If you are searching for the life insurance companies in Michigan that offer the cheapest rates, you have landed in the right spot!
Since 1991, we have provided customized term and permanent life insurance policies to thousands of clients across Michigan.
We have created a proprietary life insurance comparison system to give busy people an easy method to find the best Michigan life insurance company.
It’s time to find the right life insurance for you and your family. Let us help!
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Michigan Life Insurance Policy Types
Our first step is figuring out how much life insurance you need, which will depend on various factors, including age, income, and debts.
Next, we must decide what type of policy you should buy to protect your family correctly. There are three main types: term life, universal life, and whole life.
Each type has different features and benefits, so it’s essential to understand the differences before deciding. Here is a breakdown of each type of policy.
Term Life Insurance in Michigan
Let me be clear: Protecting your family with life insurance is not just another item on your to-do list—it’s one of the most important decisions you’ll make.
We have consulted with too many families in Michigan who wished they’d had this conversation sooner.
As financial advisors, we often ask our clients one crucial question: if something unexpected happened to you tomorrow, would your loved ones be able to maintain their quality of life?
That’s where term life insurance comes in. It’s not complicated, won’t break the bank, and is an easy way to give your family the security they deserve.
We typically recommend starting with either a $250,000 or $500,000 policy – enough to cover your mortgage and outstanding debts and give your family time to adjust.
The best part? You can lock in your premium and death benefit for 10 to 40 years.
For our Michigan-based small business clients, term life insurance can protect their income, secure key employee coverage, or back a business loan.
Many of our entrepreneurial clients choose term coverage specifically because it addresses their immediate needs without the higher costs of permanent insurance.
With over 100 top-rated insurance providers, we can find a plan that provides the protection you need at a reasonable price.
Permanent Life Insurance in Michigan
Permanent Life Insurance in MichiganWhen considering ways to protect your family, permanent life insurance is another valuable option.
This type of insurance guarantees a death benefit for your beneficiaries, regardless of when you pass away.
Additionally, it includes a cash value component that grows over time, which you can access during your lifetime if necessary.
There are different types of permanent coverage, such as whole life, universal life, and variable life insurance, each with unique features.
It’s important to research and compare these options carefully, considering premium costs and coverage amounts.
Seeking advice from one of our knowledgeable insurance agents can help you choose the policy that best fits your family’s needs and financial goals.
universal LIFE INSURANCE
universal LIFE INSURANCEA easy way to explain universal life insurance is that it is similar to term life insurance with an added cash value component.
So, a portion of each premium goes towards the insurance cost while the remainder goes into a cash-value account inside the policy.
We like universal life policies because they are flexible and allow you to change your payment or coverage amount throughout your lifetime.
At first glance, the price of universal life insurance may seem high, but it is essential to note that this coverage lasts for your entire lifetime.
A modest $50,000 or even $100,000 universal life policy would be an excellent place to start without spending a lot of money.
Types of Universal Life
- Guaranteed Universal Life Insurance offers a death benefit and premium payments that do not change over time. Guaranteed universal life is competitively priced with no cash value and lifetime coverage.
- Indexed Universal Life allows you to allocate your cash value to a fixed or equity index account. Indexed universal life policies usually offer various indexes, such as the Dow Jones, S&P 500, and the NASDAQ.
- Variable Universal Life provides a fixed premium and death benefit. Its cash values are invested in sub-accounts, where you can earn or lose money.
WHOLE LIFE INSURANCE
WHOLE LIFE INSURANCE We also sell whole life insurance, a more expensive permanent policy that provides a guaranteed fixed premium and death benefit for your entire lifetime.
Whole life insurance is particularly popular among two distinct groups: seniors and affluent individuals.
A small policy offers a practical solution for seniors to cover final expenses, such as funeral costs and outstanding debts, after their death.
Conversely, affluent individuals often opt for larger whole-life policies to help them create a substantial estate for their families.
Whole life insurance policies accumulate guaranteed tax-deferred cash values and dividends over time.These cash values can be used in emergencies or for retirement income by taking withdrawals or loans against your policy.
Feel free to shop for cheap insurance in Michigan using our calculator.
Universal Life Insurance Quotes
- Select Lifetime for your Coverage Duration
- Select your Coverage Amount
- Then, press Get Quote
Life Insurance in Michigan
Life Insurance in MichiganThere are many things to consider when buying coverage, but in Michigan, you should keep a few specific things in mind.
The state of Michigan life insurance policyholders have particular rights available on all term, universal, and whole life contracts.
- Free Look Period: You can cancel your policy if you are unsatisfied during a free look period. If you do so, you will receive a full refund.
- Grace Period: Active Michigan policyholders have 30 days to make late payments on their life insurance premiums before their insurance company can terminate their policy.
- Timely Payment of Death Benefits: Michigan life insurance companies have 60 days to pay all legitimate claims. Once a claim is filed in Michigan, it will be paid within 60 days. This “timely payment” statute requires insurance companies to pay promptly after receiving a death certificate.
