Minnesota Life Insurance Review

Wide variety of life insurance products and riders

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Securian Financial

Securian Financial Group

Investopedia’s Rating

Our Take

Minnesota Life is a financially strong insurer that offers a broad selection of life insurance products and a variety of riders for customized protection. It’s a good provider to consider if you want a policy with high coverage limits. Plus, the company received far fewer complaints than expected over the last three years.

  • Pros & Cons
  • Company Overview
  • specifications
Pros & Cons
  • High coverage limits

  • Many life insurance products offered

  • Several riders available

  • Very few customer complaints

  • No-medical-exam life insurance available to eligible applicants

  • No online quotes

Company Overview

Minnesota Life Insurance is an affiliate of Securian Life Insurance. The company was founded in 1880 and is based in St. Paul, Minnesota. In 2021, Minnesota Life provided $1.4 trillion of in-force life insurance protection and paid out almost $5 billion in benefits. The company sells life insurance in every state except New York.

AM Best Rating
NAIC Score (avg.)
Years In Business
142 Years
Policy Types
Indexed Universal (IUL), Term, Universal (UL), Variable Universal (VUL), Whole
Accepts Credit Cards
Why Trust Us
Companies reviewed
Features considered
Data points analyzed
We collected over 5,000 data points from 91 life insurance companies to measure financial stability, customer satisfaction, product and feature variety, and the overall buying experience. We then evaluated each company based on 55 metrics to develop unbiased, comprehensive reviews.
Securian Financial

Securian Financial Group

overall rating

Pros Explained

  • High coverage limits: If you need a policy with a high amount of coverage, Minnesota Life might be a good choice, depending on the policy you choose.
  • Many life insurance products offered: Minnesota Life sells a wide range of policies, including term, universal life, whole life, equity-indexed universal life, and variable life. For comparison, some of its competitors only offer two or three policy types 
  • Several riders available: If you want to customize your life insurance policy, Minnesota Life offers a handful of riders, including two accelerated death benefit riders included at no cost on some policies.
  • Very few customer complaints: The number of complaints a company receives annually can be indicative of customer satisfaction or a lack thereof. Minnesota Life received far fewer complaints than expected over the past three years, according to the National Association of Insurance Commissioners (NAIC).
  • No-medical-exam life insurance available to eligible applicants: Minnesota Life offers no-medical-exam life insurance to eligible applicants via its WriteFit Underwriting program. Policies may even be issued the same day that you apply.

Cons Explained

  • No online quotes: Minnesota Life does not have an online quote tool for term coverage or an online application option (from the website). You have to contact an agent to get a price estimate for term coverage or to apply.

Complaint Index

Minnesota Life has fewer complaints than expected for a company of its size, according to the NAIC Complaint Index.

The complaint index measures the number of complaints an insurance company receives in relation to its size. Companies with a number of complaints expected for their size have an index of 1.00. Companies with fewer complaints than expected have a score below 1.00 and companies with more complaints than expected have a score above 1.00.

To gain a deeper understanding of customer experience at Minnesota Life, we averaged its annual complaint index over a three-year period. The company’s three-year average complaint index is 0.15, which means it has far fewer complaints than expected for its size. For comparison, many of the best life insurance companies we reviewed also have complaint indexes below 1.00.

Third-Party Ratings

Securian, the parent company of Minnesota Life, has an A+ (Superior) rating from AM Best, which is the second-highest grade AM Best bestows. This rating suggests that the company has superior financial strength and claims-paying ability. AM Best assesses the financial strength of insurers based on factors like balance sheet strength, operating performance, and total debt. Most of the life insurance providers we reviewed have at least an A rating.

Policies Available 

One of the things that stands out about Minnesota Life is its robust policy offerings. Applicants can choose from a range of life insurance policies. Many of which are eligible for the WriteFit Underwriting program which lets you apply without a medical exam.

Term Life Insurance

Term life insurance provides temporary life insurance coverage, usually over a period of 10 to 30 years. Unlike permanent life insurance, term life insurance does not build cash value. If you pass away during the term, your beneficiary receives a death benefit, which is usually tax-free and can be used for any purpose. If you outlive the term, you have the option to convert your term policy into permanent coverage without taking a medical exam. 

Minnesota Life offers term coverage for up to 30 years; you can convert the policy to permanent coverage before the term expires or renew it upon expiration.

