How Much Does Life Insurance Cost in Michigan?
Michigan pricing is near the national average. Updated for 2024.
Life Insurance Pricing in Michigan
In Michigan, the average cost for life insurance is $46 per month, which is 8% lower than the national average of $50. Most Michigan residents pay between $18 and $184.
Michigan has costs that track closely with the national average, though prices can still vary between urban and rural areas within the state.
Life insurance provides financial protection for your family. Term life is the most affordable option, while whole life builds cash value but costs significantly more.
Michigan vs National Average
What Affects Life Insurance Cost in Michigan?
Policy Type
20-year term: $20-$60/mo. Whole life: $150-$500/mo (for same coverage)
Coverage
$250K: $15-$30/mo. $500K: $25-$50/mo. $1M: $40-$90/mo (healthy 35-year-old, term)
💡 Tips to Save on Life Insurance in Michigan
- 1.Term life is 5-10x cheaper than whole life and sufficient for most people
- 2.Buy younger — rates increase significantly with age
- 3.Maintain good health to qualify for preferred rates
- 4.Compare quotes from multiple providers
Frequently Asked Questions
How much life insurance do I need?
A common guideline is 10-15x your annual income. Consider debts, childcare costs, and future expenses like college.