Best Life Insurance In Minnesota

Minnesota is known for its beautiful lakes, vibrant cities, and friendly people. But when it comes to life insurance, it can be overwhelming to choose the right company. With so many options available, it’s important to do your research and find a company that fits your needs and budget. In this blog post, we’ll be discussing the best life insurance companies in Minnesota, so you can make an informed decision and protect your loved ones. From customer service to policy options, we’ll cover everything you need to know to find the right life insurance company for you.

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Minnesota Life Insurance 101

Let’s start with the basics.

What Is Life Insurance?

Life insurance is a contract between an individual and an insurance company, where the individual pays regular premiums in exchange for a payout to their beneficiaries upon their death.Life insurance aims to provide financial protection and support to the insured’s loved ones after their passing. It can help cover funeral costs, pay off debts, and provide a source of income for the insured’s dependents.

Different Types of Life Insurance Policies

There are primarily two types of life insurance policies: term life insurance and permanent life insurance.
  1. Term Life Insurance: This policy covers the insured for a specific period or term. If the insured passes away during this term, their beneficiaries receive the death benefit. If the insured outlives the term, no benefit is paid out.
  2. Permanent Life Insurance: Unlike term insurance, permanent life insurance provides lifelong coverage. It also has a cash value component that can grow over time. There are several types of permanent life insurance, including whole life, universal life, and variable life insurance.

How Life Insurance Works

When you purchase a life insurance policy, you agree to pay a certain amount, known as a premium, to the insurance company. This premium can be paid monthly, quarterly, or annually. In return, the insurance company promises to pay a death benefit to your chosen beneficiaries upon your death. The death benefit amount and the premium you pay are determined by several factors, including age, health, lifestyle, and the type of policy you choose. For example, a term life insurance policy for a healthy 30-year-old will typically have lower premiums than a permanent one for the same individual. In the case of permanent life insurance, part of your premium goes towards the death benefit, while another part goes into a cash value component. This cash value can grow over time and be borrowed against or withdrawn during your lifetime under certain conditions.

Leading Causes of Death in Minnesota

Condition Deaths in 2021
Heart Diseases 12,352
Cancer 10,491
External Causes 5,005
Nervous System Diseases 4,242
Lung Diseases 3,411

Life Insurance Laws In Minnesota

Minnesota’s life insurance laws are governed by Chapters 59A to 79A of the Minnesota Statutes.

  • 10-day free look period (MN Stat. Ann. 60A.06)
  • One-month grace period for every payment after the first one (MN 61A.03)
  • Claims accrue interest beginning from the date of death (MN 61A.011)
  • Guarantees up to $500,000 for lost death benefits and $130,000 for lost cash surrender value (source)

Keep in mind that life insurance laws are very similar from state to state (for example, Mississippi’s life insurance laws and Missouri’s life insurance laws are nearly identical to those of Minnesota).

Would you ever sneak out to avoid paying a dinner bill?

So why would you leave your family with a $10,000 final expense bill?

Top Life Insurance Companies In Minnesota

In Minnesota, there are several top ranking life insurance companies based on their premiums in 2022. According to the table, the top 50 companies in Minnesota are ranked based on their premium amounts and market share percentages.

At the top of the list is Lincoln National Group, which generated $552,813,528 in Minnesota premiums and holds a market share of 10.3%. Following closely behind is the Northwestern Mutual Group, with $434,521,692 in premiums and an 8.1% market share. These two companies hold dominant positions in the Minnesota life insurance market, showcasing their popularity and trustworthiness among consumers.

The John Hancock Group ranks third with $331,940,576 in premiums and a market share of 6.2%. It is closely followed by the Prudential of America Group, which generated $286,799,117 in premiums and holds a 5.3% market share. These companies have also established a strong presence in Minnesota, providing their customers with reliable life insurance services.

Equitable Holdings Group, securing the 5th position on the list, generated $221,100,143 in premiums and holds a 4.1% market share. The American International Group follows suit in 6th place, with $206,199,987 in premiums and a 3.8% market share. These companies play a significant role in the Minnesota life insurance market and offer a range of insurance options to their customers.

It is also worth mentioning the other companies that made it to the top 50 list in Minnesota, such as Pacific Life Group, Minnesota Mutual Group, Thrivent Financial For Lutherans, and New York Life Group, among others. All these companies contribute to the competitive landscape of the life insurance industry in Minnesota and provide options for residents seeking reliable coverage.

Overall, the top 50 life insurance companies in Minnesota by 2022 premiums represent a mix of well-known national names and local players. Their presence and success in the market are a testament to the importance and popularity of life insurance in providing financial security and peace of mind for Minnesota residents.

Rank Company 2022 Minnesota Premiums Minnesota Market Share %
1Lincoln National Group$552,813,52810.3%
2Northwestern Mutual Group$434,521,6928.1%
3John Hancock Group$331,940,5766.2%
4Prudential Of America Group$286,799,1175.3%
5Equitable Holdings Group$221,100,1434.1%
6American International Group$206,199,9873.8%
7Pacific Life Group$200,463,6803.7%
8Minnesota Mutual Group$199,730,2753.7%
9Thrivent Financial For Lutherans$198,725,3003.7%
10New York Life Group$162,948,0763.0%
11Metropolitan Group$149,670,0752.8%
12GGC Group$129,262,0282.4%
13State Farm Group$126,020,5182.3%
14Principal Financial Group$118,957,6732.2%
15Brighthouse Holdings Group$113,833,5692.1%
16Mass Mutual Life Insurance Group$112,035,5082.1%
17Dai‐Ichi Life Holdings Group$105,200,5542.0%
18Kuvare Group$79,368,4691.5%
19Voya Financial Group$75,609,3211.4%
20Sammons Enterprises Group$74,511,3531.4%
21Sun Life Assurance Company Of Canada Group$72,240,1351.3%
22Ameriprise Financial Group$69,878,2721.3%
23Guardian Life Group$63,748,4731.2%
24Nationwide Corporation Group$63,373,9571.2%
25Penn Mutual Group$60,723,0141.1%
26Unum Group$51,692,0511.0%
27American Family Insurance Group$49,434,7990.9%
28Genworth Financial Group$47,669,9140.9%
29Aegon US Holding Group$46,627,8320.9%
30Mutual Of Omaha Group$46,620,5680.9%
31Banner Life Group$42,433,6590.8%
32Hartford Fire Cas Group$42,317,9890.8%
33Zurich Insurance Group$40,428,3780.8%
34American National Financial Group$38,430,2640.7%
35West Southern Group$36,359,5680.7%
36Meiji Yasuda Life Insurance Group$32,424,9340.6%
37Globe Life Group$31,791,1760.6%
38Knights Of Columbus$30,424,2240.6%
39Allianz Insurance Group$28,839,2530.5%
40Primerica Group$28,364,6870.5%
41National Life Group$25,717,8130.5%
42Global Atlantic Group$23,404,3690.4%
43Hopmeadow Holdings Group$21,767,3360.4%
44Ameritas Mutual Holding Group$20,369,7340.4%
45Iowa Farm Bureau Group$20,127,5050.4%
46Oneamerica Financial Partners Group$19,588,6460.4%
47Sumitomo Life Insurance Group$18,126,7690.3%
48Cuna Mutual Group$17,954,1340.3%
49Federated Mutual Group$17,228,4250.3%
50National Guardian Life Insurance Group$16,670,9480.3%