Minnesota Life Insurance Company Review 2020

by Jim Tobin, CFP

Company Highlights

  • A.M. Best Rating :  A+
  • Term , UL and  Whole Life Offered
  • Highly Rated Permanent Products  
  • Term Pricing Inconvenient to Compare
Minnesota life insurance review

Life Insurance Help Desk Rating

Minnesota Life Insurance  is a member of the Securian financial services family.

This Minnesota life insurance review will address company history, financial ratings, and the positives and negatives of the Company.

Additionally, unlike many Minnesota life Insurance reviews, it  it will address some specific  situations where it may make more sense to go outside the Securian family of products. 

The goal is to make sure that you get the policy that provides you the most value.

Minnesota Life Insurance Company History

Founded in 1880 Minnesota Life Insurance has grown to be part of a multi- Billion dollar enterprise. Minnesota  Life Insurance itself, accounts for approximately two billion dollars a year in US premiums or about 1.5 % of the overall U.S.  market.  

While the carrier offers term life insurance (the focus of this site), Minnesota's  primary focus in the life insurance market has been permanent life insurance. 

The success in the cash value life insurance world has evolved into annuity sales as well.

That said, Minnesota  Life knows that convertible term insurance is inventory for whole life and Universal life  conversions and prices term competitively.

Minnesota Life Insurance Company Ratings


Minnesota Life Insurance received strong ratings for financial stability. This indicates that the company is in strong position to meet its obligations going forward.  


  1. A.M. Best Company:  Minnesota Insurance rating given by A.M. Best was an A+ (Excellent).
  2. Fitch Ratings:  Minnesota Insurance  rating given by Fitch was an AA (Excellent). 
  3. S&P Ratings- Minnesota Insurance rating given by Moody's was an AA- (Strong).
  4. Comdex Score- 95/100

Minnesota Life Term Insurance 

Minnesota Life offers traditional term life insurance. The policies offered are 10,20, and 30  year terms like many of the best life insurance companies.   

Minnesota Life term policies have conversion privileges to Minnesota Life Insurance permanent products. Note that conversion privileges are policy specific.

While most carriers offer conversions, Minnesota Life is a little special in that the conversion is to one of the market's better performing whole life products. 

Other Carrier Products

In addition to it's term life insurance product, Minnesota Life Insurance also offers   it's flagship permanent insurance products

Minnesota is known for a strong whole life product with a powerful paid up addition (PUA) rider and strong dividend history.

In addition to whole life permanent products, Minnesota Life is a market leader in the indexed universal life marketplace.

Additionally, Minnesota Life/Securian is an active participant in the annuity marketplace.

Minnesota Life Insurance Term Rates and Quotes

Minnesota Life Insurance  markets it's products through Minnesota Life agents and through some Independent brokers.  

Because Minnesota Life Insurance is not carried by many independents at this time , you may have to go to  the Minnesota Life Insurance website and contact an agent to get a quote as there is no available quote path..

Once you obtain a quote, you can  compare with the major carriers quotes that are available by using the convenient quote tool on this site.   

Are Minnesota Life Insurance rates competitive?

Generally yes....but not always.

Probably not the answer you were looking for, I know. It is however, the truth. 

Because Minnesota Life Insurance is often not available in comparison quoters, it is difficult to make apples to apples comparisons.  

While it has been our experience that companies (even good ones like Minnesota Life), that are not conveniently comparable with other carriers are seldom the price leaders. 

Price busters, like Banner Life, Protective and Lincoln are likely to be  less expensive. Whereas impaired risk carriers like Prudential may be a little  more.

Cases where Minnesota is not a great choice

While Minnesota Life may be competitive with major carriers for many circumstances,  the fact remains that different carriers have differing appetites for specific health risks. 

Is Minnesota Life Insurance competitive on all of them? Probably not. 

If you have a specific condition, you are best off speaking with an independent agent to find out which carrier will give you the best chance to get approved at a great rate.  

That being said, if you are using Securan for other financial services, like annuities,  it may make sense to keep everything in house.   

Minnesota Life Suicide Exclusions

The 2 year suicide clause that is part of all life insurance policies in the United States, is the same. (Note that a few states use a 1 year exclusion)  

Minnesota  Life Insurance Customer Service

The National Association of Insurance Commissioners reports a 2018 complaint index of .33 for Securian. This is well below the national average of 1 percent

Minnesota Life Insurance has a below average by JD Power & Assoc., it has a Better Business Bureau rating of B...not great.

Minnesota Life Insurance Contact Info:

Address:400 Robert St. N.
St. Paul, MN 55101

Phone:(833) 810-8265

Web:https://www.securian.com/about-us/affiliates/minnesota-life.html

The Minnesota life insurance review final Verdict

Is Minnesota Life Insurance Company right for you? It really all depends on your situation.

 If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons. 

Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Minnesota Life can't offer.

However, if you happy with other services being being provided by Securian,  it may be convenient to keep things "in house".  

Thank you for choosing the Life Insurance Help Desk to shop for life insurance.

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James P. Tobin, CFP