10 Best Life Insurance Companies in North Dakota

Life insurance companies in North Dakota can help protect you and your family.

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10 Best Life Insurance Companies in North Dakota

Key Terms

  • Life insurance covers the expenses that arise when somebody passes away.
  • A good life insurance policy can cover your mortgage payments, your child’s education, and even therapy for your loved ones should you pass unexpectedly.
  • North Dakota life insurance companies can help you find a policy to suit your needs and budget.

North Dakota is known as the Peace Garden State and is located in the northern United States. It’s bordered by Minnesota to the east, South Dakota to the south, and Montana to the west. With a population of 800,394 people, it’s the 47th-most populous state. The largest city in North Dakota is Fargo which has a population of 124,844 residents. The state capital is Bismarck which has a population of 73,112.

According to the Center for Disease Control and Prevention (CDC), the average life expectancy in North Dakota is approximately 76.9 years which is lower than the national average life expectancy, which is currently around 79.05 years in the United States. Over the past few years, the leading causes of death in North Dakota have been heart disease, cancer, and Covid-19. The homicide rate in North Dakota is around 4.4 homicides per 100,000 residents, which is lower than the national average of 7.5.

According to the U.S. Bureau of Labor Statistics, in North Dakota, the 90th percentile income is currently $83,790. The median income in the state is approximately $46,960. Most financial advisors recommend purchasing a life insurance policy that covers your loved ones for between 10X and 20X your annual salary. In North Dakota, this works out to around $837,900 – $1,675,800 dollars for most people.

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How life insurance works in North Dakota

There is no such thing as a one-size-fits-all life insurance policy. There are many different types of packages and policies, and which one you should choose depends on your unique situation. That said, the general idea behind life insurance is pretty easy to understand.

There are two main types of life insurance: term and whole life. Term life insurance is the most basic and straightforward type of policy. It pays out a death benefit if you die while the policy is still in force. Term life insurance is often much cheaper than whole life insurance because it only pays out if you die during the policy’s term. It doesn’t build up cash value or provide any other perks.

Whole life insurance is more complicated. Whole life policies don’t have any timeframe associated with them. As long as you pay your premiums, a whole life policy will pay out whenever you pass away. They also have a cash value component. The cash value grows over time, and you can access it while you’re still alive. You can use it to pay premiums, take out loans, or for other purposes. Whole life insurance mixes investing and insurance.

You can shop around for quotes online, but the best way to find a life insurance policy is to speak with an independent licensed insurance agent. An insurance agent can help you understand your options so that you can choose a policy that’s right for you. They can also answer any questions that you may have about your coverage.

In the state of North Dakota, North Dakota residents are protected by the North Dakota Insurance Department and the health insurance guaranty association to answer faqs regarding North Dakota law and other state law at www.nd.gov.

10 Biggest life insurance companies in North Dakota

North Dakota life insurance companies ranked by premiums written in the state.

RankCompany NameNorth Dakota
Premiums Written
North Dakota
Market Share
1Northwestern Mutual$62,503,75410.69%
2Mass Mutual Life Ins$47,385,4908.10%
3Thrivent Financial For$45,554,0617.79%
4New York Life$28,471,2104.87%
5Sammons Enterprises$25,982,9194.44%
6Nationwide Corp$25,188,6904.31%
8Lincoln National$20,808,5063.56%
9Minnesota Mutual$15,872,9712.71%
10Knights Of Columbus$15,043,5622.57%

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How much life insurance do you need in North Dakota?

The 90th percentile salary in North Dakota is approximately $83,790. As mentioned, most financial advisors recommend that you purchase a life insurance policy that will cover your beneficiary for at least 10X – 20X your average annual income. In North Dakota that works out to around $837,900 – $1,675,800. This amount will ensure that your loved ones can continue to pay their bills, settle your debts, and cover the cost of your final expenses.

You may also want to purchase additional life insurance to cover:

  • Your mortgage (if you want your spouse and kids to be able to live in the home without worrying about mortgage payments)
  • Children’s education costs (if you want your child’s education to be covered without any additional stress to your spouse)
  • Bereavement therapy costs for your spouse and children (if you want them to spend time with a therapist after your unexpected death)
  • Any other expenses that may be unique to your family or lifestyle

North Dakota Life insurance laws

There are a few unique features with respect to North Dakota Life Insurance Laws that have an impact on your specific policy if you are a resident of the state.

Here’s what you need to know:

  • The Free Look Period: This is a period when you can test-drive your policy and find out if it meets your needs. You can return your policy within this period for a full refund. In North Dakota, the free look period is a maximum of 20 days, according to state code.
  • Grace Period: The North Dakota Century Code allows for a 31-day grace period for customers to settle due payments, during which time the insurance company cannot block a claim.
  • Contestable Period: When you file a claim, insurance providers must verify all relevant information and documents for inconsistencies and inaccuracies within a certain amount of time, after which the policy becomes incontestable. This period is a maximum of two years in North Dakota.
  • Time Allowed to Settle Claims: Once a life insurance company in North Dakota receives a claim with satisfactory proof, by law, it has a duration of 60 days to process the settlement. Delays can result in interest accruing on payments and other penalties.
  • Guaranteed Death Benefit: Life insurance policies are protected by the North Dakota Life and Health Insurance Guarantee Association when the insurance provider goes bankrupt or out of business.

Most people purchase life insurance to protect their loved ones in the event of their death. If you are the primary breadwinner for your family, your death could leave them in financial difficulty. A life insurance policy can provide them with the financial resources they need to maintain their standard of living. In addition to providing financial protection for your loved ones, life insurance can also be used to help pay for your final expenses, such as funeral costs and outstanding debts.

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Joshua Holt is a licensed insurance agent (License #2785989) and founder of Biglaw Investor and Sidebar Insurance LLC, an insurance agency created by lawyers, for lawyers. His insurance expertise lies in the areas of life and disability insurance, particularly covering lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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