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
Life insurance is essential for your family, so it’s best to take the time and do some research.
Your first step is figuring out how much life insurance you need, which will depend on various factors, including age, income, and debts.
Next, you must decide what type of policy to buy to protect your family properly. 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
The thought of buying a policy might be daunting, but it’s something that should not be taken lightly.
What would happen if something were ever to happen to you and you left your family without any financial support?
Term life insurance is an easy and cost-effective option for many people looking to purchase protection against their untimely death.
Term coverage offers guaranteed level death benefits and premiums for initial periods between 10 and 40 years.
When you add up all of your current debts, your family’s regular living expenses, and future financial obligations, many Michigan families consider either a $250,000 or a $500,000 life insurance policy.
Many Michigan small business owners need term life insurance to protect their income, provide key-man coverage, or cover a business loan.
Many successful entrepreneurs select term coverage because it covers a specific need for a cheaper premium than permanent coverage.
Our consumer-friendly website lets Michigan families and business owners easily compare term life insurance plans from over 100 insurance companies!
Permanent Life Insurance in Michigan
Permanent Life Insurance in MichiganThere are a lot of choices to make when it comes to protecting your family, and permanent coverage is another option you may want to consider.
Permanent life insurance is best for someone looking for a policy that will always provide a death benefit regardless of when they die.
Permanent coverage comes in many different forms, so make sure you do your research before choosing a policy.
universal LIFE INSURANCE
universal LIFE INSURANCEA straightforward 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.
Universal life policies are flexible and allow you to change your payment or coverage amount throughout your lifetime.
When you first look at the price, you may think universal life is too expensive, but it’s important to remember that this coverage lasts your entire lifetime.
A modest $50,000 policy or even a $100,000 universal life policy would be a fine place to start without spending too much 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 to select from, such as the Dow Jones, S&P 500, and the NASDAQ.
- Variable Universal Life provides a fixed premium and death benefit. However, this insurance policy has cash values invested in a series of sub-accounts where you can get growth or lose money depending on the market.
WHOLE LIFE INSURANCE
WHOLE LIFE INSURANCE Whole life is a more expensive form of permanent coverage that provides a fixed premium and death benefit for the insured’s lifetime.
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.
Whole life is popular with seniors for a small policy to pay for final expenses or affluent people needing permanent coverage to create an estate for their families.
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 you should keep a few specific things in mind in Michigan.
Whether you’re looking for term or permanent coverage, make sure you know Michigan’s laws and regulations.
Remember that agents must be licensed in Michigan, so it’s essential to do your homework before choosing an insurer.
Rules and Regulations in Michigan
Rules and Regulations in MichiganThe state of Michigan life insurance policyholders has certain rights available on all term, universal, and whole life contracts.
- Free Look Period – A free look period is when you can cancel your policy if unsatisfied. You will be given a full refund if you wish to cancel your policy.
- 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, the claim will be paid within 60 days. This “timely payment” statute requires insurance companies to pay promptly once receiving a death certificate.
For additional life insurance rules and regulations in Michigan, please contact 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 AssociationAll life insurance policies in Michigan are supported by the Michigan Life and Health Insurance Guaranty Association. So, you will still be covered if your Michigan life insurance company is sold or goes bankrupt.
The Michigan Life and Health Insurance Guaranty Association ensures your death benefit, provided your policy is active, and your insurer was 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.
It is good to know that Michigan Life and Health Insurance Guaranty Association will protect Michigan policyholders and their beneficiaries in an insurance company bankruptcy.
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, called 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 that serves customers across the United States from our headquarters in Grand Rapids, Michigan.
We help families and businesses with their life insurance needs and represent many Michigan life insurance companies.
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
