Minnesota Life Insurance [2024]

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Minnesota residents are fortunate to qualify for life insurance from several of the best life insurance companies. Life insurance is very similar from state to state, with a few exceptions, so expect your Minnesota life insurance rates to vary.

However, this guide should help you understand the differences in Minnesota life insurance and find resources in your state. We’ll also show you how to get the best life insurance in Minnesota.

Before we dive into this guide, find affordable Minnesota life insurance rates by clicking on our FREE quote tool above. Get started now.

Are there Minnesota life insurance quotes?

Minnesota residents have the choice to purchase life insurance policies from several A-rated life insurance companies. Life insurance is very similar from state to state, with a few exceptions. This guide should help you understand the differences and find resources in your state.

Policy Cost – The premium (cost) you pay for your life insurance policy does not vary by state. It is the same regardless of which state you live in. Premiums are set by life insurance companies and then approved by the State Insurance Department.

Company Availability – Not all companies are available in every state. For example, if a life insurance company has not filed its product or rates with your State Insurance Department, that company won’t be available in your state. Company availability changes often due to new filings.

Product Availability – There are instances where life insurance companies offer only specific products or riders in a state. For example, a company may offer a child insurance rider on their policy, but the feature may not be available in all states. These exclusions can be viewed by clicking on the life insurance companies in the list below.

Minnesota life insurance also offers residents a 30-day grace period, timely payment of death claims, and a guarantee of death benefits up to $300,000. 

Read more: Minnesota Life Insurance Review

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What are the life insurance rates like in Minnesota?

For a ballpark figure of Minnesota life insurance rates, check out the chart below to see what the top companies charge based on age, marital status, and gender for both smokers and non-smokers. Your Minnesota life insurance quotes may be different, especially if you smoke.

Also, keep in mind that term life is generally cheaper than whole life insurance policies when it comes to Minnesota life insurance policies. So, if you want a whole life policy, you can expect to pay more. 

In this next chart, you can also see how many Minnesota life insurance companies there are compared to other midwestern states.

As you can see in the above chart, eight life insurance companies operate specifically in Minnesota. 

By using our free quote comparison tool on this page, you can save money and access the best Minnesota life insurance. 

What is the Minnesota Guaranty Association?

State guaranty associations are committed to protecting resident policyholders and beneficiaries in the event of an insurance company’s insolvency. The association is a family of companies made up of all insurance companies licensed to sell life insurance, health insurance, and annuities in the state. If an insurance company becomes insolvent (goes out of business), the association steps in to protect policyholders by continuing coverage and paying claims up to defined limits. (For more information, read our “How to Sell Your Life Insurance Policy“).

In Minnesota, a life insurance policy is protected up to $500,000. This amount is the maximum benefit provided for any one life. In other words, multiple policies on any one person are limited to this amount.

Is there a list of Minnesota life insurance contacts?

Here is a list of all the necessary state contacts for residents with Minnesota life insurance claims and other related matters.

Guaranty Association

If you need information about a Minnesota life insurance or health insurance guaranty, contact the Minnesota Life & Health Insurance Guaranty Association or call them at 1-651-407-3149.

Insurance Department

For the latest updates from the Minnesota Department of Commerce, call 1-651-296-4026. Here, you’ll find resources and information concerning all things Minnesota insurance.

Past and present employees can also access the most current MN state employee benefits information, such as the State of Minnesota retiree health insurance 2020 information. Older versions, such as the State of Minnesota employee benefits 2018 edition, may also be available. Additionally, prospective state employees can learn more about the State of MN job benefits.

If you’re a customer of the Securian-affiliated Minnesota Life Insurance Company, you’ll have to go to the company website for information about Minnesota Life Insurance. By calling the Minnesota Life Insurance phone number at 1-833-810-8265, you can obtain help with your Minnesota Life Insurance login, among other related matters. For any other questions or concerns, the Minnesota Life Customer Service team will be able to assist you.

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Where can I find legal information?

QuickQuote is licensed to sell life insurance in Minnesota under Agency License Number 20139649.

The licensed company principal is Tim Bain, Agent License Number 20267005.

Is there a list of the best Minnesota life insurance companies?

American General Life Insurance Company

Banner Life Insurance Company

Fidelity Life Association

Haven Life / MassMutual

John Hancock Life Insurance Company

Lincoln National Life Insurance Company

Metlife Life Insurance Company

North American Company for Life & Health Insurance

Pacific Life & Annuity Company

Principal Life Insurance Company

Protective Life Insurance Company

Pruco Life Insurance Company (Prudential)

Sagicor Life Insurance Company

The Savings Bank Life Insurance Company of Massachusetts (SBLI)

Transamerica Life Insurance Company

United of Omaha Life Insurance Company

Don’t wait — Use our free quote tool to get affordable life insurance rates in Minnesota. Get started now.

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