UPDATED: Nov 30, 2018
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Minnesota Life Summary
Minnesota Life was founded in 1880 in St. Paul, Minnesota as the Banker’s Association of Minnesota. The company expanded quickly and their Adjustable Life policy was one of the first options for flexible life insurance coverage. Their success was followed by a name change to Minnesota Mutual and a move to a large office building in St. Paul in 1982.
In the late 90s, Minnesota Life adopted the name Securian, but it wasn’t until 2005 that they re-branded to use the name as an umbrella brand for the entire group of affiliated companies. Minnesota Life still operates under its own name, but under the Securian banner.
Minnesota Life writes a variety of individual life insurance and annuity products, as well as group life insurance and retirement planning products. All of these are sold through agents and brokers across the nation.
The following book of Minnesota Life products are all aimed at helping with long-term financial planning.
Minnesota Life writes several types of life insurance policy in both term and permanent formats.
Term life is available in a range of term lengths, and includes the option to convert the policy to permanent life insurance, at certain intervals throughout the term. This coverage is designed to provide a large death benefit during the years when it is most needed.
Permanent life insurance is available in several forms:
- Whole Life – a standard permanent life insurance policy that has stable premiums and a cash value account
- Universal Life – which provides all of the benefits of a whole life policy along with the option to choose flexible premiums
- Indexed Life – an investment option using an index account
- Variable Universal Life – which offers the benefits of a regular Universal policy along with investment in various accounts that can include stocks, bonds, and more
- Fixed Universal Life – offers a reliable cash value growth with a fixed interest rate. This policy provides flexibility and stability.
Minnesota Life offers both immediate and deferred annuities. Both fixed and variable deferred options are available. These products are designed to provide income either now or in the future upon retirement.
Group Life Insurance
In partnership with Securian Life, Minnesota Life offers a range of group life insurance and related coverage options for businesses.
These options include:
- Group Term Life
- Group Universal Life
- Variable Universal Group Life
- Accidental Death and Dismemberment
- Business Travel Accident
Policies may be issued by either Minnesota Life or Securian Life.
Financial Institution Coverage
The company also has a suite of products designed specifically for the needs of financial institutions. These are issued by Minnesota Life in every state except New York, where Securian issues them instead.
Minnesota Life does not offer online quoting, therefore we are unable to compare their rates to other companies. All quotes are obtained through an agent or broker, and that means policies will include their commissions, which generally adds a little cost.
While we are unable to obtain a rate for comparison, we can say that this company has a lot of policies in force, which means they certainly have had no trouble selling their products, regardless of cost. That said, traditionally, this sort of life and financial services company does not offer the most affordable policies. They aren’t targeting the budget insurance market; rather they are largely aimed at people who get insurance through work or will take the advice of an agent on what to buy over shopping around independently. As a result, they may not feel the need to be competitive in terms of rates.
Minnesota Life claims are processed through the Securian Benefits Center. They offer an online claims reporting system for a variety of different products. Claims status can also be viewed easily online.
Minnesota Life also has a number of other methods of contacting the claims department, including by phone, fax, email, and even by mail. Contact information differs based on where the product was purchased, with different departments handling benefits purchased through an employer, through a financial institution, or through and individual agent/broker.
Not surprisingly for the type of product Minnesota Life writes, there is little information available regarding claims procedures.
Minnesota Life is rated by the BBB under the Securian name. Securian has an A+ rating and has been BBB accredited since 1996. There are a total of 22 complaints in the past three years, seven of which were closed in the past 12 months. Those numbers are very low for a company as large as this one.
There are a few complaints against Minnesota Life on various websites, citing trouble with claims and with slow response or benefits being cut or denied. These complaints aren’t numerous; there are certainly not enough of them to raise any major red flags. They are also scattered over many years rather than many recent complaints, which again makes them less concerning overall.
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Minnesota Life is a very old company with a strong financial background, which makes them a pretty safe bet particularly for financial products. Their products are most likely to appeal to those who are being offered the option to purchase through an employer.
When it comes to individual insurance, there is a long list of companies who make it easier to obtain a quote, easier to apply for and get a policy, and will likely offer a better premium. For an individual shopping for life insurance, Minnesota Life is not likely to be on the top of your list due to the lack of easily obtained comparison quotes.
For a list of companies that we recommend, visit our Best Insurance Companies page.