Securian, formerly Minnesota Life Insurance, is a good life insurance company with excellent financial strength, comprehensive coverage options, and an impressive list of riders. But the company also has some red flags, like poor overall satisfaction scores, higher than average complaints, and limited phone and email support, which could make it hard to get in touch with a representative.
- Pros & Cons
- Key Takeaways
- Company Overview
Helpful online resources
Long-term care/universal life hybrid policy
Online claim submission
Must get a quote through an agent
No guaranteed issue coverage
Few customer support options
- Variety of policy options available and a long list of riders for customized coverage.
- Policies are sold through Securian’s financial professionals, rather than agents.
- There are only a few customer support options, plus you can’t reach an agent on the weekend.
- Securian has a high number of company complaints and below-average customer satisfaction scores.
Minnesota Life Insurance Company was founded in 1880, under the name Bankers Association of Minnesota. It was the very first life insurance company established in Minnesota. In 1901, the company rebranded to Minnesota Mutual Life Insurance Company, and a century later, adopted the name Securian.
Today, Minnesota Life Insurance Company operates as an affiliate of the Securian Financial Group. Coverage through Securian is available nationwide and underwritten by Minnesota Life Insurance; in New York, policies are provided by Securian Life Insurance Company.
As of 2020, Securian is the tenth-largest life insurance company, with 2.7% of the total market share. Policies are sold through licensed agents and financial professionals in-person and over the phone. There are more than 1,100 Securian agents located around the country.
- Year Founded 1880
- Kinds of Plans Term, whole, universal, long-term care
- Number of Plans 9
- Payment Plan Options Monthly, annually, bi-annually
- Customer Service Phone: (833) 810-8260, Email (online form)
- Official Website www.securian.com
Minnesota Life is not one of our top-rated life insurance companies. You can review our list of the best life insurance companies for what we think are better options.
- Helpful online resources: Securian offers a detailed life insurance calculator and a policy comparison tool to help you choose a policy that’s right for you.
- Long-term care/universal life hybrid policy: Securian’s SecureCare policy is a hybrid policy that combines long-term care insurance and universal life insurance, which most companies don’t offer.
- Online claim submission: With Securian, you or your beneficiary can file a claim right from the website without calling an agent first.
- Must get a quote through an agent: Securian doesn’t offer an online quote tool for any of its policies, so you’ll have to contact a financial professional.
- No guaranteed issue coverage: None of Securian’s individual life insurance policies offer guaranteed coverage, which means you’ll probably need to take a medical exam.
- Few customer support options: To get in touch with Securian, your only options are to call the company during business hours Monday through Friday or send an email.
Securian offers nine life insurance plans. All plans must be purchased through a financial professional. Because Securian is a mutual company, policyholders have the opportunity to receive dividends at the end of the year. However, the company hasn’t publicized its recent dividend history. Here are the life insurance products available from Securian:
Advantage Elite Select Term Life Insurance
Securian’s Advantage Elite Select term life insurance policy offers affordable, fixed premiums and a guaranteed death benefit. You can select a term of 10, 15, 20, or 30 years. Each policy comes with an extended conversion agreement, which lets you convert your term coverage into a permanent policy when the term ends, without taking another medical exam.
Convertible Annual Renewable Term Life Insurance
Securian offers two renewable term life policies, the Convertible Annual Renewable Term (CART) policy and CART Second Death (CART-SD) policy. These policies provide affordable coverage with annual renewable premiums for up to 10 years. You also have the option to convert your term policy into permanent coverage when the term is up.
Whole Life Insurance
Securian advertises whole life insurance on its website, but it doesn’t include much information about what the policy includes, how much coverage is available, and the age of eligibility. Whole life insurance offers protection for your lifetime, with level premiums, a guaranteed death benefit, and cash value that grows at a fixed interest rate for minimal risk.
Eclipse Survivor II Indexed Universal Life Insurance
The Eclipse Survivor II indexed universal life insurance policy covers two people, with one death benefit that gets paid out after the second insured passes away. It’s available for people between the ages of 20 and 85, with a minimum face value of $200,000. With this policy, you can invest the cash value in the S&P 500 or EURO STOXX 50®, where it grows tax-deferred until you choose to withdraw the money, cash out your policy, or it’s given to your beneficiaries along with your death benefit after you pass away.
