Formerly known as Minnesota Life, Securian Life Insurance Company has maintained its level of excellence while rebranding with a name with more regional appeal. However, this name change has not significantly impacted us here at IBUSA. Regardless of their name, we have always known that Securian Life Insurance Company can often be the best life insurance company for a wide range of clients with different goals.

That’s why we want to take a moment to discuss Securian Life Insurance Company, summarize its history, and highlight some of the products they are best known for.

What we Like about Securian Financial

At IBUSA, we make it our mission to have an in-depth understanding of each carrier’s pros and cons to provide the best recommendations to our clients. In the case of Securian Financial, there are some key aspects that we would like to highlight at the beginning of this review.

One of Securian Life Insurance’s standout offerings is WriteFit, essentially life insurance without an exam. This option is available for individuals aged 18 to 54 and offers coverage up to $2,000,000. The primary advantage of WriteFit is that applicants can get covered quickly and easily without undergoing a medical exam or giving fluid samples like blood and urine.

In addition to WriteFit, Minnesota Life and Securian Financial have excellent underwriting criteria for older clients seeking life insurance for seniors. Their underwriting guidelines make it easier for older individuals to qualify for coverage, which can be particularly advantageous for those with pre-existing health conditions.

While these are just a few of Securian Life Insurance’s standout features, it’s important to remember that every individual has unique needs and circumstances.

About Securian Life Insurance

Minnesota Life Insurance Company has existed for about 140 years and has undergone a brand change in 2018. It no longer markets under the name “Minnesota Life” but rather as Securian Financial (“Securian”). The rebranding was to ensure consistency with its parent company, Securian Financial Group, Inc.

Despite the name change, Securian Life remains essentially the same company as Minnesota Life, with policies remaining unchanged and backed by the same financial solid foundation. Minnesota Life Insurance Company still issues most Securian life insurance policies, although Securian Life Insurance Company issues some policies.

Both Minnesota Life and Securian Life are chartered in St. Paul, Minnesota, and Securian emphasizes community involvement in its marketing materials. Most of Securian’s philanthropy is provided through corporate sponsorships and donations through the Securian Financial Foundation, which concentrates on vibrant communities, financial stability, and youth and education.

Securian distributes life insurance throughout the United States via more than 7,000 independent agents. Its network also encompasses thousands of brokers and financial management professionals who market wealth management products, services, and life insurance. At IBUSA, we are intimately familiar with each provider’s strengths and drawbacks, which enables us to make the best recommendations for our clients.

Minnesota Life / Securian Financial Ratings

A.M. Best: A+
S&P: A.A.-
Moody’s: AA3
Fitch: A.A.
Comdex Ranking: 96

The name change from Minnesota Life to Securian Financial did not impact the company’s financial strength as one of the highest-rated life insurance companies. Securian’s Comdex score of 96 places it in the top tier of U.S. life insurers, and its A+ rating from A.M. Best is just one notch below the highest available rating.

According to Securian’s most recent financial report, the company generated $6.6 billion in annual revenue, with operating earnings of $331 million. The company’s assets under management totaled $93.4 billion, representing a nearly 20% increase over the previous year.

With over 20 million customers and over $1 trillion in life insurance policies, Securian is a financially stable company with a strong track record. Policyholders face minimal risk of non-payment of policy obligations. While there may be valid criticisms of Securian, financial weakness is not among them.

Minnesota Life / Securian Consumer Ratings:

BBB

Throughout most of its history, Minnesota Life—accredited by the Better Business Bureau in 1996—has had a fairly decent reputation for customer service. If consumer ratings are any indication, Securian may have dropped off a little over the last three years.

Securian currently holds a “B” rating from the BBB. That means that Securian is reasonably responsive to BBB complaints but not as much as other insurers. More concerning is the 1-star score (out of 5) from consumers rating Securian through BBB’s site.

With only 19 reviews, it’s a small sample size, but it shows that some of Securian’s customers are unsatisfied with the company.

J.D. Power

In J.D. Power’s 2020 life insurance survey, Securian came in at number 16 overall out of the 23 major carriers included in the survey. While that was up a little from the number 18 finish in 2019, Securian still scored disappointingly below average—or within the bottom group, “The Rest” by J.D. Power.

