Best Life Insurance in Minnesota for 2025 (Your Guide to the Top 10 Companies)

State Farm, Prudential, and Mutual of Omaha offer the best life insurance in Minnesota, standing out in affordability, coverage, and accessibility.

State Farm leads with $22 term policies, a 17% bundling discount, and strong financial stability. Prudential excels with A+ rated coverage, customizable term lengths, and a 15% healthy lifestyle discount.

Company	Rank	Bundling Discount	A.M. Best	Best For	Jump to Pros/Cons
	1	17%	B	Affordable Rates	State Farm
	2	10%	A+	Strong Coverage	Prudential
	3	7%	A+	Simplified Plans	Mutual of Omaha
	4	12%	A++	Personalized Plans	Northwestern Mutual
	5	20%	A	Customizable Coverage	Farmers
	6	8%	A	Global Reach	AIG
	7	10%	A++	Family Protection	New York Life
	8	18%	A+	Easy Claims	Nationwide
	9	12%	A+	Flexible Options	Lincoln Financial
	10	5%	A+	Comprehensive Coverage	The Hartford

Mutual of Omaha simplifies underwriting with fast approvals, offers $41 term policies, and provides whole-life options at $174 per month. These best life insurance companies balance cost, benefits, and flexibility to meet diverse policyholder needs.

Use our free tool to compare life insurance rates by entering your ZIP code and protecting your family's future while saving money on coverage.

What You Should Know

• State Farm is the top pick, offering $22 term policies and a 17% bundling discount
• The best life insurance in Minnesota includes A+ rated coverage and fast approvals
• Mutual of Omaha provides $41 term policies and whole-life options at $174 per month

#1 – State Farm: Top Overall Pick

Pros

• Affordable Policies: State Farm offers life insurance in Minnesota with term rates starting at $22 per month, 27% lower than the state average of $30. Learn more in our State Farm review.
• Bundling Discounts: Policyholders can save up to 17% when bundling life insurance in Minnesota with home or auto insurance, reducing total costs by an average of $200 annually.
• Strong Customer Satisfaction: State Farm maintains high policyholder trust within an 88% claim payout success rate and a 4.5-star customer satisfaction rating,

Cons

• Limited Policy Customization: State Farm only offers standard term lengths (10, 20, or 30 years) with no flexible premium structures or cash value growth. options
• Higher Whole Life Rates: Whole life insurance in Minnesota through State Farm costs $126 per month, 8% higher than the industry average of $116 for similar coverage.

#2 – Prudential: Best for Strong Coverage

Pros

• Strong Financial Stability: Prudential's life insurance in Minnesota holds an A+ rating from A.M. Best, demonstrating excellent financial strength and claims reliability.
• Customizable Terms: Allows for term lengths ranging from 10 to 30 years, as well as extra riders including accelerated death benefits and child term coverage.
• Healthy Lifestyle Discounts: This policy provides up to a 15% discount for policyholders who meet wellness criteria, including BMI, cholesterol, and blood pressure targets.

Cons

• Higher Term Rates: Prudential's term life insurance in Minnesota starts at $34 per month, 55% more expensive than State Farm's lowest rate. See more details on our Prudential insurance review.
• Limited Bundling Savings: Prudential offers only a 10% discount for bundling, which is 7% lower than State Farm's discount and impacts multi-policy savings.

#3 – Mutual of Omaha: Best for Simplified Plans

Pros

• Easy Underwriting: Mutual of Omaha offers life insurance in Minnesota with no medical exam requirements, with approvals in as little as 24 hours for qualified applicants.
• Competitive Term Rates: Provides $41 term plans as a reasonable mid-range option for those wanting basic coverage. Get expert advice on how to find affordable health insurance.
• Long-Term Reliability: Mutual of Omaha has maintained an A+ rating from A.M. Best for over 20 years, ensuring strong financial stability and dependable claims processing.

Cons

• Higher Whole Life Costs: Whole life insurance in Minnesota through Mutual of Omaha costs $174 per month, 15% higher than the industry median.
• Limited Bundling Discounts: Offers only a 7% discount on bundled policies, significantly lower than Farmers’ 20% bundling discount.

