Minnesota Life Insurance Review [2024]

Minnesota Life Company Overview

What is Minnesota Life Company?

This Minnesota Life Insurance review will tell you everything you want to know before you decide to pursue any term life insurance quotes. We’ll look at rates, including how non-smokers can get an affordable Minnesota Life term life insurance policy for as low as $8 per month.

Minnesota Life operates under Securian Financial, so you can expect information for Securian Financial and Minnesota Life Insurance Company.

Throughout this comprehensive Minnesota Life Insurance review, you will learn about how to buy Minnesota Life insurance policies, Minnesota Life ratings, and more.

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How can I shop for Minnesota Life insurance quotes?

Shopping for life insurance can feel intimidating. There are many considerations and what may seem like endless options. And what if you find yourself making one of the common mistakes made when purchasing life insurance or forget something?

Concerns such as complaints about Lifeworks or issues with Minnesota Life Insurance payment can lead to inaction, even when we recognize that having coverage from a reliable provider like a Minnesota insurance company would benefit our families.

According to the 2018 Insurance Barometer Study, one in five people who don’t have life insurance says they need coverage. While one in five people who have life insurance says they don’t have enough.

Additionally, 35 percent of households would feel the financial impact within one month if the primary wage earner died.

When shopping for life insurance, determining the right coverage amount is crucial yet challenging. Important factors to consider include your current and future life circumstances. For more insight, you can check out reviews of Combined Life Insurance and reviews of Future Covered Insurance. Additionally, obtaining a Minnesota insurance quote can help you make an informed decision.

What current financial commitment would need to be covered immediately upon death like funeral costs, mortgage, loans, and other debt? What expenses will arise after death like a spouse’s retirement and children’s education?

So what is the right time to buy or increase life insurance? Is there a right or wrong time to buy life insurance? A good rule of thumb is to consider big life changes such as marriage, the birth of a child, or even divorce as a reminder to take a look and make any updates as needed. (For more information, read our “How to Handle a Life Insurance Policy After a Divorce“).

Marriage has the potential to affect life insurance rates. Some companies have adopted the idea that married people are in better health than those who aren’t married, according to Harvard. In any case, most married people want to financially protect their spouse.

What are the average Minnesota Life insurance rates by age?

On average, women typically pay lower premiums for life insurance than men. This difference is primarily because women tend to have a longer life expectancy, living about six to eight years more than men. For more details on this, you can explore resources like Total Insurance Comparison. Additionally, if you’re preparing for the Minnesota Insurance Exam or looking into policies from Minnesota Life, a Securian Company, understanding these factors can be crucial.

Below are average rates for smoking and non-smoking women ages 30, 40, and 50 for various coverage terms with Minnesota Life:

Average Monthly Life Insurance Rates for Females by Age & Tobacco Use

Below are average rates for smoking and non-smoking men ages 30, 40, and 50 for various coverage terms with Minnesota Life:

Average Monthly Life Insurance Rates for Males by Age & Tobacco Use

Men start out only paying a few dollars more than women, but age, smoking, and increased policy coverage can all increase the difference in rates between men and women.

Smoking increases the cost of life insurance for both men and women. The same coverage for a man or woman of the same age who smokes will see a policy rate more than double that of a non-smoker.

A male smoker looking for a long-term or whole life can expect to pay the most for life insurance. As an incentive, not only does quitting smoking improve your health, it will save you money on life insurance.

What types of insurance policies does Minnesota Life offer?

Choosing the type of life insurance policy best for your life and needs now and in the future is a weighty undertaking.

Life insurance is a crucial financial safety net that offers a tax-free death benefit to your beneficiaries upon your passing. With Minnesota Life, you can enhance this protection through options like Accidental Death and Dismemberment coverage and annuities, ensuring comprehensive financial security. Additionally, Minnesota Life insurance benefits provide various plans tailored to meet your specific needs.

Minnesota Life wants to provide financial solutions through insurance to help provide for your family and loved ones.

Minnesota Life offers two types of life insurance: term and permanent. Term life insurance offers coverage for a set period of time.

Permanent life insurance typically covers someone’s whole life and has the potential to accumulate cash value based on the policy chosen. Minnesota Life offers two types of permanent life policies: whole and universal.

See the chart below to compare the two types of life insurance offered by Minnesota Life:

Minnesota Life Insurance Policy Comparison

There are advantages to both types of life insurance offered by Minnesota Life. More information about each type is below so you can decide what best meets your needs.

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What is term life insurance?

Term life insurance is a policy that pays a death benefit to beneficiaries should you pass away during the term of your policy coverage. There are advantages and disadvantages to selecting term life insurance.

