Best Life Insurance Companies in Detroit, MI

According to MoneyGeek’s research, the overall best life insurance company in Detroit for the average adult, as well as seniors and smokers, is MassMutual. Meanwhile, Mutual of Omaha has the best rates for young people.

The most affordable life insurance in the city for a policy with $250K coverage starts at around $8. For policies that meet Michigan’s recommended coverage of $628K, the cheapest rates start at $13.

REVIEW LIFE INSURANCE RATES

Insurance Rates

Ensure you're getting the best rate for your life insurance. Compare quotes from the top insurance companies.

Your Zip Code
widget-location-pin
Advertising & Editorial DisclosureLast Updated: 12/22/2022
Written By     |  
Reviewed By     |  

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.

iconBestLife InsuranceDetroit, MI
2023

Best Life Insurance Companies in Detroit, MI, for 2023

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Best Cheap Life Insurance in Detroit

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.

Cheapest Life Insurance Companies for Males and Females in Detroit
  • Cheapest For
    $250K Coverage
    $628K Coverage (Recommended)
  • Male

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

Life Insurance Costs in Detroit for Men and Women

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.

Average Monthly Life Insurance Rates in Detroit: Men

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $8
    $13
  • Nationwide
    $8
    $13
  • Mutual of Omaha
    $9
    $13
  • Transamerica
    $12
    $23
  • AAA
    $15
    $32
  • State Farm
    $18
    $32
  • Progressive Life
    $18
    $35
  • Prudential
    $21
    $51
Average Monthly Life Insurance Rates in Detroit: Women

Scroll for more

swipe icon
  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $7
    $12
  • Mutual of Omaha
    $11
    $13
  • Nationwide
    $10
    $13
  • MassMutual
    $9
    $13
  • AAA
    $10
    $17
  • Prudential
    $9
    $21
  • State Farm
    $16
    $25
  • Progressive Life
    $13
    $34

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.

tip icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

Gender is one of the primary factors that affect car insurance costs. Women will often pay less for life insurance than men because they have a longer life expectancy. According to a study, women typically outlive men because they take fewer risks and have safer jobs, among other reasons.

Despite the increased cost, men typically buy life insurance more than women. As valuable economic contributors to their homes, women should consider getting life insurance as it is more affordable for them to purchase quality coverage.

Most Popular Life Insurance Companies in Michigan

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.

Most Popular Life Insurance Companies in Michigan

Scroll for more

swipe icon
  • Company
    Market Share
  • Lincoln Financial
    9%
  • Northwestern Mutual
    9%
  • John Hancock
    5%
  • Prudential
    4%
  • State Farm
    4%
  • Pacific Life
    3%
  • MassMutual
    3%
tip icon
MONEYGEEK DICTIONARY

An insurance provider’s market share tells us which companies dominate the market in terms of the number of policies they sell to other companies in the same industry. Using the total premiums from each company as indicated in the 2020 state reports from S&P Global, MoneyGeek identified each company’s market share.

Insurance Rates

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin

Cheapest Life Insurance for Young People in Detroit

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.

Best Life Insurance Companies for Young People in Detroit, MI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • Mutual of Omaha
    $12
  • MassMutual
    $12
  • Transamerica
    $13
  • Prudential
    $14
  • Nationwide
    $15
  • Progressive Life
    $17
  • AAA
    $17
  • State Farm
    $19

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.

tip icon
LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

The younger you are, the less you’ll pay for life insurance, as providers consider you more healthy and less risky to insure than other populations. Premiums, however, tend to increase as you get older. As such, MoneyGeek recommends buying a policy at a young age to save on life insurance.

Cheapest Life Insurance for Seniors in Detroit

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.

Best Life Insurance Companies for Seniors in Detroit, MI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $30
  • Mutual of Omaha
    $34
  • Nationwide
    $35
  • State Farm
    $40
  • Progressive Life
    $54
  • AAA
    $57
  • Transamerica
    $60
  • Prudential
    $62

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.

tip icon
LIFE INSURANCE COSTS MORE FOR SENIORS

Insurers typically charge seniors more, as they’re considered riskier to insure. One way seniors can save on life insurance is by opting for lower coverage. Typically, seniors have fewer people that financially depend on them, which means they don’t have to buy a high amount of coverage.

For our sample senior buyer, MoneyGeek set the coverage to $100K. On average, this amount will cover funeral arrangements and other burial costs.

Cheapest Life Insurance for Smokers in Detroit

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.

Best Life Insurance Companies for Smokers in Detroit, MI

Scroll for more

swipe icon
  • Company
    Monthly Cost
  • MassMutual
    $89
  • Mutual of Omaha
    $93
  • Nationwide
    $97
  • Transamerica
    $100
  • State Farm
    $113
  • Progressive Life
    $134
  • Prudential
    $136
  • AAA
    $171

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.

tip icon
LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Smokers are prone to tobacco-related illnesses which reduces their life expectancy, and consequently, increases their insurance rate. Fortunately, there are various affordable life insurance policies for smokers. If you are a smoker looking for life insurance in Detroit, MoneyGeek recommends getting a 20-year term policy since your insurance rates will significantly increase as you age.

Compare Insurance Rates

Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.

widget-location-pin
Insurance Rates

Methodology

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.

About the Author


expert-profile

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.


sources