How Much Is Life Insurance In Minnesota?

Life insurance in Minnesota is reasonably priced, with plenty of options to choose the right plan for you and your family.

Average Life Insurance Costs

Life insurance costs are determined by how much you pay per month. This is called your insurance premium. How much you pay depends on a number of different factors. But, in general, Minnesota residents have a fairly average life insurance premium of $639 a year, or $53 a month.

Cost-Influencing Factors

The average life insurance death benefit, or the amount of money issued once you as the policyholder pass away, is typically around $763,000. However, policies range as low as $2,000 to more than $1 million. The amount of coverage you purchase plays a huge role in how much you pay per month.

The type of policy you purchase is also important. Whole life insurance has fairly standard premiums, while term life insurance offers the lowest premiums (excluding some of the features of a whole life policy). The policy you choose will also influence how much coverage you purchase, because, for instance, term life policies typically offer up to $500,000.

Your insurance provider also plays a role. Lincoln Financial, Northwestern Mutual, John Hancock, AXA Equitable, Pacific Life, AIG, and New York Life are the most popular options in Minnesota. But deciding your provider isn’t just about cost — it’s also about who covers your area, who best suits your needs, and who is the most reliable.

Women also have lower premiums than men. With all of that in mind, the lowest average premium for men at $763k coverage is $20.43, while for women it’s $15.43.

Smokers will have higher premiums due to potential health concerns. One of the lowest rates for this group in Minnesota is with Transamerica at $104.29.

The younger you are, the lower your life insurance premium. However, many Minnesota providers offer affordable premiums for seniors. MassMutual is the lowest at $38.37, while Transamerica is the highest at $88.

Partner with an Expert

Determining the right price for your life insurance policy can be difficult. With so many questions and options, you need a partner to work the entire process at no cost to you.

All Things Insurance is an independent agency in Minnesota. That means that we are unbiased and local with the knowledge to help you find your best coverage. To learn more, call us at (763) 645-5450.