Updated: May 22, 2024
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If you pass away unexpectedly, life insurance gives financial support to your beneficiaries. With a large number of life insurance companies in Grand Rapids, Michigan, shopping around and comparing quotes will help you find the best policy that best suits your needs and lifestyle.
Check the best life insurance companies in Grand Rapids with MoneyGeek’s research of their average rates based on your gender, age and lifestyle.
BestLife InsuranceGrand RapidsBest Life Insurance Companies in Grand Rapids, MI, for 2023
At around $9 per month, MassMutual is the most affordable for men for a $250K coverage in Grand Rapids, Michigan. Transamerica is the cheapest insurance provider for women at around $8 per month.
A policy with $250K coverage is affordable but may not be sufficient. Based on state-specific factors, the recommended coverage amount in Michigan is $628,000.
For a $628K policy, MassMutual offers the cheapest life insurance for men at roughly $15 per month. Transamerica offers the cheapest life insurance for women at around $13 per month.
Cheapest For | $250K Coverage | $628K Coverage (Recommended) |
|---|---|---|
Male | MassMutual | MassMutual |
Female | Transamerica | Transamerica |
The average cost of life insurance changes depending on your gender. Men in Grand Rapids pay around 9% less than the average for Michigan. Women pay approximately 8% less than the state average.
The average cost of a $250K life insurance policy for women in Grand Rapids is $13 per month. Men, on the other hand, pay around $18 per month.
If you get the state’s recommended coverage amount of $628K, which is based on per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and age, the average cost of a policy for women is $25 per month, while men pay around $36 per month.
The average cost of a 10-year term policy for women is $16 per month, while men pay approximately $23 per month. This is regardless of the coverage limit.
| MassMutual | Rates for $250K Coverage$9 | Rates for $926K Coverage (Recommended) $15 |
| Nationwide | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Mutual of Omaha | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| Transamerica | Rates for $250K Coverage$14 | Rates for $926K Coverage (Recommended) $26 |
| AAA | Rates for $250K Coverage$17 | Rates for $926K Coverage (Recommended) $37 |
| Transamerica | Rates for $250K Coverage$8 | Rates for $926K Coverage (Recommended) $13 |
| Mutual of Omaha | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| Nationwide | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $14 |
| MassMutual | Rates for $250K Coverage$10 | Rates for $926K Coverage (Recommended) $15 |
| AAA | Rates for $250K Coverage$11 | Rates for $926K Coverage (Recommended) $19 |
Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Grand Rapids 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.
Gender plays a significant role in the cost of life insurance. Women typically pay less than men because they tend to have a longer average life expectancy. Men statistically engage more in risky behaviors, perform dangerous jobs and develop illnesses. Grand Rapids is one of the many U.S. cities where insurance providers charge men more for life insurance.
Consequently, research shows that men buy life insurance more than women. Whether stay-at-home caretakers or breadwinners, women are vital contributors to their household economies and ideal candidates for life insurance.
Based on their average market share, the three most popular life insurance companies in the state of Michigan are Northwestern Mutual (9%), Lincoln Financial (9%) and John Hancock (5%). Michigan’s seven most popular companies make up approximately 37% of the market share.
Below, MoneyGeek shows Michigan’s most popular life insurance companies and their market shares.
| Northwestern Mutual | Market Share9% |
| Lincoln Financial | Market Share9% |
| John Hancock | Market Share5% |
| State Farm | Market Share4% |
| Prudential | Market Share4% |
A company’s market share represents the total sales that it has within its industry. The higher a company’s market share, the more it has sold its products. In terms of life insurance, a high market share means a company has sold more policies than other providers.
MoneyGeek used the data derived from each company’s total premiums written in 2020 state reports from S&P Global.
In Grand Rapids, average life insurance premiums for young adults range between $14 and $22 per month. MoneyGeek discovered that, on average, the two most affordable insurance providers for young people in Grand Rapids are:
Check out the other life insurance quotes in Michigan for young people in the table below.
| Mutual of Omaha | Monthly Cost$14 |
| MassMutual | Monthly Cost$14 |
| Transamerica | Monthly Cost$15 |
| Prudential | Monthly Cost$16 |
| Nationwide | Monthly Cost$17 |
Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Grand Rapids who is 5 feet 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 more extended coverage period for a younger buyer.
Life insurance is more affordable for young adults under the age of 25. Policy costs increase over time as you mature and become more prone to diseases. Therefore, buying life insurance while you are still young is one of the best strategies to save money on a policy. The younger and more active lifestyle you have, the less you pay monthly.
Life insurance in Grand Rapids costs between $35 and $72 per month. On average, the top two most affordable life insurance companies in Grand Rapids for the elderly are:
Below, you’ll see more of the best and cheapest insurance providers in Grand Rapids for seniors.
| MassMutual | Monthly Cost$35 |
| Mutual of Omaha | Monthly Cost$39 |
| Nationwide | Monthly Cost$40 |
| State Farm | Monthly Cost$47 |
| Progressive Life | Monthly Cost$63 |
Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Grand Rapids who is 5 feet 10 inches and 205 pounds that purchases a 10-year term contract at the average coverage need of $79,000.
Seniors pay more for their insurance premiums because their policy may outlive them as they age. However, seniors don’t often need as much coverage since their beneficiaries are financially-capable adults. Their life insurance amounts only need to cover expenses such as funeral arrangements, estate tax and outstanding debts.
For this reason, MoneyGeek’s sample policy coverage for seniors is much lower than for other groups.
The monthly life insurance premiums in Grand Rapids for people who smoke range from $103 to $198 per month. On average, MoneyGeek found out that the most affordable life insurance providers for smokers in Grand Rapids are:
The table below illustrates the most affordable insurers in the city for smokers.
| MassMutual | Monthly Cost$138 |
| State Farm | Monthly Cost$140 |
| Mutual of Omaha | Monthly Cost$150 |
| Nationwide | Monthly Cost$151 |
| Transamerica | Monthly Cost$156 |
Rates were determined by analyzing quotes for a 32-year-old male smoker in Grand Rapids who is 5 feet 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 more extended coverage as rates for smokers increase as you age.
Smoking brings long-term adverse health effects. Insurance companies see smokers as high risk and charge them higher premiums. Fortunately, it’s still possible to find cheap life insurance for people who smoke. MoneyGeek recommends buying a longer-term policy for at least 20 years. Being a smoker compounds the increase in your rates as you age.
Ensure you are getting the best rate for your insurance. Compare quotes from the top insurance companies.
MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economic Analysis, average mortgage debt, average personal debt and average age. Remember that each buyer is unique and may need more or less coverage depending on their circumstances.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.
