Best Life Insurance in Minneapolis, MN (October 2024)
Updated: October 14, 2024
Advertising & Editorial Disclosure
Protective is Minneapolis, Minnesota's best life insurance provider, with a MoneyGeek score of 92 for men and women. The average monthly premiums are $28 for males and $24 for females. These scores and costs are based on a 20-year term policy with $500,000 coverage.
When deciding on life insurance, consider your age, health and coverage needs. Your unique situation may mean a different company is best for you.
Why Trust MoneyGeek? We analyzed 1,488 life insurance quotes alongside customer satisfaction, financial stability reports, product offerings and more to determine the best life insurance companies in Minneapolis, Minnesota.
Coverage costs and company information for life insurance providers were updated in October 2024.
BestLife InsuranceMinneapolis, MNBest Life Insurance Companies in Minneapolis
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the overall best life insurance companies:
This was done using the average profile with a 20-year term policy and $500K coverage.
Protective offers the best life insurance in Minneapolis, with a MoneyGeek score of 92 and average monthly premiums of $28 for men and $24 for women.
Top providers for men:
Top providers for women:
Protective's high MoneyGeek score and competitive monthly premiums make it a reliable option for life insurance.
Protective is Minneapolis' best life insurance provider, with a MoneyGeek score of 92 and monthly premiums of $28 for men and $24 for women. It balances affordability with comprehensive coverage.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies:
Quotes gathered were for a $250K life insurance policy with a 10-year term.
Protective has the best term life insurance in Minneapolis, with a MoneyGeek score of 92 and average monthly premiums of $14 for men and $13 for women. Its affordability, high customer satisfaction and financial stability make it a solid choice.
Top term life insurance companies for men:
Top term life insurance companies for women:
Term life insurance is a policy where the insurer pays a benefit if the insured person dies within a set term. For example, a parent might purchase a 20-year term policy to fund their child's education if they pass away unexpectedly.
In Minneapolis, Protective is the best term life insurance provider, earning a MoneyGeek score of 92. It balances cost and quality coverage with low monthly premiums of $14 for men and $13 for women.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best whole life insurance companies:
We did not weigh affordability as we did not collect whole life insurance quotes. The company below has the highest score among the companies that offer whole life insurance policies based on a 20-year term at $500K coverage.
Protective is the best whole life insurance provider in Minneapolis, with a MoneyGeek score of 92 for men and women. This score reflects the company's strong customer satisfaction, financial stability and product diversity.
Whole life insurance covers the insured's entire lifetime, with fixed premiums and a cash value component. Someone might choose this insurance for its potential to build cash value over time, which can serve as a financial resource in the future.
In Minneapolis, Protective is the leading provider of whole life insurance, earning a MoneyGeek score of 92 for men and women. Its exceptional service and financial stability ensure that policyholders receive quality coverage without financial strain.
Pros:
Cons:
Ensure you're getting the best rate for your life insurance. Compare quotes from top providers to find the most affordable life insurance coverage for your needs.
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best universal life insurance companies:
We did not weigh affordability as we did not collect universal life insurance quotes. The company below has the highest score among the companies that offer universal life insurance policies, over a 10-year term for $250K coverage.
Protective has Minneapolis' best universal life insurance, with a MoneyGeek score of 91 for men and women. The company's high score indicates a strong balance of affordability, customer satisfaction and financial stability.
Universal life insurance is a flexible policy that allows policyholders to adjust their premiums and death benefits. Someone might choose it over term life insurance to accumulate cash value over time, which can be a valuable financial resource.
Protective is Minneapolis' leading universal life insurance provider. With a MoneyGeek score of 91 for men and women, it stands out for its affordability, customer satisfaction and financial stability.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best life insurance companies that don't require a medical exam:
We did not weigh affordability as we did not collect any insurance quotes for this category. The company below has the highest score among the companies that offer life insurance policies without mandatory medical exams, for a 10-year term with $250K coverage if the insuree was in poor health.
Protective offers the best life insurance in Minneapolis without a medical exam requirement. Its MoneyGeek score of 91 for men and women reflects a strong balance of customer satisfaction and financial stability.
Life insurance with no mandatory medical exam allows prospective policyholders to get coverage quickly without needing a health checkup. Someone with a busy schedule or a fear of medical procedures might choose this insurance to ensure they're covered without the added stress of a doctor's visit.
In Minneapolis, Protective is the top choice for life insurance without the hassle of a medical examination. Its MoneyGeek score of 91 for men and women reflects its good balance of customer satisfaction and affordability.
Pros:
Cons:
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for seniors:
We derived quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer's age to 70.
Protective offers the best term life insurance for seniors in Minneapolis, with MoneyGeek scores of 92 for men and 91 for women. The average monthly premiums are $61 for males and $58 for females.
Age impacts life insurance premiums, as insurers consider the increased health risks of old age. Protective stands out with its strong performance in affordability, customer satisfaction and financial stability, making it a reliable option for seniors.
| 1 | CompanyProtective | Premium$61 | MG Score out of 10092 |
| 2 | CompanyMutual of Omaha | Premium$68 | MG Score out of 10091 |
| 3 | CompanyNationwide | Premium$63 | MG Score out of 10090 |
| 4 | CompanyAllstate | Premium$65 | MG Score out of 10088 |
| 5 | CompanyAAA | Premium$80 | MG Score out of 10088 |
| 6 | CompanyPrudential | Premium$58 | MG Score out of 10088 |
| 7 | CompanyTransamerica | Premium$74 | MG Score out of 10087 |
| 8 | CompanyState Farm | Premium$118 | MG Score out of 10084 |
| 9 | CompanyHaven | Premium$117 | MG Score out of 10082 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for people who smoke:
We collected quotes using a $250K life insurance policy with a 10-year term and adjusted the sample buyer to reflect an active smoker.
