Minnesota Life Insurance 2021

Last modified: March 6, 2021

If you are shopping for a Minnesota life insurance plan, you will want the best offer possible. This means you can’t simply agree to the terms of the first Minnesota life insurance company that you go to, but rather, shop around and compare the plans of several providers before making a decision. 

If you are a resident of Minnesota, the cost of living in the state is much cheaper than the US average. That means you can take out a life insurance policy that’s affordable and covers all the basics.

But that works only if you get the right insurance plan from the right company. This is going to be your guide to getting the best life insurance plan in Minnesota.

Life Insurance Facts

Before you get a Minnesota life insurance policy, here are some facts about life expectancy in the state.

The average life expectancy of males in Minnesota is around 77 years, while women can expect to live much longer, with an average life expectancy of around 81 years. 

54% of Americans have life insurance. In Minnesota, that number is around 54.2%. Minnesota ranks 4th in the US ranking for life expectancy with an average life span of almost 81 years. 

The average life insurance premium in Minnesota is around $640 per year, which is considered to be relatively low as compared to other states. When it comes to the most common type of permanent insurance policy, whole or ordinary life are two of the most used options. They offer death benefits along with a savings account.

Average Cost

While there are many options in terms of Minnesota life insurance companies, you will need to shop around to find the most affordable Minnesota life insurance cost that fits your budget. Get MN life insurance quotes from different providers so that you are able to find affordable life insurance in Minnesota.

According to research on life insurance Minnesota quotes, the average cost of life insurance in Minnesota is around $550, with the average monthly cost ranging around $44 per month.  

City Price
Minneapolis $53
Saint Paul $22
Rochester $53

Important Factors to Consider When Looking for Insurance in Minnesota

When it comes to term life insurance in Minnesota, there are certain factors that one needs to consider, such as the Minnesota life insurance company rating. Consider the Minnesota insurance requirements too, since they may vary depending on the provider you go with. 

Another major factor to consider when it comes to choosing life insurance in Minnesota is the financial stability and paying ability of the insurance provider.

Some of the most common life insurance factors that can have an impact on the premium on your policy are the following:

  • Your age
  • Family medical history
  • Your lifestyle
  • Your overall health

 Returning Period for Policy in the State?

It is important to follow (and make sure the provider follows) Minnesota insurance laws and regulations when taking out a policy. 

According to the law, when a purchaser cancels their policy under the subdivision Sec.72.52 MN Statutes, the insurer needs to return the entire consideration paid for the policy within a total of 10 days once they’ve received the cancellation. 

If you ask “How to renew my Minnesota life insurance license?”, keep in mind that the earliest you can renew your license is 90 days prior to its expiration date. The policyholder has 30 days to make the payment, during which time the provider cannot cancel the policy or deny coverage. 

What Happens in Case of an Unclaimed Policy?

The law requires banks as well as insurance providers to forward any unclaimed property to the unclaimed property fund of the Department of Commerce if no one has come forward to claim the property or the property remains untouched for a long period of time.

When it comes to Minnesota life insurance claim time, insurance companies usually pay up within a month. This is because they don’t want to spend their money on payments with interest. It is not advisable to leave a Minnesota life insurance unnamed beneficiary.   

Leading Causes of Death in Minnesota

The leading causes of death in Minnesota are cancer and heart disease, which amount to an average of 9,000 deaths each year. Other common causes of death in Minnesota include accidents, Alzheimer’s disease, and chronic lower respiratory disease.

One factor that people have to be aware of when it comes to Minnesota life insurance company accidental death is that AD&D insurance offers additional financial protection for the beneficiary.

The following are the leading causes of death in Minnesota (according to their frequency):

  • Heart disease
  • Cancer
  • Stroke
  • Accidents
  • Chronic lower respiratory disease
  • Alzheimer’s disease
  • Diabetes
  • Septicemia
  • Kidney disease
  • Chronic liver disease/cirrhosis

 What if Life Insurance Goes Bankrupt?

One question that people often ask when it comes to insurance is, “What if the life insurance company goes bankrupt?”. According to the Minnesota Department of Insurance, the state guaranty association and guaranty fund is responsible if an insurance company is declared to be insolvent. The Minnesota Life and Health Insurance Guaranty Association is a non-profit statutory entity that is responsible for assessments of licensed insurers.

Best Life Insurance Companies in the State

Company Key Features Best For Pricing
Haven Life No commission

Simple online application procedure

Accelerated death benefit rider

Term life, whole life, universal life policies $10.95
Allstate Variable universal products Term life policies $24
Farmers Simple term life insurance value term life insurance $15
Prudential Multiple universal life policies

Robust online tools

Universal life policies $12
AIG Range of affordable products

No medical exam required

11 plans and several riders $25
State Farm Minnesota Many options

Multiple year terms

Multiple year terms $18

 

Haven Life Insurance

Established in 2014, Haven Life offers affordable life insurance policies. The easy-to-use website, along with its excellent customer service, is one of the reasons why Haven Life was rated No. 2 on our rating of the Best Overall Life Insurance 2021 with a score of 4.3. 

The insurance provider also enjoys a high AM Best rating of A++, which is a testament to their premium service quality.

Allstate Life Insurance

One of the major advantages of Allstate is that you can buy a life insurance policy without having to take a medical exam. With good financial strength and a high A+ AM Best rating, this insurance provider is considered to be one of the best options for those who are looking for affordable and convenient life insurance.

Farmers Life Insurance

Farmers New World Life Insurance Company offers term, universal, and whole life insurance products. The provider enjoys a high reputation with low customer complaints and stellar ratings.

AIG Life Insurance

AIG is another popular name when it comes to life insurance. The company is known to provide affordable life insurance options in Minnesota and has great customer ratings. It has a high AM Best rating of A+. 

State Farm Minnesota Life Insurance

State Farm started in 1922 and it offers reliable insurance coverage and a broad range of products. The provider enjoys good financial strength and has a consistently high AM Best rating. 

The company is known for providing select term life insurance in Minnesota and instant answer term life policies that suit your needs. State Farm has a high customer satisfaction rating because of its affordable policies and exceptional customer service. 

Prudential Life Insurance

Established in 1875, Prudential is a reliable insurance provider. The company offers a wide range of options to fit your specific needs. It offers multiple universal life policies and a number of robust tools and resources. The provider also enjoys a high level of customer satisfaction and positive ratings. If you reside in Minnesota getting life insurance from the company would be a safe bet.

Pros & Cons

The Pros

The Cons

Final Verdict

FAQs

What insurance companies are there in Minnesota?

While there are many, the following are some of the main health insurance providers in Minnesota:

  • Blue Cross and Blue Shield of Minnesota 
  • HealthPartners 
  • Medica of Minnesota 
  • PreferredOne Insurance Company

What is the best age to buy life insurance?

People aged from 20 to 30 typically get better rates because they still are generally in good health.

Is Minnesota car insurance higher?

Car insurance in Minnesota is expensive because it is a no-fault state.

Should you have full coverage in Minnesota?

Starting with the 2019 coverage year, the individual mandate has been revoked. However, technically, the Affordable Care Act still says that you must have health insurance.