SEcurian financial Life Insurance
- Rated 4 stars out of 5 by NerdWallet.
- Broad selection of term and permanent policies offered.
- Online quotes aren't available for all products.
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.
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Securian Financial life insurance
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.
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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.
- Financial planning.
- Gap insurance for vehicles.
- Investment and trust services.
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.
