Minnesota Life Insurance Company get’s very good ratings from all the insurance ratings agencies. While they did not make our short list of best life insurance carriers in the nation they are a top company and are very much worth using if they have the best prices on premiums.
When purchasing life insurance, there are many different items that an individual must keep in mind. Certainly, these include the type of insurance that will be bought, as well as the proper amount of death benefit.
There are other key items that must also be considered, though. One of these is the insurance company that the policy is purchased through.
This is because you will want to ensure that the insurance carrier is strong and stable enough financially to pay out the claim if and when that time should come. One company that has a very good reputation for doing so is Minnesota Life Insurance Company.
The History of Minnesota Life Insurance Company
Securian Financial Group is the holding company and parent of Minnesota Life Insurance Company, as well as Securian Life.
This financial group, along with its affiliates, have been offering a wide array of life insurance products to its customers since back in 1880.
Because of this company’s strong financial standing, as well as its positive reputation for paying out policyholder claims, this holding company has been – and still is – ranked among one of the most highly rated insurance company groups in the United States. This firm is headquartered in St. Paul, Minnesota.
As of mid-2015, this holding company held more than $64 billion of assets under management and had more than 15 million clients. The company also held more than $1 trillion of insurance in force.
The company employs more than 5,000 associates and representatives who are located both at the headquarters in St. Paul, Minnesota, as well as in sales offices throughout the United States. In just 2014 alone, the company paid out more than $4 billion in benefits to its policyholders.
Securian has a mission to be committed to the personal financial goals of its individual customers. With that in mind, the company takes a long-term approach to the insurance products that it offers, as well as to investment and retirement solutions. It does so primarily by not focusing on short-term, incremental returns.
Because of this, the company has a great reputation for customer retention. It has retained 100% of its Advantus Capital Management clients, 99% of its Financial Institution Group clients, 98% of its Group Insurance clients, 94% of its Retirement Plan clients, 95% of its Individual Insurance clients, and 91% of its Individual Annuity clients.
Reviewing Minnesota Life/Securian
Based on its overall financial strength and policyholder claims payout, Securian Financial Group – the holding company for Minnesota Life Insurance Company – has been provided with the following ratings from the insurer ratings agencies:
- A+ (Superior) from A.M. Best. This is the second highest possible rating out of a possible 16 total.
- AA (Very Strong) from Fitch Ratings. This is the third highest out of a possible 19 total.
- A+ (Strong) from Standard & Poor’s. This is the fifth highest out of a possible 23.
- Aa3 (Excellent) from Moody’s Investors Service. This is the fourth highest out of a possible 21 total ratings.
Minnesota Life Insurance Company /Securian is known for offering a diverse product portfolio, as well as personalized service that is backed by advanced technology. The company has increased its sales by more than 100% over the past five years.
The firm offers its products not just to individual policyholders and investors, but also to professionals, executives, business owners, both small and large employers, and non-profit entities.
Products Offered By Minnesota Life Insurance Company
Minnesota Life Insurance Company/Securian offers a wide variety of products to its customers. These include the following:
- Investment Advisory Services
- Brokerage Accounts
- Mutual Funds
- Trust Services
- Customized Asset Management
- Variable Annuities
- Income Annuities
- Fixed Annuities
- 401(k) Plans
- Profit Sharing Plans
- Defined Benefit Plans
- Cash Balance Plans
On the insurance side, the company provides both individual and group coverage. Group insurance plans include:
- Group Term Life
- Group Universal Life
- Group Variable Universal Life
- Accidental Death and Dismemberment
- Business Travel Accident
- Group Critical Illness
- Group Accident
On the individual life insurance side, the company offers the following products to choose from:
- Fixed Universal Life – Universal life insurance is a form of permanent life insurance coverage that offers both a death benefit and cash value build up. These plans are flexible in that the policyholder can, within certain guidelines, choose how much of the premium to place in the policy’s death benefit, and how much to place within the policy’s cash value. Minnesota Life Insurance Company offers the Accumulator UL policy. This plan offers a fixed rate of interest that provides a secure option for cash value growth. The death benefit amount can be changed in order to align with the policy holder’s changing life circumstances.
- Indexed Universal Life – Indexed universal life insurance allows the cash that is within the cash value component to grow based upon an underlying index. Minnesota Life offers the Eclipse and the Eclipse Protector plans. These both offer a fixed crediting option that provide a guaranteed minimum interest credit. However, the interest crediting potential is tied to the changes that occur in an index account (or accounts) that are chosen by the policyholder. Therefore, the growth could be higher in a given period. Another Indexed UL option, the Omega Builder Indexed Life, also offers a fixed crediting option, along with indexed crediting potential.
- Survivorship Universal Life – Survivorship life insurance offers life insurance protection for two insureds that are covered under just one single policy. The benefits are paid out when the second person passes away. This can help to protect an estate, offer an inheritance, or to leave a legacy. Minnesota Life Insurance Company offers two options in the area of Survivorship Universal Life insurance. The Legacy Protector SUL is a fixed option that provides coverage with fixed interest rates, and the Eclipse Survivor and Eclipse Survivor Pro Indexed Life options offer coverage with fixed interest rates and index crediting options.
- Term Life – Term life provides death benefit only protection, for a set period of time. There is no cash value build up with term life insurance. Minnesota Life Insurance Company offers the Advantage Elite Select, with level death benefits for 5, 10, 15, 20, and 30 years. The plans are super cheap and can be a great values for smokers life insurance policies or anyone looking to get the best bang for their buck.
- Variable Universal Life – Variable universal life insurance is a type of permanent life insurance that provides death benefit protection, along with the opportunity for growth that is based upon equity type investing in the cash component of the policy. Minnesota Life Insurance Company offers the VUL Defender.
- Whole Life – Whole life insurance offers a guaranteed death benefit, along with a guaranteed premium for the entire life of the insured. This makes it ideal for diabetic life insurance if you know your condition will worsen. Minnesota Life Insurance Company offers the Secure Protector and the Secure Accumulator plans. The Secure Protector plan offers a lifetime of guaranteed protection with low premiums. The Secure Accumulator is a type of burial insurance policy that offers guaranteed cash value accumulation, and can help to provide needed funds for family, loved ones, or even a business.
With so many different life insurance products to choose from, policyholders can choose the one (or ones) that best fit their specific needs and goals. And, coverage can often be added as life needs change over time.