Securian Financial was founded in 1880 as Minnesota Mutual. In 2001, the company was rebranded as Minnesota Life Insurance. Fast forward to 2018, Minnesota Life Insurance took on the name of its parent company brand, Securian Financial.
Today, Securian Financial is the 8th largest life insurance company in the United States. It serves more than 21 million customers in North America and has nearly $1.3 trillion in life insurance policies in force. The company offers a few different life insurance products and gets good ratings from industry experts.
Our full Securian Financial review may help you determine if this provider is a good fit for your insurance needs.
Securian Financial Life Insurance
Securian Financial sells multiple life insurance policies, but the options are limited compared to what other providers offer. For example, only one rider is available for people who want to customize their coverage with extra protection.
However, Bankrate was impressed by the number of online tools and resources that Securian provides. For example, Securian Financial offers an online life insurance calculator that can help insurance shoppers decide how much coverage is appropriate for their family.
Types of Coverage
- Term Life Insurance: Securian Financial’s term life insurance offers coverage for 10, 20 or 30 years. After the term ends, policyholders have the option to convert their coverage into a permanent policy. There is no cash value, but the premiums will remain consistent over the duration of the policy term.
- Whole Life Insurance: whole life insurance offers protection for the policyholder’s lifetime. The premiums are fixed, and there is a guaranteed death benefit. Whole life insurance also has a cash value component that grows at a fixed interest rate.
- Universal Life Insurance: universal life insurance is another type of permanent life insurance, but it allows the policyholder to adjust their premium and death benefit over time. This policy builds tax-deferred cash value which can be withdrawn or taken out as a loan against the policy.
- SecureCare Universal Life Insurance: this hybrid life/long-term care insurance policy combines traditional life insurance with long-term care insurance. It includes a cash benefit that can be used to cover long-term care services, in addition to a standard death benefit. The premiums are guaranteed and can be paid over five, seven, 10 or 15 year periods.
- Accelerated death benefit rider: an accelerated death benefit rider allows the policyholder to use money from their death benefit if they become chronically ill. Not all illnesses qualify. Usually, the diagnosis must significantly shorten the person’s lifespan and requires confirmation from a doctor.
Securian Financial Ratings, Reviews, Customer Satisfaction and Complaints
|Organization||Securian Financial rating|
|J.D. Power 2020 U.S. Life Insurance Study||741/1,000|
|Better Business Bureau (BBB)||B|
|NAIC Company Complaint Index||.24 (fewer than average complaints)|
Securian Financial was rated 741/1,000 in J.D. Power’s 2020 U.S. Life Insurance Study, which ranks companies based on overall customer satisfaction. Securian Financial’s J.D. Power rating is below the industry average of 763/1,000, but the company shines in other areas. Securian has an A+ (Superior) rating from AM Best, and fewer than average customer complaints based on the NAIC Company Complaint Index.
However, Securian Financial’s BBB rating is worth note. The company has a B rating and an average score of 1.18 out of 5 stars based on 17 customer reviews. 31 complaints have been closed in the last three years, with customers reporting slow claim payouts, poor customer service and unexplained investment losses.
Reasons Why Securian Financial is a Great Option
Securian Financial is a great life insurance company to consider, overall. We recommend this provider especially to people who are shopping for life insurance for the first time, or are looking for a basic policy. Securian Financial has a few helpful online resources that are geared toward first-time insurance buyers, like the coverage calculator.
Another advantage of Securian Financial is that it offers a unique long-term care/term life insurance hybrid policy. The SecureCare universal life insurance policy makes it easy for people to save money for their long-term care needs, but also cover their beneficiaries with a regular death benefit.
One of the downsides of Securian Financial is that the coverage options are limited. There are only a handful of policies to choose from, and all require a medical exam. Additionally, guaranteed issue policies are not available, which means people with a pre-existing health condition or family history of disease may struggle to get coverage from Securian Financial.
Additional Policies Offered by Securian Financial
In addition to life insurance policies, Securian Financial also sells the following insurance products:
- Accidental death insurance
- Accident insurance
- Critical illness insurance
- Hospital indemnity insurance
Frequently Asked Questions
What is the best life insurance company?
There are many life insurance companies on the market and each one has its strengths and weaknesses. Some of the best life insurance companies by traditional metrics are MetLife, Northwestern Mutual, State Farm, Guardian and MassMutual.
How much does life insurance cost?
The cost of life insurance varies based on a few factors. First, every life insurance company charges a slightly different rate. Factors like your age, health, lifestyle and the amount of coverage you need will contribute to your premium. The type of policy you purchase will also affect the rate. Term life insurance policies are usually cheaper than permanent life insurance policies, but term policies offer less coverage.
Does Securian Financial offer life insurance riders?
Securian Financial offers one life insurance rider. Policyholders can add an accelerated death benefit rider to a term life insurance or permanent life insurance policy for more protection.
How much life insurance do I need?
The amount of life insurance coverage you need should be based on the financial needs of your beneficiaries if you were to pass away. Consider your current income and other expenses, like a mortgage, credit card debt and school tuition. Choose a death benefit that will allow your loved ones to continue living a similar lifestyle without your income.