Minnesota Life Insurance changed its name in 2018, taking the branding of its parent company Securian Financial.
Minnesota Life Insurance company has a long history in life insurance, and Securian is continuing that tradition. Below we’re going to show you the history of Minnesota Life, their financial ratings, and the life insurance products offered by Minnesota Life. Then, you’ll learn how to compare their policies to others in the life insurance market.
- Brief History of Minnesota Life Insurance
- Minnesota Life Insurance Financial Ratings
- Life Insurance Products from Minnesota Life, or Securian
- Compare Minnesota Life Insurance to Other Companies
Brief History of Minnesota Life Insurance
Minnesota Life Insurance, now Securian Financial, is headquartered in St. Paul Minnesota and was founded in 1880. It has been a life insurance company since day one.
Today, they have over 16 million customers, and a number of other products including annuities, financial planning services, and more. Minnesota Life was also one of the first insurance companies to offer group life insurance to its customers.
Securian has $70 billion of assets under management and more than $1 trillion of insurance in force.
Minnesota Life Insurance Financial Ratings
Here are the ratings for Minnesota Life Insurance:
- A.M. Best: “A+” (superior) rating
- Affordability Index: 9.4
- Ease of Applying: 9.1
- Customer Service: 9.5
- COMDEX Ranking: 96
A.M. Best is the industry benchmark for financial strength in the life insurance industry. The other three metrics are based on a number of factors including our industry knowledge of Minnesota Life compared with other companies. The COMDEX ranking is a composite score that considers A.M. Best and other top ratings agencies.
Our reviews of Minnesota Life insurance and its operations have shown us that they are a company that focuses on customer service and satisfaction. In fact, their customer service rates very high in comparison to other top life insurance companies.
Life Insurance Products from Minnesota Life, or Securian
Minnesota Life offers both term and permanent life insurance policies. Below, we’ll review each of their policies.
Term Life Insurance
Minnesota Life’s term life insurance policy is available both with and without a medical exam.
- Their no-exam option uses their WriteFit Express program and you can get approval in under 24 hours.
- Up to $250,000 in coverage for the no-exam option if you are healthy.
- You can get up to $2 million in coverage for ages 18 to 50.
- Get up to $1 million in coverage for age 51 to 60.
Their policies have great prices for individuals who are 55 and above in age. The company provides a great value for those who need $1 million policies or higher. Minnesota Life is very favorable when it comes to certain health ailments as well.
If however, you are looking for a lower coverage amount, you’ll likely find better rates elsewhere.
Indexed Universal Life Insurance
The universal life policy from Minnesota Life is one of the best on the market, especially for people who want higher amounts of coverage.
With indexed universal life insurance, your policy never expires, and it can accrue cash value. You can invest this in the markets with limited upside caps, but nearly no downside.
For individuals who need to obtain coverage quickly or for those with a phobia of needles, they offer this indexed universal life insurance with no medical exam. There is a phone interview. This product is great for people between the ages of 40-60 looking for tax-free retirement income.
Whole Life Insurance
Minnesota Life also offers traditional whole life insurance.
Their whole life policy is available through an online application for coverage amounts under $250,000. However, you need to be healthy to qualify as it is a no-exam policy.
For higher coverage amounts, up to $2 million, you can apply with traditional underwriting if you have health complications. This includes a medical exam and labs. This option offers an online application or paper application.
Compare Minnesota Life Insurance to Other Companies
Minnesota life is a great company for people looking for an indexed universal life insurance policy or a policy with high face amounts. However, we always recommend comparing more than just one or two carriers when shopping for life insurance.
Use our instant quote tool on this page, or give us a call to review rates from Minnesota Life Insurance and other top companies.
Alternatively, you can read our other life insurance company reviews below.