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Elizabeth Rivelli is an insurance writer passionate about helping people navigate the complex world of insurance to help them make empowered choices.
Updated November 04, 2022 Fact checked by Fact checked by Matthew M KlammerWith practical experience running his own IT business and an education in the liberal arts, Matthew Klammer had become well-accustomed to the difficulties of research. From providing POS systems to small tourist shops to data security and account management Matthew has provided business solutions to many individuals.
Our Take Minnesota Life is a financially strong insurer that offers a broad selection of life insurance products and a variety of riders for customized protection. It’s a good provider to consider if you want a policy with high coverage limits. Plus, the company received far fewer complaints than expected over the last three years.
Minnesota Life Insurance is an affiliate of Securian Life Insurance. The company was founded in 1880 and is based in St. Paul, Minnesota. In 2021, Minnesota Life provided $1.4 trillion of in-force life insurance protection and paid out almost $5 billion in benefits. The company sells life insurance in every state except New York.
specifications AM Best Rating NAIC Score (avg.) Years In Business Policy Types Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole Accepts Credit Cards Why Trust Us Companies reviewed Features considered Data points analyzedWe identified 45 life insurance companies with strong financial stability and high customer satisfaction ratings and evaluated them based on 70 metrics, collecting over 3,000 data points. This research allowed us to rate and rank the best life insurance companies and provide you with unbiased, comprehensive reviews.
Minnesota Life has fewer complaints than expected for a company of its size, according to the NAIC Complaint Index.
The complaint index measures the number of complaints an insurance company receives in relation to its size. Companies with a number of complaints expected for their size have an index of 1.00. Companies with fewer complaints than expected have a score below 1.00 and companies with more complaints than expected have a score above 1.00.
To gain a deeper understanding of customer experience at Minnesota Life, we averaged its annual complaint index over a three-year period. The company’s three-year average complaint index is 0.15, which means it has far fewer complaints than expected for its size. For comparison, many of the best life insurance companies we reviewed also have complaint indexes below 1.00.
Securian, the parent company of Minnesota Life, has an A+ (Superior) rating from AM Best, which is the second-highest grade AM Best bestows. This rating suggests that the company has superior financial strength and claims-paying ability. AM Best assesses the financial strength of insurers based on factors like balance sheet strength, operating performance, and total debt. Most of the life insurance providers we reviewed have at least an A rating.
One of the things that stands out about Minnesota Life is its robust policy offerings. Applicants can choose from a range of life insurance policies. Many of which are eligible for the WriteFit Underwriting program which lets you apply without a medical exam.
Term life insurance provides temporary life insurance coverage, usually over a period of 10 to 30 years. Unlike permanent life insurance, term life insurance does not build cash value. If you pass away during the term, your beneficiary receives a death benefit, which is usually tax-free and can be used for any purpose. If you outlive the term, you have the option to convert your term policy into permanent coverage without taking a medical exam.
Minnesota Life offers term coverage for up to 30 years; you can convert the policy to permanent coverage before the term expires or renew it upon expiration.
Whole life insurance is a type of permanent life insurance that provides lifetime protection. It has fixed premiums, a guaranteed death benefit, and a cash value component. The cash value in your policy grows at a fixed interest rate and you can borrow from the cash value if needed. Whole life is one of the most expensive types of coverage, but it also offers the most guarantees.
Universal life (UL) insurance is another form of permanent life insurance that builds cash value. Unlike whole life insurance, UL policies have a flexible death benefit and adjustable premiums. The cash value in a UL policy grows based on current interest rates and can be borrowed or withdrawn from if needed.
Variable universal life (VUL) insurance is similar to a UL policy; it also comes with a flexible death benefit and adjustable premiums. However, the cash value in a VUL policy is invested in the stock market and grows (or loses value) according to the performance of your investments. Although there is greater growth potential with this type of policy, you risk losing money when the market performs poorly.
With indexed universal life (IUL) life insurance, your cash value growth is tied to a stock market index, like the S&P 500. However, the money is not actually invested, so it’s a less risky option than a VUL policy. In addition, you can’t lose money in an IUL based on negative market returns. You have the option to adjust your death benefit and premiums with an IUL policy and withdraw or borrow the cash value.
Minnesota Life offers a survivorship IUL policy, which insures two people and provides a death benefit after both insureds on the policy have passed away.
Minnesota Life offers several life insurance riders, which are optional features that can extend your existing coverage. Some life insurance riders may be included at no cost, while others will raise your premium.
A guaranteed insurability rider allows you to purchase more life insurance coverage in the future without taking a medical exam or providing evidence of insurability. Minnesota Life’s guaranteed insurability rider provides a maximum of seven option dates when you can buy additional coverage.
A child term rider provides a small amount of level term life insurance for eligible children. When your children reach adulthood, they can convert that coverage into a permanent life insurance policy without taking a medical exam. There is a monthly charge to add this rider to your Minnesota Life policy.
If you become totally and permanently disabled, a waiver of premium rider will suspend your life insurance premiums without impacting your coverage. You can add a waiver of premium rider to your Minnesota Life Insurance policy for a monthly fee.
A terminal illness rider is a type of accelerated death benefit (ADB) rider that allows you to receive a portion of the death benefit while you are still living if you’re diagnosed with a terminal illness. However, your death benefit will be reduced by an amount comparable to the amount you take out. This policy is included at no upfront cost with several Minnesota Life Insurance policies.
A long-term care rider will provide a monthly payment for qualifying long-term care expenses, such as a nursing home or home-based care. If you use this rider, your death benefit will be reduced by the monthly payment. You can add this optional rider to your Minnesota Life policy for a fee.
If you get diagnosed with a qualifying chronic illness, a chronic illness rider will allow you to accelerate a portion of the death benefit while you are still living. The money can be used for any purpose, not just medical treatment. However, any money you withdraw from your policy will be taken out of your death benefit. This rider is included at no upfront cost with some Minnesota Life Insurance policies.
If you have a life insurance policy from Minnesota Life, the customer service is handled by its parent company, Securian. You can contact Securian by calling (833) 810-8260 or filling out the online contact form. The company’s business hours are Monday through Friday from 7 a.m. to 6 p.m. CT.
If you’re a Minnesota Life customer, you can download the Securian Financial mobile app to manage your life insurance policy, make payments, update your beneficiary, and more.
We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.
In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.
