Securian Life Insurance Review 2022

Dec 21, 2021

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Securian Financial Life Insurance
NerdWallet rating 

Bottom line: Though it doesn't offer much policy information on its site, Securian offers a wide range of policies and attracts relatively few complaints — making it a good choice for many shoppers.

Policies offered: Term & permanent.

Financial strength: Exceptional.

Complaints: Fewer than expected.

Buy online? No.

Securian Financial and its affiliate Minnesota Life Insurance Co. provide life insurance in all 50 states, plus other products, such as annuities and investment services. Founded in 1880, the insurer was known as Minnesota Mutual Life Insurance Company for nearly a century before adopting the Securian brand. The company has more than $1 trillion in life insurance policies in force.

TAKE CARE OF WHAT MATTERS MOST
Your family is unique — your life insurance should be, too.

Securian Financial life insurance

4.0

NerdWallet rating 

Securian Financial earned 4 stars out of 5 for overall performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account consumer experience, complaint data from the National Association of Insurance Commissioners and financial strength ratings.

Securian Financial life insurance pros and cons

Pros

Cons

Wide selection of insurance and financial products.

Limited information on whole and term life products on website.

Fewer consumer complaints than expected for a company of its size.

Securian Financial life insurance policies

In addition to whole and term life insurance, the company offers three types of universal life insurance policies. Universal life insurance is a permanent policy with cash value that grows tax-deferred.

  • Fixed universal life: The cash-value growth is tied to a fixed interest rate. It’s the least risky of the three universal life policies.

  • Indexed universal life: The cash-value growth is tied to the performance of an index, such as the S&P 500. Indexed universal life insurance offers the potential for greater returns than fixed universal life, but is less risky than variable universal life. There is also a survivorship option, which insures two lives, typically a couple. The death benefit is paid out after both individuals die.

  • Variable universal life: The cash-value growth is tied to investments chosen by the policyholder. Variable universal life insurance offers greater potential for returns than fixed or indexed universal life as well as greater risk, including the chance of losing cash value if the underlying investments perform poorly.

Some policies offer the option to use benefits before you die if you have a chronic illness or need long-term care. This includes a hybrid universal life and long-term care policy, which lets policyholders use their policy’s cash value to pay for long-term care expenses like a nursing home.

Securian Financial also offers accidental death insurance, a type of life insurance that pays out only if your death is caused by an accident. The coverage amount available varies by state, with a maximum limit of $300,000.

Securian Financial customer complaints and satisfaction

Over three years, Securian Financial has drawn fewer complaints to state regulators than expected for a company of its size, according to a NerdWallet analysis of data from the National Association of Insurance Commissioners.

Additionally, Securian Financial ranked 13th out of 21 companies in J.D. Power’s 2021 U.S. Life Insurance Study for overall customer satisfaction

.

More about Securian Financial

The Securian Financial website offers life insurance educational content and free tools to determine how much coverage you need, plus the ability to make a payment, view your policy and report a claim. The Securian Financial mobile app also allows policyholders to access their account information, update beneficiaries and pay their premium.

Securian Financial offers other financial products in addition to life insurance:

  • Accident, illness and supplemental hospital insurance.

  • Annuities.

  • Credit insurance.

  • Gap insurance for vehicles.

  • Investment and trust services.

TAKE CARE OF WHAT MATTERS MOST
Your family is unique — your life insurance should be, too.

How we review life insurance companies

In our life insurance reviews, our editorial team considers both the customer and the insurer. These are some of the factors we take into account:

Policies offered. There are many types of life insurance on the market, and they fall into three key categories:

  • Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.

  • Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.

  • No-exam life insurance issues coverage without the need for a medical exam.

Financial strength. We use A.M. Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. NerdWallet does not recommend companies with a rating lower than a B. Here’s the breakdown:

  • Exceptional: A+, A++

  • Strong: A, A-

  • Moderate: B+, B

Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.

Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.

Life insurance buying guide

Before you start comparing companies, choose the type of life insurance you want, such as term or whole life. Decide which life insurance riders, if any, you want the policy to include. Calculate how much life insurance you need and how long you want the coverage to last. Check that the insurers you’re considering offer the coverage you’re looking for.

When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. It’s also important to make sure the policy’s medical requirements match your needs. For example, if you want to skip the life insurance medical exam but don’t mind answering health questions, confirm that the application process for each policy you're comparing aligns with that.

Price may not be the biggest driver behind your decision to buy. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service.

For more guidance, see our life insurance buying guide.

Life insurance ratings methodology

NerdWallet’s life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a company’s ability to pay future claims. Within the consumer experience category, we consider ease of communication and website transparency, which looks at the depth of policy details available online. To calculate each insurer’s rating, we adjusted the scores to a curved 5-point scale.

These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.

Insurer complaints methodology

NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2018-2020. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. Ratios are determined separately for auto, home (including renters and condo) and life insurance.

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