Finding the best life insurance company to work with can be tough. We get it and we are here to help. At Good Life Protection we take the time to give you the most in depth reviews on all life insurance companies flooding the market currently. Today, we are going to bring you the Minnesota life insurance reviews you have been desperately searching for. We will show you the good, bad and the ugly.
That’s our personal guarantee.
There are many factors you want to consider before picking who the best life insurance company for you is. Items like financial strength, product options or even how competitive the pricing is are all upmost importance.
The good news for you? That’s exactly the information we provide in our reviews. Your welcome.
Minnesota Life Insurance company is a company that needs covered from every angle. They are very popular choice and a well-known life insurance company in the United States. They are stable in many ways but that doesn’t necessarily make them the best company for you. Let’s start covering the nitty gritty and show you the behind the scenes information about Minnesota Life Insurance Company.
History of Minnesota Life Insurance Company- All you need to know
Securian Financial Group Inc. is a mutual holding company. They are the parent or company “above Minnesota Life” so to speak. Securian Financial Group began back in 1880 in St. Paul Minnesota by Russell Dorr. Yes, 1880 is a long time ago. That’s a good thing so no worries. Currently Securian Financial provides insurance, investment options as well retirement solutions to roughly 20 million clients in the United States.
Securian Financial Group also offers services in Puerto Rico and Canada.
Here’s a quick list of the companies Securian Life is the parent company of.
They currently have over 5,000 total employees. Please note we don’t directly represent Minnesota Life Insurance Company or Securian Financial Group Inc. To speak with them directly you can visit www.securian.com
Let’s Review what Minnesota Life Insurance offers.
Minnesota Life is well known for offering custom business solutions and group insurance plans for employees and employee benefits. They have a pretty vast knowledge and experience dealing with very large private and public employers and represent Municipal employers.
A fun and impressive fact about Minnesota Life Insurance Company is that they account for over 20% of the Fortune 100 companies and its clients.
In depth of Review of Minnesota Life Insurance Products Offered
With Minnesota Life, you have a few options. You have the typical term and permanent life insurance options. We have already discussed how group plans are also available and they are one of the best in the industry with group life insurance plans.
Here’s a look at the plans and products offered.
Individual Term Life- Advantage Elite Select
This product offers level term (premiums don’t change) for durations of 5,10,15,20 and 30 years. Term life is always going to be a top go to option if you’re looking for temporary protection for items such as mortgages, student loans, or other major debts. Leaving these for your family to cover in the event something happens to you, is not the way to go.
With Minnesota Life term life insurance, they a have a few riders available as well.
Let’s look at them.
Conversion option (this rider allows you to move your policy to permanent insurance without any new proof of insurability
Accelerated Death Benefit Rider (forwards or allows for cash while living if certain health triggers occur)
Childs Term Rider (allows for you to add coverage to your children, typically up to 25,000 in coverage that will expire at ages such as 25 if the policy isn’t converted or transferred at that time.
Waiver of Premium Rider– Yes Minnesota Life will pick up the bill if you can prove disability so that you don’t lose your coverage. Seems like a pretty good deal to use.
Now we have some permanent products with Minnesota Life
Secure Accumulator and Secure Protector
This is a whole life insurance product with Minnesota life. It’s going to offer a guaranteed death benefits that last your lifetime if the premiums are always paid in a timely fashion. It also will have some cash growth value as well that is paid in the form of dividends.
The cash value policies with Minnesota life are paid in the form of dividends because they are structured as a mutual company which in plain English, means that the policyholders are technically owning a small piece of the pie with Minnesota Life.
Ultimately you need to weight the pros of cons of permanent insurance before making that decision. Always speak to a licensed independent life insurance agent that can help you through the process.
We still have the Eclipse Indexed Universal Life and the Orio Indexed Universal Life with Minnesota Life.
The Orion Universal Life with Minnesota Life Insurance
This is also a Universal life insurance plan that’s geared toward cash value accumulation and does allow for an accelerated underwriting process. This means that you can usually get the policy approved much faster and potentially skip the life insurance medical exam.