Whole Life Insurance

Whole life insurance is a type of permanent life insurance that provides lifetime protection. It has fixed premiums, a guaranteed death benefit, and a cash value component. The cash value in your policy grows at a fixed interest rate and you can borrow from the cash value if needed. Whole life is one of the most expensive types of coverage, but it also offers the most guarantees.

Universal Life Insurance

Universal life (UL) insurance is another form of permanent life insurance that builds cash value. Unlike whole life insurance, UL policies have a flexible death benefit and adjustable premiums. The cash value in a UL policy grows based on current interest rates and can be borrowed or withdrawn from if needed. 

Variable Universal Life Insurance

Variable universal life (VUL) insurance is similar to a UL policy; it also comes with a flexible death benefit and adjustable premiums. However, the cash value in a VUL policy is invested in the stock market and grows (or loses value) according to the performance of your investments. Although there is greater growth potential with this type of policy, you risk losing money when the market performs poorly. 

Indexed Universal Life Insurance

With indexed universal life (IUL) life insurance, your cash value growth is tied to a stock market index, like the S&P 500. However, the money is not actually invested, so it’s a less risky option than a VUL policy. In addition, you can’t lose money in an IUL based on negative market returns. You have the option to adjust your death benefit and premiums with an IUL policy and withdraw or borrow the cash value. 

Minnesota Life offers a survivorship IUL policy, which insures two people and provides a death benefit after both insureds on the policy have passed away. 

Available Riders

Minnesota Life offers several life insurance riders, which are optional features that can extend your existing coverage. Some life insurance riders may be included at no cost, while others will raise your premium.

Guaranteed Insurability Rider

A guaranteed insurability rider allows you to purchase more life insurance coverage in the future without taking a medical exam or providing evidence of insurability. Minnesota Life’s guaranteed insurability rider provides a maximum of seven option dates when you can buy additional coverage.

Child Term Rider

A child term rider provides a small amount of level term life insurance for eligible children. When your children reach adulthood, they can convert that coverage into a permanent life insurance policy without taking a medical exam. There is a monthly charge to add this rider to your Minnesota Life policy. 

Waiver of Premium Rider

If you become totally and permanently disabled, a waiver of premium rider will suspend your life insurance premiums without impacting your coverage. You can add a waiver of premium rider to your Minnesota Life Insurance policy for a monthly fee.

ADB: Terminal Illness Rider

A terminal illness rider is a type of accelerated death benefit (ADB) rider that allows you to receive a portion of the death benefit while you are still living if you’re diagnosed with a terminal illness. However, your death benefit will be reduced by an amount comparable to the amount you take out. This policy is included at no upfront cost with several Minnesota Life Insurance policies. 

ADB: Long-term Care Rider 

A long-term care rider will provide a monthly payment for qualifying long-term care expenses, such as a nursing home or home-based care. If you use this rider, your death benefit will be reduced by the monthly payment. You can add this optional rider to your Minnesota Life policy for a fee. 

ADB: Chronic Illness Rider

If you get diagnosed with a qualifying chronic illness, a chronic illness rider will allow you to accelerate a portion of the death benefit while you are still living. The money can be used for any purpose, not just medical treatment. However, any money you withdraw from your policy will be taken out of your death benefit. This rider is included at no upfront cost with some Minnesota Life Insurance policies. 

Customer Service

If you have a life insurance policy from Minnesota Life, the customer service is handled by its parent company, Securian. You can contact Securian by calling (833) 810-8260 or filling out the online contact form. The company’s business hours are Monday through Friday from 7 a.m. to 6 p.m. CT.

If you’re a Minnesota Life customer, you can download the Securian Financial mobile app to manage your life insurance policy, make payments, update your beneficiary, and more.

Our Methodology: How We Review Life Insurance Carriers

We designed a comprehensive ranking methodology based on consumer priorities and life insurance company fundamentals to rank more than 90 insurers across five general categories: financial stability, customer satisfaction, product and feature variety, the overall buying experience, and cost.

In order to do this, we collected over 5,000 data points and scored each company based on 55 metrics. We grouped metrics by category to see how insurers performed in each; we then weighted category scores to determine how companies performed overall.

To learn more, read our full Life Insurance Methodology.

Article Sources
Investopedia 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. “Minnesota Life Ins Co National Complaint Index Report.”

  2. AM Best. "AM Best Affirms Credit Ratings for Securian Financial Group."