#4 – Northwestern Mutual: Best for Personalized Plans

Pros

• Top-Tier Financial Strength: Northwestern Mutual has earned an A++ rating from A.M. Best, showing top-tier financial security.
• Highly Customizable: Offers dividend-paying whole-life policies, flexible premiums, and unique term policy adjustments.
• Reasonable Whole Life Pricing: Whole life insurance starts at $143 per month, 10% lower than New York Life's $211 monthly cost. Find out how to choose the right policy if you need life insurance now.

Cons

• Limited Term Policy Options: Only fixed-term plans are available, and premium structures are not flexible, making certain policyholders' options less affordable.
• Lower Bundling Discount: Offers a 12% bundling discount, 6% less than Nationwide's 18% discount, making it less tempting to multi-policy customers.

#5 – Farmers: Best for Customizable Coverage

Pros

• Flexible Policy Options: Farmers' Minnesota life insurance provides several riders, including accidental death compensation and critical sickness coverage.
• Bundling Discount: Offers the greatest bundling discount among major insurers, at 20%, resulting in significant long-term savings.
• Affordable Term Policies: Minnesota's term life insurance rates begin at $25 per month. Hence, this option is easily accessible for those on a tight budget.

Cons

• Moderate Financial Rating: Farmers holds an A rating from A.M. Best, slightly lower than Prudential and Nationwide, which could affect long-term trust.
• Higher Whole Life Costs: Whole life insurance with Farmers in Minnesota starts at $119 monthly, 8% above the state average of $110. Learn more in our Farmers insurance review.

#6 – AIG: Best for Global Reach

Pros

• Worldwide Coverage: AIG's life insurance in Minnesota includes international coverage, which is ideal for expatriates and frequent travelers.
• Competitive Term Rates: Term life insurance in Minnesota starts at $38 per month, lower than New York Life's $47 per month.
• Well-Established Provider: AIG has maintained an A rating from A.M. Best for many years, demonstrating financial durability over a prolonged period.

Cons

• Lower Bundling Discounts: Offers only an 8% bundling discount, much lower than Farmers' 20%, limiting savings chances. Discover more in our AIG insurance review.
• Higher Whole Life Costs: Whole life insurance in Minnesota begins at $179 per month, which is among the highest premiums in the state.

#7 – New York Life: Best for Family Protection

Pros

• Top Financial Rating: Holds an A++ rating from A.M. Best, demonstrating excellent financial security and claims reliability.
• Family-Oriented Policies: Offers structured payout plans, providing financial security for dependents.
• Convertible Term Policies: Allows term life insurance in Minnesota to be converted to whole life without requiring a medical exam.

Cons

• Higher Monthly Costs: Term life insurance in Minnesota begins at $47 per month, much more expensive than State Farm's $22.
• Limited Bundling Discounts: Only provides a 10% discount for bundling, making it less cost-effective than Nationwide's 18% discount. Learn how insurance companies make money from premiums.

#8 – Nationwide: Best for Easy Claims

Pros

• Simplified Claims Procedure: With a 94% customer satisfaction rating and an average payout time of 5 days, Nationwide's life insurance in Minnesota offers digital claims processing.
• Competitive Term Rates: Term life insurance in Minnesota is reasonably priced when compared to many of its rivals, with monthly rates starting at $23.
• 18% Bundling Discount: Provides a higher-than-average bundling discount, helping policyholders save up to $250 annually on multiple insurance products.

Cons

• Moderate Whole Life Rates: Whole life insurance in Minnesota starts at $132 per month, which is higher than Farmers' $119 but lower than Hartford's $138.
• A+ Financial Rating: Slightly lower than Northwestern Mutual and New York Life, though still considered strong by industry standards. Discover more about offerings in our Nationwide insurance review.

#9 – Lincoln Financial: Best for Flexible Options

Pros

• Diverse Coverage: Lincoln Financial offers term, whole, and universal life insurance in Minnesota with multiple riders available, including long-term care benefits.
• 12% Bundling Discount: Provides reasonable savings when bundling with other Lincoln Financial policies, leading to up to $180 in annual premium reductions.
• Affordable Term Rates: Term life insurance in Minnesota starts at $36 per month, making it a good mid-tier alternative. Learn how early retirement affects insurance.