This is only offered for individuals 18-54 years old and a maximum of 250,000.00 in coverage. No labs, blood work or urine will be needed will be needed.
You will have a grand total of three options for the interest rates with the loans you can pull out of the policy (the cash value portion of the policy). You have a guaranteed 2% floor on the investment side of these policies and the indexed accounts are currently offering participation rate of 115%. These policies also offer the following riders.
Let’s look at the Group Life Insurance options with Minnesota Life Insurance Company
Group Term Life Insurance Coverage
The Group Term life insurance with Minnesota life will only provide you with protection for a certain duration of years (term insurance). Once the benefit period is up, the coverage would either be gone or need renewed.
If, god forbid you did meet your maker during the allotted time period, your designated beneficiary would receive the selected death benefit amount you selected when you began the plan. This form of life insurance will have no money returned at policy expiration and does not build cash value.
Group Universal Life Insurance with Minnesota Life
The universal life insurance plan with Minnesota life is going to add flexibility, cash value and build the cash at a fixed interest rate. Although the interest rates are nothing to really flaunt with Minnesota Life, it’s still a nice added value to your overall financial portfolio.
Variable Universal Life Insurance
The variable universal life insurance option is a lot like the regular universal life option. It still offers the death benefit. This however won’t be a fixed interest rate return on the cash value component of the plan. This plan will be invested in different allocated accounts based on your risk profile. The investment side of these policies are virtually sitting inside of sub accounts and you fully customize to meet your desired goals.
At Good Life Protection we always say to proceed with caution on policies such as this. They are great in nature but do carry some risk. If your willing to take the risk, then great but if losing is something you know you can’t swallow then your best to look at other options outside of the variable universal life plan.
Let’s cover some of the other benefits and products that Minnesota Life has to offer.
Minnesota Life Insurance Long Term Care Review
Long term care is a very significant product offered by life insurance companies that sadly to few people take advantage of. What makes it even more disappointing it how bad the cost of long-term care may hurt them in the future. Its jaw dropping numbers the amount of financial ruin the cost of long-term care can cause one’s family.
Luckily, long term care is offered by many life insurance companies and it should be utilized when the budget allows for it. Let’s look at the Long-Term Care product with Minnesota Life Insurance Company.
The Long-Term Care Insurance with Minnesota Life is a hybrid mix between life insurance and LTC. It can provide you benefits in a few different ways.
Here’s a better birds eye view of how the long-term care insurance works.
After you are diagnosed as chronically ill, you will have been limited to not being able to perform 2 daily living activities or you are considered to have a severe cognitive impairment. The policy will then pay you benefits tax free but the maximum amount you can receive is 360.00 a day.
This product with Minnesota Life Insurance Company is known as the Life Secure Care
This concludes the products with Minnesota Life, but we still have some other items to discuss.
Minnesota Life Financial Strength and BBB Rating- How do they Stack Up?
We already discussed that Minnesota Life payouts are great at 99% within 10 business days after receiving proof but how much backing and strength do they really have? Here’s the answer
Financial Strength Rating for Minnesota Life Insurance
|A.M. Best||Standard and Poors||Moodys||Fitch||Comdex|
- M Best- A+
- Standard and Poors- A+
- Moodys- AA3
- Fitch- AA
- Comdex Score- 92
Obviously, they pass this test with flying colors as well. Those numbers are tough to come by and they have been holding solid at these ratings for quite some time and don’t show any signs of going in a downward trend.
Minnesota Life Insurance BBB Rating
Minnesota Life and Securian Financial are currently boasting a A+ BBB rating. That’s impressive as well so nothing to be concerned with from this standpoint. They have been accredited by the BBB since 1996 and show only 20 recent complaints that seem to have been resolved. Pretty good overall numbers if you ask Good Life Protection.
Rates or Sample Quotes with Minnesota Life? Where can we find them? How much do they Cost?
Good news. Our form on the right will display your Minnesota Life Insurance rates and sample quotes and will also display over 60 other life insurance companies so you can see how competitive the pricing stacks up. All you must do is fill out the form on the right to get started. Always feel free to reach out to Good Life Protection as well for additional help.