Mutual of Omaha provides the best term life insurance for smokers in Minneapolis, with MoneyGeek scores of 90 for men and 89 for women. The average monthly premiums are $66 for males and $67 for females.
Smoking raises premiums because of the higher health risks linked to tobacco use. Insurers charge smokers more to offset these risks. Mutual of Omaha’s top scores for affordability, customer satisfaction, product diversity and financial stability make it the top choice for smokers.
| 1 | CompanyMutual of Omaha | Premium$66 | MG Score out of 10090 |
| 2 | CompanyNationwide | Premium$70 | MG Score out of 10089 |
| 3 | CompanyProtective | Premium$91 | MG Score out of 10088 |
| 4 | CompanyPrudential | Premium$51 | MG Score out of 10088 |
| 5 | CompanyTransamerica | Premium$64 | MG Score out of 10087 |
| 6 | CompanyState Farm | Premium$85 | MG Score out of 10086 |
| 7 | CompanyAAA | Premium$113 | MG Score out of 10085 |
| 8 | CompanyAllstate | Premium$105 | MG Score out of 10085 |
| 9 | CompanyHaven | Premium$108 | MG Score out of 10083 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best term life insurance companies for young adults:
We collected quotes using a $250K life insurance policy with a 10-year term for a 20-year-old buyer.
Protective offers the best term life insurance for young adults in Minneapolis, with a MoneyGeek score of 92 and an average monthly premium of $8 for men and women.
Age significantly affects premiums because younger adults typically have lower health risks. Protective's high MoneyGeek score is due to its strong customer satisfaction, affordability and financial stability.
| 1 | CompanyProtective | Premium$8 | MG Score out of 10092 |
| 2 | CompanyMutual of Omaha | Premium$10 | MG Score out of 10091 |
| 3 | CompanyNationwide | Premium$11 | MG Score out of 10089 |
| 4 | CompanyAAA | Premium$11 | MG Score out of 10088 |
| 5 | CompanyAllstate | Premium$10 | MG Score out of 10088 |
| 6 | CompanyTransamerica | Premium$11 | MG Score out of 10087 |
| 7 | CompanyPrudential | Premium$11 | MG Score out of 10086 |
| 8 | CompanyHaven | Premium$12 | MG Score out of 10085 |
| 9 | CompanyState Farm | Premium$19 | MG Score out of 10084 |
| 10 | CompanyBestow | Premium$17 | MG Score out of 10084 |
How was this MoneyGeek score calculated?
MoneyGeek used the following weights to score and rank the best cheap term life insurance companies:
We adjusted the weighting to favor affordability for a $250K life insurance policy with a 10-year term.
In Minneapolis, Protective offers the best cheap term life insurance, with a MoneyGeek score of 92 and average monthly premiums of $14 for men and $13 for women.
Factors like age, health, coverage amount and term length influence premiums. To get the lowest rates, maintain a healthy lifestyle, avoid tobacco and choose a term length that suits your needs.
| 1 | CompanyProtective | Premium$14 | MG Score out of 10092 |
| 2 | CompanyNationwide | Premium$17 | MG Score out of 10091 |
| 3 | CompanyMutual of Omaha | Premium$16 | MG Score out of 10090 |
| 4 | CompanyAllstate | Premium$16 | MG Score out of 10089 |
| 5 | CompanyAAA | Premium$19 | MG Score out of 10088 |
| 6 | CompanyTransamerica | Premium$17 | MG Score out of 10088 |
| 7 | CompanyPrudential | Premium$17 | MG Score out of 10088 |
| 8 | CompanyHaven | Premium$22 | MG Score out of 10084 |
| 9 | CompanyState Farm | Premium$30 | MG Score out of 10082 |
Minneapolis' average monthly premiums for term life insurance is $27 for men and $23 for women. Factors like age, health, lifestyle and coverage amount drive premium costs. Insurers also use different pricing models.
Life insurance costs in Minneapolis vary from those in the rest of Minnesota due to the city's higher cost of living, health statistics and economic conditions. The competitive insurance market further influences premiums.
To find the best coverage for your needs and budget, compare quotes from different providers and evaluate the factors that affect rates.
Protective offers the best life insurance in Minneapolis for men, with a MoneyGeek score of 92 out of 100.
The average monthly premium for the best life insurance for men in Minneapolis, provided by Protective, is roughly $28. This cost is based on a policy with a term length of 20 years and coverage between $250,000 and $500,000.
Protective offers the best life insurance in Minneapolis for women, with a MoneyGeek score of 92 out of 100.
The average monthly premium cost for the best life insurance for women in Minneapolis, provided by Protective, is around $24. This cost is based on a policy with a term length of 20 years and coverage between $250,000 and $500,000.
Life insurance in Minneapolis may have more competitive rates and higher customer satisfaction scores than in other parts of Minnesota. For example, Protective's high MoneyGeek score in Minneapolis reflects strong financial stability and customer satisfaction. However, specific differences can vary based on individual policies and providers.
If a life insurance company in Minneapolis goes bankrupt, state guaranty associations typically provide coverage up to certain limits, ensuring that policyholders receive their benefits.
Minneapolis residents might need life insurance to provide financial security for their families, cover outstanding debts or fund future expenses like education. It can also help with estate planning, ensuring financial support for beneficiaries if the policyholder passes away.
To find a lost life insurance policy in Minneapolis, check with the deceased's financial advisor, attorney or employer. You can also contact the Minnesota Department of Commerce for assistance. National databases like the National Association of Insurance Commissioners' Life Insurance Policy Locator can also help track down lost policies.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