Cons

• Higher Whole Life Costs: Whole life insurance in Minnesota begins at $162 per month, making it less affordable than Mutual of Omaha or Prudential.
• Fewer Customization Features: Lincoln offers solid coverage but lacks some of the advanced policy options available from competitors like Northwestern Mutual.

#10 – The Hartford: Best for Comprehensive Coverage

Pros

• Financially Secure: The Hartford has an A+ rating from A.M. Best for many years, ensuring consistent claim payouts.
• Comprehensive Coverage: Provides term, whole, and AD&D insurance in Minnesota, along with a variety of policy options and add-ons such as disability waivers.
• Affordable Term Rates: Term life insurance in Minnesota begins at $26 per month, making it one of the most cost-effective solutions.

Cons

• Lower Bundling Discount: Only a 5% bundling discount is available, significantly lower than State Farm's 17%.
• Higher Whole Life Costs: Whole life insurance in Minnesota starts at $138 per month, which is more expensive than Farmers' $119 rate. Access comprehensive insights into our The Hartford insurance review.

Comparing Life Insurance Rates Across Minnesota's Top Providers

Life insurance pricing in Minnesota varies significantly based on the insurer, coverage type, and financial stability. State Farm offers the lowest term life insurance policy at $22 per month, 53% cheaper than New York Life's $47 rate, the most expensive option. For whole-life coverage, Farmers provides the most affordable policy at $119 per month, while New York Life's whole policy costs $211, making it 77% higher than Farmers.

Insurance Company	Term Policy	Whole Policy
	$38	$179
	$25	$119
	$36	$162
	$41	$174
	$23	$132
	$47	$211
	$29	$143
	$34	$158
	$22	$126
	$26	$138

For those seeking affordability, Nationwide's $23 term policy is only $1 higher than State Farm, keeping costs low while maintaining an A+ financial rating. On the higher end, AIG's $38 term rate is 65% more expensive than State Farm's but includes global coverage benefits.

Mutual of Omaha's $174 whole-life policy is 38% higher than Lincoln Financial's $162, emphasizing the need to compare benefits beyond just price. Prudential offers a well-balanced approach with a $34 term rate and a $158 whole policy, ensuring strong financial backing and customizable options.

Unlocking the Best Life Insurance Discounts in Minnesota

Life insurance doesn't have to break the bank, especially if you take advantage of the correct discounts. Many insurers in Minnesota offer ways to save through bundling, healthy lifestyle perks, employer-based deals, and auto-pay enrollment. Some companies slash costs by as much as 20%, so knowing where to look can mean significant savings. Understanding life insurance classifications also plays a key role in finding the best policy for your budget and needs.

Insurance Company	Bundling	Healthy Lifestyle	Group/Employer	Auto-Pay
	20%	10%	10%	5%
	15%	5%	10%	5%
	20%	10%	10%	5%
	15%	10%	5%	5%
	15%	5%	10%	10%
	15%	10%	10%	5%
	10%	10%	15%	5%
	20%	15%	10%	5%
	15%	10%	10%	5%
	10%	5%	5%	5%

AIG, Lincoln Financial, and Prudential provide the biggest bundling discounts (20%), lowering overall costs for policyholders who mix life insurance with other products. Prudential provides the highest healthy lifestyle discount at 15%, rewarding individuals who meet BMI, cholesterol, and blood pressure targets—5% more than State Farm and Mutual of Omaha's 10%. Northwestern Mutual leads employer-based discounts at 15%, making it the best choice for those with workplace-sponsored policies.

Nationwide offers the highest auto-pay discount at 10%, double the incentive provided by AIG, Farmers, Lincoln, New York Life, and State Farm, which all cap auto-pay savings at 5%. These targeted discounts illustrate how selecting the right insurer can yield hundreds in annual savings, especially when combining multiple policies and leveraging available incentives.

Comparing Life Insurance Coverage Options for Maximum Protection

Life insurance isn't a one-size-fits-all deal—some policies offer broad coverage, while others focus on specific benefits. Whether you're looking for universal life insurance, indexed universal plans, guaranteed issue coverage, variable policies, or accidental death & dismemberment (AD&D) protection, different insurers provide different perks. Knowing what's included can help you pick a plan that works for your financial goals and future security.

