life insurance Michigan

The Best Life Insurance Companies In Michigan

life insurance Michigan

The Best Life Insurance Companies In Michigan

We put together this post so that you can have quick access to the Michigan department of insurance as well as their guaranty association.

You will also find out information specific to the state of Michigan in regards to obtaining life insurance and have a better understanding of why you need life insurance if you live in Michigan.

Comparing Michigan Life Insurance Quotes

What's The Free Look Period?

When you purchase your life insurance policy you still have what is known as the "free look" period in which you can return the policy.

If you use the free look period, the insurance company must refund you all of your monies and the the policy will be cancelled.

The average free look period is 30 days; however, each company can have a different period so it is best to check with them directly.  

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get life insurance coverage within minutes of getting your quotes and applying.

How Life Insurance Rates Are Determined In Michigan

Age

Age is going to be one of the largest factors when determining your life insurance rates in Michigan.  The younger you are when you purchase coverage, the more affordable it is going to be.

best term life insurance Michigan

Gender

Your gender is going to be the second largest factor when figuring out your life insurance rates. You will find that women are going to have much more affordable rates than men, primarily because they live longer than men on average.

Tobacco Usage

If you are a tobacco user, you can expect your rates to be upwards of 65% more expensive on a monthly basis. With Cancer being a leading cause of death in Michigan, and since smoking increases your rates considerably, if you smoke, it's probably time to quit. 

Coverage Amount

The amount of coverage that you purchase will also change your rates.  The higher the coverage amount you purchase, the more expensive the policy will become.  

Term Length

Term length is going to be a factor because the longer the term length the more expensive a policy will become. However, don't let this fool you, if you lock your rates in for a longer term, you will actually save more money over time.

Current Health

Everyone is underwritten on an individual basis, this means that if you have a twin, their rates can still be different if their health is different. 

Driving Record

Life insurance companies want to know that you aren't a crazy driver.  If you have a history of speeding, DUI's or DWI's you could be looking at higher rates or even a decline for coverage.

Top 10 Leading Causes Of Death In Michigan

It is essential that you purchase Michigan life insurance when you are young so that your rates are affordable.

  • Heart Disease - 25,187 Deaths
  • Cancer - 20,671 Deaths
  • Chronic Lower Respiratory Diseases - 5,688 Deaths
  • Accidents - 5,623 Deaths
  • Stroke - 5,002 Deaths
  • Alzheimer’s Disease - 4,428 Deaths
  • Diabetes - 2,798 Deaths
  • Kidney Disease - 1,874 Deaths
  • Flu/Pneumonia - 1,798 Deaths
  • Suicide - 1,457 Deaths

A life insurance policy would cover all of the above deaths, including suicide after 2 years of having the policy.

INSURANCE WHERE YOU LIVE

Life insurance by state.

Michigan Department Of Insurance

michigan department of insurance

Website: Michigan Department Of Insurance

Insurance Commissioner:  Patrick M. McPharlin

Consumer Insurance Helpline:  (877) 999 – 6442

Office Hours:  Monday - Friday  9:00 am to 5:00 pm

File a Consumer Insurance Complaint: Complaint Page

Find a Licensed Life Insurance Agent: Agent License Search Page

Michigan Life & Health Insurance Guaranty Association

michigan guaranty association

The Michigan Guaranty Association was created to make sure that consumers were protected if a life insurance company become insolvent. Their contact info is below:

Website: Michigan Life & Health Insurance Guaranty Association 

Phone: (517) 339 – 1755

Address: 
     Michigan Life & Health Insurance Guaranty Association
     1640 Haslett Road, Suite 160
     Haslett, MI 48840-8683

Michigan Guaranty Association Protection Limits

Each state has a specific limit that they can go up to in case your life insurance company fails.

  • Life Insurance Death Benefit: $300,000 per insured life 
  • Life Insurance Cash Surrender: $100,000 per insured life 
  • Annuity Cash Surrender: $250,000 for deferred annuity contracts per contract owner 
  • Annuity In Benefit: $250,000 per contract owner
  • Health Insurance Claims$300,000 disability income or long-term care benefits
  • Health Insurance Claims: $500,000 in basic hospital, medical, and surgical insurance
  • Health Insurance Claims: $100,000 in all other health insurance benefits

(1) MLHIGA cannot cover more than what the insurance company would owe under a policy or contract; 
(2) for any one life, regardless of the number of policies or contracts held with the same company, MLHIGA will cover a maximum of: 
(a) $300,000 in life insurance death benefits, but not more than $100,000 in net cash surrender and net cash withdrawal values for life insurance; 
(b) $250,000 in the present value of annuity benefits, including net cash surrender and net cash withdrawal values; 
© for health insurance: (i) $300,000 in disability income insurance benefits or long-term care benefits; (ii) $500,000 in basic hospital, medical, and surgical insurance benefits; (iii) $100,000 in all other health insurance benefits. 
(d) In no event is the association obligated to cover more than an aggregate of $300,000 in all benefits (other than basic hospital, medical, and surgical benefits) for any one life.

The limits mentioned above are applied per insured.

THE SIMPLY INSURANCE WAY

Life Insurance made easy.

Agents not required.

Get quotes and sign up online without talking to an agent. But, we are here if you need us. 

Unbiased, expert advice.

Get unbiased insurance education from licensed experts and also avoid dodgy sales calls.

Coverage in minutes.

You can get life insurance coverage within minutes of getting your quotes and applying.

Taking Action

There is no need to wait when it comes to getting some life insurance in Michigan.  

You can get immediate quotes and coverage by clicking here or on any of the above buttons. 

Feel free to leave a comment if you have any additional questions.


Life Insurance Reviews By State


  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington D.C.
  • West Virginia
  • Wisconsin
  • Wyoming

Sa El

About the author

Sa El is the Co-Founder of Simply Insurance and a licensed Insurance Agent with over 12 years of experience in the industry.  He specializes in Life & Health Insurance and is certified in Long Term Care Insurance in the state of Georgia. He is also an Official Member of the Forbes Finance Council, a licensed real estate agent in the state of Georgia (License #382602), an entrepreneur, insurance educator, and freelance writer.


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