Minnesota Life Insurance, part of the Securian Financial Group, sells whole, term, universal, and universal index life insurance policies through group plans to employers or directly to consumers. It’s a good option for people looking for policies that provide flexibility at a reasonable rate.
- Pros and Cons
- Key Takeaways
Provides term, whole, universal, and universal index coverage
Offers the option to work with a financial professional
Also sells long-term care, accidental death, and critical illness insurance
Can get additional insurance from the group employee plans
Large and experienced company specializing in life insurance
Pricing information not readily available
Takes longer to get a policy
Supplementary coverage to your group plan might not be your best bet
Few policy details on the website
Has a limited selection of riders
- Minnesota Life offers several life insurance options along with supplementary health insurance policies like critical illness and accidental death insurance.
- The company also offers financial planning via annuities and other investments, providing you with a total retirement and estate planning strategy.
- Minnesota Life does not provide auto or home insurance so you cannot get all your insurance needs met in one place.
- Working with an agent or financial professional to buy insurance can mean that it takes longer to get your insurance coverage than if you purchase it online because phone or in-person meetings become another step in the process.
- Year Founded 1880
- Kinds of Plans Whole, term, universal, universal index
- Number of Plans 4
- Payment Options Online, phone, automated payment, credit card, payroll
- Official Website www.securian.com/about-us/affiliates/minnesota-life.html
Minnesota Life Insurance Company is a life insurance company that offers a full complement of life insurance products including term, whole, universal, and universal index life insurance policies. You can purchase online, over the phone, through a financial professional, or through your employer. It also offers other forms of insurance like critical illness and disability coverage as well as financial planning options like annuities and investment planning.
We reviewed Minnesota Life Insurance Company’s policy offerings, riders, pricing, customer service, industry ratings, and more to help you decide if its policies are right for you.
Minnesota Life Insurance company was founded in 1880 and is headquartered in St. Paul, Minnesota. In 2001, Minnesota Life created a company called Securian Financial Group to become its parent company. Securian Financial Group now owns Minnesota Life Insurance Company and several other insurance and financial companies under its umbrella. Securian Financial Group claims to be “the third-largest direct writer of group life insurance.”
While Minnesota Life focuses on group policies, it also offers individual options. Minnesota Life is licensed for business in all states except New York, but Securian is licensed in all states.
Minnesota Life insurance offers group and individual life insurance plans as well as supplementary coverage on employee group plans. Individual plan options are sold through agents and financial professionals directly to consumers.
Term Life Insurance
Minnesota Life insurance offers term life insurance coverage in terms of 10, 20, and 30 years, and there is the possibility of term conversion on your plan. It offers both individual and group term life plans, and term group life insurance policyholders have the option to buy additional supplementary coverage.
Group life insurance plans tend to be guaranteed-issue, but their individual term life coverage will likely require a medical exam.
A breakdown of maximum coverage amounts for any of the plans is not available online.
Whole Life Insurance
Minnesota Life offers whole life insurance policies that build cash value that you can access through a policy loan. Whole life insurance policies are available for group and individual clients.
Group whole life policies tend to be guaranteed issue though you will likely need a medical exam to get their individual whole life policy. Customers can purchase additional whole life coverage if you are a policyholder under their group plan, but note that whole life premiums are more expensive than term life premiums.
Maximum coverage amounts are not disclosed online. You will need to contact the company for that information.
Universal Life Insurance
Many people use universal life insurance as a source of supplementary retirement income, and Minnesota Life offers universal life insurance policies with flexible premiums that allow you to invest through your policy to build a tax-deferred cash value.
These policies are available through a group plan or individually and allow for policy loans. While you have flexibility around how much you pay in premiums, if you do not pay enough, your policy will lapse. You can, however, adjust the benefit amount throughout your life in case you want more coverage if your family grows or your circumstances change.
Maximum coverage amounts are not disclosed online. You will likely need a medical exam to get this policy.
Universal Indexed LIfe Insurance
Minnesota Life offers universal index life insurance policies which also allow you flexible premiums so that you can choose how much you pay. And, like universal life insurance policies, if you don’t pay enough in premiums, your policy will lapse. You can adjust your benefit amount to increase how much death benefit you need if your life changes. You can also build cash value that you can take out via a loan.
The indexed universal life policy allows you greater capacity for investment growth than the universal life insurance product since it allows you to add money to your cash value account and index it to a common equity index like the NASDAQ-100. This can allow your account to grow at a faster rate, depending on the stock market performance.
Minnesota Life Insurance does not list the maximum benefits amounts on their website for this plan.
This policy offers a survivorship option that covers two people rather than one, paying the death benefit only once both people have passed away.
Minnesota Life offers several life insurance policy riders you can purchase for extra coverage on both individual and group policies. These include:
- Child life insurance rider: allows you to purchase term insurance for your children
- Accelerated death benefit rider: allows you to purchase the option to access your death benefit if you are diagnosed with a terminal illness
- Accidental death benefit rider: gives you extra coverage if you die from an accidental death
- Waiver of premium rider: insures you in case you become totally disabled and are unable to pay your premium
Unfortunately, not all riders are available on all policies and you will have to contact Minnesota Life Insurance to find out the cost of each rider and which ones you might be eligible for.
