To protect your family's future in Minnesota, a life insurance policy can ensure their financial stability in the event of your death. Using our proprietary rating methodology, we picked the top life insurance companies in Minnesota in several categories, including the best overall, the most affordable, and the best for people with pre-existing health conditions.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like A.M. Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Minnesota
Best overall: Banner Life
Cheapest: Banner Life
Best term life insurance: Banner Life
Best no-medical-exam life insurance: Brighthouse Financial
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Brighthouse Financial
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Banner Life
Methodology: How we chose the best life insurance companies in each state
We don’t 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
2023 Policygenius award winner
Banner Life
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Banner Life has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
According to our research, the best overall life insurance carrier in Minnesota is Banner Life. It offers competitive rates and term lengths of up to 40 years. It also has a strong rating from A.M. Best, a no-medical-exam option with a quick approval process, and affordable rates for some people with complicated medical histories and conditions.
Cheapest life insurance
Banner Life
Banner Life typically offers the most affordable life insurance rates on term life and whole life insurance plans for Minnesotans. It's also a great option for people who smoke or are being treated for mental health conditions.
Best term life insurance
Banner Life
Term life insurance covers you for a specific length of time, usually between 10 and 30 years. If you pass away during the term, your beneficiaries will receive the total value of the death benefits. Banner Life offers terms all the way up to 40 years, and boasts the most affordable and flexible term life policies for most Minnesotans.
Best no-medical-exam life insurance
2023 Policygenius award winner
Brighthouse Financial
5.0
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
Want to get approved for life insurance as quickly as possible? Brighthouse Financial offers a lightning-fast application process that requires no medical exam, with approval in less than 24 hours.
Best whole life insurance
2023 Policygenius award winner
MassMutual
4.9
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
Unlike term life insurance, whole life insurance covers you for your entire life, and it can build cash value over time, as long as you continue paying premiums. MassMutual offers Minnesota's best whole life insurance because it pays out higher dividends than other carriers.
Best for seniors
2023 Policygenius award winner
Prudential
4.1
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
Just because you're an older adult doesn't mean you can't get life insurance. While people over age 60 may pay more for life insurance, seniors in Minnesota will likely find their most affordable options with Prudential, which also offers more flexible income requirements than many other insurers.
Best life insurance for young adults
Brighthouse Financial
Brighthouse Financial offers some of the most competitive rates to Minnesotans between ages 25 and 50. Many young adult applicants can also skip the medical exam with Brighthouse Financial and get approved for a policy in as little as 24 hours. Shopping for life insurance when you're young and healthy is the best way to lock in a low rate for decades to come.
Best for people with pre-existing conditions
2023 Policygenius award winner
Lincoln Financial
4.8
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
If you're worried your life insurance application would be declined (or too expensive) because of one or more pre-existing health conditions, Lincoln Financial offers affordable rates to people with complex medical histories, including cancer and diabetes.
Best for marijuana users
Lincoln Financial
Many insurers won't offer daily marijuana users their best rates, but Lincoln Financial has a more progressive approach, especially if you primarily smoke marijuana as opposed to other ingestion methods. If you use marijuana products daily, Lincoln Financial's life insurance rates will almost always be the most affordable.
Best for smokers
Banner Life
If you smoke tobacco, you can expect to pay more for life insurance than someone who doesn't. But we selected Banner Life as the best option for people who smoke because it offers competitive rates and allows policyholders to have their premiums lowered after one year of being a non-smoker/non-tobacco user.
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Comparing the best life insurance companies in Minnesota
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 Minnesota?
Based on Policygenius data from June 2023, the average cost of life insurance for a 35-year-old non-smoker in Minnesota purchasing a $500,000, 20-year term life insurance policy is $25.76 for women and $30.79 for men. You may pay more for your life insurance if you're a smoker or have certain medical conditions.
What happens if a life insurance company goes bankrupt in Minnesota?
The Minnesota Life and Health Insurance Guaranty Association protects policyholders in the state against financial loss if their insurance provider goes bankrupt. However, coverage limits and restrictions of up to $500,000 for death benefits and $130,000 for cash loss surrender could affect people with life insurance policies over these limits.
How to find a lost life insurance policy in Minnesota
Residents can use the Life Insurance Policy Locator service to find a lost life insurance policy in Minnesota. The National Association of Insurance Commissioners created this site to help friends and family of recently deceased persons locate lost or missing life insurance policies.
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Minnesota life insurance laws
Minnesota has enacted laws protecting policyholders that life insurance companies must uphold when conducting business in the state.
Free look period
Under Minnesota law, customers have 10 days to review a new life insurance policy before it becomes valid. If they choose to cancel the policy within 10 days, they are entitled to a full refund on any paid premiums.
Guaranty Fund protection
As noted above, the Minnesota Life and Health Insurance Guaranty Association protects the state's policyholders if their insurance provider goes out of business or becomes insolvent.
Contestable period
During the first two years of a life insurance policy, an insurance carrier may reject a death benefits claim if it finds misrepresentation on your application.
Time allowable to settle a claim
Life insurance companies in Minnesota must pay any submitted and approved death benefit claims within two months of receiving a death certificate.
Grace period for missed payments
Minnesota life insurance policyholders have one month to catch up on any unpaid premiums before their insurer can cancel the policy. Additionally, they may have to pay a late fee or finance charge on the outstanding amount.
Frequently asked questions
What is the best life insurance company in Minnesota?
Based on our analysis, the best overall life insurance company for Minnesotans is Banner Life, thanks to its affordable rates, strong financial stability, and no-medical-exam options.
How long do life insurance companies have to pay my claim in Minnesota?
By Minnesota law, life insurance companies have up to two months to pay a claim once proof is submitted to the company.
What happens if I miss a payment on my life insurance policy in Minnesota?
If you are late on your life insurance premium in Minnesota, you have one month to catch up before the carrier can cancel the policy. After that, you may also have to pay a finance charge or a late fee on the unpaid amount.
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