Let’s cover a few of the smaller niche area life insurance products Minnesota Life offers clients and consumers.
Accidental Death and Dismemberment Insurance
The accidental death and dismemberment insurance which is also known as AD&D is coverage. It provides benefits when policy holders attain bodily harm and injury from the result of an accident. In addition, benefits could be paid due to losing a limb from an accident.
It’s just another product and feature Minnesota Life currently offers and a great overall policy for those who can’t qualify for regular traditional term life insurance.
Business Travel Adducent Insurance
This policy is designed to provide coverage in a lump sum if the insured dies while traveling for business if injured or killed while doing so.
Seems like you need to have some extreme anxiety about the possibilities of death resulting from your business travels but nonetheless wouldn’t hurt to have a policy like this to protect the family and finances.
Critical Illness Insurance
This is a policy designed to cover a critical illness when diagnosed on the insured or policyholder. It will pay a lump sum benefit that can be used anyway that floats your boat.
You could use the benefit for your medical bills
Really, the choice is yours and Minnesota Life has a great track record of paying claims on all lines of insurance they offer so if this is a product that you think will make you sleep better at night, it’s worth looking at.
This is exactly what it sounds like. It will issue a payout to use in any way you choose and can cover deductibles and other major expenses that are incurred due to an accident. How you spend it once the claim if filed and the payout is complete is completely up to you.
The Pros and Major Upside of Working with Minnesota Life Insurance Company
Obviously, you can’t beat their track record and rating. They boast strong ratings from the BBB and all major rating agencies for overall financial strength. When you add this to a 99% payout rate for death claims it’s tough to find anything but pros for Minnesota Life. Here’s a quick look at our top pros one more time.
Cons of Working with Minnesota Life Insurance Company
Good Life Protection thinks Minnesota Life is great. At many things. However, as we always recommend to you, that doesn’t mean they are the best for you or the company you should ultimately choose. We don’t really have any negative complaints or anything to bash Minnesota Life for. However, the company is limited on no exam life insurance and they only allow express underwriting on products under 250,000 which is far below the average with the other best life insurance companies available today.
An easy example would be Phoenix Life Insurance Company. They offer no exam coverage with approvals in 3-5 business days in coverage amounts up to 500,000.00 That’s just food for thought and you can see the full review of Phoenix on the link previously if no-exam life insurance is what you’re looking for.
Minnesota Life also doesn’t have any superb underwriting niches that we are aware of at this time either which can be a huge killer when it comes to Good Life Protections overall rating of a company. You see other companies specialize in certain areas. USAA can be great for veterans with PTSD and a company like Banner Life Insurance offers the lowest rates for individuals with diabetes. It just depends.
Therefore, we can’t stress enough the importance of working with an agency with access to all these companies to be sure you are finding the right policy for you.
How do we contact Minnesota Life? What’s next?
Again, if you didn’t catch it in our intro, we do not directly represent any company but represent a vast majority of them. If, however you just wanted a review and still want to contact Minnesota Life, here’s the information you would need.
Minnesota Life Insurance Contact Information
Minnesota Life Website- www.securian.com
Minnesota Life Headquarters
- 400 Robert Street North
- St Paul Minnesota 55101
- Phone Number- 651-665-3500
So, what do you think about Minnesota Life Insurance after reading our Review?
Listen, we really like Minnesota Life over at Good Life Protection and have nothing negative we can say about them. We just think that you always need to explore all options and that’s what we are here for. If your someone with even a small or minor medical condition, things could be completely different for you on who ends up being the best life insurance company.
It shouldn’t be rushed, and it should scouted from every angle. Ultimately this will lead you to achieving the best price and overall best life insurance policy for you your family. As always, we love to hear from our community. If you feel we have left anything out, please be sure to leave a comment below. If your looking for rates with Minnesota Life or any other company be sure to use our FREE rate engine on the right to see your rates today.
We appreciate you and thank you for reading. Until Next Time.
Josh Martin is the founder of Good Life Protection. He began his career as a captive Agent working for New York Life Insurance Company. After continued education and designations, Josh founded Good Life Protection to provide consumers with more options and insurance that truly fits into your budget and health classification.