Securian Life Insurance Review 2021 (Former Minnesota Life Insurance)

Thang Truong
Thang Truong
Updated on:

Securian Financial was known as Minnesota Life insurance, up until 2018 when they adopted their parent company’s brand. They’re still based in Minnesota, but they serve all fifty states, plus Canada and Puerto Rico. They’ve been around since 1880 and have more than $1.3 trillion in life insurance policies in force. They are the eighth largest life insurance company in the United States. 

It used to be called Minnesota Mutual life insurance. They are not publicly traded, so it appears they still operate as a mutual company. 

Pros and Cons

– Excellent financial strength
– Wide range of financial products
– Agents can help you decide what kind of insurance you need
– No online quoting
– Insurance is sold through financial advisors 
– Lower than average customer satisfaction
– Difficult to find out how to cancel a policy

Products Offered by Securian Life Insurance

  • Term insurance: terms in 10, 20, or 30 years
  • Whole life insurance
  • Universal life insurance

Securian’s term life insurance is convertible to a permanent life policy at the end of the term. Learn more about Convertible Term Life Insurance

Whole life insurance offers a lifetime of protection, plus cash value growth. 

Securian offers three types of universal life insurance. They are:

  • Fixed universal life: This offers flexible premiums and cash growth tied to a fixed interest rate
  • Indexed universal life: This offers cash value growth based on performance of an index such as S&P 
  • Variable universal life: Offers the potential to build cash value based on the performance of investment options you choose

In addition, Securian offers a lot of other financial products:

  • Accident and illness insurance
  • Annuities
  • Credit protection
  • Financial planning
  • Investments
  • Trust services
  • Group insurance
  • Retirement planning

Much of Securian’s life insurance is offered through employers. This means they often deal with corporations rather than individuals. However, it’s worth looking into, if your employer offers group life insurance.

You can’t buy life insurance online, but oddly enough, you can purchase accidental death life insurance online. Acceptance is guaranteed, and you can get up to $250,000 worth of coverage. You can buy it as a stand-alone policy or add it to another life insurance policy. You can buy it for a single person, or for a family. This policy pays out if you or a member of your family suffer a fatal accident. 

MORE: What is Guaranteed Issue Life Insurance?

Financial Strength Rating of Securian Life Insurance

AM Best rates Minnesota Life insurance company an A+ (superior), with an estimated $2 billion dollars in assets. It seems clear that Minnesota Life can meet its financial obligations. 

Customer Satisfaction Rating of Securian Life Insurance

J.D. Power rates life insurance companies on a 1,000 point scale, with the median average score being 761. Securian earns a score of 739, or “among the rest” (lower than average). Here is how they did in individual categories:

  • Product Offerings: 2/5
  • Price: 3/5
  • Statements: 2/5
  • Interaction: 2/5
  • Communication: 3/5

Except for price and communication, where they scored average, Securian scored below average in every category. They didn’t get a score for the sixth category, application, which rates how easy it is to apply for insurance. This is probably because all of their policies are sold through agents. 

Consumer Complaints Rating of Securian Life Insurance

The NAIC rates companies on a ratio. A ratio of 1.0 is the median average. NAIC gives Securian Life insurance a score of .09 for group life insurance and .49 for individual life. Both of these scores indicate Securian has less complaints than you would expect. 

The BBB (Better Business Bureau) gives Securian Financial a B, due to 29 complaints filed against them. They also have thirteen one-star reviews listed on the BBB’s website. Many complaints concerned how long it took to get paid for a claim. 

Digital Experience Rating of Securian Life Insurance

Securian does not offer online quoting; to get a quote you have to call, and they will find you a financial advisor in your area. There is an online calculator so you can estimate how much coverage you might need, but to buy it you have to contact them. Keep in mind that insurance sold through agents usually included commissions, so prices are generally higher. 

You can purchase accidental death insurance online. 

The website itself is easy to navigate, and they offer definitions of each type of life insurance, as well as why you might need it. 

To make a claim, you click a button that says, “Start a new claim” and then you can check the status of said claim by entering the claim number and the claimant’s date of birth. If you would like to cancel a policy, you can’t find out how to do that on the website. You can send an email, or call them, but a lack of information on the website just slows down the process. 