Insurance Company	Universal	Indexed Universal	Guaranteed Issue	Variable	AD&D
	✅	✅	✅	✅	✅
	✅	❌	✅	❌	✅
	✅	✅	❌	✅	❌
	✅	✅	✅	❌	✅
	✅	✅	❌	✅	✅
	✅	✅	❌	✅	✅
	✅	✅	❌	✅	❌
	✅	✅	❌	✅	✅
	✅	❌	✅	❌	✅
	✅	❌	✅	❌	✅

All insurers on the list provide universal life insurance, so that's a standard option. But if you're looking for guaranteed issue coverage—meaning no medical exam required—only AIG, Mutual of Omaha, and State Farm have you covered, making them great picks for anyone with pre-existing conditions. If you're after indexed universal life insurance to build cash value, check out AIG, Lincoln, and New York Life, while Farmers, State Farm, and The Hartford don't offer this feature.

Lincoln, Prudential, and Nationwide lead the way for investment-driven variable life insurance, giving policyholders more flexibility to grow their coverage over time. AD&D coverage is included with most companies except Lincoln, Northwestern Mutual, and Nationwide, so if accident protection is a priority, you'll want to consider other options.

Understanding how your insurance deductible applies to different policies can also help ensure you get the most value. With so many choices, the best insurer for you is whether you value guaranteed acceptance, long-term cash growth, or extra accident coverage the most.

Final Expense and Guaranteed Issue Policies: Pricing Breakdown

Factors such as policy type, level of coverage flexibility, and insurer reputation influence life insurance pricing. Rates are structured differently according to the provider. Term life insurance is more affordable, while whole and universal life plans give long-term financial rewards. Prices can differ even more if you're looking for final expense coverage or guaranteed issue policies, which fall under no medical exam life insurance options. Picking the right plan means balancing affordability with the protection you need.

Insurance Company	Term Life	Whole Life	Universal Life	Final Expense	Guaranteed Issue
	$27	$55	$50	$35	$45
	$22	$40	$45	$31	$42
	$26	$34	$55	$39	$42
	$20	$35	$40	$30	$50
	$30	$45	$42	$28	$48
	$25	$50	$48	$30	$45
	$28	$60	$50	$44	$38
	$25	$28	$55	$42	$44
	$30	$50	$45	$40	$49
	$28	$35	$45	$41	$41

If you want the cheapest term life insurance, Mutual of Omaha wins with a $20 monthly rate, while State Farm and Nationwide charge $30—50% more. Farmers has the lowest whole life insurance rate at $40, but Northwestern Mutual sits at $60, making it 50% pricier. Universal life plans vary too—Lincoln Financial and Prudential charge $55, while Mutual of Omaha offers a much cheaper $40 option, saving you up to 27%.

Looking at final expense insurance, Nationwide keeps it affordable at $28 per month, while Northwestern Mutual is one of the most expensive at $44. Guaranteed issue policies also see big differences—Mutual of Omaha's $50 plan is one of the highest, while The Hartford keeps it lower at $41. With so many pricing gaps, it's clear that choosing the right insurer isn't just about monthly costs—it's about getting the best value for your money.

Top Life Insurance Providers in Minnesota for Affordable Coverage

State Farm, Prudential, and Mutual of Omaha stand out as the best life insurance in Minnesota. State Farm offers the lowest term life insurance rate at $22 per month, which is 27% lower than the state average of $30. Prudential provides a 15% healthy lifestyle discount for policyholders who meet BMI, cholesterol, and blood pressure targets.

Mutual of Omaha simplifies underwriting with no medical exam required for certain policies, approving applicants in as little as 24 hours. In Kansas, life insurance rates differ based on coverage type, with term life policies averaging around $25 per month. Reviewing an essential insurance checklist for millennials can help young adults understand coverage needs and secure the right policy early.

To find the best life insurance near you, comparing multiple quotes online can help identify the most affordable rates, top discounts, and fastest approval options. Enter your ZIP code to compare instant life insurance quotes from highly-rated insurers and begin investing in your family’s future.