Best Life Insurance Companies in Minneapolis, MN, for 2023

Having a life insurance policy ensures that your beneficiaries will receive adequate financial support after you pass away. MoneyGeek compared quotes across various companies to help you secure the best life insurance in Minneapolis, Minnesota, for your needs.

Life insurance policy rates depend on gender and coverage amount, among other factors. For a coverage limit of $250K, MassMutual is the cheapest for both men and women, with average monthly policy rates of $11 and $9, respectively.

A policy with a $250K coverage limit costs less, but it may not provide your loved ones with sufficient coverage. For additional coverage, you can opt for Minnesota’s state-recommended coverage amount of $763K, which was determined using state-specific factors like average income, age, cost of living and personal debt. The cheapest insurer for this coverage level is Nationwide, costing $21 per month for men and $15 per month for women.

MoneyGeek’s analysis shows that the cost of life insurance for both men and women is higher in Minneapolis than in the state of Minnesota: typically men pay 2% more and women pay 1% more than the state average.

MoneyGeek compared life insurance quotes in Minneapolis for men and women across multiple factors, such as coverage amount and policy duration.

With $250K as the default coverage limit, male policyholders pay an average of $18 per month, while female buyers pay $16 per month. MoneyGeek found that the premium cost increases to $39 per month for men and $35 for women for policies that include the recommended state coverage level of $763K.

Rates also vary significantly depending on the policy term. In Minneapolis, policies with a 10-year-term cost an average of $25 for male buyers and $22 for female buyers, regardless of the coverage limit.

Life insurance policy costs were determined by gathering 10-year term quotes from major life insurance companies in Minneapolis using average buyer profile statistics, including the average age of 30, the average weight of 191 pounds for males and 152 pounds for females, and an average coverage need of $763,000.

According to MoneyGeek’s research, the most prominent life insurance providers in Minnesota are Lincoln Financial, Northwestern Mutual and John Hancock, with respective market shares of 12%, 8% and 8%.

The top seven life insurance providers in Minnesota comprise 48% of the market share. The table below highlights the market share for each of the seven best insurers in the state.

Young people in Minneapolis often pay less for life insurance compared to older adults, with policy costs ranging from approximately $15 to $25 per month.

On average, the most affordable life insurance companies in Minneapolis for young people are:

• Transamerica: $15 per month
• Mutual of Omaha: $17 per month

The following table provides a complete list of the cheapest insurers in the city for young adults.

Rates were determined by analyzing quotes for a 25-year-old male non-smoker in Minnesota who is 5 feet 10 inches tall and weighs 163 pounds with a 20-year term contract at the average coverage need of $310K. We chose a 20-year term to provide a longer coverage period for a younger buyer.

In Minneapolis, seniors pay between $39 and $90 per month for life insurance coverage. Based on MoneyGeek’s research, the cheapest life insurance providers in Minneapolis for seniors are:

• MassMutual: $39 per month
• Mutual of Omaha: $44 per month

You can use the table below to view other affordable life insurance providers for seniors in Minneapolis.

Rates were determined by analyzing quotes for a 60-year-old male non-smoker in Minneapolis who is 5 feet 10 inches tall and weighs 191 pounds with a 10-year term contract at the average coverage need of $92K.

In Minneapolis, smokers pay between $106 and $233 per month for life insurance coverage.

Based on the research conducted by MoneyGeek, the following companies offer the best life insurance in Minneapolis for smokers:

• Transamerica: $106 per month
• MassMutual: $126 per month

The table below provides a complete list of the best life insurance companies in Minneapolis for smokers.

Rates were determined by analyzing quotes for a 30-year-old male smoker in Minneapolis who is 5 feet 10 inches tall and weighs 191 pounds with a 20-year term contract at the average coverage need of $763K.

MoneyGeek determined the recommended life insurance coverage by factoring in per capita income from the U.S. Bureau of Economics, average mortgage debt, average personal debt and average age. Keep in mind that each buyer is unique and may need more or less coverage depending on their specific circumstances.