Michigan life insuranceIf you live in Michigan and have been thinking about purchasing a life insurance policy, there are a few things you need to know. In the US, life insurance laws vary from state to state. This means that the life insurance situation in Michigan will be vastly different from its neighbor to the south, Indiana (or any other state for that matter).

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Life Insurance Rules and Regulations in Michigan

The Michigan Insurance Code (Act 218 of 1956, to be specific) outlines all the regulations for the life insurance industry in the state.  These laws are meant to protect you, the consumer. You can study the fine print of this code at the Michigan legislative website, but here at Life Ant, we thought we’d make it easy for our friends in Michigan by highlighting the key points of the code, below:

Free Look Period

“Free look periods” refer to the period of time that is given to a new owner of a life insurance policy (usually a week or two) that allows the policyholder to “back out” of the policy if they are not satisfied.  The consumer, if they wish to cancel their policy, is given a full refund.  In Michigan, there is no legally mandated free look period that life insurers have to abide by.  However, most Michigan insurance companies will still offer a free look period as a company policy.

Grace Period

Michigan residents are given 30 days to make up for a late payment on their life insurance bill before the insurance company is legally allowed to terminate their policy.  This allows policyholders for a little “wiggle room” when is comes to late payments (in case of accidents, lost mail, etc.).

Timely Payments

While you are given 30 days to pay your bill, the insurance company is given 60 days to pay theirs.  In the state of Michigan, once a claim is made, life insurers must pay on that claim within 60 days.  This “timely payment” statute requires insurance providers to pay promptly once receiving proof of death.  Like other life insurance laws in Michigan, this one was made with the protection of the consumer in mind.

For more information on your rights as a Michigan resident, please contact the insurance department at:

Michigan Department of Insurance and Financial Services
Telephone:  877-999-6442

Michigan State Guaranty

All life insurance policies in the state of Michigan are backed by the Michigan Life and Health Insurance Guaranty Association.  This means that in the event the company that sold you your policy goes bankrupt and shuts its doors, you will still be covered. This association insures your benefits as long as you are up to date on your premium payments and your previous insurer was legally licensed to sell insurance in the state.  It will protect you for up to $300,000 in lost death benefits and for up to $100,000 in lost cash surrender.

The Michigan Life and Health Insurance Guaranty Association can be reached at:

1640 Haslett Road, Suite 160
Haslett, MI  48840-8683
Telephone:  517-339-1755

The 10 Best Life Insurance Companies in Michigan


Offering a wide range of products, Prudential has a strong arsenal of online resources and tools. This arsenal is one reason Prudential is one of Michigan’s best life insurance companies. Prudential provides multiple universal life policies, and customers receive advice from financial professionals employed by Prudential to see which life insurance policy is best for them. A medical exam is necessary for most policies. Some term policies are available for purchase online, but permanent life insurance policies are not. Prudential is the fifth largest life insurance company in the country. Overall, Prudential has 11 different life insurance policies to choose from, so they have something for everyone.

State Farm

If you are looking for a whole life policy, State Farm is the best company in Michigan for you. It has a variety of unique whole life policies. State Farm allows you to buy a whole life policy in one single payment or make payments for a set term. Its whole life policies have a cash value, and it provides flexibility when purchasing whole life insurance. State Farm has the highest markings policy from various rating companies, including high customer service and customer satisfaction ratings. Although it is not the largest life insurance company, it provides adequate service and selections.


If you want immediate term life insurance, MassMutual is a company worth looking into. It offers immediate term life insurance up to $1 million of temporary coverage. MassMutual is a mutual company, so members and policyholders own it. Eligible policyholders receive yearly dividends based on MassMutual’s profits for the year. This company is financially stable, but premiums are slightly higher than other companies. People in their 20s pay, on average, $1.57 more each month. People in their 50s will pay $13.31 more a month. The extra expense is well worth it as their customer service is exceptional and applying with MassMutual’s application is easy.

Pacific Life

Pacific Life was founded in 1868. Pacific Life is one of the highest-rated insurance companies in the country. Pacific Life’s coverage is ideal for a person with less than perfect health. If you are of heavier build, have anxiety, depression, high cholesterol, or sleep apnea, Pacific Life’s term life insurance is the perfect coverage for you. This coverage is what makes Pacific Life one of Michigan’s best life insurance companies. The exception to this excellent coverage is smokers. Smokers will pay more with Pacific Life than other life insurance companies.

New York Life

Are you a senior looking for life insurance? New York Life is the company for you. New York Life started AARP in 1958. AARP has life insurance policies for people who are older than 50. It offers life insurance policies with or without a medical exam. They offer term or whole life insurance. The whole life insurance option provides additional benefits like an accelerated benefit. The application is easy to use online, or customer service reps are always ready to help via the telephone. New York Life/AARP’s coverage for seniors is why New York Life is one of Michigan’s best life insurance companies.


One of the world’s largest life insurance companies, AIG, has customers in 80 different countries and 50 states. Its insurance products include term life, whole life, and universal life. AIG’s two-term life policies are unique. They can both be converted to permanent coverage at any time and offer different term lengths. This term coverage is one of the reasons AIG is one of Michigan’s best life insurance companies. AIG’s permanent life insurance options include guaranteed issue whole life insurance, universal life insurance, and variable universal life insurance.

Colonial Penn

If you have more severe health issues, Colonial Penn is the best company in Michigan for life insurance. It offers unique life insurance products and has guaranteed acceptance policies for people over 50 years old. No health questions are asked, and no medical exam is needed. Another strength of Colonial Penn is its Living Insurance. This insurance pays out partial benefits if you have a life-changing medical emergency such as a stroke, heart attack, cancer, or disabling illness. Colonial Penn also offers permanent and term life insurance policies. Quotes are available online or via telephone.

Haven Life

Owned by MassMutual, Haven Life is an original life insurance agency that provides unique coverage. Obtaining life insurance through Haven Life is simple and accessible for people between 18 and 64. Haven Life offers unique term life coverage, and this is one reason Haven Life is one of Michigan’s top life insurance companies. You can apply for coverage online and get approved almost instantly. Once approved, you purchase the policy digitally. Haven Life thinks about the whole insured and not just the money aspect. It provides its customers with a world-class fitness app, a sleep and neuroscience app, and an online will.


If you are between the ages of 21 and 55 and want term life insurance, Bestow is an excellent company for you. It makes getting life insurance simple and only offers term life insurance. The life insurance comes in a ten-year term or a 20-year term. No medical exam is needed, and applying for life insurance with Bestow is easy. Bestow’s customer service is excellent because customer service reps receive no incentives if you purchase one plan over another.


Offering term life insurance is where Fabric excels, specifically if you are between 25 and 50 and have children. It takes as little as 10 minutes to fill out an application with the possibility of immediate coverage. Although Fabric is not a very old company, it is backed by Vantis Life, a Penn Mutual Company. Penn Mutual is financially stable and highly-rated. This gives Fabric’s customers peace of mind to know they will be taken care of when it comes to life insurance. Fabric’s term life insurance comes in 10, 15, or 20-year terms with coverage available between $100,000 and $5,000,000. Fabric’s term life insurance is why it is one of Michigan’s best life insurance companies.