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Securian Financial (Formerly Minnesota Life Insurance) Review 2018

February 6, 2018
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at a glance

  • NerdWallet ranking: No. 12 life insurance company (out of 23 evaluated).
  • Broad selection of term and permanent policies offered.
  • Online quotes are not available on company website.

Overview

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. Minnesota Life recently adopted its parent company’s brand, Securian Financial.

» MORE: The best life insurance companies

Learn more about each element included in our review by clicking below.

NerdWallet rank: 12th

Securian Financial ranked No. 12 out of 23 large life insurance companies scored by NerdWallet. The rankings are based on A.M. Best financial strength ratings, J.D. Power customer satisfaction scores and the number of complaints to state regulators, adjusted for market share.

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

Securian Financial’s life insurance subsidiaries, Minnesota Life and Securian Life, have “superior” financial strength, 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 decades after a policy is purchased.

Consumer complaints: Better than the median

Securian Financial’s life insurance companies were the subject of fewer than the median number of complaints compared to other companies with similar market share, 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 to state regulators, adjusted for market share.

The median score is 1, and a score below 1 means fewer complaints. Minnesota Life’s score for individual life insurance in 2017 was 0.11. Securian Life Insurance Co.’s score was 0.92.

J.D. Power ratings: Generally AVERAGE

Minnesota Life scored “about average” for overall satisfaction, “better than most” companies for price, and among “the rest” of companies, the lowest rating, for billing and payment in a 2017 J.D. Power customer satisfaction survey. The insurer ranked No. 15 overall out of 24 companies included in the survey.

Customer satisfaction category Minnesota Life's score
Overall satisfaction"About average"
Billing and payment"The rest"
Price"Better than most"
Policy offerings"About average"
Interaction"About average"

More about Securian Financial

Types of life insurance soldOther products & services
  • Term life
  • Indexed universal life
  • Universal life
  • Variable universal life
  • Whole life
  • Annuities
  • Credit insurance
  • Long-term care insurance
  • Retirement plans
  • Life insurance options

    Other than term and whole life, Minnesota Life offers three types of universal life insurance policies. Universal life 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. It offers the potential for greater returns than fixed universal life, but is less risky than variable universal life.

    Variable universal life: Ties the cash value growth to investments chosen by the policyholder. It 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.