It’s a huge decision with a lot to think about when planning for the future and safeguarding the people you care about with life insurance. For people who depend on you, life insurance provides financial security. It helps you ensure that your family will be supported financially even after your death.
However, selecting the ideal life insurance policy with so many options present in Michigan can be challenging. Choose to secure your family’s financial future by speaking with one of our life insurance agents in Michigan right away.
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Popular Coverages in the State
Term Life Insurance
- Renewable Term
- Convertible Term
- Credit Term
- Group Term
Whole Life Insurance
- Indexed whole life insurance
- Guaranteed issue whole life insurance
- Limited payment whole life insurance
- Joint life insurance
- Modified whole life insurance
Universal Life Insurance
- Non-guaranteed universal life
- Guaranteed universal life
- Indexed universal life
- Variable universal life
Variable Life Insurance
- Has both insurance and investment component
Life Insurance Companies and Average Insurance Cost in 2023
While several factors determine the cost of life insurance, life insurance providers that provide affordable life insurance in Michigan on $250k policy coverage are listed below.
Insurance CarrierAverage Monthly Insurance Rate (Female)
- MassMutual $16.20
- Nationwide $16.66
- Mutual of Omaha $16.99
- Transamerica $29.05
- State Farm $40.86
Insurance CarrierAverage Monthly Insurance Rate (Male)
- MassMutual $16.20
- Nationwide $16.66
- Mutual of Omaha $16.99
- Transamerica $29.05
- State Farm $40.86
Frequently Asked Question
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What is the benefit of getting life insurance in Michigan?
You can use life insurance to shield your loved ones or other dependents from the financial loss that would result from your passing. Furthermore, if you are a retiree who satisfies the standard requirements for age and service, your state-sponsored life insurance will continue for you and your dependents at no cost to you.
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What types of life insurance are approved in Michigan?
Michigan has four main life insurance categories: term, whole, universal, and variable. By speaking with a licensed insurance agent in Michigan, determine your coverage needs and the quantity of coverage you require.
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How much does life insurance cost per month in Michigan?
A monthly life insurance premium typically costs between $30 and $55 in Michigan.
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Is life insurance tax deductible in Michigan?
According to federal tax regulations, the first $50,000 of your basic life insurance benefit isn’t counted as income. However, the cost of the benefit paid by the employer is taxed if it exceeds $50,000, and Section 79 of the Internal Revenue Code mandates that the imputed income be applied to your final W-2 earnings.
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How much life insurance do I need in Michigan?
The amount of your life insurance depends on your circumstances (annual income, debts, family, etc.). Contact our local insurance agents in Michigan, who can assist you in determining the level of coverage you require while staying within your budget.
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When should I make changes to my life insurance policy?
Review your life insurance coverage following any significant life events or milestones to determine any changes in your insurance requirements. Considering altering your policy if you recently:
- Gotten married or divorced
- Had changes in your business
- Had or adopted a child
- Had a job change
- Purchase a new home
- Taken on new debt
- Started planning for your retirement
- Started planning for your children to attend college
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