Securian Financial was known as Minnesota Life insurance, up until 2018 when they adopted their parent company’s brand. They’re still based in Minnesota, but they serve all fifty states, plus Canada and Puerto Rico. They’ve been around since 1880 and have more than $1.3 trillion in life insurance policies in force. They are the eighth largest life insurance company in the United States.
It used to be called Minnesota Mutual life insurance. They are not publicly traded, so it appears they still operate as a mutual company.
- Pros and Cons of Securian Life Insurance: 80/100
- Products Offered by Securian Life Insurance: 95/100
- Financial Strength Rating of Securian Life Insurance: 90/100
- Customer Satisfaction Rating of Securian Life Insurance: 30/100
- Consumer Complaints Rating of Securian Life Insurance: 80/100
- Digital Experience Rating of Securian Life Insurance: 70/100
Pros and Cons
|– Excellent financial strength|
– Wide range of financial products
– Agents can help you decide what kind of insurance you need
|– No online quoting|
– Insurance is sold through financial advisors
– Lower than average customer satisfaction
– Difficult to find out how to cancel a policy
Products Offered by Securian Life Insurance
- Term insurance: terms in 10, 20, or 30 years
- Whole life insurance
- Universal life insurance
Whole life insurance offers a lifetime of protection, plus cash value growth.
Securian offers three types of universal life insurance. They are:
- Fixed universal life: This offers flexible premiums and cash growth tied to a fixed interest rate
- Indexed universal life: This offers cash value growth based on performance of an index such as S&P
- Variable universal life: Offers the potential to build cash value based on the performance of investment options you choose
In addition, Securian offers a lot of other financial products:
- Accident and illness insurance
- Credit protection
- Financial planning
- Trust services
- Group insurance
- Retirement planning
Much of Securian’s life insurance is offered through employers. This means they often deal with corporations rather than individuals. However, it’s worth looking into, if your employer offers group life insurance.
You can’t buy life insurance online, but oddly enough, you can purchase accidental death life insurance online. Acceptance is guaranteed, and you can get up to $250,000 worth of coverage. You can buy it as a stand-alone policy or add it to another life insurance policy. You can buy it for a single person, or for a family. This policy pays out if you or a member of your family suffer a fatal accident.
Financial Strength Rating of Securian Life Insurance
AM Best rates Minnesota Life insurance company an A+ (superior), with an estimated $2 billion dollars in assets. It seems clear that Minnesota Life can meet its financial obligations.
Customer Satisfaction Rating of Securian Life Insurance
J.D. Power rates life insurance companies on a 1,000 point scale, with the median average score being 761. Securian earns a score of 739, or “among the rest” (lower than average). Here is how they did in individual categories:
- Product Offerings: 2/5
- Price: 3/5
- Statements: 2/5
- Interaction: 2/5
- Communication: 3/5
Except for price and communication, where they scored average, Securian scored below average in every category. They didn’t get a score for the sixth category, application, which rates how easy it is to apply for insurance. This is probably because all of their policies are sold through agents.
Consumer Complaints Rating of Securian Life Insurance
The NAIC rates companies on a ratio. A ratio of 1.0 is the median average. NAIC gives Securian Life insurance a score of .09 for group life insurance and .49 for individual life. Both of these scores indicate Securian has less complaints than you would expect.
The BBB (Better Business Bureau) gives Securian Financial a B, due to 29 complaints filed against them. They also have thirteen one-star reviews listed on the BBB’s website. Many complaints concerned how long it took to get paid for a claim.
Digital Experience Rating of Securian Life Insurance
Securian does not offer online quoting; to get a quote you have to call, and they will find you a financial advisor in your area. There is an online calculator so you can estimate how much coverage you might need, but to buy it you have to contact them. Keep in mind that insurance sold through agents usually included commissions, so prices are generally higher.
You can purchase accidental death insurance online.
The website itself is easy to navigate, and they offer definitions of each type of life insurance, as well as why you might need it.
To make a claim, you click a button that says, “Start a new claim” and then you can check the status of said claim by entering the claim number and the claimant’s date of birth. If you would like to cancel a policy, you can’t find out how to do that on the website. You can send an email, or call them, but a lack of information on the website just slows down the process.
Securian does not have a mobile app, so you have to go to the website to find information.
Securian is a huge financial services company, with Minnesota life insurance among its holdings. It has excellent financial strength. They have a variety of products and they sell a lot of insurance. However, if you’re looking for an online quote, you’ll have to look elsewhere. The fact that they sell life insurance through agents makes it difficult to compare prices. It also means that those agents will earn commission, and therefore may try to sell you more insurance than you need. If you are good at gathering information without committing to anything, you could call for a quote.