Minnesota Life Insurance Review 2017

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Minnesota Life

  • Online quotes are not available on company website.
  • Term life rates are among the highest, according to NerdWallet analysis.


Minnesota Life is the life insurance subsidiary of Securian Financial Group in all states except for New York, which Securian Life Insurance Co. serves directly. The company was founded in 1880 and has more than $1 trillion in life insurance policies in force.

A.M. Best financial strength rating: A+ (Superior)

Minnesota Life’s financial strength is “superior,” according to ratings agency A.M. Best.

Financial strength is important because it indicates how well an insurer can pay claims. It’s especially important when choosing a life insurance company, because claims might not be made until many decades after a policy is purchased.

» MORE: The best life insurance companies

Consumer complaints: Better than the median

Minnesota Life was the subject of fewer than the median number of complaints for a company of its size, according to the National Association of Insurance Commissioners. The association calculates a consumer complaint ratio score for each insurance company, based on the number of complaints, adjusted for market share.

The median score is 1. A score below 1 means fewer complaints. Minnesota Life’s score for individual life insurance in 2015 is .23.

More about Minnesota Life

Types of life insurance soldGood to know
  • Term life
  • Term life
  • Whole, universal, indexed, variable and survivorship varieties of permanent life
  • The company’s “Express Issue” option for term life policies under $250,000 is a streamlined application process with no physical exam or medical blood work, and a policy issued in 24 hours.
  • Getting the best life insurance rates

    Every life insurance company has its own specific rules about when applications will be denied or priced higher. Here’s a closer look at some of Minnesota Life’s rules:

    • Blood pressure: Blood pressure of 135/85 or better, with or without treatment, will qualify for the very best rates; 145/95 is the cutoff for “Non-Tobacco Plus” rates.
    • DWI (driving while intoxicated): For the best rates there must be no DWI in the past 10 years; none in the past three years for Non-Tobacco Plus rates.
    • Nicotine: For the very best nonsmoking rates, applicants must have had no nicotine use for the past three years and have a negative urine test for nicotine. For Non-Tobacco Plus rates, there must be no nicotine use within the past 12 months and a negative urine test for nicotine.
    • Substance abuse: There must be no history of alcohol or drug abuse at all for the best rates or within the last five years for Non-Tobacco Plus rates.