Securian does not have a mobile app, so you have to go to the website to find information. 

Last Thoughts

Securian is a huge financial services company, with Minnesota life insurance among its holdings. It has excellent financial strength. They have a variety of products and they sell a lot of insurance. However, if you’re looking for an online quote, you’ll have to look elsewhere. The fact that they sell life insurance through agents makes it difficult to compare prices. It also means that those agents will earn commission, and therefore may try to sell you more insurance than you need. If you are good at gathering information without committing to anything, you could call for a quote. 

Thang Truong

Thang Truong covers small business insurance and small business success at BravoPolicy. He is a licensed P&C insurance agent. Previously, he held product leadership positions at, Capital One, NerdWallet, and Mulberry Technology. He holds a MBA degree from UC Berkeley - Haas School of Business.

More Stories

6 Best Indexed Universal Life Insurance (IUL) for 2023

Are you looking for a way to set aside some extra money for your senior years, and maybe a little extra for loved ones to inherit? Most people opt for indexed universal life insurance because it offers the greatest cash value growth tied to the performance of S&P 500 index with the least risk thanks […]

Best Self-Directed Roth IRA Companies for 2023

A self-directed Roth IRA is much like a regular Roth IRA, but offers more flexibility as far as what you can invest in. Whereas a regular Roth will only let you invest in stocks, bonds, mutual funds, ETFs, and real-estate investment trusts, a self-directed Roth lets you invest in a greater variety of investment options.  […]

The 5 Best Hybrid Long-Term Care Insurance Companies for 2023

If you’ve decided to plan for every eventuality, you’d be smart to include a plan to cover long-term care. Someone turning 65 this year has an almost 70% chance of needing some type of long-term care, and about 13% of those will need it for five years or more. Long-term care is expensive and can […]

The 3 Best Traditional Long-Term Care Insurance Companies for 2023

Long term care is something that no one likes to think about, but unfortunately, many people will eventually need. Health care costs are skyrocketing, and a lengthy stay at a long-term care facility can easily bankrupt most people’s nest eggs. Long-term care insurance is one way to protect both yourself and your retirement savings. Out […]

The Best Long-Term Care Insurance Companies in California for 2023

California residents who are keen to protect themselves and their families against the worst events in life may be considering long-term care insurance. However, you might not know much about LTC insurance or how it is handled in California. Let’s take a look: What is Long-Term Care Insurance? Long-term care insurance helps pay for long-term […]

The Best Long-Term Care Insurance Companies in Arizona for 2023

Arizona is a great place to retire. It’s warm, there’s no snow to shovel, and Arizona improves the quality of life for anyone with allergies or asthma. When you pack your bags and retire to Arizona, you’re probably not thinking about long-term care. But the sad reality is that 47% of men and 58% of […]

The Best Long-Term Care Insurance Companies in Florida for 2023

There’s a lot of good reasons to retire in Florida. The weather is warm, the beaches are beautiful, and there are lots of other retirees to socialize with. Also, Florida has no state income taxes, no inheritance taxes, and no estate taxes. When you pack up your things and move to Florida, you’re probably not […]

Private Placement Life Insurance: Everything You Need to Know

If you haven’t heard of private placement life insurance, you probably don’t qualify to buy it. Private placement life insurance is typically for investors with millions in liquid cash that they need to invest for tax reasons.  What is Private Placement Life Insurance? Who Qualifies for Private Placement Life Insurance? Benefits of Private Placement Life […]

Nationwide IUL – A Strong Product With Great Features and Excellent Ratings

The Nationwide IUL product can help you either supplement your retirement income or ensure your beneficiaries future by leaving them a nice tax-free death benefit. Obviously, you have many options when it comes to IUL policies, so you want to know how does Nationwide’s policy stack up against the competition? Let’s take a look. Pros […]

Transamerica IUL – A Solid Product but High Consumer Complaint Score & Law Suits

Consumers looking to supplement their retirement income often settle on an indexed life insurance policy. These policies build cash value based on market performance and allow your heirs to enjoy a tax-free death benefit. Let’s take a look at Transamerica’s indexed universal life insurance policy and see what makes it stand apart from other such […]