Formerly known as Minnesota Life, Securian Life Insurance Company has maintained its level of excellence while rebranding with a name that has more regional appeal. However, this name change has not made a significant difference to 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, provide a brief summary of its history, and highlight some of the products they are best known for.
Compare over 50 top life insurance companies instantly.
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 so that we can 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, which is essentially life insurance without an exam. This option is available for individuals between the ages of 18-54 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 who may have pre-existing health conditions.
Overall, while these are just a few of the standout features of Securian Life Insurance, it’s important to remember that every individual has unique needs and circumstances.
About Securian Life Insurance
Minnesota Life Insurance Company, which has been in existence for about 140 years, 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 still backed by the same strong financial foundation. Most Securian life insurance policies are still issued by Minnesota Life Insurance Company, although some policies are issued by Securian Life Insurance Company.
Based in St. Paul, Minnesota, both Minnesota Life and Securian Life are chartered there, and Securian emphasizes its community involvement in its marketing materials. The majority of Securian’s philanthropy is provided in the form of 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 and services, in addition to life insurance. At IBUSA, we are intimately familiar with the strengths and drawbacks of each provider, which enables us to make the best recommendations for our clients.
Minnesota Life / Securian Financial Ratings
A.M. Best: A+
Comdex Ranking: 96
The name change from Minnesota Life to Securian Financial had no impact on 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 more than 20 million customers and over $1 trillion in life insurance policies in force, 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:
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.
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 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, as well as group insurance plans offered through employers. For individual clients, they offer wealth 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 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 universal life policies earn interest at a fixed rate and have reduced risk and potential for growth.
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.
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.
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.
Securian Financial is a well-established life insurance company with a long history of financial stability and strength. They offer a wide range of individual life insurance policies and annuities, along with 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 for you.