Best life insurance companies in Minnesota (2024)

We looked at policy cost, coverage quality, and unique policy offerings for Minnesota residents to find the best life insurance companies in the state.

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By

Gianetta PalmerContributing WriterGianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

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

Maria FilindrasMaria FilindrasFinancial AdvisorMaria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

Updated|4 min read

Expert reviewedExpert reviewedThis article has been reviewed by a member of ourFinancial Review Council to ensure all sources, statistics, and claims meet the highest standard for accurate and unbiased advice.Learn more about oureditorial review process.

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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 AM 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

Methodology

Why you can trust our picks

Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.

Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.

Read more about our reviews methodology

Best overall life insurance

According to our research, the best overall life insurance carrier in Minnesota is Legal & General America, which also does business as Banner Life and William Penn. It offers competitive rates and term lengths of up to 40 years. It also has a strong rating from AM 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

Legal & General America 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

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. Legal & General America 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

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2024 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.

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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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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

Pros

  • Extremely affordable

  • Instant-decision applications

  • Best-in-class no-exam 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

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2024 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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All 50 states

Why we chose itchevron icon

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

Pros and conschevron icon

Pros

  • Strong financial stability ratings

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

  • Good customer satisfaction 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

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2024 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 ($$$$$).

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$

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No-medical-exam option

Why we chose itchevron icon

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 conschevron icon

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

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 

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2024 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 ($$$$$).

$

$

$

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No-medical-exam option

Why we chose itchevron icon

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

Pros and conschevron icon

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 

If you smoke tobacco, you can expect to pay more for life insurance than someone who doesn't. But we selected Legal & General America 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.

Ready to shop for life insurance in Minnesota?

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

Legal & General America

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 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.

Ready to shop for life insurance in Minnesota?

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.

Author

Gianetta Palmer is a contributing writer at Policygenius, where she covers life insurance, home insurance, and auto insurance. Her writing has also appeared in TIME, Readers Digest, Healthline, and elsewhere.

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

Maria Filindras is a financial advisor, a licensed Life & Health insurance agent in California, and a member of the Financial Review Council at Policygenius.

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