Best Life Insurance Companies in Detroit, MI for 2023

WIth life insurance, you are guaranteed that your family is financially cared for when you pass away. Comparing life insurance quotes from multiple providers ensures that you are able to find the best rates for your profile. MoneyGeek analyzed quotes from providers to identify the best life insurance companies in Detroit for different types of buyers.

In Detroit, MassMutual offers the cheapest $250K coverage policy for male buyers at around $8 per month. For female buyers, Transamerica has the cheapest policies, which cost around $7 per month.

Although a policy with only $250K of coverage is cheaper, buyers in Detroit should consider increasing their coverage to the state’s recommended coverage amount of $628K. This amount was calculated based on the cost of living, average income, average personal debt, average age and other state-specific factors in Michigan.

For Michigan’s recommended coverage amount of $628K, MassMutual offers men the most affordable policy at $13 per month. Meanwhile, women can purchase the cheapest policy for state-recommended coverage from Transamerica for $12 per month.

Aside from gender, the cost of life insurance also varies greatly between different cities. For example, MoneyGeek found that the average cost of life insurance for men and women in Detroit is 22% and 16% cheaper than the average cost of life insurance in the state of Michigan.

In Detroit, men typically pay more than women for life insurance. On average, men pay around $16 per month for a $250K coverage, while women only pay around $12 per month.

This trend holds true in Detroit regardless of coverage amount: a policy that includes Michigan’s recommended coverage level of $628,000 will cost $31 per month for a man but only $22 per month for a woman.

For those considering term life insurance in Detroit, a 10-year term policy for men costs $20 per month, while the same 10-year term costs $15 per month for women.

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

The three most popular life insurance companies in Michigan are Northwestern Mutual, Lincoln Financial and John Hancock, with respective market shares of 9%, 9% and 5%. Overall, the seven most popular companies in Florida make up about 37% of the overall market share.

MoneyGeek listed the most popular life insurance companies in Michigan and their market shares below.

For young people, the cost of life insurance in Detroit ranges from approximately $12 to $19 per month. MoneyGeek found that the companies offering the cheapest life insurance for this buyer profile are:

• Mutual of Omaha: $12 per month
• MassMutual: $12 per month

The table below lists the most affordable life insurance companies for young adults in Detroit.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Detroit who is 5 feet 10 inches in height and weighs 174 pounds with a 20-year term contract at the average coverage need of $260K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

In Detroit, the average cost of life insurance for seniors ranges from $30 to $62 per month. Based on MoneyGeek’s research, the following companies offer the cheapest rates to seniors in Detroit:

• MassMutual: $30 per month
• Mutual of Omaha: $34 per month

Other affordable insurance providers for seniors in Detroit are listed in the table below.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Detroit who is 5 feet 10 inches tall and weighs 205 pounds with a 10-year term contract at the average coverage need of $79K.

In Detroit, the average cost of life insurance for people who smoke is between $89 and $171 per month. Below are the cheapest life insurance companies for smokers in Detroit:

• MassMutual: $89 per month
• Mutual of Omaha: $93 per month

In the table below, we’ve also listed other affordable life insurance providers for smokers in Detroit.

Rates were determined by analyzing quotes for a 32-year-old male smoker in Detroit who is 5 feet 10 inches tall and weighs 205 pounds with a 20-year term contract at the average coverage need of $628K. 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.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.