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Minnesota Life Insurance Review 2018

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Minnesota Life

  • Online quotes are not available on company website.
  • Broad selection of term and permanent policies offered


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 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 to state regulators, 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 2016 is 0.17.

More about Minnesota Life

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.

    With 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.

    The cash-value growth of indexed universal life 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.