Best Life Insurance Companies in Minneapolis, MN

MoneyGeek found that Nationwide offers the best life insurance in Minneapolis, Minnesota, for the average adult. MassMutual is the best option for seniors, while Transamerica is the best for young people and those who smoke.

The cheapest life insurance in Minneapolis ranges from $11 per month for a policy with a $250K coverage to $21 for a policy with the state-recommended coverage amount.

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Advertising & Editorial DisclosureLast Updated: 12/22/2022
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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.

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2023

Best Life Insurance Companies in Minneapolis, MN, for 2023

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Best Cheap Life Insurance in Minneapolis

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.

Cheapest Life Insurance Companies for Males and Females in Minneapolis
  • Cheapest For
    $250K Coverage
    $763K Coverage (Recommended)
  • Male

    MassMutual

    Nationwide

  • Female

    MassMutual

    Nationwide

Life Insurance Costs in Minneapolis for Men and 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.

Average Monthly Life Insurance Rates in Minneapolis: Men

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $12
    $21
  • MassMutual
    $11
    $21
  • Mutual of Omaha
    $12
    $22
  • Transamerica
    $12
    $25
  • AAA
    $17
    $36
  • State Farm
    $19
    $39
  • Prudential
    $30
    $42
  • Progressive Life
    $16
    $58
Average Monthly Life Insurance Rates in Minneapolis: Women

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  • Company
    Rates for $250K Coverage
    Rates for $926K Coverage (Recommended)
  • Nationwide
    $10
    $15
  • MassMutual
    $9
    $16
  • Mutual of Omaha
    $11
    $16
  • Transamerica
    $10
    $20
  • State Farm
    $20
    $36
  • AAA
    $17
    $39
  • Progressive Life
    $18
    $40
  • Prudential
    $19
    $55

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.

tip icon
LIFE INSURANCE OFTEN COSTS LESS FOR WOMEN

The cost of life insurance partly depends on one’s gender. Based on the National Center for Health Statistics, women have a longer life expectancy than men, explaining their lower life insurance premiums. Typically, men die earlier than women because they work in more dangerous jobs, have fewer social connections and are more likely to skip health screening appointments.

Although research shows that while women live longer, they are less likely to purchase life insurance than men. As women become more dominant in the workforce, it’s important that they consider purchasing life insurance to safeguard their beneficiaries’ financial future.

Most Popular Life Insurance Companies in Minnesota

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.

Most Popular Life Insurance Companies in Minnesota

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  • Company
    Market Share
  • Lincoln Financial
    12%
  • John Hancock
    8%
  • Northwestern Mutual
    8%
  • Pacific Life
    6%
  • AXA Equitable
    6%
  • AIG
    5%
  • New York Life
    3%
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MONEYGEEK DICTIONARY

The market share of a company refers to the percentage of its sales or revenue relative to other companies in the same industry. A higher market share indicates that a company is more popular than its counterparts. The market share data used in this study was based on market intelligence reports from S&P Global.

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Cheapest Life Insurance for Young People in Minneapolis

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.

Best Life Insurance Companies for Young People in Minneapolis, MN

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  • Company
    Monthly Cost
  • Transamerica
    $15
  • Mutual of Omaha
    $17
  • MassMutual
    $17
  • AAA
    $19
  • Prudential
    $21
  • State Farm
    $21
  • Nationwide
    $21
  • Progressive Life
    $25

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.

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LIFE INSURANCE IS CHEAPER FOR YOUNG PEOPLE

Life insurance costs less for younger adults and increases as you age. To save money on premiums, MoneyGeek recommends purchasing your life insurance policy at a young age.

Cheapest Life Insurance for Seniors in Minneapolis

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.

Best Life Insurance Companies for Seniors in Minneapolis, MN

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  • Company
    Monthly Cost
  • MassMutual
    $39
  • Mutual of Omaha
    $44
  • Nationwide
    $45
  • State Farm
    $47
  • AAA
    $59
  • Progressive Life
    $70
  • Prudential
    $81
  • Transamerica
    $90

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.

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LIFE INSURANCE COSTS MORE FOR SENIORS

Insurance companies consider older buyers as high risk and thus charge them higher rates. This is because their policies are expected to outlive them.

However, older buyers can save money by purchasing a policy with less coverage. Most seniors have beneficiaries that are financially independent, so a low-coverage policy, like MoneyGeek’s sample policy coverage amount of $100K, is typically adequate for funeral expenses and arrangements.

Cheapest Life Insurance for Smokers in Minneapolis

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.

Best Life Insurance Companies for Smokers in Minneapolis, MN

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  • Company
    Monthly Cost
  • Transamerica
    $106
  • MassMutual
    $126
  • State Farm
    $130
  • Nationwide
    $132
  • Mutual of Omaha
    $140
  • Prudential
    $157
  • Progressive Life
    $203
  • AAA
    $233

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.

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LIFE INSURANCE IS VERY EXPENSIVE FOR SMOKERS

Insurance companies consider smokers high-risk because they are more likely to develop health-related issues that shorten their life expectancy. Due to this, smokers usually pay higher premiums than non-smokers. However, you can still find cheap life insurance providers for smokers in Minneapolis by shopping around. MoneyGeek suggests purchasing a longer-term (20-year) policy for smokers since premiums increase considerably as you age.

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Methodology

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.

About the Author


expert-profile

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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