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Securian Financial Review

Updated Nov 15, 2022
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Securian’s portfolio of life insurance products may be able to satisfy most consumer life insurance needs.  Policies are only available through Securian’s financial professionals — there isn’t an online quote option — who can help you navigate the best policy to fit your circumstances.

Pros

  • Term and permanent life insurance plans available
  • Lower-than-industry-average complaints with the NAIC
  • Ability to file claims online
  • Healthy individuals may qualify for no-medical-exam life insurance

Cons

  • Must speak with a Securian Financial financial professional for quotes
  • Limited policy details online
  • No guaranteed-issue whole life policies available
  • Limited riders available for term products

Securian Financial’s life insurance policies are only available through Securian’s financial professionals, who can help you navigate the best policy to fit your circumstances. With available policies including term, universal and hybrid long-term care solutions, Securian’s portfolio of life insurance products may be able to satisfy most consumer life insurance needs. To help determine if this provider is among the best life insurance companies for you, consider these advantages and drawbacks:

Securian Financial offers an expansive suite of life insurance products compared to its competitors. Securian was founded in 1880 as the Bankers Association of Minnesota, which was the first life insurer in the state. The company has since expanded to offer life insurance, voluntary health benefits and financial products.

Individuals of nearly ages, from newborns up to age 85, can be considered for life insurance, with term or permanent options to fit specific financial needs. As a financial services company, Securian allows applicants to apply for universal life policies to maximize cash value growth and take advantage of term life policies with the option to convert to a permanent policy later on. The company’s underwriting program allows some healthy applicants to bypass the medical exam, which may allow for fast approval and immediate coverage. Bankrate’s Securian Financial life insurance review may help you decide if the company is the best fit for your unique needs.

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Securian Financial life insurance coverage types

Securian Financial offers different types of life insurance, including term, permanent, and hybrid long-term care life insurance products, designed to provide as much life insurance as you need based on your own calculations or as recommended by its financial planners. Term life products include the option to convert to a permanent policy if needs change, without having to go through additional underwriting. Qualified applicants can complete a detailed phone interview and may avoid a medical exam through Securian’s WriteFit Underwriting program.

The insurer offers a hybrid permanent life and long-term care product, allowing policyholders access to cash to pay for long-term care needs while alive and still have a death benefit for when they pass away. Securian Financial life insurance products are issued by Minnesota Life Insurance Company and in New York, Securian Life Insurance Company.

  • Term: Securian’s term life insurance policies offer coverage for individuals aged 16 to 80 at amounts of $50,000 to $3 million for 10-, 15-, 20- and 30-year terms. Exact policy age and coverage limit eligibility will depend on the term length and band level selected.  This policy is renewable until the policyholder reaches the age of 95. Applicants may elect to add an Extended Conversion Agreement, which provides the ability to convert the policy to permanent coverage without going through underwriting again. Individuals who meet certain criteria may be eligible to bypass the medical exam through Securian Life’s WriteFit underwriting program.
  • Permanent: Though Securian does not offer standard whole life insurance policies, it does offer both indexed universal (IUL) and variable universal life insurance (VUL). These products can be purchased for children younger than a year and adults up to age 80 for IUL and age 85 for VUL. Universal life provides flexible premiums with the potential to accelerate cash value growth using stock market indexes and Managed Volatility Portfolios. All Securian life products have to be quoted and purchased through one of its financial professionals. If you are considering a universal life product, your financial professional will keep you updated on how the policy is performing to meet your financial goals. Like term policies, some individuals may qualify for the WriteFit Underwriting program to qualify faster, without a medical exam. These policies come with optional add-on features like living benefits for chronic and terminal illness, guaranteed insurability, income and inflation protection, waiver of premium for disability and overloan protection.
  • Guaranteed: Securian does not offer a guaranteed life insurance option, though healthy seniors up to age 60 may qualify for no-medical-exam underwriting through the WriteFit program. Depending on your age, you can apply for up to 30 years in term life, indexed or universal life insurance. Seniors may be interested in the SecureCare Universal Life policy, which combines universal life with long-term care and chronic illness coverage. This policy comes with additional benefits, such as return of premium and reduced paid-up benefits if you decide to stop payments.

Securian Financial life services

As a financial group, Securian offers more than just life insurance. The financial professionals helping you purchase Securian life insurance products also act as financial advisors, helping you navigate financial planning and investments. Securian Trust Company also administers and oversees trusts and estate planning.

You can also work with Securian Financial group to access debt protection agreements, credit insurance and GAP insurance to financially protect your auto loan. Annuities are another retirement asset for individuals with maxed-out retirement vehicles. Securian Financial Group has a variety of annuities available that might fit your needs.

Other Securian Financial perks worth considering

These products can be purchased from Securian Financial through your employer, although availability and terms may vary by state:

  • Accident insurance: This policy provides cash benefits if you are injured on or off the job. It also provides an accidental death insurance benefit, in addition to a life insurance death benefit, if you suffer an accidental death.
  • Critical illness insurance: Securian also offers cash benefits for critical illness, like cancer, heart attack, stroke or failure of a major organ.
  • Hospital indemnity insurance: This allows you to receive lump sum cash payments if you are hospitalized for an illness or serious injury.

Securian Financial life insurance customer and claims satisfaction

One way consumers can decide which life insurance companies are the best fit is by reviewing the company’s customer feedback. The National Association of Insurance Commissioners (NAIC) complaint index report showcases how many complaints an individual life insurer receives compared to similar-sized competitors in the industry. Securian Financial Life Insurance Company has a 0.64 complaint index, which is lower than the national baseline of 1.00.

On the whole, Securian placed just below industry-average in customer satisfaction in the 2021 J.D. Power Individual Life Insurance Study, with 769 out of 1,000 points. Securian Financial Group was also just reaffirmed at an A+ (Superior) financial strength rating with AM Best. This is the highest rating category available, indicating Securian has historically been able to satisfy its financial obligations to policyholders.

Securian Financial corporate sustainability

In its 2020 Corporate Social Responsibility Report, Securian Financial Group reports donating $3.65 million in funds and supplies for COVID-19 response relief in 2020. That same year, Securian provided $821,000 in social justice funding for minority businesses and students in need. The company also committed to a net zero emission goal by signing the A4S Net Zero Statement of Support.

Employees, retirees and board members are also able to spend time and money giving back through several Securian Financial Group programs. They can volunteer to mentor students, work with food banks and combine forces as a team to help with community-based building projects. When working as volunteers, employees can take paid time off. After volunteering over 25 hours of their time, Securian Financial Foundation will donate to a nonprofit of their choice, up to $500 per year. Monetary gifts donated to nonprofits of at least $25 are also matched, up to $2,000 annually per board member, employee and retiree.

Not sure if Securian Financial is right for you? Consider these alternatives

If you are uncertain if Securian is the right fit for you and wish to compare life insurance quotes with several other companies, here are a few alternatives to consider:

  • New York Life: Another long-standing life insurer, New York Life offers a similar line of life insurance products through its financial professionals.
  • Fidelity Life: This company may be an alternative solution for term and senior term life policies, with fast underwriting decisions.
  • American International Group (AIG): AIG offers a full line of life insurance products, as well as accident and health insurance.