In 2012 Michigan residents purchased 37 billion dollars in individual Life Insurance policies amassing more than $12 billion in benefits for policy-holders.
The total amount of life insurance owned by Michigan residents is estimated at $788 Billion. More than 4 million residents of Michigan own policies. On average the coverage per policy-holder is $111,000.
View the comparison chart to learn the difference between Term Life, Whole Life and Universal coverage.
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Bureau of Labor Statistics, U.S. Department of Labor, National Compensation Survey, March 2013.
Sources: ACLI calculations based on National Association of Insurance Commissioners (NAIC) 2012 annual statement data; U.S. Bureau of Economic Analysis, 2012 data; U.S. Census Bureau, 2012 data; U.S. Bureau of Labor Statistics, 2012 data; and U.S. Treasury Department, 2012 data.
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