Best Life Insurance in Detroit, MI (October 2024)
Updated: October 23, 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.
Coverage costs and company information for life insurance providers were updated in October 2024.
BestLife InsuranceDetroit, MIBest Life Insurance Companies in Detroit
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the overall best life insurance companies:
This was done using the average profile with a 20-year term policy and $500K coverage.
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:
Top providers for women:
These companies offer a balance of affordability and customer satisfaction for residents seeking life insurance in Detroit.
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
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Protective
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies:
Quotes gathered were for a $250K life insurance policy with a 10-year term.
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:
For women, the top two are:
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.
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.
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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.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best whole life insurance companies:
We did not weigh affordability as we did not collect whole life insurance quotes. The company below has the highest score among the companies that offer whole life insurance policies based on a 20-year term at $500K coverage.
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:
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.
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.
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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.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best universal life insurance companies:
We did not weigh affordability as we did not collect universal life insurance quotes. The company below has the highest score among the companies that offer universal life insurance policies, over a 10-year term for $250K coverage.
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:
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.
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.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies that don't require a medical exam:
We did not weigh affordability as we did not collect any insurance quotes for this category. The company below has the highest score among the companies that offer life insurance policies without mandatory medical exams, for a 10-year term with $250K coverage if the insuree was in poor health.
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:
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.
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.
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How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for seniors:
We derived quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer's age to 70.
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.
| 1 | Mutual of Omaha | $36 | 92 |
| 2 | Protective | $42 | 91 |
| 3 | Nationwide | $35 | 91 |
| 4 | Transamerica | $44 | 87 |
| 5 | Prudential | $44 | 86 |
| 6 | AAA | $60 | 86 |
| 7 | Allstate | $65 | 85 |
| 8 | State Farm | $71 | 84 |
| 9 | Haven | $66 | 83 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for people who smoke:
We collected quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer to reflect an active smoker.
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.
| 1 | Mutual of Omaha | $20 | 91 |
| 2 | Nationwide | $24 | 89 |
| 3 | Transamerica | $18 | 88 |
| 4 | Protective | $30 | 88 |
| 5 | Prudential | $19 | 87 |
| 6 | State Farm | $26 | 86 |
| 7 | AAA | $36 | 85 |
| 8 | Allstate | $31 | 84 |
| 9 | Haven | $35 | 83 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for young adults:
We collected quotes using a $250K life insurance policy with a 10-year term for a 20-year-old buyer.
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.
| 1 | Mutual of Omaha | $6 | 92 |
| 2 | Protective | $6 | 92 |
| 3 | Nationwide | $6 | 90 |
| 4 | AAA | $9 | 88 |
| 5 | Transamerica | $7 | 88 |
| 6 | Haven | $7 | 86 |
| 7 | Allstate | $10 | 86 |
| 8 | Prudential | $9 | 85 |
| 9 | State Farm | $12 | 85 |
| 10 | Bestow | $15 | 83 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best cheap term life insurance companies:
We adjusted the weighting to favor affordability for a $250K life insurance policy with a 10-year term.
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.
| 1 | Nationwide | $10 | 92 |
| 2 | Mutual of Omaha | $9 | 92 |
| 3 | Protective | $10 | 91 |
| 4 | Transamerica | $10 | 89 |
| 5 | AAA | $15 | 86 |
| 6 | Prudential | $13 | 86 |
| 7 | Haven | $13 | 85 |
| 8 | Allstate | $16 | 84 |
| 9 | State Farm | $19 | 82 |
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.
Mutual of Omaha offers the best life insurance in Detroit for men, with a MoneyGeek score of 91. The company provides reliable coverage and has a high customer satisfaction rating.
The average monthly premium cost for the best life insurance for men in Detroit is $21, as provided by Mutual of Omaha.
Protective offers the best life insurance in Detroit for women with a MoneyGeek score of 92. This company is known for its affordability and high customer satisfaction.
The average monthly premium cost for the best life insurance for women in Detroit is $17, as offered by Protective.
Life insurance in Detroit may have different rates and coverage options than the rest of Michigan. Detroit's urban environment could affect risk assessments and premiums. For example, higher crime rates or health statistics might influence insurance costs and availability.
If a life insurance company goes bankrupt in Detroit, state guaranty associations typically protect policyholders. These associations provide coverage up to certain limits, ensuring that policyholders do not lose their benefits entirely.
Detroit residents might need life insurance to provide financial security for their families. Life insurance can cover funeral costs, pay off debts or replace lost income. It can offer peace of mind and financial stability in a city with economic challenges.
To find a lost life insurance policy in Detroit, check personal records and contact the deceased's financial advisors. You can also reach out to the Michigan Department of Insurance and Financial Services or use online policy locator services.
About Mark Fitzpatrick
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.