Key points about term life insurance from Minnesota Life:

• Terms generally range from 10 to 20 or 30 years
• Simple, straightforward protection
• Less expensive than permanent life policies
• May be able to convert to permanent protection
• No cash value buildup

Group term life insurance is also a type of term life insurance option offered by Minn Life Insurance. U.S. Bank is the policyholder of those group policies, which you would obtain through your employer. Minnesota Life group life insurance is one of the longest-standing group policies out there.

Depending on your employer’s specific plan offerings, you might need to purchase extra coverage in addition to what is provided, such as Gerber Life Supplemental Insurance and Minnesota Life supplemental life insurance, to ensure adequate protection for yourself or your dependents. For further information, you can contact the address of Minnesota Life.

Although term life insurance is what most people may think of when they think of life insurance, there are other options.

What exactly is whole life insurance?

The first type of permanent coverage offered by Minnesota Life is whole life insurance. Minnesota whole life insurance provides guaranteed protection for your entire life and fixed cash value growth over time.

Key points about whole life insurance from Minn Life:

• Predictable, stable premium amounts for the duration of the policy
• Lifetime protection for your loved ones
• Fixed interest rates for cash value growth
• Low-risk with predictable growth
• More expensive than term coverage

While whole life insurance tends to be pricier than term coverage, it can offer benefits if you view life insurance as an investment opportunity. This is similar to the insights found in reviews of Everyday Life Insurance and Friends Life Insurance. However, it’s important to also consider the disadvantages of surplus lines insurance when evaluating your options.

What does universal life insurance include?

Universal life insurance is the second kind of permanent life policy offered by Minnesota Life. Universal life offers flexibility as your life changes.

Key points about universal life from Minnesota Life:

• Flexible premiums (fixed or adjustable)
• Ability to adjust benefit amount
• Ability to build and use the cash value
• Using cash value will reduce the death benefit
• Tax penalties may result if using the cash value as a loan or withdrawal

Most importantly, the cash value of the policy changes over time.

In addition to the three life insurance options above, Minnesota Life offers options for specific concerns one might have in regards to health and unexpected health expenses.

You may also have an interest in a Minnesota Life guaranteed return account. These accounts can serve as a decent investment that you can feel safe with.

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What is long-term care & chronic illness life insurance?

A life insurance policy’s death benefit is likely the main reason for purchasing a policy. However, as we age, declining health could impact finances and the ability to pay for care if needed during retirement.

Minnesota Life offers options to purchase coverage for long-term care and chronic illness. Here are some key points about long-term care insurance and chronic illness coverage from Minnesota Life:

• Flexibility in how to use benefits (nursing home vs at home)
• Benefits paid upon meeting eligibility requirements
• Benefits may impact the policy’s death benefit and other features

With Cosaint Retirement Solutions, you can opt for additional chronic illness coverage on a new policy, or you can choose a hybrid policy that integrates built-in long-term care or chronic illness benefits. For more information, refer to Cost for Less Insurance Review and check out various Insurance Reviews and Ratings.

What is accidental & illness insurance?

In addition to life insurance, Minnesota Life offers a few additional insurance options for accidental and illness coverage. Minnesota Life accident and sickness insurance policies could be good if you like to live on the edge.

Minnesota Life Accidental and Illness Insurance Policies

Insurance Type	Policy Details
Accidental Death	Provides payment if you or covered family member experience fatal covered accident.
Accident	Lump sum cash payment if you suffer from an accident covered under the policy.
Critical Illness	Lump sum cash payment if you are diagnosed with an illness covered under the policy.
Hospital Indemnity	Predetermined lump sum cash payment while hospitalized as a result of serious accident or illness as defined by your policy.
Accidental Death & Dismemberment	Coverage for fatal and nonfatal accidents involving dismemberment or loss of eyesight or hearing.

These additional types of insurance can help in times of crisis and need for things medical insurance may not cover. Depending on the type of coverage desired, these policies may be available on their own or from your employer.

How can I get a quote online with Minnesota Life (Securian Financial Group, Inc.)?

Currently, it is not possible to obtain an insurance quote online from Minnesota Life. Instead, their website suggests reaching out to a financial advisor to discuss your options. For insights into Securian Financial Life Insurance, including reviews and information on Securian Life Insurance benefits, you can find further details and contact options on their site.

