Securian Financial insurance review 2023
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Policyholders looking for different types of life insurance or other products, such as accidental death insurance, annuities or financial planning services, might consider Securian Financial as their company of choice.
Multiple life insurance policy types available
Healthy applicants could bypass a medical exam
No online quotes
Scored below industry average for overall customer satisfaction per J.D. Power
In July 2022, Securian Financial was certified as a Great Place to Work for the sixth year in a row.
Securian Financial life insurance
Securian Financial is the parent company of the Minnesota Life Insurance Company. Securian Financial life insurance products are issued by Minnesota Life Insurance Company and in New York, Securian Life Insurance Company. It offers life insurance policies through Securian’s financial professionals, who can help you navigate the best policy to fit your circumstances. A call to these professionals coupled with this Securian Financial insurance review may help you decide if this company is the right one for you.
Securian Financial offers different types of life insurance, including term and permanent. However, what may help this company stand apart are its 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. 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 but still have a death benefit for when they pass away.
- Term: Securian’s term life insurance policies offer coverage for a specified length of time, otherwise known as a term. Although terms can vary, they are commonly written in lengths of 10, 20 or 30 years. Coverage and term limits with Securian may vary. For specific information regarding this company’s term life insurance product, it may be best to speak with a Securian professional.
- Whole: Unlike a term policy, whole life insurance covers you for life rather than a pre-determined length of time. Whole life policies also have the potential to increase in cash value, whereas term policies do not. Premiums for this type of permanent policy remain fixed for the duration the policy is active, as does the death benefit. All Securian life products have to be quoted and purchased through one of its financial professionals, so you will need to contact them directly for further information.
- Universal: Universal is another type of permanent life insurance policy, but unlike whole, premiums for universal policies are flexible, as is the death benefit. In other words, you can update your death benefit amount as your needs change. For instance, some may want to increase their death benefit after certain life events, like having a baby. Like whole life policies, universal policies can build cash value over time but may have greater risk.
- Hybrid life/long-term care insurance: Securian’s hybrid life/long-term care insurance (called SecureCare III) is where the company may stand apart from the rest. This unique policy can help cover your care expenses if you become chronically ill and guarantees a death benefit, long-term care benefit and return of premium. However, this product is not available in all states so for more information, you may want to get in touch with a Securian professional.
Pros and cons of Securian Financial life insurance
To help determine if this provider is among the best life insurance companies for you, it may be helpful to consider these potential advantages and drawbacks:
Many products offered, including annuities and financial planning services
Can file claims online
Mobile app available
Riders are limited for term life
Scored below industry average in the J.D. Power 2022 U.S. Life Insurance Study in the individual life category
NAIC complaints for individual life product are far above baseline
Securian Financial life insurance endorsements
Securian Financial allows you to tailor your policy through a handful of coverage add-ons, including:Applicants may elect to add an extended conversion agreement to their term life policy, 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 policy add-ons may include living benefits for chronic and terminal illness, accelerated death benefit, income and inflation protection and waiver of premium for disability.
Securian Financial life tools and benefits
As a financial group, Securian offers more than just life insurance. The financial professionals that assist you with purchasing Securian life insurance products also act as financial advisors, helping you to navigate financial planning and investments. Securian Financial Services also administers and oversees trusts and estate planning.
You can also work with Securian Financial group to access debt protection agreements and credit insurance in order to financially protect yourself against the unexpected. 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.
Securian Financial customer satisfaction
We considered several metrics to get a holistic view of Securian Financial's customer satisfaction. According to the J.D. Power 2022 U.S. Individual Life Insurance Study, Securian's customer service may be lacking as it scored below the industry average for overall customer satisfaction. Additionally, it scored well above the baseline for customer complaints in the individual life category per the National Association of Insurance Commissioners (NAIC).
These third-party scores indicate that policyholders of Securian Financial may be generally dissatisfied with the company's service. As such, shoppers with customer service at top-of-mind may want to do further research before purchasing a policy.
Financial strength ratings are an important consideration, especially if you’re shopping for the cheapest life insurance. Shoppers can rest assured that AM Best rated Securian Financial as A+ (Superior). This strong rating could indicate that Securian Financial has a good history of paying out claims when needed.
How to file a claim with Securian Financial
When filing a claim with Securian Financial, it will first ask how the policyholder obtained their life insurance policy. For example, was the policy purchased through an employer, a financial institution or an independent agent? You will also need the insured’s basic information, such as their name, birthday, address, the date they passed away and the cause of death. You may also need to provide documentation, like a death certificate.
Once you have the information you need, you can file a claim by:
Securian Financial availability
Securian Financial and Minnesota Life offer products in all 50 states. However, your eligibility for life insurance depends on your specific rating factors and circumstances.
Other Securian Financial perks worth considering
Although the cost of your life insurance is an important consideration, you may also want to look for perks that can accompany your policy. With Securian Financial, you gain access to:
- Mobile app: Securian Financial’s mobile app is highly-rated and can help you manage your life insurance and investments from the convenience of your home.
- Insights library: Securian Financial offers an extensive library of resources and blog posts to help you make sense of various topics, from budgeting to caring for an aging parent and more.
- Retirement calculator: If you need help mapping out your retirement goals, Securian Financial’s retirement calculator may help.
- Life insurance calculator: Knowing how much life insurance you need can be confusing — this is where Securian’s life insurance calculator can come in handy.
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?
If after studying this Securian financial insurance review you find yourself uncertain if this company is right for you, it can be helpful to compare life insurance quotes with several other companies. Here are a few alternatives to consider:
Securian Financial vs. New York Life
Another long-standing life insurer, New York Life offers a similar line of life insurance products through its financial professionals. Like Securian Financial, it also offers accelerated death benefits for chronic conditions. However, it may be important to note that medical exams are mandatory to obtain coverage with New York Life.
New York Life stands apart from Securian Financial's customer service, as it scored above the industry average for overall customer service in the latest J.D. Power Individual Life Insurance Study.
Learn more: New York Life Insurance review
Securian Financial vs. Fidelity Life
This company may be an alternative solution for term and senior term life policies, with fast underwriting decisions. It also may offer more rider options than Securian Financial. However, Fidelity’s whole life policies are only available for seniors, and it does not provide any financial planning services.
Additionally, Fidelity Life is not rated by J.D. Power for individual life insurance, and it has a higher-than-average number of customer complaints with the NAIC. Just as with Securian Financial, shoppers may want to do additional research to better understand the type of customer service they may expect with these companies.
Learn more: Fidelity Life Insurance review
Securian Financial vs. American International Group (AIG)
AIG offers a full line of life insurance products, as well as accident and health insurance. Like Securian Financial, it also provides financial planning annuities and mutual funds. When it comes to term life, AIG offers a wide range of term increments to choose from, allowing you to explore policy options that may fit your needs.
AIG, like Securian, struggles a bit with customer service. It scored below Securian on the most recent J.D. Power life insurance study and the company scores above the baseline for NAIC complaints in the individual life category.
Learn more: AIG Insurance review
Is Securian Financial a good insurance company?
Between its solid financial strength ratings and hybrid policy option, Securian Financial life insurance could be a solid choice, especially for those who also need financial planning services. It also boasts a highly-rated mobile for tech-savvy consumers who prefer to have hands-on control over their policies. However, based on third-party scores and NAIC complaints, customer service may be an issue for Securian Financial. If this is important to you, reaching out to friends or family currently insured with Securian may be a good idea to ask about their experiences.471222M34.5KOn This Page