Eclipse Accumulator Indexed Universal Life Insurance
The Eclipse Accumulator indexed universal life insurance (IUL) policy is available for individuals between the ages of 0 and 80. Policyholders under age 17 can get a minimum of $50,000 in coverage and people over age 18 can get a minimum of $100,000 in coverage. It has a guaranteed, adjustable death benefit, level premiums, and cash value that gets invested in an S&P 500 or EURO STOXX 50® index fund. Once the cash value balance is high enough, you can withdraw the money and use it like a personal loan, with varying interest rates.
Eclipse Protector II Indexed Universal Life Insurance
The Eclipse Protector IUL policy is very similar to the Eclipse Accumulator IUL policy. You can get coverage between the ages of 0 and 80, with a minimum face value of $50,000 for individuals under age 17, and $100,000 for individuals 18 and older. The main difference between these two Eclipse IUL policies is that the Eclipse Protector II policy comes with a no lapse coverage guarantee, which keeps your policy in force regardless of cash value balance, and the Eclipse Accumulator policy does not.
Premier Variable Universal Life Insurance
The Premier variable universal life insurance (VUL) policy from Securian is available for people between 0 and 85 years old, with a minimum face value of $100,000 regardless of age. It has flexible premiums and an adjustable death benefit. This policy also accumulates cash value based on Stock Market performance in sub-accounts offered by the insurance company. You have the option to invest the funds in an ETF, a fixed indexed account, or in a guaranteed interest account.
The VUL Defender policy has all the same features as the Premier VUL policy, but it’s only available for people up to age 75, and it has a wider variety of variable subaccounts and fixed indexed accounts for investments. Additionally, this policy includes a no lapse guarantee agreement, which means your policy will stay in force even if the cash value balance drops to $0, or goes negative.
SecureCare Universal Life Insurance
The SecureCare policy is a hybrid that combines universal life insurance and long-term care insurance. You can customize your premium schedule and choose between a one-time payment or a multi-year payment over five, seven, 10, or 15 years. In addition to guaranteed long-term care benefits, this policy also includes a guaranteed death benefit, return of premium rider, and reduced paid-up benefit rider.
One of the most impressive features of Securian is its rider selection. Here are some of the options:
Accelerated Death Benefit for Chronic Illness Rider
The accelerated death benefit rider allows you to withdraw money from your death benefit if you get diagnosed with a qualifying chronic illness that will shorten your lifespan.
Accelerated Death Benefit for Terminal Illness Rider
This rider allows you to use money from your death benefit if you get diagnosed with a qualifying terminal illness and are given less than two years to live.
Guaranteed Income Rider
With this rider, the policyholder can elect to receive an annual or monthly payment for the remainder of their lifetime, until the maturity date of the policy.
Guaranteed Insurability Option Rider
Policyholders retain coverage throughout their lifetime, even if their health declines.
This rider will increase the face value of your policy and your premium every three years based on inflation rates.
Surrender Value Enhancement Rider
This rider guarantees that the surrender value of your policy will be no less than 100% of the cumulative premium payments that you’ve paid over the life of the policy.
Term Insurance Rider
With this policy rider, you can temporarily increase your policy’s death benefit for a certain number of years.
Waiver of Premium Rider
It allows you to temporarily waive your monthly insurance premium if you become totally disabled, and are unable to work.
Securian doesn’t offer 24/7 customer service. To get in touch with the company, you can call an agent or financial advisor at (833) 810-8260 during business hours, which are Monday through Friday, from 7 a.m. to 6 p.m. CST. You can also fill out the online form to reach the company via email.
However, Securian does offer online claims handling. You can report a new claim or check on your claim status by visiting the “Claims” tab in the top right corner of the website homepage. You also have the option to file a claim via phone or email if you prefer.
One of the biggest downsides of Securian is that the company has an extremely high number of complaints, as reported by the National Association of Insurance Commissioners (NAIC) Company Complaint Index. In 2020, Securian had a complaint score of 3.66 for individual life insurance, which is over three times higher than the industry average of 1. In 2019, Securian had a much lower complaint score of 0.97, which is just below average.