You can find an insurance broker in your area to get started on your life insurance planning. Minnesota Life is not limited to Minnesota alone; for instance, you can locate a Minnesota Life agent in Richmond, VA, who can offer you the same life insurance policy available in Minnesota. For more insights, check out reviews of insurance brokers in MN and reviews of Securian Life Insurance payout after death. If you need to manage your policy or access your account, visit the Securian Life Insurance login page.

To save time, you can always get a quote for Minnesota Life as well as comparison shop in your ZIP code, by using our FREE quote tool below.

Read more:

• Securian Retirement Plans
• Does Securian Financial offer 401(k) plans?

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How can I cancel my Minnesota Life insurance policy?

You never know what may happen in life, and there may be a need to cancel your life insurance policy. This can be done at any time within the stipulations of your policy. Generally, there are no refunds on premiums when a life insurance policy is canceled.

What are the steps to cancel my life insurance coverage?

To cancel your policy with Minnesota Life, use your Minnesota Life Insurance Company login to access your account online and follow the instructions provided. You can also contact your financial advisor or Minnesota Life Insurance customer service at 1-833-810-8265.

How can I make a claim with Minnesota Life?

To make a claim with Minnesota Life you can find direct links on the Securian Financial website. You don’t have to log in to your own account to use this resource. The Minnesota Life Insurance company death claim form can be found by anyone.

You can also contact your financial advisor individually or call 1-800-494-8401 to report a claim or inquire about an existing claim.

You also have the option of contacting Securian Life Insurance customer service or Minnesota Life customer service to answer any questions.

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What is Minnesota Life’s customer service experience?

As you’re shopping for life insurance, no matter the company, it’s important to consider the customer experience. When reviewing Minnesota Life Insurance Company reviews, both the NAIC Complaint Index and J.D. Power are excellent places to start.

Below are some up-to-date ratings of the Minnesota Life Insurance Company review for 2020.

NAIC Complaint Index

The National Association of Insurance Commissioners (NAIC) measures complaints of an insurance company against a national average. In 2019, Minnesota Life received a total of 28 complaints related to life insurance. Below is the breakdown of those complaints by type of insurance.

Minnesota Life Complaints by Policy Type (2019)

The NAIC takes complaint information, compares it to the national average, and gives a complaint index score above or below the baseline of 1.00. A number higher than 1.00 indicates complaints higher than the national average, and a number lower indicates fewer than the average.

Complaint information is also provided by comparing the proportion of complaints for each policy type in the U.S. marketplace to its share of premiums, where available. This data helps assess performance relative to market share, which can be useful when using a Car Insurance Comparison Tool or contacting Minnesota Life at their contact number.

In the table below you can find Minnesota Life’s complaint index score and share of complaints for three policy types.

Minnesota Life Complaint Index for Individual, Group, and Group Accident & Health Policies

Minnesota Life is below the baseline of 1.00 on all three of the policy types explored above. This indicates that Minnesota Life Insurance Company complaints are fewer than most other insurance companies for each of these three types of insurance.

Another comparison that can give valuable information is the share of complaints versus the share of premiums in the U.S. marketplace.

For each of the three types, the share of complaints is lower than the share of premiums, indicating complaints are lower for Minnesota Life than what might be expected given its size in the marketplace.

J.D. Power

J.D. Power conducts a yearly U.S. life insurance study. They release a Power Circle rating, which provides a rating based on feedback from a sample of customers.

Minnesota Life (Securian Financial) received a two out of five power circle rating. This puts them in the category J.D. Power calls “The Rest,” the lowest power circle rating is given.

Another way Minnesota Life contributes to the community is by taking care of its employees.

What are Minnesota Life’s (Securian Life insurance company) programs?

Minnesota Life, a Securian company, also has great resources and programs available to current and prospective customers alike.

Although you can’t get an online quote for life insurance, you can use a life insurance needs calculator to determine how much life insurance coverage you need so you can begin the decision-making process before taking the next step.

Although their online resources might not be ample, you’ll be able to do most of the things you need with Minnesota Life. Pay online, find an agent, and make Minnesota Life Insurance Company claims on their website. You’ll also find the Minnesota Life insurance phone number on their site.

There is also a retirement savings calculator that can help estimate what you should be saving now and if there is a gap in what you are currently saving and what you will need for future retirement.

The Securian Financial Group website has an Insights Library section on the website that offers great articles and resources about a wide range of life topics such as befits at work, investing, personal finance, and life events and milestones.

A few great examples from the library are:

• Young families – Considerations for staying at home versus working
• Year-end financial checklist – 9 personal finance tips for 2020
• How to prepare for retirement with adult children living at home
• Love that lasts – Estate planning tips for your child with special needs

The Securian Financial YouTube page is also a great resource for videos on various financial topics such as buying life insurance at work and tips for naming a beneficiary.

