Minnesota Life Insurance Company Review 2020
By James Tobin, CFP®
Bequest Mutual Rating
Minnesota Life Insurance Carrier Specifics
Term, Universal Life, LTC
A+ - A.M. Best
No Exam Options
Expert Review Of Minnesota life Insurance Company
Minnesota Life Insurance is a member of the Securian financial services family.
This Minnesota life insurance review will address company history, financial ratings, and the positives and negatives of the Company.
Additionally, unlike many Minnesota life Insurance reviews, it it will address some specific situations where it may make more sense to go outside the Securian family of products.
The goal is to make sure that you get the policy that provides you the most value.
Minnesota Life Insurance Company History
Minnesota Life Insurance has become an unstoppable juggernaut in the insurance sector. Started in 1880, the company now collects over $2 billion a year in premiums alone, which is around 1.5% of all insurance premiums paid in the United States.
The company’s most-marketed product is its permanent life insurance product. However, it also offers other insurance products, such as term life insurance and annuity sales, which have seen similar levels of success.
Minnesota Life’s term insurance policies are convertible, meaning they can be converted into whole life insurance policies at the buyer’s discretion. The company has realized that its term insurance policies are more of a gateway product into its whole life insurance products, and has thus priced them accordingly.
Minnesota Life Insurance Company Ratings
Minnesota Life Insurance received strong ratings for financial stability. This indicates that the company is in strong position to meet its obligations going forward.
- A.M. Best Company: Minnesota Life Insurance rating given by A.M. Best was an A+ (Excellent).
- Fitch Ratings: Minnesota Life Insurance rating given by Fitch was an AA (Excellent).
- S&P Ratings- Minnesota Insurance rating given by Moody's was an AA- (Strong).
- Comdex Score- 95/100
Minnesota Life Term Insurance
The term policies offered by Minnesota Life come with conversion privileges, meaning they can be converted into permanent insurance policies offered by the company. However, these privileges are available only for certain policies.
Although most insurance carriers do provide policy conversion options, they only allow their customers to convert into their lower-performing policies. However, Minnesota Life allows its customers to access one of the market’s best-performing whole life insurance products, which is a rarity.
Other Carrier Products
You can also purchase Minnesota Life’s flagship permanent life insurance products, which are highly recommended by market experts for its amazing features. The company’s whole life insurance product has a consistent track record of paying out dividends and a powerful PUA or Paid Up Addition rider.
Apart from whole life insurance permanent products, the company also happens to be a leader when it comes to indexed universal life insurance products. It also has a similar track record with annuity products as well.
Minnesota Life Insurance Term Rates and Quotes
The company markets all its products via independent brokers and company agents. Since not many independent insurance agents offer Minnesota Life Insurance products as of now, you will have to contact one of their agents with information sourced from the company’s official website to receive an accurate premium quote for yourself.
However, you can make use of our quote tool available on this website to compare quotes from different insurance companies to find out which one works out the best for you.
Are Minnesota Life Insurance Rates Competitive?
While they do offer competitive rates, not all their policies are cost-effective.
Although that isn’t a straightforward answer, it is the truth.
Since most comparison quote tools lack information regarding the premiums charged by Minnesota Life, it’s quite difficult to make an accurate judgement.
However, experience says that when a company doesn’t have transparent pricing policies for its premiums, it is highly unlikely to be a market leader company.
Cases where Minnesota is not a great choice
Although the company does offer competitive premium rates for many conditions, every insurance carrier has a different risk appetite for certain health conditions. It is highly unlikely that Minnesota Life might offer the best premiums for all of them.
We recommend speaking to an independent insurance agent to learn more about which carrier might get you the best possible insurance rates and proceed accordingly. But if you wish you keep all your financial instruments in-house and have already bought other products from Minnesota Life, you can definitely give this company a shot.
Minnesota Life Suicide Exclusions
All life insurance policies available in the US come with 2-year suicide exclusion clause, though this may be reduced to 1 year in certain states.
Minnesota Life Insurance Customer Service
The National Association of Insurance Commissioners reports a 2018 complaint index of .33 for Securian. This is well below the national average of 1 percent
Minnesota Life Insurance has a below average by JD Power & Assoc., it has a Better Business Bureau rating of B...not great.
Minnesota Life Insurance Contact Info:
Address:400 Robert St. N.
St. Paul, MN 55101
The Minnesota Life Insurance Review Final Verdict
Is Minnesota Life Insurance Company right for you? It really all depends on your situation.
If you have notable health impairment(s), you will likely be better suited by shopping around on the open market where it is convenient to make apples to apple comparisons.
Moreover, having the use of an independent expert who can send your application to a carrier that is likely to view you in the best possible light has value that Minnesota Life can't offer.
However, if you happy with other services being being provided by Securian, it may be convenient to keep things "in house".
Thank you for choosing the Bequest Mutual Life Insurance to shop for life insurance.