The NAIC Company Complaint Index is a good indicator of an insurer’s dedication to customer support and the customer experience. Companies are scored based on feedback from real policyholders around factors like premiums, claim settlement satisfaction, and claim delays.
When you’re looking for an insurer’s NAIC Complaint Index score, filter the results by the type of policy you’re looking for. The company might have a great score overall, but for a specific policy type, the score might be very poor.
Securian has an A+ rating from AM Best, which shows that the company has superior financial stability, and is able to pay claims in full without any issues. It also signifies that the company is not in danger of filing for bankruptcy or going out of business.
In terms of customer satisfaction, however, Securian’s ratings are less impressive. The company received a score of 741 out of 1,000 for overall customer satisfaction in J.D. Power’s 2020 U.S. Life Insurance Study, which is below the industry average of 763 out of 1,000. On the list of 23 providers, Securian was ranked 16th.
Securian allows you to cancel a life insurance policy at any time and for any reason. When you cancel a term life insurance policy, your coverage will end and you won’t be required to pay any fees. However, if you choose to cancel a permanent life insurance policy from Securian, you will likely have to pay a fee if your policy was in force for less than 10 to 15 years. You can start the cancellation process by reaching out to an agent. After you cancel your permanent life insurance policy, the insurance company will cut you a check for the cash value balance. Because term life insurance doesn’t have cash value, you won’t receive any compensation after canceling term coverage.
Life insurance premiums are based on individualized factors, like your age, overall health, family history of disease, and the type of policy you purchase, among others. Life insurance companies also use your gender assigned at birth to calculate your rate. Historical data shows that women tend to live longer than men, and therefore, women often pay less for life insurance.
Term life insurance is almost always the cheapest policy you can buy. Permanent life insurance policies have higher premiums because they offer lifetime coverage and have added benefits, like cash value.
If you identify as transgender or non-binary, it won’t impact your ability to get approved for life insurance. However, every insurance company handles life insurance rates for gender non-conforming and trans individuals differently. When you apply for coverage, you may have to select male or female as your gender marker. We recommend contacting Securian to find out what their policies are regarding rates for trans and non-binary applicants.
Another life insurance company that is comparable to Securian is John Hancock. The Boston-based company has a slightly higher market share than Securian, and it also has fewer complaints as reported in the NAIC Company Complaint Index. Both Securian and John Hancock have A+ financial strength ratings from AM Best.
In terms of coverage options, Securian has more plans and riders. However, John Hancock has one of the best wellness rewards programs in the industry, called Vitality, whereas Securian doesn’t offer any unique member perks.
Here’s a look at the main differences between Securian and John Hancock:
|Market Share||10th largest in U.S., 2.7%||9th largest in the U.S., 2.73%|
|Number of Plans||9||4|
|Dividends for 2020||Undisclosed||Not applicable|
|Wellness Program Discounts/Quit Smoking Incentives||No||Yes|
|Service Method||Financial advisors and agents||Financial advisors and agents|
|AM Best Rating||A+||A+|
|Price Rank||About average||About average|
|Complaints Trend||3.66 (above average)||0.40 (below average)|
All things considered, Securian is a pretty good choice for life insurance. You can choose from a variety of different policies, there are tons of riders for added protection, and they offer a few online resources and calculators to help you choose the right policy for your needs.
However, we wouldn’t recommend Securian if you want top-notch customer service. You’ll have to work with an agent to get a quote or apply for coverage, and the company is only reachable via phone and email during business hours. On top of that, Securian has a high number of complaints and a below-average customer satisfaction rating.
Our reviews of life insurance companies are based on a quantitative approach that analyzes each insurer on their stability and reliability, customer service, claims experience, diversity of product lines, and cost. We compare the terms of each type of policy offered—including available coverage amounts, optional riders, and premium payment options—with that of other major life insurance companies. Lastly, we look at how the company is rated by third-party organizations to determine its reliability and overall reputation.
NAIC. "Life and Fraternal Insurance Industry 2020 Top 25 Groups and Companies by Countrywide Premium." Accessed April 21, 2021.
NAIC. "Securian Life Ins Co National Complaint Index Report." Accessed April 21, 2021.
J.D. Power. "Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds." Accessed April 21, 2021.