NAIC

On a higher note, the National Association of Insurance Commissioners reports that Securian receives fewer than average complaints to state insurance commissioners for a carrier its size.

What Products Does Securian Offer?

Securian Financial offers a wide range of individual life insurance policies and annuities, including term life, whole Life, Universal Life, and hybrid long-term care policies. They also provide fixed, fixed indexed, variable, and immediate annuities.

In addition to life insurance and annuities, Securian offers accident and accidental death insurance, critical illness coverage, and hospital insurance.

Securian also provides employee benefits and retirement plan administration services for businesses and insurance plans offered through employers. For individual clients, it provides management and investment products. With a broad range of offerings, Securian is well-positioned to meet the diverse needs of its customers.

Life Insurance from Minnesota Life:

Securian offers all three of the “big 3” types of life insurance:  term, whole Life, and Universal Life. Under the U.I. umbrella, Securian offers fixed, indexed, and variable U.L. policies.

Term Life from Securian: 

Securian offers level-term policies with 1o, 15-, 20-, or 30-year terms. Term policies have level premiums throughout the initial term.

Level-term life insurance policies include a conversion option, allowing the policyholder to convert the term coverage to a permanent policy for a defined period after the coverage is issued.

An optional rider extends the period during which the conversion option can be exercised.

Securian also has an annual renewable term (ART) policy that renews coverage each year for up to ten years.

Premiums typically go up at each renewal. The ART policy also includes a conversion option, allowing the policyholder to convert to permanent coverage.

Securian Whole Life Insurance: 

Securian offers classic whole-life insurance like Minnesota Life (which was once a mutual company).

Whole Life guarantees coverage to remain in place for Life (as long as premiums are paid).

Whole life premiums are fixed, and policies gradually accumulate cash value, which earns interest at fixed rates.

Securian allows applicants flexibility in choosing how long premiums last before a whole life policy is paid up (at which point no further premiums are owed).

Premiums can be extended until as long as the insured’s 120^th birthday.

Generally, the longer it takes to reach “paid-up” status, the lower the premiums will be, and vice versa. Supplemental term and accidental death riders are available for an additional premium.

Securian Universal Life Insurance: 

Securian’s U.L. policies allow for flexibility with premium payments (subject to a required minimum) and death benefit amounts generally associated with universal Life.

Universal life insurance policies usually have greater cash-value growth potential, though performance largely depends on the premium contributions made by the policyholder.

Securian offers three types of U.L. coverage, the principal difference of which is how cash value growth is measured.

Fixed U.L.

Fixed universal life policies earn interest at a fixed rate and have reduced risk and potential for growth.

Indexed U.L.

Indexed universal life policies tie growth to the performance of one or more equity indices the policyholder selects. Policy growth is subject to caps and participation rates (i.e., the portion of index growth actually credited to the policy).

But, in return, Securian limits policy losses in down markets. Thus, IUL policies have more growth potential than fixed U.L. policies, but the policyholder bears the risk of stagnant growth in weak markets.

Survivorship U.L.

Securian offers a survivorship IUL policy that insures two lives and pays out upon the second death. Survivorship policies can be helpful estate-planning tools for efficient wealth transfer between generations.

Variable U.L.

Securian’s variable U.L. policies accrue policy growth dependent on the performance of investment options made available by Securian and selected by the policyholder.

VUL policies have the greatest growth potential but also carry the risk that they will lose value if investments perform poorly.

In general, variable policies also have higher policy fees—such as management fees and investment fund expenses—than other types of life insurance.

Closing thoughts…

Securian Financial is a well-established life insurance company with a long financial stability and strength history. They offer various individual life insurance policies and annuities, additional insurance products, and wealth management options. While their products and services may be appealing, it’s always a good idea to shop around and compare options from multiple insurers to ensure you’re getting the best coverage and pricing for your specific needs. Working with an independent insurance agency like IBUSA can help you navigate the complex world of life insurance and make an informed decision based on your unique circumstances. Don’t hesitate to explore your options and compare quotes from multiple insurers to find the right fit.