Best life insurance companies in Connecticut

Find the best life insurance companies operating in Connecticut and learn about the state laws that protect you as a consumer.

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By

Brian ActonContributing WriterBrian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Edited by

Julia KaganJulia KaganContributing EditorJulia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.
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Reviewed by

Kristi Sullivan, CFP®Kristi Sullivan, CFP®Certified Financial PlannerKristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

Updated|5 min read

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Finding the right life insurance policy in Connecticut can prove challenging simply because of the sheer number of life insurance companies you have to choose from. We narrowed down the search for you by picking the best life insurance companies in Connecticut based on price, customer satisfaction, transparency, and financial strength. We also calculated the average cost of coverage in the state, and listed the state laws that protect you as a policyholder. 

Best life insurance companies in Connecticut

Methodology: How we chose the best life insurance companies in each state

We dont get paid for our company reviews and use an extensive rubric of criteria covering policy details, price, financial confidence, third-party ratings, and customer experience to assign unbiased ratings out of five stars. Any recommendations we make are based on internal and external expert opinions and data from our Policygenius Price Index, which uses real-time rate data from leading life insurance companies to determine pricing trends. Our ratings and reviews can help point you to an insurer you can rely on for your family’s financial protection, but the best life insurance company for you is dependent on multiple factors. A licensed agent at Policygenius can work with you through the application process so you’re getting coverage from the best insurer for your circumstances at the most competitive price.

Best overall life insurance

Banner Life is the best overall life insurance company in Connecticut. It offers competitive rates to healthy adults and applicants with certain pre-existing conditions. The company also provides a variety of term length options for applicants to choose from, ranging up to 40 years.  

Banner Life is well positioned in the life insurance industry, with high financial security and low customer complaint ratings of 0.35, compared to the national average of 1.00. 

Cheapest life insurance

Connecticut residents of all kinds can find affordable life insurance rates with Banner Life, including applicants with pre-existing conditions and lifestyle factors that tend to affect life insurance premiums. 

Best term life insurance

Term life insurance provides coverage to the policyholder for a certain number of years, with the policy expiring at the end of that time frame. Banner Life offers affordable term length policies with up to 40 years of coverage. 

Best no-medical-exam life insurance

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2023 Policygenius award winner

Brighthouse Financial

Brighthouse Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starFull orange star

5.0

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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No-medical-exam option

Why we chose it

Brighthouse Financial offers competitive rates, comprehensive coverage, and application decisions in as little as 24 hours, making it a great choice for people who want to get life insurance coverage without having to take the medical exam.

Pros and cons

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-med option

Cons

  • Traditional term life not available in CA, IL, LA, ME, or NY

  • Term life applicants limited to ages 25-50

Qualifying Connecticut residents can apply for no-medical-exam life insurance to skip the health exam and use their medical history to get a policy fast. These policies are more expensive but offer quick approvals, and may cover some applicants who couldn’t otherwise get life insurance. Brighthouse Financial covers up to $2 million in death benefits for its no-medical-exam policies and can process applications as quick as 24 hours. 

Best whole life insurance

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2023 Policygenius award winner

MassMutual

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.9

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A++

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

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$

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All 50 states

Why we chose it

MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.

Pros and cons

Pros

  • Strong financial stability ratings

  • Higher potential for dividends for whole life policyholders than many competitors

  • Good customer experience ratings

Cons

  • High term life premiums

  • Term life not available through Policygenius

For a rate that’s five to 15 times more expensive than term life, whole life insurance will cover the policyholder for their entire life. Whole life policies also feature a cash value component for savings and investment, and even pays dividends to policyholders when the company performs above financial expectations. MassMutual is our pick for best whole life insurance because it pays higher dividends than competing insurers. 

Best for seniors

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2023 Policygenius award winner

Prudential

Prudential logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starEmpty gray star

4.1

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A+

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

All 50 states

No-medical-exam option

Why we chose it

With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.

Pros and cons

Pros

  • Good for people over 60

  • More flexible income requirements than some other insurers

  • Considers applicants with a variety of immigration statuses (visas and green cards)

Cons

  • Younger applicants will likely find better prices elsewhere

  • No-med option can end up requiring a medical exam most of the time

Connecticut seniors age 60 and above will pay more for life insurance than younger applicants, so it pays to seek out affordable coverage. Prudential offers good rates to seniors including applicants with certain types of pre-existing conditions. 

Best for young adults

Brighthouse Financial

Young adults in Connecticut can find cheap policies with many life insurance companies. But Brighthouse Financial offers some of the best rates for young adults out there, with a quick application process and flexible income requirements for Connecticut college students. 

Best for people with pre-existing conditions

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2023 Policygenius award winner

Lincoln Financial

Lincoln Financial logo

Policygenius rating 

Our proprietary rating methodology takes multiple factors into account, including customer satisfaction, cost, financial strength, and policy offerings. See the "methodology" section for more details.

Full orange starFull orange starFull orange starFull orange starHalf orange star

4.8

AM Best rating 

AM Best is a global credit rating agency that scores the financial strength of insurance companies on a scale from A++ (Superior) to D (Poor).

A

Cost 

Using a mix of internal and external rate data, we grade the cost of each insurance company's premiums on a scale from least expensive ($) to most expensive ($$$$$).

$

$

$

$

$

No-medical-exam option

Why we chose it

Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.

