Securian Life Insurance Review

A variety of options with many universal life policies and riders to choose from

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Securian Financial Group

Securian Financial Group

Our Take

Securian life insurance company offers a range of individual life insurance, as well as workplace-sponsored policies which are sold over the phone or through local representatives. Their coverages include both term and permanent policies, though they offer a wide range of indexed universal life options. Securian sells in all 50 states as well as Washington, D.C. and offers many beneficial rider options to choose from when building your personalized coverage.

  • Pros & Cons
  • Key Takeaways
  • Company Overview
Pros & Cons
Pros
  • Wide range of policy types offered

  • Available in all states

  • Many riders to choose from

Cons
  • You’ll need to buy through a representative

  • No online quotes offered

Key Takeaways
  • Term, whole life, universal life, and survivorship insurance policies offered in all 50 states.
  • No online quotes are available and coverage needs to be purchased through their network of financial professionals.
  • Securian offers a wide variety of insurance plans as well as an expansive menu of available riders on many of those.
Company Overview

Founded in 1880 as the Bankers Association of Minnesota, Securian Financial Group, Inc. has been providing life insurance protection for more than 140 years. This carrier—which was the first life insurance company in Minnesota and the first to offer a flexible life insurance policy—today offers term life, whole life, universal life, and survivorship policies through its two subsidiary companies: Securian Life Insurance Company and Minnesota Life Insurance Company. 

Securian is the eighth-largest life insurance company in the U.S. and boasts 21 million customers in North America. The company is headquartered out of St. Paul, Minnesota, and has more than $1.4 trillion of life insurance in force. 

Geographical Restrictions

Through Securian Life Insurance Company and Minnesota Life Insurance Company, Securian provides life insurance coverage in all 50 states. Minnesota Life, however, does not operate in New York state, so policies sold in that state are underwritten by Securian Life Insurance Company.

  • Year Founded 1880
  • Kinds of Plans Term life, whole life, universal life, survivorship
  • Number of Plans 8
  • Payment Plan Options Monthly, quarterly, semi-annually, annually
  • Customer Service Local agent, online contact form, or by phone (you can call 1-833-810-8260 from 7 a.m. to 6 p.m. CST, Monday through Friday)
  • Official Website www.securian.com

Securian 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.

Pros Explained

  • Wide range of policy types offered: Securian has term life, whole life, universal life, and even survivorship policies to choose from, depending on your unique financial needs.
  • Available in all states: Securian Financial policies are sold in all 50 states as well as the District of Columbia. 
  • Many riders to choose from: Each of Securian’s policies offers a variety of coverage riders that you can add, which offer additional coverage for you and your loved ones.

Cons Explained

  • You’ll need to buy through a representative: You cannot purchase Securian life insurance policies online. In order to buy a policy, you’ll need to call the carrier, connect with a financial representative in your area, or buy through the workplace (if your employer offers policies). 
  • No online quotes offered: Securian does not offer online quotes or policy cost information. In order to price out coverage, you’ll need to call or speak to a local representative.

Available Plans

Though Securian offers employer-sponsored life insurance coverage, they also sell a number of policies directly to individuals. These include an array of term and universal life options, though there are no whole life products offered.

Advantage Elite Select Term

With this term life policy, you can purchase either 10, 15, 20, or 30 years of coverage with level premiums and a level death benefit. Extended conversion is available on this policy, allowing consumers to convert this temporary coverage into permanent life insurance in the future.

Whole Life

Securian offers whole life coverage through employers, providing permanent protection for your family for a level, lifelong premium. Whole life policies build up a cash value, which can be pulled from if needed, in addition to a standard death benefit.

Convertible Annual Renewable Term

The Convertible Annual Renewable Term (CART) policy offers affordable life insurance coverage with annual renewable premiums for up to 10 years. With this policy, you can lock in insurability as well as have the option to convert to permanent coverage down the line.

Eclipse Accumulator IUL

The first of Securian’s indexed universal life (IUL) policies is the Eclipse Accumulator IUL. This policy is available to issue ages 0 to 80, with either level or increasing death benefits. The minimum coverage limit is $50,000 for applicants 17 and below, or $100,000 for everyone 18 and up. There are four indexed account options, a surrender charge for the first 10 years, and a minimum guaranteed interest rate of 2% at the time of death. 

Eclipse Protector II IUL

The second IUL option is the Eclipse Protector II. This policy, also offered to applicants up to age 80 with coverage minimums of either $50,000 (ages 0 to 17) or $100,000 (ages 18 and up), provides a level death benefit for the duration of the policy. Four indexed account options are available, along with a minimum guaranteed interest rate of 2% at the time of death.

Premier VUL (PVUL)

There are two variable universal life (VUL) policies offered by Securian, the first of which is the Premier VUL. This policy is available to issue ages 0 to 85 with a minimum face amount of $100,000 for all ages. Death benefits can either be level or increasing, and there are five fixed index account options available. Minimum guaranteed interest rates are 2% at the time of death, and a surrender charge applies for the first 10 years of the policy.

