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Securian Financial (Formerly Minnesota Life) Review

securian life insurance company

Formerly known as Minnesota Life, Securian Life Insurance company has managed to maintain its level of excellence while taking on a name with a bit more regional pull (in our humble opinion).

Not that, that…
Has ever really made a difference to us here at IBUSA because regardless of what they choose to call themselves, we have always known that given the right circumstances, Securian Life Insurance Company can frequently be the best life insurance company for a wide range of clients looking to achieve a broad spectrum of goals.

For this reason…
We wanted to take a moment and talk about Securian Life Insurance Company, provide a brief summary of their history, and mention a few of the products they are best known for.

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What we Like about Securian Financial

At IBUSA, we strive to intimately know each carriers pros and cons so we can make the best recommendation to our clients.

For Securian Financial, there are some key aspects we would like to point out here at the beginning of this review.


Securian Life Insurance, issued by Minnesota Life, offers WriteFit, which is basically life insurance without an exam.

In order to qualify, you must be between the ages of 18-54. The WriteFit program is avaialble for face amounts up to $2,000,000.

The primary advantage is that you can get covered quickly, with no need to undergo an exam or give fluid samples, such as blood and urine.

Underwriting Guidelines

Minnesota Life and Securian Financial have excellent underwriting criteria for older clients looking for life insurance for seniors.

About Securian Life Insurance

Minnesota Life Insurance Company has been around for about 140 years, but, as of 2018, the company no longer markets under the name “Minnesota Life.”

Instead, the life insurance company formerly known as Minnesota Life is now known as Securian Financial (“Securian”).  Securian opted for the brand change to promote consistency with its parent company, Securian Financial Group, Inc.

Importantly, Securian Life is still essentially the same company as Minnesota Life—policies didn’t change, and they’re still backed by the same strong financial foundation.

Issued by

In fact, most Securian life insurance policies are still formally issued by Minnesota Life Insurance Company, though some policies are issued by Securian Life Insurance Company.

Securian bases its operations in St. Paul, Minnesota, where both Minnesota Life and Securian Life are chartered.  Securian stresses its community involvement in its marketing materials.

Most of Securian’s giving comes in the form of corporate sponsorships and donations through the Securian Financial Foundation, which focuses on vibrant communities, financial stability, and youth and education.

Securian sells life insurance throughout the country through more than 7,000 independent agents.  The Securian network also extends to thousands of brokers and financial management professionals marketing wealth management products and services along with life insurance.

Minnesota Life / Securian Financial Ratings

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

Minnesota Life’s name change to “Securian Financial” did not affect the company’s strong financial position as one of the top rated life insurance companies.

Securian’s 96 score from Comdex puts it in the top tier of U.S. life insurance companies, and the A+ from A.M. Best just misses the highest score available.

In its most recent financial report, Securian reported $6.6 billion in annual revenue, of which $331 million constituted operating earnings.  Securian’s $93.4 billion in assets under management represented a nearly 20% increase over the prior year.

Overall, Securian serves more than 20 million customers and has well over $1 trillion in life insurance policies in force.

As a financially strong and stable company with a solid track record, Securian presents policyholders with very little risk of non-payment of policy obligations.  There may be reasons to critique Securian, but financial weakness is not among them.

Minnesota Life / Securian Consumer Ratings:


Through 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 some 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 shows that at least some of Securian’s customers are not satisfied 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 called “The Rest” by J.D. Power.


To finish on more of a high note, Securian receives fewer than average complaints to state insurance commissioners for a carrier its size, as reported by the National Association of Insurance Commissioners.

What Products Does Securian Offer?

Securian offers a full menu of individual life insurance policies and annuities.

Term life, whole life, universal life, and hybrid long-term care policies are all available.

For annuities, Securian has fixed, fixed indexed, variable, and immediate offerings.

Other insurance products offered by Securian include accident and accidental death insurance, critical illness coverage, and hospital insurance

Along with the life insurance and annuities long marketed to individuals by Minnesota Life, Securian also offers employee benefits and retirement plan administration for businesses, group insurance plans offered through employers, and individual wealth management and investment products.

Life Insurance from Minnesota Life:

Securian offers all of the “big 3” types of life insurance:  term, whole life, and universal life.  Under the UI umbrella, Securian offers fixed UL, indexed UL, and variable UL 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: 

Like Minnesota Life (which was once a mutual company) before it, Securian offers classic whole life insurance.

Whole life provides coverage that is guaranteed 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 120th birthday.

As a general rule, 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 UL policies allow for the flexibility with premium payments (subject to a required minimum) and death benefit amount generally associated with universal life.

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

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

Fixed UL

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

Indexed UL

Indexed universal life policies tie growth to performance of one or more equity index selected by the policyholder.  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 UL policies, but the policyholder bears the risk of stagnant growth in weak markets.

Survivorship UL

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

Variable UL

Securian’s variable UL 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 potential for growth but also come with the risk that a policy will lose value if investments perform poorly.

In general, variable policies also come with higher policy fees—such as management fees and investment fund expenses—compared to other types of life insurance.

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