Best Life Insurance Companies in Grand Rapids, MI

According to MoneyGeek’s research, MassMutual is the best overall life insurance provider in Grand Rapids. It’s also the best option for seniors and smokers. Mutual of Omaha is the best life insurance for young adults. Among these companies, the average life insurance premiums are as low as $9 per month for a $250K coverage or around $15 per month for Michigan state’s recommended coverage.

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Advertising & Editorial DisclosureLast Updated: 12/23/2022
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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.

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2023

Best Life Insurance Companies in Grand Rapids, MI, for 2023

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Best Cheap Life Insurance in Grand Rapids

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

    MassMutual

    MassMutual

  • Female

    Transamerica

    Transamerica

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Life Insurance Costs in Grand Rapids for Men and Women

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.

Average Monthly Life Insurance Rates in Grand Rapids: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • MassMutual
    $9
    $15
  • Nationwide
    $10
    $15
  • Mutual of Omaha
    $10
    $15
  • Transamerica
    $14
    $26
  • AAA
    $17
    $37
  • State Farm
    $21
    $37
  • Progressive Life
    $20
    $40
  • Prudential
    $24
    $59
Average Monthly Life Insurance Rates in Grand Rapids: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Transamerica
    $8
    $13
  • Mutual of Omaha
    $11
    $14
  • Nationwide
    $11
    $14
  • MassMutual
    $10
    $15
  • AAA
    $11
    $19
  • Prudential
    $10
    $23
  • State Farm
    $17
    $28
  • Progressive Life
    $15
    $37

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.

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LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

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.

Most Popular Life Insurance Companies in Michigan

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.

Most Popular Life Insurance Companies in Michigan

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

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.

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Cheapest Life Insurance for Young People in Grand Rapids

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:

  • Mutual of Omaha: $14 per month
  • MassMutual: $15 per month

Check out the other life insurance quotes in Michigan for young people in the table below.

Best Life Insurance Companies for Young People in Grand Rapids, MI

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  • Company
    Monthly Cost
  • Mutual of Omaha
    $14
  • MassMutual
    $14
  • Transamerica
    $15
  • Prudential
    $16
  • Nationwide
    $17
  • Progressive Life
    $20
  • AAA
    $20
  • State Farm
    $22

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

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.

Cheapest Life Insurance for Seniors in Grand Rapids

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:

  • MassMutual: $35 per month
  • Mutual of Omaha: $39 per month

Below, you’ll see more of the best and cheapest insurance providers in Grand Rapids for seniors.

Best Life Insurance Companies for Seniors in Grand Rapids, MI

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  • Company
    Monthly Cost
  • MassMutual
    $35
  • Mutual of Omaha
    $39
  • Nationwide
    $40
  • State Farm
    $47
  • Progressive Life
    $63
  • AAA
    $66
  • Transamerica
    $69
  • Prudential
    $72

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

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.

Cheapest Life Insurance for Smokers in Grand Rapids

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:

  • MassMutual: $103 per month
  • Mutual of Omaha: $108 per month

The table below illustrates the most affordable insurers in the city for smokers.

Best Life Insurance Companies for Smokers in Grand Rapids, MI

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  • Company
    Monthly Cost
  • MassMutual
    $138
  • State Farm
    $140
  • Mutual of Omaha
    $150
  • Nationwide
    $151
  • Transamerica
    $156
  • Prudential
    $167
  • Progressive Life
    $216
  • AAA
    $268

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

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.

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Insurance Rates

Methodology

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 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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