Minnesota Life’s programs and resources show their commitment to support customers not only through life insurance buying but through all stages of life and financial planning.

The Minnesota Life Recuperative Care Plan, for example, provides 60 days of coverage at no cost if the purchaser meets certain qualifications.

Is the design of the Securian Financial Group website and app good?

The Securian Financial website is extensive and has a lot of information. You can’t get a quote on the website, but you can access your account, file a claim, and look up an existing claim.

Minnesota Life doesn’t have an app for mobile devices.

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What is the history of Minnesota Life?

Minnesota Life was founded in 1880 by Russell Dorr as the Bankers Association of Minnesota, the first insurance company in Minnesota. You’ll find the headquarters for Minnesota Life in Richmond, VA.

Is Minnesota Life a mutual company? Yes. In 1901, they became a mutual life insurance company, and the name was changed to Minnesota Mutual Life Insurance of St Paul, MN.

Minnesota Life has been ahead of the curve in many areas since its beginnings:

• The first group life insurance policy was sold in 1917, catapulting Mrs. A.J. Serviss to a top sales producer in the company.
• The first pension plan developed in 1930. It’s still serviced today.
• They made their first investment in technology with a computer system purchased in 1956, taking up 1,000 square feet.
• In 1971, the company introduced adjustable life, the first-ever single-policy flexible life insurance policy that can be adjusted to meet needs throughout all stages of life.

Minnesota Life adopted a mutual holding company structure in 1998. This means that the company is owned by its policyholders, not shareholders. According to Minnesota Life, “We’re not publicly traded, so we can focus on you and what you care about most.” What is Securian Life Insurance in Minnesota? In 2005, Minnesota Life adopted Securian as its enterprise brand, which was first established as its broker-dealer (Securian Financial Services, Inc.).

The company headquarters are still located in Saint Paul, Minnesota, where the company was started.

Are Minnesota Life’s ratings above average?

Ratings of insurance companies can give insight into financial stability and the ability of the company to pay out on its policies.

As a note, the Minnesota Life Insurance Company ratings ratings below are primarily Securian Life Insurance Company ratings. You’ll notice you don’t need to worry about the financial strength and ratings of Minnesota Life.

Minnesota Life Insurance Ratings

Overall, Minnesota Life financial ratings are strong and indicate Minnesota Life is a solid investment choice for life insurance.

A.M. Best

Minnesota Life currently has an A+ or Superior rating from A.M. Best. This is the highest possible rating, which indicates strong financial standing and the ability to pay future claims.

Strong financial standing is important in a life insurance company. Life insurance is a policy you will have for many years, and you want to be confident they’ll be there if you need them.

Better Business Bureau (BBB)

The Better Business Bureau gives Minnesota Life a B rating.

Minnesota Life is accredited by the BBB and has had 30 customer complaints filed against them in the past three years. Of those 30 complaints, 17 were closed in the past year.

The BBB uses a 100-point scale to assign letter grades to companies. There are multiple factors used in calculating the rating for each company, including customer complaint history and business practices.

Moody’s

Moody’s is a rating agency similar to A. M. Best that looks at a company’s financial outlook, stability, and creditworthiness.

Minnesota Life insurance rating of A3 indicates upper-medium-grade quality and low credit risk with a strong ability to repay short-term debt obligations.

Standard &Poor’s (S&P)

Standard & Poor’s (S&P) is a well-known financial credit rating agency. A few of the criteria used are country risk, industry risk, and the competitive position of the company.

S&P rates Minnesota Life (Securian Financial) AA- for both issuer credit and financial strength. This rating is the second-highest possible rating and indicates the company is stable, and its capacity to meet its financial obligations is very strong.

Fitch Ratings

Fitch releases an insurer financial strength (IFS) rating based on the operational and financial profile of a company. Minnesota Life is rated AA, indicating transparent oversight of the company, diverse product offerings, and deep and very liquid financial market development.

What is Minnesota Life’s market share?

Minnesota Life is ranked 10th overall for life insurance premiums written with a 2.7 percent market share, representing over $4 billion in direct premiums written.

Top 10 Life Insurance Companies by Market Share (NAIC)

Minnesota Life has remained in the top 10 writers of life insurance since 2016.

Minnesota Life Market Share (2016–2018)

Ultimately for a corporation, net revenue is the bottom line when reporting financials. Net revenue is, at its most basic, revenue minus expenses.

For 2018, Securian reported net revenue of $5.5 billion, down from $6.1 billion in 2017. Securian attributes this to lower non-recurring premiums.

