokers due to their higher risk profile. Still, if you compare premiums for smokers from several insurers, you may be able to acquire relatively affordable life insurance quotes in Michigan.

On average, the most affordable policies you can purchase if you’re a smoker are:

  • MassMutual: $113.07 per month
  • Mutual of Omaha: $118.79 per month
Best Life Insurance Companies for Smokers in Michigan

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  • Company
    Monthly Cost
  • MassMutual
    $113.07
  • Mutual of Omaha
    $118.79
  • Nationwide
    $124.29
  • Transamerica
    $127.88
  • State Farm
    $143.75
  • Progressive Life
    $171.39
  • Prudential
    $173.63
  • AAA
    $218.64

Rates were determined by analyzing quotes for a 32-year-old male smoker in Michigan who is 5 ft 10 inches and 205 pounds that purchases a 20-year term contract at the average coverage need of $628,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

Michigan Life Insurance Laws You Should Know

When you decide to acquire life insurance, do your homework on the company or hire an independent broker to look over your possibilities. Take advantage of these life insurance laws, which may be able to assist you in the buying process.

  • The "free look period" is a risk-free trial period for an insurance policy. If you determine that your policy doesn’t match your needs, you're entitled to a complete return under this law.
  • The grace period is the amount of time you have to make up for any missed payments, which is normally no more than 30 days after the due date. This regulation protects buyers by preventing providers from canceling plans due to late payments.
  • Allowable timelines to settle a claim is another law in the buyer's favor, requiring providers to settle a claim within 30 days of receiving death documentation. If the provider misses the deadline, they will be charged interest on the outstanding amount.
  • During a contestable period, providers have the ability to contest a claim if they believe it is false or ineligible. They have the right to modify the amount of a claim or even deny coverage after additional investigation.

Methodology

MoneyGeek used the U.S. Bureau of Economics' per capita income, average mortgage debt, average personal debt and average age to calculate the recommended life insurance coverage amount in Michigan.

Aside from these considerations, life insurance rates can vary, and you may have more or less coverage depending on your personal and financial situation.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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