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.
More about Securian Financial
| Types of life insurance sold | Other products & services |
|---|---|
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.
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