Having extraordinary financial ratings and a history of nearly 140 years in the life insurance industry, Minnesota Life stands among even giants in the industry when it comes to the affordability and innovation of relevant products.
From insurance plans and investment options to business strategies and retirement planning, Minnesota Life understands family is your most valued asset.
They recognize how corporate decisions can impact the company-client relationship, hence their strong focus on integrity, trust, and community throughout the years.
Since Minnesota Life is also not publicly traded, shareholders aren’t in the picture.
Finding secure, tried-and-true solutions that work for clients and their loved ones through all stages of life is what this company prides itself on.
Our Minnesota Life Insurance Company Review
Started back in 1880, Minnesota Life was strictly a life insurer in the local community of St. Paul and statewide throughout Minnesota.
It grew quickly over the next several decades, encompassing larger areas and increasing its in-force policies.
Even through a financial crisis like the Great Depression, Minnesota Life remained and even thrived, as it still does today.
Although not among our list of the best 10 life insurance companies, it’s very close.
The company’s stayed true to its customers through economic highs and lows, and its current re-branding process won’t change a thing.
New Brand, Same Company
The Securian Financial Group was established in 2005, and previously served a more subsidiary role with Minnesota Life.
In 2018, Minnesota Life made a bold move to re-brand the company by officially adopting the parent company’s name: Securian Financial.
However, there is no need to worry if you’ve heavily invested in Minnesota Life products in the past.
Any policies or contracts ensured through Minnesota Life won’t be impacted or altered in any form by the company’s choice to re-brand itself.
Minnesota Life’s standard core values – trust, strength, integrity, quality, respect, and community – will constitute the secure foundation on which Securian Financial now stands.
The decision to re-brand has initiated a more consistent, recognizable identity overall, affording a more competitive edge while keeping client needs and expectations top priority.
Keeping up with a constantly changing market while prioritizing client satisfaction is one of the main reasons this company has sustained ideal financial ratings from reputable sources.
Strong Financial Ratings
One of the greatest measures of strength and security for any insurance carrier is its history, its reputation to pay claims, and its current financial documents.
There are four major credit agencies who have rated Minnesota Life, and the issuer is proud to host just as many “A” or better ratings in total.
This results in a Comdex score of 95, meaning it’s among the top 5% of all insurers by composite score.
This means the company is solvent, has a foundation of strength, and maintains an optimistic look ahead.
Securian Financial offers a wide range of life insurance policies to best suit you and your family’s specific needs:
- Term Life Insurance
- Whole Life Insurance
- Universal Life Insurance
- Long-Term Care Insurance
Since life is often unpredictable, credit and debt protection are also available options. Securian Financial tries to cover all the bases so you don’t have to.
To help families enjoy the here and now without worrying about the future, Securian Financial offers a great term life insurance product at very affordable rates. It tends to be most competitive among those who are at least fifty years of age, although it’s very comparable across the board.
This type of policy is great for those who have a short-term need, but one which is a bit larger in amount.
There are also several different permanent products offered, including a universal life insurance product for those who need a little flexibility with a long-term death benefit.
If you like the idea of guaranteed premiums and access to cash value all along the way, their whole life insurance choice may fit your scenario best.
These attempt to grow cash in addition to the normal policy while being attached to a market index, such as the S&P 500, or directly to mutual funds, such as in the variable policy.
A special life insurance needs calculator is available online on their website so potential (and current) clients can determine how much coverage they really need.
Factors considered include one’s current financial situation, marital status, and age, among others.
Other Financial Products Available
Securian Financial conducts business in other fields outside of life insurance, among them annuities, investment plans, retirement planning, and more.
They offer special types of planning for businesses as well, including key man insurance, succession plans, executive bonus plans, and even voluntary group benefits of the insurance and investment nature.
The company has a particularly strong hand in the immediate annuity market, where their payout structure has remained among the highest for several years running.
This product guarantees a stream of income, derived from an initial lump sum payment, for as many years as you like, up to a lifetime of benefits.
Derived from a strong financial institution such as Securian Financial, this product has gained them traction from many consumers and advisors alike.
For those nearing retirement, Securian Financial can help clients develop exit and transition strategies or even interpret estate planning.
Similar to their life insurance calculator, a pre-retirement savings calculator is available online to help these clients plan for a smooth transition into this next stage of life.
Save for today, instead of someday.
The Bottom Line
With its history of longevity and sustained commitment to core values, Minnesota Life, now known as Securian Financial, may be the right option for you and your family.
Each client comes to Securian Financial with unique needs, so the company makes a concerted effort to provide insurance, investment, and retirement solutions that are just as unique as they are.
An extensive suite of insurance coverage policies are readily made available, and clients can further customize these offerings through taking advantage of the company’s trusted network of North American firms and financial adviors.
However, as with any standard insurance provider, it’s recommended one conducts their own research before making a final (and often long-lasting) decision impacting both themselves and their loved ones.
Make sure to review and compare rates from different companies, and determine whether the values the provider stands behind are in line with your own beliefs.
Whether you’re newly married looking into life insurance, a business professional needing an investment strategy, or an older adult preparing for retirement, Securian Financial is there to help you every step of the way.