How is Minnesota Life’s online presence?

Minnesota Life is active online through its parent company, Securian Financial, which has a robust online presence.

Securian Financial can be found on all major social media platforms such as Facebook, Instagram, and Twitter. These sites can also be found by directly searching for the company or via links at the bottom of their homepage.

Their Facebook page had almost 68,000 followers in early 2020.

Customers can also follow Minnesota Life on Instagram. What you’ll find is that social media posts vary from information about the company, its employees, and services offered to customers.

Comments and messaging are open to the public on all social media pages. However, it doesn’t appear there is much interaction from customers or the company itself.

YouTube is also a great online resource with videos about the company, finances, and insurance. Another way Minnesota Life works to connect with current and potential customers is through commercials.

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Are Minnesota Life’s commercials entertaining?

Minnesota Life can be seen represented in commercials from its enterprise brand Securian Financial. The current ad campaign focuses on the phrase Every Moment Counts. The commercials aren’t gimmicky but focus on life in the present, not the future.

Is Minnesota Life active in the community?

Minnesota Life gives back to the community through the Securian Financial Foundation, which was founded in 1988. The foundation supports organizations that align with their focus areas of financial independence, the arts, education, and human services, and special community needs.

In 2018, the foundation provided $6.6 million to more than 300 nonprofit organizations. Employees also volunteered 16,000 hours via company-sponsored initiatives, including Habitat for Humanity.

Minnesota Life (Securian Financial) has also served their community through environmental stewardship and a focus on sustainability.

Sustainability highlights from the 2018 Community Impact Report include:

• Switching to compostable containers and utensils in the cafeteria
• Hosting the first season of farmers markets on the campus
• Increasing employee participation in subsidized mass transit program by 9 percent
• Heating and cooling campus with locally produced, renewable energy sources

Are Minnesota Life’s employees happy?

Minnesota Life employees rate the company 3.9 out of 5 on Indeed, based on 91 reviews. Additionally, 41 employees approve of the current CEO’s performance. There are also listings for 89 job openings, which direct prospective employees to apply on the company site.

Glassdoor employees currently rate Minnesota Life (Securian Financial) 3.7 out of 5 stars, based on 191 reviews. Additionally, 88 percent said they would recommend working here to a friend.

Minnesota Life is active on LinkedIn, with a focus on its employees and the work environment at Securian Financial. There are currently 23 open job postings listed on LinkedIn.

According to Great Place To Work:

• 77 percent say Minnesota Life (Securian Financial) is a great place to work.
• 85 percent say they are proud to tell others where they work.
• 65 percent of employees have been with the company for more than five years.

Minnesota Life (Securian Financial) employees are visible in the community not only through their volunteer work but also by serving on the boards of 125 different nonprofit organizations, including the Minnesota Region of the American Red Cross.

Diversity and inclusion are values Minnesota Life is working to live through its employee resources.

A diversity and inclusion council helps move the organization forward toward goals and initiatives in this area.

Employee-led resource groups also exist to support collaboration and foster awareness and respect. Some of those groups include young professionals, pride, service members, and women in technology.

In 2018, AnitaB.org recognized Minnesota Life (Securian Financial) as a top-five company for “creating an inclusive and flexible enterprise technology work environment for women.”

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What are the pros & cons of Minnesota Life insurance coverage?

It’s important to weigh the positives and possible drawbacks when shopping for Minnesota Life life insurance. Here we bring the facts together for a Minnesota Life summary.

What are the pros of Minnesota Life insurance?

Some of the key benefits of Minnesota Life Insurance come from their overall support system.

• Top ratings from multiple rating bodies
• Long-term financial stability
• Resources to learn about insurance and financial planning for free on the website

Financial stability should be a key consideration when shopping for life insurance.

Cons of Minnesota Life Insurance

Most of the Minnesota Life Insurance complaints revolve around convenience.

• No online quote tool for prospective customers
• Sold through financial advisors
• No mobile app available

Each person should determine for themselves which of these factors may impact their decision about purchasing life insurance from Minnesota Life.

The Bottom Line: Is Minnesota Life a Good Insurance Company?

What is the best rated life insurance company? Well, Minnesota Life offers a strong range of life insurance products. The company is strong financially and in the marketplace.

Minnesota Life is dedicated to serving its customers and making an impact in the community. Minnesota Life strives to live its values of trust, strength, integrity, quality, respect, and community in all it does.

Minnesota Life can offer you great options for insurance, and you can be confident you’ll be protected should the unexpected happen.

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