Securian Financial Life Insurance Review

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Securian Financial Group

Securian Financial Group

overall rating

Our Take

Securian Financial is a good option for individuals seeking a wide selection of policies and riders with a company with the financial strength to pay their death benefit. However, if customer service factors heavily into your decision, the company’s higher than average complaints and low overall satisfaction scores may cause concern.

  • Pros and Cons
  • Key Takeaways
  • Specifications
Pros and Cons
  • Make a claim directly on the website

  • Helpful online tools and resources

  • Superior financial stability

  • Offers inflation rider

  • No guaranteed issue coverage

  • Website offers limited information on life insurance policies

  • No online quotes

  • Limited customer support options

Key Takeaways
  • Founded in 1880, Securian Financial is one of the country’s first insurance companies. 
  • Securian Financial, formerly Minnesota Life Insurance, is based in St. Paul, Minnesota.
  • Offers a wide breadth of policy options and riders for policyholders to customize their coverage.
  • Consumers must purchase policies through Securian Financial professionals, not insurance agents.
  • Securian Financial has below-average customer satisfaction scores due to a high volume of complaints.
  • Year Founded 1880
  • Kinds of Plans Whole life, term, universal, long-term care
  • Number of Plans 9
  • Payment Options Monthly, annually, bi-annually
  • Official Website


Securian Financial provides a wide selection of whole, term, and universal life insurance products and riders. The company also offers a hybrid life/long-term insurance policy that includes long-term care benefits.

We examined Securian Financial’s life insurance policies, pricing, financial strength, customer service ratings, and more to help you compare the life insurance policy options of Securian Financial with its competition.

Company Overview

Securian Financial was founded in 1880 as Bankers Association of Minnesota, the first life insurance company in Minnesota. The company is headquartered in St. Paul, Minnesota, and it provides insurance and investment products to more than 19M clients in the U.S., Canada, and Puerto Rico.

As of 2018, Securian Financial manages 78.6 billion in assets and has more than $1 trillion in life insurance policies in force. In 2020, they ranked as the 10th-largest life insurance company with 2.7% of the total market share.

Consumers can purchase Securian Financial policies and products either in-person or over the phone. The company has more than 1,100 licensed agents and financial professionals to assist clients.

Available Plans 

Securian Financial offers nine different types of life insurance policies including term, whole, and universal plans. The company also provides a hybrid life insurance/long-term care universal insurance plan. 

Advantage Elite Select Term Life Insurance

This term life policy from Securian Financial offers competitive, fixed premiums for 10-, 15-, 20- and 30-year terms. The policy includes a benefit distribution agreement giving you the option to guarantee a regular income for your beneficiaries. 

This plan’s extended conversion agreement allows you to convert your policy into a permanent policy for the duration of the policy without requiring a new medical exam.

Convertible Annual Renewable Term Life Insurance

Consumers have a choice of two renewable term life policies from Securian Financial: Convertible Annual Renewable Term (CART) and CART Second Death. The policies offer inexpensive coverage with premiums you can renew every year for up to 10 years. 

This coverage is for those seeking to secure strong coverage with the ability to convert the policy into permanent coverage at the right time.

Whole Life Insurance

While Securian Financial lists its whole life insurance as an offering for group or individual clients on its website, it does not give you any specific details about their whole life coverage. There is no mention of policy features, available coverage amounts, or eligibility requirements.

Securian Financial is a mutual insurance company, which means policyholders may receive dividends at the end of the year. However, dividend payouts are never guaranteed and the company hasn’t published its recent payout history.

Generally speaking, whole life insurance can give guaranteed protection for your entire life and a cash value component that grows over time.

Eclipse Accumulator Indexed Universal Life Insurance  (IUL)

This policy provides coverage for anyone 80 years old and younger. Young people 17 years old and younger can get a minimum of $50,0000 coverage, while those between ages 18 and 80 have access to a minimum of $100,000 coverage. The policy offers both a level or increasing death benefit and fixed premiums.  

Your account builds cash value by investing in an S&P 500 or EURO STOXX 50 index fund. Policyholders have the option to take out a short-term loan after the first policy anniversary without owing interest so long as the loan balance is paid off within 90 days.

Eclipse Protector II Indexed Universal Life Insurance (IUL)

The Eclipse Protector II policy shares the same coverage amounts and age requirements as the Eclipse Accumulator IUL. These two universal life insurance policies differ because the Eclipse Protector II policy guarantees your lifetime protection without a lapse (up to age 120). The Eclipse Accumulator policy does not offer this guarantee.

