Best Life Insurance Companies in Minneapolis

Frequently Asked Questions

• How can one determine if the insurance company is licensed in Minneapolis?

  To determine if the insurance company is licensed in Minneapolis, one must dial 651.539.1500 to contact the Minnesota Department of Commerce, or utilize the department's License Lookup by Insurance Company tool. All insurance businesses that are authorized to conduct business in the state are listed in detail and up to date in the department's records.

• Will policyholders or beneficiaries in Minneapolis still be able to use their coverage when their insurers declare bankruptcy?

  Up to a certain amount, the Minnesota Life and Health Insurance Guaranty Association will offer protection to policyholders and beneficiaries of contracts in Minneapolis written by insolvent insurance companies. As long as premiums are paid and/or there is monetary value, the company will maintain the coverage; otherwise, it will transfer the policy to another insurer. State legislation determines the benefits and coverage caps.

• Is it possible to purchase life insurance in Minneapolis even with a pre-existing condition?

  Yes, individuals in Minneapolis have the option to purchase life insurance even if they possess pre-existing conditions like disabilities or mental health challenges. The protection against coverage denial due to pre-existing conditions is provided by The Affordable Care Act. Additionally, insurers are prohibited from setting restrictions on crucial benefits or terminating coverage on the grounds of cost considerations.

• Are employees in Minneapolis compelled to enroll in their employers' group life insurance plans?

  Employees in Minneapolis are not required to join or take part in their employer's group life insurance policies as a condition of employment unless the employer fully funds the plan, as specified in Minnesota Statutes 61A.091 subdivision 1. Under this provision, employers may not discharge or otherwise discriminate against employees who choose not to participate in a group life insurance plan.

• What happens if the company in Minneapolis neglects to pay the life insurance policy of an employee?

  If the employer or company in Minneapolis neglects to transmit the insurer's monthly payment promptly, it may lead to the termination of the coverage for the insured employees. According to Minnesota Statutes, Section 61A.092 Subdivision 4, under such circumstances, the employer is still responsible for ensuring that the employee's coverage needs are met to a certain extent.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.