Best Life Insurance Companies in North Dakota

A good life insurance policy financially secures your beneficiaries after you pass away. There are many life insurance companies in North Dakota, and it pays to shop around to find a policy that meets your needs. MoneyGeek compared policies from many insurers to show you average rates for life insurance quotes in North Dakota based on factors like age, gender and smoking history. We also listed the best life insurance companies in North Dakota for these categories to help you quickly identify the policy you need.

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Best Cheap Life Insurance in North Dakota

The lower the coverage amount you choose, the cheaper your monthly payments will be when it comes to life insurance. For example, MoneyGeek found that the most affordable option in North Dakota for a $250,000 policy is MassMutual, with an average monthly premium of $9.99 for men and $9.41 for women.

It is important to keep in mind that a lower coverage policy might not suit everyone. For example, people with young families might need policies with better coverage for ongoing expenses like lost wages. Therefore, carefully consider your situation and family requirements to find the policy that adequately protects your loved ones.

Depending on average income and cost of living in North Dakota, MoneyGeek’s study determined that to cover the needs of an average person adequately, the recommended coverage amount for a life insurance policy should be $727,000.

The cheapest life insurance companies in North Dakota for this recommended coverage amount of $727,000 are MassMutual and Mutual of Omaha. For men, the average cost of a MassMutual policy is $17.83 per month, while for women, Mutual of Omaha is the best option with an average monthly price of $15.53.

Best Cheap Life Insurance Companies in North Dakota: Males

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  • Company
    $250K Coverage
    Suggested Coverage: $727k
  • MassMutual
    $9.99
    $17.83
  • Nationwide
    $10.83
    $18.90
  • Mutual of Omaha
    $10.84
    $18.91
  • Transamerica
    $15.09
    $33.27
  • State Farm
    $18.40
    $36.82
  • AAA
    $19.21
    $46.33
  • Progressive Life
    $21.54
    $47.18
  • Prudential
    $25.34
    $56.08
Best Cheap Life Insurance Companies in North Dakota: Females

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  • Company
    $250K Coverage
    Suggested Coverage: $727k
  • Mutual of Omaha
    $10.65
    $15.53
  • MassMutual
    $9.40
    $15.55
  • Nationwide
    $10.63
    $15.95
  • Transamerica
    $12.58
    $28.21
  • State Farm
    $19.57
    $33.35
  • Progressive Life
    $17.81
    $36.95
  • AAA
    $16.63
    $39.20
  • Prudential
    $18.59
    $48.88

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in North Dakota using average buyer profile statistics in North Dakota, including average age of 28, average weight of 200 pounds for males and 159 pounds for females, and an average coverage need of $727,000.

What Is the Average Cost of Life Insurance for Companies in North Dakota?

Life insurance rates in North Dakota can vary a great deal, and one of the factors that affect policy costs is gender. Since women have longer life expectancies, life insurance quotes in North Dakota are usually less expensive for women.

On average, women pay a monthly premium of $16.08 for a $250,000 policy, while men pay roughly $18.51 per month.

When coverage is increased to the recommended amount of $727,000, the monthly premiums increase as well. Women, on average, pay $18.21 more per month, making their premium costs $34.29 per month. Men usually pay about $21.93 more per month for an average monthly premium of $40.44.

Most Popular Life Insurance Companies in North Dakota

When choosing a life insurance provider, selecting a financially stable company that will pay a legitimate claim quickly and without hassle is crucial. Market share is one metric with which you can assess financial stability.

Market share indicates the percentage of all life insurance policies in the state written by a particular provider. It is calculated by dividing the total number of policies written by that provider by the total number of all policies written in the state.

In North Dakota, the top seven life insurance companies account for more than 40% of the market, with the most popular insurer, owning 8.72% of the market share, is Northwestern Mutual.

Most Popular Life Insurance Companies in North Dakota

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  • Company
    Market Share
  • Northwestern Mutual
    8.72%
  • Lincoln Financial
    6.00%
  • Great-West
    5.90%
  • New York Life
    5.86%
  • Nationwide
    5.53%
  • Sammons Enterprises Inc.
    5.05%
  • Prudential Financial Inc.
    4.03%

Life insurance market share data for North Dakota is based off of total premiums written in the state and was sourced from 2020 S&P Global Data reports.

Which Companies Have the Best Life Insurance Rates for Young People in North Dakota?

When life insurance companies in North Dakota calculate premiums by assessing risk, age is a primary consideration. Therefore, young customers pay significantly less per month for insurance. This means that you can save money if you purchase life insurance at an early age.