Eclipse Survivor II Indexed Universal Life Insurance (IUL)

This IUL policy protects two individuals with a single death benefit that the company issues once the second insured passes away. Typically, survivorship insurance packages the death benefit in this manner to keep the premiums lower than the combined cost of two similar individual life policies.

Coverage is available for individuals between the ages of 20 and 85. The minimum face value is $200,000 for all ages. You have the option of investing your cash value in the S&P 500 or EURO STOXX for tax-deferred growth. 

Premier Variable Universal Life Insurance (PVUL)

PVUL is coverage for those seeking flexibility as it comes with a guaranteed death benefit and three sub-account investment options: ETF, a fixed indexed account, and a guaranteed interest account.

The policy is an option for individuals between the ages of 0 and 85, and it comes with a minimum face value of $100,000 for all ages.

VUL Defender

The VUL Defender policy is nearly the same as the Premier VUL policy, with a few key differences. The VUL Defender policy has more subaccounts and fixed indexed account options. Also, the age limit for the policy cuts off at age 75, not 85, like the Premiere Variable Universal policy. What’s more, this policy offers a no-lapse guarantee, an attractive option to those looking to keep the policy in force regardless of their cash value balance.

SecureCare Universal Life Insurance

SecureCare is Securian Financial’s hybrid life/long-term care insurance policy that combines long term care coverage with the guaranteed protection of life insurance. Policyholders can leverage their existing assets to ensure their premiums are eligible to pay for care. 

The policy offers several premium payment schedule options: one-time or multi-year for five, seven, 10, or 15 years. It also comes with a lifetime death benefit with premiums that never increase and benefits that do not decrease. If you decide you no longer want the policy, you can get your money back.

If you surrender your policy, you will receive the surrender value proceeds, which may not equal the sum of premiums paid.

Available Riders

Securian Financial offers multiple life insurance policy riders to help you customize your coverage to best suit your needs. It’s unclear from Securian Financial’s website if any of their policies automatically include any riders for free. As with their policies, you’ll need to contact a financial agent for specific information or to add a rider.

Accelerated Death Benefit for Chronic Illness Rider

This rider gives you access to your death benefit funds if you’re diagnosed with a qualifying chronic illness.

Accelerated Death Benefit for Terminal Illness Rider

This accelerated death benefit allows you to purchase the option to withdraw funds from your death benefit if you become terminally ill.

Accidental Death Benefit Rider

The accidental death benefit rider gives you extra benefits if your death is the result of an accident.

Child Life Insurance Rider

As its name suggests, this rider allows you to get term life insurance for your children.

Guaranteed Income Rider

Policyholders can take advantage of this rider by choosing to receive a monthly or annual payment for the rest of their life, up to the policy’s maturity date.

Inflation Rider

Every three years, the face value of your policy and your premium increase in accordance with inflation rates.

Term Insurance Rider

The term insurance rider allows you to temporarily increase your plan’s death benefit for a specific period.

Waiver of Premium Rider

The waiver of premium rider is a popular option because it guarantees you remain insured if you become disabled and can no longer make your premium payments.

Riders may not be available for every type of plan, and fees may vary. Securian Financial does not mention specifics pertaining to coverage amounts and age requirements for its riders.

Customer Service: Limited Hours / Helpful Tools

Securian Financial doesn’t offer after-hours or weekend customer service. For assistance, you’ll need to call a financial professional or agent at (833) 810-8260 during their business hours: Monday through Friday from 7:00 a.m. to  6:00 p.m. CT. You can also fill out a contact form on their website to initiate email support. You may need to contact customer service for plan details, as the website is woefully short on details for many of Securian Financial’s policies.

The company does offer the ability to file a claim online, an option most insurance companies don’t provide on their websites. You can also use Securian Financial’s helpful online life insurance calculator to help you determine the amount of insurance coverage you need.

Customer Satisfaction: Trending Downward  

The National Association of Insurance Commissioners (NAIC) conducts an annual poll of insurance company complaints. NAIC then releases the results from its survey on its website to help consumers identify how many complaints a company receives versus the national average. According to NAIC’s scoring model, the national average is equal to 1.0. Companies with twice as many complaints would have a score of 2.0, while insurers receiving half the average number of complaints would earn a score of 0.5. 

Securian Financial’s 2020 customer complaint score for individual life insurance is 3.66, which is over three times the average complaint score of 1. By contrast, the company earned a minuscule 0.02 score in 2018 before rising to 0.98 In 2019. These complaint scores over the past three years display a downward trend in complaints. According to NAIC data, the most consistent complaints from policyholders are related to claims denials, premium refunds, billing notices, and questions about coverage.

