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Securian Life Insurance Review 2024
Lead Writer | Auto insurance
Kayda Norman is a NerdWallet authority on auto insurance. She previously worked in communications at The Walt Disney Co. and as a web producer and writer at several health and fitness publications, including Health magazine. Her work has been featured in The New York Times, The Washington Post and USA Today.
Assigning Editor | Insurance, data journalism
Lisa Green leads the life insurance team and oversees insurance-focused data journalism at NerdWallet. A professional journalist since high school, she was an insurance writer at NerdWallet before becoming an assigning editor. Previously, Lisa spent more than 20 years as an editor at The Tennessean in Nashville, where she led business and consumer coverage for several years. At The Tennessean, she was part of a 2011 Pulitzer Prize finalist team for coverage of devastating floods in Middle Tennessee. Her work has also won awards from the Society for Advancing Business Editing and Writing, Investigative Reporters and Editors, and the Society of Professional Journalists. Lisa is an alumna of the Wharton Seminars for Business Journalists at the University of Pennsylvania. She has also studied data journalism with the National Institute for Computer-Assisted Reporting, business editing with the American Press Institute and writing, editing and news research with the Poynter Institute. In addition to her work at NerdWallet, Lisa is a real estate investor and has taught a seminar on how to earn college scholarships. She is based in Nashville.
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Securian Financial
4.0
on Nerdwallet
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- Wide selection of insurance and financial products.
- Fewer consumer complaints than expected for a company of its size.
Cons
- Limited information on whole and term life products on its website for consumers.
on Nerdwallet
Securian Financial
4.0
Financial strength ratingThese ratings indicate an insurer’s ability to pay future claims.
Online purchaseThis indicates whether the company offers a way to apply for and purchase policies entirely online.
NAIC complaintsRatings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. No-exam policies don’t require a medical exam.
Pros
- Wide selection of insurance and financial products.
- Fewer consumer complaints than expected for a company of its size.
Cons
- Limited information on whole and term life products on its website for consumers.
In our life insurance reviews, our editorial team considers the customer and the insurer. These are some of the factors we take into account:
Policies offered. There are many types of life insurance on the market, and they fall into three key categories:
Term life insurance offers temporary coverage and a guaranteed payout if the policyholder dies during the term.
Permanent life insurance typically lasts a lifetime and builds cash value that can be borrowed against in the future.
No-exam life insurance issues coverage without the need for a medical exam.
Financial strength. We use AM Best ratings to confirm an insurer’s long-term financial stability and ability to pay claims. For life insurance, NerdWallet typically recommends considering insurers with ratings of A- or higher. Here’s the breakdown:
Exceptional: A+, A++.
Strong: A-, A.
Moderate: B, B+.
Complaints. These ratings are based on complaints to state regulators relative to a company’s size, according to three years’ worth of data from the National Association of Insurance Commissioners. The best life insurance companies have fewer than the expected number of complaints.
Buy online. This indicates whether an insurer allows you to apply for and buy a policy completely online.
Dive deeper: Ratings methodology for life insurance
Securian Financial and its affiliate Minnesota Life Insurance Co. provide life insurance in all states except New York. It also offers other products, such as annuities and credit insurance. 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.
» MORE: Compare life insurance quotes
Securian Financial life insurance rating
4.0
NerdWallet ratingSecurian 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.
» MORE: Best life insurance companies
Securian Financial life insurance policies
Term life insurance. Securian offers term life insurance policies lasting 10, 20 or 30 years, and most policies can be converted to permanent coverage at a later date.
Whole life insurance. Securian’s whole life insurance policies are fairly standard, offering lifelong coverage and guaranteed cash value growth.
Universal life insurance. The company offers three main types of universal life insurance, all of which offer a cash value component that grows tax-deferred.
Fixed universal life: The cash-value growth is tied to a fixed interest rate, making it less risky than its other universal 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 potential returns if the investments perform well, but also the chance of losing cash value if the underlying investments perform poorly.
Universal life insurance with long-term care: The company also offers a hybrid life insurance and long-term care policy, which pays out a separate benefit to help pay for long-term care expenses like a nursing home.
You may be able to customize your coverage with an accelerated death benefit rider that allows you to tap into the policy’s payout before you die if you have a chronic illness.
AD&D insurance. Securian Financial also sells accidental death and dismemberment insurance, a type of life insurance that pays out if you die or suffer certain injuries in an accident.
Securian Financial life insurance rates
Below are monthly rates for a 20-year, $500,000 term life insurance policy from Securian Financial. These are sample rates for a nonsmoking man and woman in excellent health — the final quote you’re offered will depend on factors like your age, health, lifestyle, occupation and driving record.
Age | Monthly rate - man | Monthly rate - woman |
|---|---|---|
20 | $29.04 | $22.37 |
30 | $29.04 | $23.75 |
40 | $39.16 | $33.45 |
50 | $95.34 | $73.24 |
60 | $268.84 | $183.11 |
70 | N/A | N/A |
Source: Quotacy. Rates reflect the super preferred class and were generated on 7/5/23. | ||
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.
Securian Financial ranked No. 9 out of 22 companies in J.D. Power's 2023 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 or view your policy. 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 insurance.
Hospital indemnity insurance.
Annuities.
Credit protection insurance.
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.
Methodology
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.
Insurer complaints methodology
NerdWallet examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners in 2020-2022. To assess how insurers compare with one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, NerdWallet calculated a similar index for each insurer, weighted by market shares of each subsidiary, over the three-year period. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. Ratios are determined separately for auto, home (including renters and condo) and life insurance.
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