Minnesota life insurance review

Minnesota Life Insurance Company Review 2020

By James Tobin, CFP®

 

Critical Takeaways

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

Life Insurance Help Desk Rating

Disclosure

Please note the Life Insurance Help Desk is not in any way affiliated with Minnesota Life or the Securian cos. This article is our personal review of the term life insurance product offered through Minnesota Life/Securian as well as alternatives. If you are looking to contact Securian directly, call them at (833) 810-8265. If you are looking for a lost policy try the NAIC policy locator service.

MINNESOTA LIFE INSURANCE COMPANY REVIEW 2020
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Minnesota Life Insurance Carrier Specifics

Policy Options

Term, Universal Life, LTC

Term Lengths

10,15,20,30

Riders

Available

Ratings

A+ - A.M. Best

States

All States

Pricing

 Competitive

Customer Service

Issue Age

18-80

Min. Coverage

$100K

No Exam Options

Yes

Expert Review Of  Minnesota life Insurance Company

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Reviewed by

Jim Tobin, CFP®

Why you can trust this review

At Life Insurance Help Desk, we value our editorial independence. We keep our reviews strictly factual so you can use them to make informed decisions. Life insurance carriers referred to on this site do not approve reviews. 

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


Minnesota Life Insurance has become an unstoppable juggernaut in the insurance sector. Started in 1880, the company now collects over $2 billion a year in premiums alone, which is around 1.5% of all insurance premiums paid in the United States.

The company’s most-marketed product is its permanent life insurance product. However, it also offers other insurance products, such as term life insurance and annuity sales, which have seen similar levels of success.

Minnesota Life’s term insurance policies are convertible, meaning they can be converted into whole life insurance policies at the buyer’s discretion. The company has realized that its term insurance policies are more of a gateway product into its whole life insurance products, and has thus priced them accordingly.

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 Life Insurance rating given by A.M. Best was an A+ (Excellent).
  2. Fitch Ratings:  Minnesota Life 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 

The company provides traditional term insurance products with term periods of 10, 20, and 30 years. The features are also similar to that of the policies offered by other life insurance firms.

The term policies offered by Minnesota Life come with conversion privileges, meaning they can be converted into permanent insurance policies offered by the company. However, these privileges are available only for certain policies.

Although most insurance carriers do provide policy conversion options, they only allow their customers to convert into their lower-performing policies. However, Minnesota Life allows its customers to access one of the market’s best-performing whole life insurance products, which is a rarity.

Other Carrier Products


You can also purchase Minnesota Life’s flagship permanent life insurance products, which are highly recommended by market experts for its amazing features. The company’s whole life insurance product has a consistent track record of paying out dividends and a powerful PUA or Paid Up Addition rider.

Apart from whole life insurance permanent products, the company also happens to be a leader when it comes to indexed universal life insurance products. It also has a similar track record with annuity products as well.

Minnesota Life Insurance Term Rates and Quotes

The company markets all its products via independent brokers and company agents. Since not many independent insurance agents offer Minnesota Life Insurance products as of now, you will have to contact one of their agents with information sourced from the company’s official website to receive an accurate premium quote for yourself.

However, you can make use of our quote tool available on this website to compare quotes from different insurance companies to find out which one works out the best for you.

Are Minnesota Life Insurance Rates Competitive?

While they do offer competitive rates, not all their policies are cost-effective.

Although that isn’t a straightforward answer, it is the truth.

Since most comparison quote tools lack information regarding the premiums charged by Minnesota Life, it’s quite difficult to make an accurate judgement.

However, experience says that when a company doesn’t have transparent pricing policies for its premiums, it is highly unlikely to be a market leader company.

You may find policies with cheaper premiums from Lincoln, Protective, and Banner Life. However, impaired risk insurance carriers such as Prudential are slightly more expensive.

Cases where Minnesota is not a great choice

Although the company does offer competitive premium rates for many conditions, every insurance carrier has a different risk appetite for certain health conditions. It is highly unlikely that Minnesota Life might offer the best premiums for all of them.

We recommend speaking to an independent insurance agent to learn more about which carrier might get you the best possible insurance rates and proceed accordingly. But if you wish you keep all your financial instruments in-house and have already bought other products from Minnesota Life, you can definitely give this company a shot.

Minnesota Life Suicide Exclusions

All life insurance policies available in the US come with 2-year suicide exclusion clause, though this may be reduced to 1 year in certain states.

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.

Bonus: The most common mistakes people make buying life insurance and how to avoid them

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