The company also ranks below average in J.D. Power’s 2020 U.S. Life Insurance Study. Out of 23 life insurance providers, Securian Financial ranks 16th. Their customer satisfaction score of 741 out of 1,000 is below the industry’s average score of 763.

Financial Strength: A+ (Superior)

Securian Financial earned an A+ (Superior) in financial strength rating from the credit rating agency AM Best in 2020. The agency assigns an A+ grade to insurers who have a “superior” ability to pay their insurance obligations. According to AM Best, Securian Financial’s strong balance sheet, operating performance, business profile, and enterprise risk management (ERM) all factor into the company’s A+ grade.

Cancellation Policy: Contact Your Agent

You can cancel a Securian Financial term life insurance policy at any time without paying extra fees. However, if you cancel a permanent life insurance policy, you’ll likely face a fee if your policy is less than 10 to 15 years old, depending on the policy. Contact a Securian Financial agent to cancel your policy. 

Since the website doesn’t publish Securian Financial’s cancellation policies, make sure to ask your agent for information about your cancellation and surrender options.

Since term life insurance doesn’t have a cash value component, you won’t receive any money upon cancellation. However, if you cancel your permanent life insurance, Securian will issue a check for the cash value balance, though some stipulations may apply. 

Price of Securian Financial Life Insurance: Contact Your Agent

Unfortunately, Securian Financial doesn’t offer online quotes. As such, we were unable to compare their rates against the competition. You’ll need to contact a Securian Financial agent to get quotes, which could mean your quote includes their commission.

Securian Financial offers life insurance to groups and individuals, and your price may depend on how you will get your coverage. If you’re purchasing coverage through your employer, you may be able to take advantage of a discount group rate that isn’t available to someone getting an individual policy.

Generally speaking, rates vary for each individual since life insurance companies take several factors into account, including the following: age, gender, health history, family history of illness, hobbies, occupation, and whether or not you are a smoker.

How Securian Financial Life Insurance Compares to Other Life Insurance

Securian Financial and Aflac are insurers that provide both group and individual life insurance policies. Although both companies require you to work with a financial agent, Aflac only offers phone enrollment. With Securian Financial, you can enroll over the phone or start the process online and work with an agent via email. Both have A+ (Superior) financial strength ratings from AM Best, indicating they are in great positions to meet their ongoing financial obligations.

Aflac is a grade above Securian Financial when it comes to individual life insurance complaints. Aflac maintains a customer complaint score of 0.7806, which is better than the nationwide average of 1.0. In contrast, Securian Financial’s complaint index score of 3.66 is over three times the national average.

Securian Financial offers more policies and other financial products such as annuities, financial planning, trust services, credit protection, and retirement plannings.

Choosing between these two companies may come down to what is important to you. If you place a high priority on customer service, then Aflac may be the better choice for you. But, if you’re looking for more comprehensive financial planning, Securian Financial may provide the best options for you and your family.

Read our Aflac Life Insurance review.

  Securian Financial Aflac
Number of Plans 9 6
Service Method  Agents  Agents 
Financial Strength (AM Best Rating)  A+ (Superior)  A+ (Superior) 
Price Rank  Undisclosed  Undisclosed 
Complaints Trend  3.66 (Below average)  0.7806 (Good) 
Final Verdict

With Securian Financial, you have a wide selection of whole, life, and universal life insurance policies at your disposal. The company’s website offers few details for many of their policies, and they do not offer online quotes; you’ll need to speak with an agent for specifics.

Securian Financial enjoys outstanding financial strength ratings, and you can feel confident they will pay your death benefit as agreed. However, if customer service is a top consideration for you, you may want to look elsewhere for an insurance provider with better customer satisfaction marks.


All of our reviews of life insurance companies are based on extensive research and analysis of each company’s 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.

Article Sources

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .
  1. NAIC. "Life and Fraternal Insurance Industry 2020 Top 25 Groups and Companies by Countrywide Premium." Accessed May 13, 2021.

  2. NAIC. "Securian Life Ins Co National Complaint Index Report." Accessed May 13, 2021.

  3. J.D. Power. "2020 U.S. Life Insurance Study." Accessed May 14, 2021.

  4. AM Best. “AM Best Affirms Credit Ratings of Securian Financial Group, Inc. and Its Subsidiaries.” Accessed May 9, 2021.

  5. NAIC. “American Family Life Assur Co of Col National Complaint Index Report.” Accessed May 15, 2021.