Best Life Insurance in Minnesota of 2024

Amanda Hester

Life insurance in Minnesota is a financial contract that requires the policy owner to pay premiums regularly until the death of the insured person. Upon his or her death, the beneficiaries receive a lump sum payment that is set when you first purchase your life insurance policy.

Affordable term life Insurance coverage


Coverage Up To

No (up to $3M)

Medical Exam


With Ladder, you can customize your insurance coverage depending on your unique needs throughout your term. You can remove coverage when necessary and apply to add more. Rates start from $4.95/month based on a 20-year-old female for a 10-year term, preferred plus health class.

What we like

  • Flexibility to adjust coverage throughout the term
  • Coverage you can manage online
  • No medical exam required for coverage up to $3M

What we don't

  • No riders are availabe
  • Coverage ends at 70 years of age

Complete your application online


Coverage Up To

May Need

Medical Exam


Haven Life simplifies the insurance application process to learn about your coverage options. There are two products: Haven Simple and Haven Term. Haven Simple requires no medical exam and has a lower coverage amount, and Haven Term may require a medical exam and has more options for coverage.

What we like

  • Healthy individuals will get cheaper premiums
  • 100% online application - no need to talk to an agent
  • Wide range of coverage options
  • Haven Term has various riders
  • No medical exam for Haven Simple

What we don't

  • Only offers term life insurance
  • Only selected regions are eligible for riders

What is the cost of life insurance in Minnesota?

The cost of life insurance in Minnesota is determined by the insurer based on multiple factors, including the age of the insured person, amount of coverage needed, gender, smoking habits and health of a said individual. Many online calculators can help potential policy owners determine how much they can expect to pay for their chosen level of insurance protection. Nonetheless, the average annual life insurance rate and average monthly life insurance premium in Minnesota are $639 and $53, respectively.

How are life insurance rates determined in Minnesota?

Many factors determine the cost of life insurance in Minnesota. The policy premium is calculated using a method called “Underwriting” which takes into account information about the client’s age, health status, lifestyle choices, and other important details. Differences in premiums between one company or plan to another are due to how these factors are weighed by each insurer.

It is important to remember that life insurance rates can vary from one person to another. Your age, for example, may be a more important factor in your rate than it is for others. This means that two people who are the same age and apply for the same type of life insurance plan may end up with different premiums due to differences in each person’s rate class.

Life insurance rates in Minnesota are based on the likelihood of one’s death, known as life expectancy. The longer your life expectancy, the greater the chance for the insurer to pay more money to your beneficiaries over time. Higher premiums are charged for smokers or those with unhealthy lifestyles because they are considered to be at higher risks of dying sooner versus non-smokers.

Difference between term and whole life insurance in Minnesota

Life insurance policies come in different types known as “term” and “whole.” Term life is pure life insurance protection; it offers coverage for a set period (e.g., 10, 20 or 30 years) at an agreed-upon rate. Whole life insurance is a more complex variety of permanent insurance that impacts not only the monthly premiums but also the face value amount as well.

Term life insurance is typically much cheaper than whole life because it provides policy owners with temporary, limited protection. If the insured person dies while the coverage is in place, the beneficiaries receive a payment equal to twice or three times the annual cost of premiums paid up until that point. Whole life insurance, on the other hand, provides lifetime protection and pays out the full death benefit upon the policyholder’s demise.

While each type has unique benefits, it is important to understand the difference between term life insurance in Minnesota and whole-life insurance that lasts your entire lifetime. The primary difference is in the premiums charged. Annual term life coverage costs significantly less than whole life since you pay for a finite period only. Whole life insurance requires a monthly premium until death and beyond, which is why it costs more to maintain it over the years.

What does life insurance cover?

Life insurance covers the policy holder’s financial losses in the event of their death. The policy may be set up to pay out a lump sum, or it can provide income to your family every month if you are unable to work due to illness or disability.

Life insurance can be used to help pay for final expenses, such as funeral costs or estate taxes. It can also be used to provide income replacement in case of death or disability. The face value amount of your chosen life insurance plan is meant to help cover costs like burial expenses and outstanding debts.

Beneficiaries can use the funds for the following:

  • Childcare expenses
  • Education costs
  • Rent or mortgage payments
  • Funeral and end of life expenses
  • Establishment of a business venture
  • Taking care of everyday normal expenses
  • College tuition fees
  • Childcare expenses
  • Medical bills

How to choose the best life insurance plan in Minnesota?

Choosing the right life insurance plan in Minnesota can be a daunting task, especially when you are choosing between term vs. whole life policies. To help make this decision easier for you, here are factors to bear in mind when deciding on what is the best suitable insurance policy in Minnesota.

Type of policy

There are two types of life insurance policies: term and whole. The term policy provides you with temporary coverage for a specific period, while the whole policy gives you permanent coverage until the policy expires. Term insurance is much cheaper because it only provides limited protection, but its monthly premiums are also lower compared to those of an equivalent whole policy.


Minimum life insurance requirements in Minnesota are determined by the state. However, even if you are young and healthy, it is important to consider purchasing a policy that can provide your dependents with some financial cushioning if the unexpected happens. The younger you get started on this investment, the more money you can save up over time.

Your age and the length of time you have been employed are two important things taken into consideration when determining an individual’s best life insurance policy. Younger people, especially those who earn more than $75,000 a year or those whose occupation is considered to be more hazardous or high risk, typically pay more for life insurance as they pose a


Gender also plays a role in determining life insurance rates. Rates are usually higher for women than they are for men because more women tend to be diagnosed with diseases such as cancer or heart disease than men. On the other hand, statistics show that men die earlier than women.


Other factors that affect life insurance rates are your occupation, whether or not you smoke or drink, how healthy you are, and the amount of money you make each year. While some people have a high risk of disease and illness compared to others in their line of work, being a heavy smoker can cause your premiums to rise significantly.

Family health history

Family health history also is important when determining life insurance rates. Studies have shown that if you are a smoker, drinker or someone who has family members who died young or of certain diseases, you are more likely to develop these same conditions. As such, your life insurance premiums will be higher than those of people without any significant medical problems