Michigan Life Insurance

Last Updated on September 17, 2020 by Andrew Lee

Find the Best Life Insurance

Compare Term & Whole Life Insurance Options:

A life insurance policy protects the surviving members of a household from the financially-depleting effects of losing a primary income provider or breadwinner. This alone makes it a truly worthwhile investment. However, like with all the other types of insurance, you would have to allot a portion of your financial resources to pay for it. So before making a purchase, you should have some idea of what it will cost you as someone who lives in Lansing, Michigan. The tables below contain estimates you can use to come up with a price range of what you can afford.

Estimated Monthly Premiums
Lansing, MI 48906
Policy: $200K
Duration: 30 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $55.65 – $91.53 $19.17 – $45.45
45 Yr Old Male $167.65 – $230.87 $39.36 – $125.94
 30 Yr Old Female $40.42 – $72.88 $16.35 – $35.34
 45 Yr Old Female $117.34 – $176.49 $30.89 – $82.53

 

You’ll immediately notice the large difference in the premiums of non-smokers and smokers. No matter your age and gender, if you don’t smoke, you’ll always get better rates if you completely avoid this unhealthy habit. Keep in mind that anything that has the potential of reducing life expectancy has a drastic effect on insurance costs, and this includes the use of other tobacco or nicotine products, such as electronic cigarettes, gums, and patches.

More coverage, reduced term

If you want to bump up your policy’s death benefit to $500,000, but also reduce its term to 20 years, your premiums may look like any of these:

Estimated Monthly Premiums
Lansing, MI 48906
Policy: $500K
Duration: 20 Years

Age & Gender Smokers  Non-Smokers
 30 Yr Old Male  $72.62 – $133 $20.36 – $58.05
45 Yr Old Male $213.94 – $430.30 $50.06 – $138.95
 30 Yr Old Female $59.50 – $115.40 $17.93 – $44.90
 45 Yr Old Female $154.32 – $296 $39.48 – $116.10

 

Because age is the biggest factor that makes up life insurance premiums, you most likely will enjoy better rates when you purchase young. As you can see from the table above, the younger male group pays more than twice less than their older peers. The same goes true for the younger female group.

More life insurance help

Having an idea of how much life insurance will cost you is just one step to ensuring you buy the right policy. You should also educate yourself about its basics so that you know how it works and what your options are.

And as a final reminder, don’t sign that long-term contract without first contacting the Michigan Department of Insurance and Financial Services for insurance company licensure concerns.