Pros and cons

Pros

  • Affordable rates

  • Good for many existing health conditions, including depression, stroke, and heart conditions

  • Good for marijuana users, including daily users

Cons

  • Term life not available in New York

Certain types of pre-existing conditions can affect how much an applicant will have to pay for life insurance, so consumers with medical conditions should shop around for the best rate. Lincoln Financial offers competitive rates for applicants who have a wide range of health conditions. 

Best for marijuana users

Lincoln Financial

Many life insurance companies automatically classify marijuana users as smokers, which means they’ll pay much more for life insurance than those with a non-smoker classification. But Lincoln Financial offers marijuana users non-smoker rates, making them one of the most affordable options. 

Best for smokers

Because of the health risks associated with tobacco, smokers have to pay two to three times as much for life insurance than non-smokers. But Banner Life offers Connecticut smokers some of the best smoker rates around. Plus, policyholders who quit smoking for one year can apply for a rate reduction, compared to the minimum two-year waiting period that many other insurers require. 

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Comparing the best life insurance companies in Connecticut

Company 

Policygenius rating

Best for

Types of policies 

Brighthouse Financial

5.0 / 5

No-medical-exam life, young adults

Term life, no-medical-exam life, whole life, short-term life, universal life

Banner Life

4.9 / 5

Overall, cheapest, term life, smokers

Term life, no-medical-exam life, universal life

MassMutual

4.9 / 5

Whole life

Term life, no-medical-exam life, whole life, universal life, variable universal life

Lincoln Financial

4.8 / 5

Marijuana users, people with pre-existing conditions

Term life, no-medical-exam life, indexed universal life, variable universal life

Prudential

4.1 / 5

Seniors

Term life, no-medical-exam life, short-term life, universal life, indexed universal life

What is the average cost of life insurance in Connecticut?

Factors that affect the cost of life insurance include the age of the applicant, their medical history, the length of the term, and the amount of the death benefit. 

Based on Policygenius data from June 2023, the average monthly premium for a healthy 35-year old in Connecticut purchasing a $500,000, 20-year term life insurance policy is $30.79 for men and $25.76 for women.  

What happens if a life insurance company goes bankrupt in Connecticut?

In the rare event that a life insurance company ever goes bankrupt, the Connecticut Life and Health Insurance Guaranty Association will intervene to provide coverage to affected state residents. 

If an insurance company fails to fulfill its financial obligations to policyholders and is found insolvent, the liquidator and/or the guaranty association will notify affected policyholders. The guaranty association will cover up to $500,000 in life insurance death benefits and up to $500,000 in cash surrender value, as long as the policyholder continues to pay their premiums. 

It’s worth noting that in most cases, the guaranty association in the policyholder’s state of residence at the time a company is liquidated is responsible for providing coverage. [1] Most states have outlined specific laws for this scenario.

How to find a lost life insurance policy in Connecticut

Consumers can search the National Association of Insurance Commissioners’ Life Insurance Policy Locator Service to locate life insurance policies when someone dies. 

Connecticut life insurance laws

Connecticut life insurance policyholders receive protections from laws that govern how life insurance policies must function in the state. 

Free look period

New policyholders in Connecticut get a minimum free look period of 10 days to review their policy. If they wish, they can cancel the policy and receive a full refund of all premiums they paid as long as they do so within the 10-day time frame. 

Guaranty Fund protection

The Connecticut Life and Health Insurance Guaranty Association covers life insurance death benefits of up to $500,000 and cash surrender value of up to $500,000 for Connecticut policyholders whose life insurance company becomes insolvent. 

Contestable period

In Connecticut, the contestable period for a new life insurance policy lasts for two years from the date the policy is issued. During the contestable period, life insurance companies can refuse to settle a claim if they find fraud or misrepresentations on the policyholder’s application.

Grace period for missed payments

Connecticut policyholders have a 60-day grace period for premium payments. This means that they get 60 days to make up for a past due payment before the life insurance company is legally allowed to cancel the policy for nonpayment.

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Frequently asked questions

What is the number one life insurance company in Connecticut?

We chose Banner Life as the number one life insurance company in Connecticut. With competitive rates across a wide variety of applicants and term length options of up to 40 years, Banner Life offers the best affordable policies to the most Connecticut applicants.

What is the life insurance free look period and grace period in Connecticut?

Connecticut policyholders get 10 days to review a new life insurance policy and cancel it for a full refund. They get a 60-day grace period from the premium’s due date to make a payment without losing their coverage.

What types of life insurance are available in Connecticut?

Life insurance companies in Connecticut offer whole life insurance and term life insurance, the two most common kinds of life insurance. Some insurers also offer no-medical-exam policies and final expense insurance that covers funeral costs.

References

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Policygenius uses external sources, including government data, industry studies, and reputable news organizations to supplement proprietary marketplace data and internal expertise. Learn more about how we use and vet external sources as part of oureditorial standards.

  1. National Organization of Life and Health Insurance Guaranty Associations

    . "

    Frequently Asked Questions

    ." Accessed April 19, 2023.

Author

Brian Acton is a contributing writer at Policygenius, where he covers insurance and finance. His work has also appeared in The Wall Street Journal, TIME, USA Today, MarketWatch, Inc. Magazine, and HuffPost. 

Editor

Julia Kagan is a contributing editor at Policygenius, where she specializes in life insurance. Previously, Julia was the senior personal finance editor at Investopedia for nearly a decade, a vice president and editorial director at Consumer Reports, the editor of Psychology Today, and the vice president of content at Zagat Surveys.

Expert reviewer

Kristi Sullivan, CFP®, is a certified financial planner and a member of the Financial Review Council at Policygenius. Previously, she was a regional consultant at Fidelity Investments for nine years.

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