On average, the most affordable life insurance companies in North Dakota for young customers are:

  • Transamerica: $14.71 per month
  • Mutual of Omaha: $16.47 per month
Best Life Insurance Companies for Young People in North Dakota

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  • Company
    Monthly Cost
  • Transamerica
    $14.71
  • Mutual of Omaha
    $16.47
  • MassMutual
    $16.71
  • AAA
    $18.74
  • Prudential
    $19.99
  • Nationwide
    $21.00
  • State Farm
    $23.85
  • Progressive Life
    $24.19

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in North Dakota who is 5 ft 10 inches and 170 pounds that purchases a 20-year term contract at the average coverage need of $300,000. We chose a 20-year term to provide a longer coverage period for a younger buyer.

Which Companies Have the Best Life Insurance Rates for Seniors in North Dakota?

Life insurance companies in North Dakota usually charge seniors higher monthly premiums because of the increased risk due to age-related issues. However, looking around can still help find providers with reasonable rates. Since seniors are less likely to need coverage to support young families or for future income, we based our rates on a $100,000 coverage policy.

On average, the best life insurance companies for seniors in North Dakota are:

  • MassMutual: $38.37 per month
  • Mutual of Omaha: $43.47 per month
Best Life Insurance Companies for Seniors in North Dakota

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  • Company
    Monthly Cost
  • MassMutual
    $38.37
  • Mutual of Omaha
    $43.47
  • Nationwide
    $44.19
  • State Farm
    $51.50
  • Progressive Life
    $69.17
  • AAA
    $72.34
  • Prudential
    $79.39
  • Transamerica
    $85.30

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in North Dakota who is 5 ft 10 inches and 200 pounds that purchases a 10-year term contract at the average coverage need of $89,000.

Which Companies Have the Best Life Insurance Rates for Smokers in North Dakota?

Apart from age and gender, life insurance companies in North Dakota will also consider smoking habits while calculating premiums as smokers have higher health risks. This results in higher premiums for customers who smoke. You can compare prices to get the best rates.

On average, if you have a smoking habit, the cheapest policies are provided by these life insurance companies in North Dakota:

  • MassMutual: $115.32 per month
  • State Farm: $115.50 per month
Best Life Insurance Companies for Smokers in North Dakota

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  • Company
    Monthly Cost
  • MassMutual
    $115.32
  • State Farm
    $115.50
  • Nationwide
    $122.72
  • Transamerica
    $128.87
  • Mutual of Omaha
    $129.17
  • Progressive Life
    $178.57
  • Prudential
    $192.44
  • AAA
    $224.40

Rates were determined by analyzing quotes for a 28-year-old male smoker in North Dakota who is 5 ft 10 inches and 200 pounds that purchases a 20-year term contract at the average coverage need of $727,000. If you are a smoker, we suggest buying a longer-term (20-year) policy to provide longer coverage as rates for smokers increase dramatically as you age.

North Dakota Life Insurance Laws You Should Know

It can be helpful to clearly understand state laws relating to insurance, spelled out in the North Dakota Century Code. These laws are put in place to protect consumers and insurance providers alike.

  • The Free Look Period: This is a period when you can test-drive your policy and find out if it meets your needs. You can return your policy within this period for a full refund. In North Dakota, the free look period is a maximum of 20 days, according to state code.
  • Grace Period: The North Dakota Century Code allows for a 31-day grace period for customers to settle due payments, during which time the insurance company cannot block a claim.
  • Contestable Period: When you file a claim, insurance providers must verify all relevant information and documents for inconsistencies and inaccuracies within a certain amount of time, after which the policy becomes incontestable. This period is a maximum of two years in North Dakota.
  • Time Allowed to Settle Claims: Once a life insurance company in North Dakota receives a claim with satisfactory proof, by law, it has a duration of 60 days to process the settlement. Delays can result in interest accruing on payments and other penalties.
  • Guaranteed Death Benefit: Life insurance policies are protected by the North Dakota Life and Health Insurance Guarantee Association when the insurance provider goes bankrupt or out of business.

Methodology

MoneyGeek considered multiple factors for the recommended life insurance coverage amount of $727,000 for residents of North Dakota. These factors included per capita income data from the U.S. Bureau of Economics, average age, average personal debt and average mortgage debt. Keep in mind that each customer has a unique situation that would dictate how much coverage is needed on a case-by-case basis.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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