UPDATED: Aug 12, 2020
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We offer Minnesota residents life insurance from several of the best MN 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 as well as 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.
Minnesota Life Insurance Quotes
We offer Minnesota residents life insurance 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 as well as 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 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.
Life Insurance Rates in Minnesota
For a ballpark figure of what Minnesota life insurance rates look like, 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 when it comes to Minnesota life insurance policies, term life is generally cheaper than whole 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 in comparison to other midwestern states.
As you can see in the above chart, eight life insurance companies operate specifically in the state of Minnesota.
By using our free quote comparison tool on this page, you can save money and get access to the best Minnesota life insurance.
Minnesota Guaranty Association
State guaranty associations are committed to protecting resident policyholders and beneficiaries in the event of an insurance company insolvency. The association is 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.
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.
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.
If you need information about a Minnesota life insurance or health insurance guaranty, contact the Minnesota Life & Health Insurance Guaranty Association at 1-651-407-3149 or visit the website.
For the latest updates from the Minnesota Department of Commerce, call 1-651-296-4026 or visit the website. Here, you’ll find resources and information concerning all things Minnesota insurance.
Past and present employees can also access the most current MN state employees benefits information here, 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.
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.
Minnesota Life Insurance Companies
Don’t wait — Use our free quote tool to get affordable life insurance rates in Minnesota. Get started now.