Having extraordinary financial ratings and a history of more than 120 years in the life insurance industry, Minnesota Life stands among even the giants in the industry when it comes to affordability and innovation of products.
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 financial crisis like the Great Depression, Minnesota Life has remained and even thrived, as it still does today.
The Securian Financial Group was started in 2005, and this is the parent of Minnesota Life where it acts as a subsidiary company. Although not among our list of the best 10 life insurance companies, it’s very close.
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 93, meaning it’s among the top 7% of all insurers by composite score.
A.M. Best awarded Minnesota Life an “A+” as did Standard and Poor’s, Moody’s reviewd Minnesota Life as an AA and Fitch ranked Minnesota Life under its AA- category. This means the company is solvent, has a foundation of strength, and an optimistic look ahead.
Minnesota offers a great term life insurance product, at very affordable rates. It tends to be most competitive among those who are at least fifty in age, although its 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 universal life insurance product for those who need a little flexibility but 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.
For those who are more aggressive with their life insurance purchase, indexed and variable universal life insurance products are available. These attempt to grow cash in addition to the normal policy, while being attached to a market index, such as the S&P500, or directly to mutual funds such as in the variable policy.
Other Financial Products
Minnesota Life also 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, executive bonus plans, and even voluntary group benefits of the insurance and investment nature.
Minnesota Life 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. Coming from a strong financial institution like Minnesota Life, this product has gained them traction from many consumers and adviors alike.
Minnesota Life Company Summary
|Company Name (and Subsidiaries)||Minnesota Life Insurance Company|
Securian Life Insurance Company (NY)
Securian Financial Group, Inc. (Parent)
|Company Ratings||A.M. Best (A+)|
Moody’s Investors Services (AA)
Standard & Poor’s (A+)
|Headquarters (Address, Phone, Web)||400 Robert St. N.|
St. Paul, MN 55101
|Policy Types Available||Term|