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NerdWallet
at a glance
- NerdWallet ranking: No. 12 life insurance company.
- Broad selection of term and permanent policies offered.
- Online quotes are not available.
Overview
Securian Financial, formerly Minnesota Life Insurance Co. in most states, provides life insurance and other products, such as long-term care insurance, annuities and investment services. The company was founded in 1880 and has more than $1 trillion in life insurance policies in force.
» 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 the 20 best life insurance companies as 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. NerdWallet scores the largest national life insurance companies that sell policies to individuals.
A.M. Best financial strength rating: A+ (Superior)
Securian Financial has “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 subsidiaries 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. Securian Financial’s life insurance companies had an average score of 0.16. The average is weighted by market share.
J.D. Power ratings: Below AVERAGE
The company scored among “the rest” of insurers, the lowest rating, across all five categories in a 2018 J.D. Power customer satisfaction survey. The insurer ranked last out of 23 companies included in the survey.
More about Securian Financial
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.