Riders are a great way to get extra coverage and provide you with additional peace of mind.
Customer Service: Good Phone, Email, and Online Options
Minnesota Life has one phone number to call for both the group and individual plans (1-833-810-8260). Hotline hours are from 7:00 a.m. to 6:00 p.m. CT Monday to Friday.
You can also contact the company via your online account or by email.
Customer Satisfaction: Fewer Complaints Than Average
The National Association of Insurance Commissioners (NAIC) provides consumers with a rating of consumer complaints to help them better customer satisfaction with particular insurance companies. A company that receives an average number of complaints would score 1 on this scale, a company with a below-average number of complaints would score below 1, and a company with a higher than average number of complaints would score higher than 1.
Minnesota Life has an NAIC complaint index of 0.13. This means that it received far fewer complaints than its competitors. In total, they have a 0.03% of the national complaint market share. Many of the complaints received were for things like billing errors and bad customer service.
Financial Strength: A+ (Superior)
AM Best is a consumer ratings agency that looks at a company's financial strength by using data that includes the company’s business profile, performance, and balance sheet to determine how financially healthy it is and therefore its ability to meet its financial obligations like insurance payouts.
Minnesota Life has an A+ (Superior) rating from AM Best.
Cancellation Policy: Free-Look Policy
Minnesota Life’s cancellation policies include a free-look period of 20 days after you purchase your plan, although the length of the free-look period might vary by state. If you cancel your plan within that time frame, you get your full money back and pay no cancellation fee. After that free-look period, however, there might be a fee depending on your policy and you will have to fill out a surrender form so that they can determine the surrender value of your policy (if it is a permanent life insurance policy that accumulates cash value).
Talk to your Minnesota Life agent or financial professional about their free-look period and all the terms and conditions involved in canceling your policy before you purchase one.
Price of Minnesota Life Insurance: Varies Based on Policy Type
Minnesota Life Insurance does not list their rates online or allow you to get online quotes. You must work directly with an agent or financial professional to get estimates and sign up for coverage.
What you will pay for a life insurance policy from Minnesota Life Insurance will depend significantly on factors such as who you’re purchasing a policy from. For instance, if you’re purchasing supplementary coverage through an employer-sponsored policy, you might receive a discounted group rate versus paying for an individual policy on your own.
Your premiums will also vary based on things that life insurance companies typically take into account such as the type and level of coverage, what riders you’ve chosen, your age, your gender, your hobbies, your smoking history, and your general health. Because Minnesota Life works with agents and financial professionals to sell its policies rather than selling directly to consumers, its policies might be more expensive than some of its competitors.
How Minnesota Life Compares to Other Life Insurance
Minnesota Life sells both employer-sponsored plans and direct-to-consumer life insurance policies and also offers options like annuities and other types of supplementary insurance such as disability insurance and critical illness insurance. Its options are more robust than most companies that sell group insurance packages.
Minnesota Life Insurance is an excellent option for people looking for insurance from a trustworthy company that provides a lot of policy options. To see how it stacks up against other companies who also sell group insurance and individual plans, we compared them to Aflac.
Minnesota Life vs. Aflac
Minnesota Life Insurance and Aflac are both insurance companies that offer group and individual life insurance policy options. Both have excellent financial strength ratings, although Minnesota Life has significantly fewer consumer complaints than Aflac. Aflac only allows you to purchase a policy over the phone while Minnesota Life Insurance allows you to work with a financial professional to purchase a plan.
Consider these other key differences between Minnesota Life and Aflac:
- Minnesota Life Insurance offers more options with universal and universal index coverage options.
- Aflac offers an easier process for purchasing insurance since you can do so directly instead of working with an agent or financial professional.
- Minnesota Life Insurance offers options like working with a financial professional and things like annuities and other investments and might be better suited for people who are focused on complex estate planning.
- Minnesota Life Insurance has fewer customer complaints.
|Types of plans||Whole, term, universal, universal index||Whole, term|
|Customer service||Phone, email, online||Phone, fax, online|
|NAIC complaint index||0.13||1.27|
|Optional riders available||Yes||Yes|
|AM Best rating||A+||A+|
Shop around before you buy supplemental coverage. The group insurance policy chosen by your employer might not suit your needs.
Minnesota Life Insurance provides a significant number of life and other insurance options in the form of both group and individual coverage. As an individual customer, you can work with one of the company’s agents or financial professionals to help you create a full retirement plan with annuities, investments, life insurance, critical care insurance, and a whole host of other insurance products. They also have a high AM Best rating and a low number of customers, complaints making them a great choice to purchase a plan from.
However, there are some competitors that offer more highly customizable life insurance products which might be a better fit if you have specific financial needs or are looking for riders that Minnesota Life Insurance doesn’t offer. Also, if your goal is to get insurance quickly, Minnesota Life Insurance might not be right since you have to work with an agent or a financial professional. In that case, you’re better off going with a competitor that sells insurance over the phone or online.
All of our reviews of life insurance companies are based on extensive research and analysis of each company based on offerings, customer service, financial stability, cost, and more. For each company, we compared the life insurance products offered, as well as available features, and reported customer experiences. Visit our life insurance review methodology for the full breakdown of what we evaluated for over two dozen companies.