To protect your family's future in Minnesota, a life insurance policy can ensure their financial stability in the event of your death. Using our proprietary rating methodology, we picked the top life insurance companies in Minnesota in several categories, including the best overall, the most affordable, and the best for people with pre-existing health conditions.
We used industry data, pricing from Policygenius carrier partners, and third-party ratings like AM Best and J.D. Power to pick the best insurers on the market. Our independent recommendations will help you get life insurance coverage with confidence.
Best life insurance companies in Minnesota
Best overall: Legal & General America
Cheapest: Legal & General America
Best term life insurance: Legal & General America
Best no-medical-exam life insurance: Pacific Life
Best whole life insurance: MassMutual
Best for seniors: Prudential
Best for young adults: Legal & General America
Best for people with pre-existing conditions: Lincoln Financial
Best for marijuana users: Lincoln Financial
Best for smokers: Legal & General America
Methodology
Why you can trust our picks
Our recommendations are based on internal and external expert analysis, as well as our Policygenius Life Insurance Price Index, which uses real-time data from leading life insurance companies to determine pricing trends. When reviewing a life insurance company, our editorial team uses a proprietary scoring rubric with five factors — price, policy details, financial strength, transparency, and customer experience — to assign an unbiased rating between one and five stars. These ratings are also taken into consideration as part of our company recommendations. We don’t get paid for our reviews.
Our reviews and recommendations can help you find a reliable insurer for your family’s financial protection, but the best life insurance company for you depends on multiple factors. A licensed agent at Policygenius can support you during the application process to ensure you get the right coverage for your circumstances at the most competitive price.
Best overall life insurance
2025 Policygenius award winner
Legal & General America
4.9
30+ year terms
All 50 states
No-medical-exam option
Why we chose it
Legal & General America, which also does business as Banner Life and William Penn, has some of the longest term lengths — up to 40 years — and most competitive life insurance rates available, even for people with a history of medical conditions.
Pros and cons
Pros
Competitive rates for a variety of health conditions
Fast instant-decision option for qualifying applicants
Variety of term lengths up to 40 years
Cons
Application underwriting can take longer than average
Does not have the most competitive rates for older applicants
According to our research, the best overall life insurance carrier in Minnesota is Legal & General America, which also does business as Banner Life and William Penn. It offers competitive rates and term lengths of up to 40 years. It also has a strong rating from AM Best, a no-medical-exam option with a quick approval process, and affordable rates for some people with complicated medical histories and conditions.
Cheapest life insurance
Legal & General America
Legal & General America typically offers the most affordable life insurance rates on term life and whole life insurance plans for Minnesotans. It's also a great option for people who smoke or are being treated for mental health conditions.
Best term life insurance
Legal & General America
Term life insurance covers you for a specific length of time, usually between 10 and 30 years. If you pass away during the term, your beneficiaries will receive the total value of the death benefits. Legal & General America offers terms all the way up to 40 years, and boasts the most affordable and flexible term life policies for most Minnesotans.
Best no-medical-exam life insurance
2025 Policygenius award winner
Pacific Life
4.8
All 50 states
No-medical-exam option
Why we chose it
Pacific Life offers some of the lowest rates for term life insurance across age brackets. It also has the most competitive rates for many health conditions and builds.
Pros and cons
Pros
Extremely affordable across age brackets
Affordable guaranteed universal life insurance option for people who need lifetime coverage
Favorable underwriting for many health conditions
Cons
Traditional term life not available in NY
There are better carriers for active duty military, people who have a history of alcohol abuse, and people who have been through bankruptcy
The best company for no-medical-exam life insurance in Minnesota is Pacific Life. You may be able to get up to $3 million in coverage without taking a medical exam, and Pacific Life accepts no-med applicants as old as 70.
A no-medical-exam life insurance policy is like a normal term life policy, except getting coverage takes less time since you don’t need to go through a medical exam. You can usually only get this kind of coverage if you’re in good health, though each company has different eligibility rules.
Best whole life insurance
2025 Policygenius award winner
MassMutual
4.9
All 50 states
Why we chose it
MassMutual’s whole life insurance plan provides a lifetime coverage option that builds cash value with the potential to earn dividends.
Pros and cons
Pros
Strong financial stability ratings
Higher potential for dividends for whole life policyholders than many competitors
Good customer satisfaction ratings
Cons
High term life premiums
Term life not available through Policygenius
Unlike term life insurance, whole life insurance covers you for your entire life, and it can build cash value over time, as long as you continue paying premiums. MassMutual offers Minnesota's best whole life insurance because it pays out higher dividends than other carriers.
Best for seniors
2025 Policygenius award winner
Prudential
4.1
No-medical-exam option
Why we chose it
With nearly four million policyholders and 150 years to its name, Prudential offers competitive coverage options for seniors, as well as people with some of the most common medical conditions, including asthma, depression, and fibromyalgia.
