The cost of living in Minnesota is much lower than the US average if you reside there, which implies that you can get an affordable life insurance plan that covers all the basics.
However, that only works if you choose the right insurance plan from the right company. This article will guide you to finding the best life insurance companies in Minnesota.
Life insurance gives your family peace of mind when they need it the most.
Life Insurance can replace lost income, cover funeral expenses, pay off debt or leave a legacy. Most importantly, it can ensure the financial security of your family.
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Life Insurance
Life Insurance is a contract between a policyholder and an insurance provider. In essence, the insurance company will pay your beneficiaries a lump sum, a death benefit, in exchange for your premium payments.
Your beneficiaries can utilize the money for any purpose, which often includes paying basic expenses like rent or a mortgage and supporting a child’s education. A life insurance safety net can help your family stay in their home and be able to pay for their expenses.
Term insurance and permanent insurance are the two main types of life insurance. Term life insurance offers protection for a specific period, whereas permanent insurance, such as whole or universal life, can offer lifetime protection.
Also read: What Type of Life Insurance Generates Immediate Cash Value
What Is Covered by Life Insurance?
The primary purpose of life insurance is to leave your beneficiaries with money in the event of your death. However, how you die can determine whether the insurance company pays out the death benefit. The following are some examples of what your life insurance may cover:
1. Natural deaths
Natural deaths are deaths brought on by illnesses, heart attacks, or aging. When you purchase life insurance, a pre-existing condition may not be covered. Before you purchase, look over a policy’s terms and conditions to see all that is covered.
2. Accidental deaths
Car accidents, drownings, and poisonings are examples of accidental deaths. You can purchase accidental death benefit insurance if you only need accidental coverage. This kind of insurance does not cover natural deaths. You can get standalone coverage or add it as a rider to an existing policy.
3. Suicide
Most life insurance policies include coverage for suicide, but only if it happens after the policy’s waiting period, which is usually the first two years of the policy.
4. Homicide
Homicides are often covered by life insurance; however, the amount paid out depends on the circumstances of the death. For instance, if a beneficiary kills the insured person, the killer won’t get the death benefit.
Top 10 Best Life Insurance Companies In Minnesota
What are the top best life insurance companies in Minnesota
1. Allstate Life Insurance
Allstate is one of the best life insurance companies in Minnesota, established in 1931 as a part of Sears, Roebuck & Co.
One of the significant benefits of Allstate is that you can purchase a life insurance policy without taking a medical exam.
With strong financial strength, this insurance provider is considered one of the best choices for convenient and affordable life insurance.
Company URL: http://allstate.com/
2. Nationwide
Nationwide is one of the biggest and strongest diversified insurance and financial services companies in the US. It is headquartered in Columbus, Ohio.
Nationwide offers a wide range of insurance and financial services products, including auto, business, homes, farm, and life insurance; public and private sector retirement plans, annuities, and mutual funds, motorcycle, and boat insurance.
Company URL: https://www.nationwide.com/
3. Farmers New World Life Insurance Company
Farmers New World Life Insurance Company operates in the United State, as an insurance provider, offering health insurance and recreational, auto, and home insurance services.
Farmers New World Life Insurance Company also provides term, universal, and whole life insurance. The provider has a good reputation with no customer complaints.
Company URL: https://www.farmers.com/
4. Haven Life Insurance
Haven Life Insurance is a relatively recent addition to the insurance market, which was established in 2014, and its headquarters is in New York City.
Haven Life is an online insurance provider whose policies are issued by MassMutual or one of MassMutual’s subsidiaries.
Haven Life aims to provide affordable, simple-to-manage term life insurance coverage online without the usual difficulties of insurance shopping. They provide excellent customer service and easy-to-use websites.
Company URL: https://havenlife.com/
5. American International Group, Inc
AIG Life Insurance is a multinational finance and insurance company based in the United States with operations in over 80 nations and jurisdictions. When it comes to life insurance, AIG is another well-known company.
In Minnesota, the company is known for offering life insurance options that are both affordable and of high quality.
AIG offers life insurance, mortgage, retirement plans, property and casualty insurance, and other financial services.
CompanyURL: https://www.aig.com/worldwide
6. State Farm Minnesota Life Insurance
State Farm Life Insurance is one the best life insurance companies in Minnesota, founded in 1922.
State Farm is known for providing select term life insurance in Minnesota and instant answer term life policies that meet your needs.
It is affordable, and they provide reliable insurance coverage and a wide range of products. They have strong financial strength with excellent customer service.
Company URL: http://www.statefarm.com/
7. Prudential Life Insurance
Prudential is a reputable insurer that was founded in 1875. The company provides a wide range of services to meet your specific needs.
Prudential provides multiple universal life policies and many robust tools and resources.
The provider also offers excellent customer service. Purchasing life insurance from Prudential would be a great decision if you live in Minnesota.
Company URL: http://www.prudential.com/
8. Mutual of Omaha
Mutual of Omaha is a Fortune 500 mutual insurance and financial services company located in Omaha, Nebraska.
Mutual of Omaha provides a range of insurance and financial products for individuals, businesses, and groups all over the United States. It was established in 1909 under the Mutual Benefit Health & Accident Association.
Company URL: http://www.mutualofomaha.com/
9. Massachusetts Mutual Life Insurance Company.
The Massachusetts Mutual Life Insurance Company, also known as MassMutual, is a life insurance provider with its headquarters in Springfield, Massachusetts.
MassMutual offers various financial services and products, including annuities, long-term care insurance, life insurance, disability income insurance, and retirement plan services.
Company URL: https://www.massmutual.com/
10. Transamerica
The Transamerica Corporation is an American holding company for different life insurance companies and investment organizations that operate primarily in the United States and provide life and supplemental health insurance, retirement services, and investments.
Transamerica offers various life and health insurance policies, including term life, whole life, variable universal life, Medicare supplement, accidental death, and long-term care.
Additionally, a range of mutual funds and annuities are provided by Transamerica companies.
Company URL: http://www.transamerica.com/
Our Recommendations
We recommend Allstate life insurance company above the other listed best life insurance companies in Minnesota because they provide exceptional life insurance, offering both minimal coverage and full coverage options.
Allstate life insurance can be the best option if you want full coverage and like working with a local insurance agent.
FAQs
What is the minimum age to purchase life insurance in Minnesota?
In Minnesota, you must be 18 years old to get your life insurance. You can, however, purchase a plan for your children as a standalone policy or as a rider on your existing insurance policy.
How much does life insurance cost per month in Minnesota?
In Minnesota, term life insurance typically costs around $53 per month. Costs vary based on your age, occupation, medical status, location of residence or employment, and how much life insurance coverage you are choosing.
Bottomline
There are things to consider regarding life insurance in Minnesota, like insurance requirements and rating of Minnesota life insurance policies, because they may change based on your chosen provider.
Finally, make sure you can afford the insurance before purchasing it. Remember that insurance is meant to protect you and your finances.
