Michiganders have many life insurance companies to choose from, and the right one for you depends on your budget, coverage needs, lifestyle, and health conditions. When you’re shopping for life insurance, it’s also important to know the state laws that protect you as a policyholder.
We put together the top life insurance companies in Michigan or Michigan residents from all walks of life, along with the state guidelines you need to know about.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Michigan
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance
2024 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
Most Michigan residents will be able to find the most affordable rates with Legal & General America, which also does business as Banner Life and William Penn, our top pick for the best Michigan life insurance company. Legal & General America offers great rates and flexibility when purchasing term life insurance to a wide range of Michiganders.
Legal & General America also has strong financial security and customer satisfaction, with a 0.35 NAIC complaint rating well below the national average of 1.00.
Cheapest life insurance
Legal & General America
Legal & General America has some of the cheapest life insurance rates in Michigan for the widest range of people, and Michiganders with pre-existing conditions can find affordable coverage too.
Best term life insurance
Legal & General America
The most suitable type of life insurance for the majority of applicants, term life insurance is a type of policy that provides affordable coverage for a set amount of time and expires at the end of that term. Legal & General America has term length options up to 40 years and the most affordable rates for a large percentage of applicants.
Best no-medical-exam life insurance
2024 Policygenius award winner
Brighthouse Financial
5.0
No-medical-exam option
Why we chose it
Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.
Pros and cons
Pros
Extremely affordable
Instant-decision applications
Best-in-class no-exam option
Cons
Traditional term life not available in CA, IL, LA, ME, or NY
Term life applicants limited to ages 25-50
Michigan residents who want to bypass the medical exam part of the life insurance application, and use their health records to get coverage fast, should look at no-medical-exam life insurance. Brighthouse Financial offers no-medical-exam policies with competitive rates, up to $2 million in death benefits, and quick application decisions in as little as 24 hours.
Best whole life insurance
2024 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
Whole life insurance covers the policyholder for their entire life and has a cash value component that can be used for savings and investment, but it costs five to 15 times as much as term life insurance. MassMutual is a solid pick that pays higher dividends than its competitors.
Best for seniors
2024 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Michigan seniors age 60 and over can get competitive rates from Prudential, even when they have certain pre-existing health conditions that go hand-in-hand with old age.
Best for young adults
Brighthouse Financial
Young adults in Michigan can generally get the most affordable life insurance coverage, and Brighthouse Financial offers some of the best rates on the market. Brighthouse features quick approvals, no-medical-exam options, and lower income requirements for people enrolled in college.
Best for people with pre-existing conditions
2024 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
Many pre-existing conditions will result in higher premiums for life insurance applicants, simply because they are higher risk for the insurance company. But Lincoln Financial offers lower rates than their competitors for Michiganders with many types of pre-existing conditions.
Best for marijuana users
Lincoln Financial
Many life insurance companies automatically assign expensive smoker rates to marijuana users. But Lincoln Financial offers Michigan marijuana users non-smoker rates that are 200% to 300% cheaper than the smoker rates they’d get elsewhere.
Best for smokers
Legal & General America
Life insurance will cost two to three times more for smokers because of the health risks associated with tobacco. But Legal & General America offers Michigan smokers lower rates than many competitors, and policyholders can apply for lower rates after they successfully quit smoking for a year.
Comparing the best life insurance companies in Michigan
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Brighthouse Financial | 5.0 / 5 | No-medical-exam life, young adults | Term life, no-medical-exam life, whole life, short-term life, universal life | |
Legal & General America | 4.9 / 5 | Overall, cheapest, term life, smokers | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Michigan?
Factors affecting life insurance premiums include the applicants’ age, medical history, current and former medical conditions, and the term length and coverage amount for the policy. Based on Policygenius data from 2023, the average monthly premium for a healthy 35-year old in Michigan buying a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.
What happens if a life insurance company goes bankrupt in Michigan?
Life insurance companies don’t usually go bankrupt and become unable to meet their financial obligations. But if they do, the Michigan Life & Health Insurance Guaranty Association will cover affected Michigan policyholders and provide coverage as long as the policyholder continues to pay their premiums.
When an insurance company is found insolvent, affected policyholders will receive a notice from the receiver and/or the guaranty association. The MLHIGA will cover up to $300,000 in life insurance death benefits and up to $100,000 in cash surrender value for all affected Michigan policyholders.
If a policyholder moves out of Michigan, they will receive protection from the guaranty association in the state they currently reside.
How to find a lost life insurance policy in Michigan
The Michigan Department of Insurance and Financial Services created the Life Insurance and Annuity Search Service to help individuals locate life insurance policies and annuity contracts purchased in Michigan by deceased family members. Family members and/or the executor of the decedent's estate can also search the national database with the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service.
Michigan life insurance laws
All life insurance companies that do business in Michigan must abide by state regulations that protect policyholders.
Free look period
Life insurance companies must provide Michigan residents a free look period that allows policyholders to cancel their policy and receive a full refund within a certain timeframe. In Michigan, the free look period can range anywhere from 10 to 30 days, so life insurance shoppers should check with each company before buying a policy.
Guaranty Fund protection
The Michigan Life & Health Insurance Guaranty Association covers up to $300,000 in death benefits and $100,000 in cash surrender value for affected Michigan policyholders when a life insurance company is unable to uphold its financial obligations.
Contestable period
In Michigan, life insurance companies can deny a claim during the first two years of the policy if they can show that the applicant lied or misrepresented information on their life insurance application.
Time allowable to settle a claim
Michigan life insurance companies must pay death benefits within 60 days of receiving satisfactory proof of death for the settlement to be considered paid on a timely basis. Any death benefits not paid within that timeframe will accrue interest at the rate of 12% per year.
Grace period for missed payments
Michigan residents have a one-month grace period for missed payments. This gives policyholders a month to make up for a missed payment before the life insurance company can terminate their coverage.
Frequently asked questions
What is the number one life insurance company in Michigan?
Legal & General America is our pick for the best life insurance company in Michigan because it offers competitive rates and long term lengths to the widest variety of people.
What is the life insurance free look period and grace period in Michigan?
Michigan allows for at least 10 days to cancel a new life insurance policy and get a full refund of your premium, but you should check with the insurance company for the exact timeframe they provide. You also get a one-month grace period to make up for a missed payment before you can lose coverage.
What types of life insurance are available in Michigan?
Michiganders can get term life insurance and whole life insurance, the most common policy types, as well as all of the other main types of life insurance, including no-medical-exam policies with accelerated underwriting and final expense insurance.
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