Pros and cons
Pros
Good for people over 60
More flexible income requirements than some other insurers
Considers applicants with a variety of immigration statuses (visas and green cards)
Cons
Younger applicants will likely find better prices elsewhere
Just because you're an older adult doesn't mean you can't get life insurance. While people over age 60 may pay more for life insurance, seniors in Minnesota will likely find their most affordable options with Prudential, which also offers more flexible income requirements than many other insurers.
Best life insurance for young adults
Legal & General America
Legal & General America is the best life insurance company for young adults in Minnesota. It offers some of the cheapest life insurance rates for people in their 20s and 30s regardless of their health profile. The company offers no-medical-exam and instant-decision options for young people who are in excellent health or have just one or two minor and well-controlled health conditions.
Best for people with pre-existing conditions
2025 Policygenius award winner
Lincoln Financial
4.8
No-medical-exam option
Why we chose it
Lincoln Financial offers a diverse array of life insurance policies, including competitive no-med and high-net-worth options.
Pros and cons
Pros
Affordable rates
Good for many existing health conditions, including depression, stroke, and heart conditions
Good for marijuana users, including daily users
Cons
Term life not available in New York
If you're worried your life insurance application would be declined (or too expensive) because of one or more pre-existing health conditions, Lincoln Financial offers affordable rates to people with complex medical histories, including cancer and diabetes.
Best for marijuana users
Lincoln Financial
Many insurers won't offer daily marijuana users their best rates, but Lincoln Financial has a more progressive approach, especially if you primarily smoke marijuana as opposed to other ingestion methods. If you use marijuana products daily, Lincoln Financial's life insurance rates will almost always be the most affordable.
Best for smokers
Legal & General America
If you smoke tobacco, you can expect to pay more for life insurance than someone who doesn't. But we selected Legal & General America as the best option for people who smoke because it offers competitive rates and allows policyholders to have their premiums lowered after one year of being a non-smoker/non-tobacco user.
Comparing the best life insurance companies in Minnesota
Company | Policygenius rating | Best for | Types of policies | |
|---|---|---|---|---|
Legal & General America | 4.9 / 5 | Overall, cheapest, term life, smokers, young adults | Term life, no-medical-exam life, universal life | |
MassMutual | 4.9 / 5 | Whole life | Term life, no-medical-exam life, whole life, universal life, variable universal life | |
Pacific Life | 4.8 / 5 | No-medical-exam life | Term life, no-medical-exam life, universal life, indexed universal life, variable universal life | |
Lincoln Financial | 4.8 / 5 | Marijuana users, people with pre-existing conditions | Term life, no-medical-exam life, indexed universal life, variable universal life | |
Prudential | 4.1 / 5 | Seniors | Term life, no-medical-exam life, short-term life, universal life, indexed universal life |
What is the average cost of life insurance in Minnesota?
Based on Policygenius data from 2023, the average cost of life insurance for a 35-year-old non-smoker in Minnesota purchasing a $500,000, 20-year term life insurance policy is $25.76 for women and $30.79 for men. You may pay more for your life insurance if you're a smoker or have certain medical conditions.
What happens if a life insurance company goes bankrupt in Minnesota?
The Minnesota Life and Health Insurance Guaranty Association protects policyholders in the state against financial loss if their insurance provider goes bankrupt. However, coverage limits and restrictions of up to $500,000 for death benefits and $130,000 for cash loss surrender could affect people with life insurance policies over these limits.
How to find a lost life insurance policy in Minnesota
Residents can use the Life Insurance Policy Locator service to find a lost life insurance policy in Minnesota. The National Association of Insurance Commissioners created this site to help friends and family of recently deceased persons locate lost or missing life insurance policies.
Minnesota life insurance laws
Minnesota has enacted laws protecting policyholders that life insurance companies must uphold when conducting business in the state.
Free look period
Under Minnesota law, customers have 10 days to review a new life insurance policy before it becomes valid. If they choose to cancel the policy within 10 days, they are entitled to a full refund on any paid premiums.
Guaranty Fund protection
As noted above, the Minnesota Life and Health Insurance Guaranty Association protects the state's policyholders if their insurance provider goes out of business or becomes insolvent.
Contestable period
During the first two years of a life insurance policy, an insurance carrier may reject a death benefits claim if it finds misrepresentation on your application.
Time allowable to settle a claim
Life insurance companies in Minnesota must pay any submitted and approved death benefit claims within two months of receiving a death certificate.
Grace period for missed payments
Minnesota life insurance policyholders have one month to catch up on any unpaid premiums before their insurer can cancel the policy. Additionally, they may have to pay a late fee or finance charge on the outstanding amount.
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