For additional life insurance rules and regulations in Michigan, please get in touch with the Michigan Department of Insurance and Financial Services at 1-877-999-6442 or visit their website at www.michigan.gov/difs.
Michigan Life Insurance Guaranty Association
Michigan Life Insurance Guaranty AssociationThe Michigan Life and Health Insurance Guaranty Association supports all life insurance policies in Michigan. So, you will still be covered if your life insurance company is sold or goes bankrupt.
The Michigan Life and Health Insurance Guaranty Association insures your death benefit and makes sure your insurer is legally licensed to sell insurance in Michigan.
In Michigan, policy owners are covered for up to $300,000 in lost death benefits and $100,000 in lost cash surrender values on permanent policies. This amount is the maximum benefit for anyone and may cover more than one policy.
The association comprises every Michigan life insurance company licensed to sell life insurance, health insurance, and annuities.
If you have additional questions, contact the Michigan Life and Health Insurance Guaranty Association at 1-517-339-1755 or visit their website at www.milifega.org.
Michigan Life Insurance Agent Locator
Michigan Life Insurance Agent LocatorIs your life insurance agent adequately licensed in the state of Michigan?
You can learn about any agent at the Department of Insurance and Financial Services licensing portal.
The primary mission of this agency is to protect the public from dishonest and untrustworthy persons and business entities.
To receive and maintain a license in Michigan as an insurance agent:
- You must be at least 18 years old
- You must complete any pre-licensing and continuing education required by law
- You must successfully pass any examinations required by law
- You must not have committed any of the 14 acts listed as causes for license denial or revocation in MCL 500.1239.
Michigan Lost Policy Locator
Michigan Lost Policy LocatorThe Michigan Lost Policy Locator is an easy method to find information on your missing or unclaimed policy.
So, if you think a deceased loved one might have left an insurance policy behind, and you do not know how to find it, the State of Michigan can now assist you in finding it!
Just visit the Department of Insurance and Financial Services website, the Life Insurance and Annuity Search Service.
Best Michigan Life Insurance Companies
Best Michigan Life Insurance CompaniesAre you looking for a life insurance company near you? You’ve come to the right place.
Affordable Life USA is an independent insurance agency serving customers across the United States from our Grand Rapids, Michigan, headquarters.
We’ve compiled a list of your area’s best life insurance companies, with the highest ratings from the Better Business Bureau, AM Best, and J.D. Power.
Many of these companies are included in the U.S. News list of the Best Life Insurance Companies in the United States.
Top Insurance Companies in Michigan
| COMPANY | BBB | AM Best | JD Power |
| AIG | A+ | A | 718 |
| AXA Equitable | A+ | A+ | 752 |
| Banner Life | A+ | A+ | N/A |
| Brighthouse | A+ | A+ | N/A |
| Guardian Life | A+ | A++ | 760 |
| John Hancock | A+ | A+ | 739 |
| Lincoln Financial | A+ | A+ | 744 |
| Mass Mutual | A+ | A++ | 780 |
| Metlife | B- | A+ | 780 |
| Mutual of Omaha | A+ | A+ | 766 |
| Nationwide | A+ | A+ | 806 |
| Pacific Life | A+ | A+ | N/A |
| Principal Financial | A+ | A+ | 774 |
| Protective | A+ | A+ | 742 |
| Prudential | A | A+ | 770 |
| SBLI | A+ | A+ | N/A |
| Transamerica | A+ | A+ | 720 |
Interesting Facts about Michigan
Interesting Facts about MichiganMichigan is a midwestern state that borders four Great Lakes and has over 10 million residents.
Michigan is unique because it consists of both the Lower Peninsula and the Upper Peninsula.
Not only does Michigan have the Great Lakes, but it also has thousands of inland lakes, making it very popular for boating and water sports.
Michigan is also considered the U.S. automotive industry capital, with Ford, General Motors, and Crysler headquartered in the Detroit area.
A few significant Michigan cities include Detroit, Grand Rapids, Warren, Sterling Heights, Lansing, Ann Arbor, Flint, Kalamazoo, Saginaw, and Traverse City.
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Affordable Life USA is dedicated to providing comprehensive life insurance solutions to families and business owners throughout the United States.
For over thirty years, our agency has provided a platform for comparing hundreds of life insurance policies without the stress of high-pressure sales tactics.
Our experienced team of financial planners has helped thousands of clients obtain affordable coverage through our efficient online application process.
Our founder, Eric Van Haaften, expanded our consumer-centric sales model nationally by leveraging the influence of renowned publications such as Time, Newsweek, and The Wall Street Journal.
Eric acquired his love for quantitative analysis while getting his business degree from Ferris State University, which provided a solid foundation for his analytical approach to financial planning.
Eric Van Haaften, LUTCF
1-877-249-1358