VUL Defender

The second VUL policy offered is the VUL Defender, which is available to applicants between 0 and 75. The minimum face value for this policy is $100,000 regardless of age, and death benefits can be level or increasing. A surrender charge applies in the policy’s first 15 years, and there are three fixed index account options to choose from for investing your savings. This policy offers a minimum guaranteed interest rate of 2% at the time of death.

Eclipse Survivor II IUL

With the Eclipse Survivor II IUL, couples can purchase joint death benefit protection with the growth of an indexed universal life (IUL) policy. This survivorship policy is available to issue ages 20 to 85, for a minimum face value of $200,000. Death benefits can be level or increasing and there are three indexed account options to choose from.

Though Securian universal life policies include a guaranteed minimum return of 2%, market fluctuations could mean that sometimes higher premiums may be required in order to maintain your death benefit and cash value contributions. You could also potentially earn less on IUL savings than you would if you invested the money elsewhere.

Available Riders

Riders provide policyholders and their families with extra coverage and benefits, on top of their policy’s basic death benefit. These riders may be included in your policy or offered at an additional charge. Some riders may not be available on some policies or in certain states.

Accelerated Death Benefit for Chronic Illness

If you are diagnosed with a chronic illness, this rider will allow you to access a portion of your policy’s benefit. Funds can be used to replace income, cover medical care expenses, and more, and will be deducted from your overall death benefit. 

Accelerated Death Benefit for Terminal Illness

If you are diagnosed with a terminal illness (generally, given a maximum of 12 or 24 months to live), this rider enables you to withdraw funds from your life insurance policy to pay for medical bills, home care, or things like household expenses. There is usually a maximum percentage of the death benefit that you can access with an accelerated rider, and deductions will reduce the death benefit that your loved ones receive when you pass away.

Accidental Death Benefit Agreement

If you pass away as the result of an unexpected accident, the accidental death rider pays out an additional benefit to your loved ones (up to $300,000) in addition to your policy’s death benefit.

Child Term Agreement

This rider offers coverage to your minor children as an added benefit on your own life insurance policy. It also enables them to convert this term coverage into their own permanent life insurance policy up to age 25.

Early Values Agreement

Typically, you will pay a surrender charge if you cancel your permanent coverage early. With this rider, though, you will have any surrender fees waived in exchange for a monthly rider fee.

Guaranteed Insurability Option

With the guaranteed insurability option rider, you’ll maintain the ability to increase your overall coverage amount between the ages of 22 and 40 without any underwriting or medical exam requirement.

Surrender Value Enhancement

With this rider, you’ll receive a cash surrender value no less than 100 percent of your total cumulative premiums paid through year three, if you need to cancel your coverage early. In order to use this rider, you must also opt in for the Early Values Agreement rider.

Term Insurance Rider

With the term insurance rider, you’re able to purchase up to four times your primary policy’s death benefit in temporary, term life coverage. This can be beneficial if you have extra obligations that only last for a specific period of time, such as a 30-year mortgage or 15 more years until all of your children graduate from college.

Waiver of Premium

If you are totally and permanently disabled before age 60, the waiver of premium rider allows Securian to waive a specific premium payment amount each month while keeping your coverage active and intact.

Waiver of Charges

Similar to the waiver of premium rider, this rider will waive all policy charges imposed by Securian if you are totally and permanently disabled by age 60.

Customer Service

Securian sells life insurance coverage through participating employers, and also sells to individuals through their network of financial professionals. If you need to make changes to your policy, have questions about coverage, or are interested in purchasing a new policy, you can always reach out to either your local or workplace representative.

Additionally, you can contact Securian directly to buy, change, or cancel your life insurance coverage. Life insurance representatives are available by phone (833-810-8260) from 7 a.m. to 6 p.m. CST, Monday through Friday. You can also send an email via the online contact form, or log in to manage your existing policy.

Complaint Index 

The National Association of Insurance Commissioners (NAIC) issues carriers a complaint index each year. This index helps identify trends related to each company’s consumer satisfaction, based on how many complaints they’re expected to receive (according to size and market share) and how many they actually receive.

The complaint index is adjusted for each company’s size, with a baseline average of 1.0. If a company has a complaint index below 1.0, it means they received fewer consumer complaints than expected. Above 1.0 means that there were more complaints than average for the company’s size.

For 2020, Securian received a complaint index of 0.13 in regards to group life insurance; for individual life, however, the company’s complaint index jumped to 3.66. For context, this only represented two total complaints filed for the year. In 2019, the company’s individual life complaint index was 0.98, which is almost perfectly average.

Third-Party Ratings

A carrier’s financial strength rating is provided by AM Best, a trusted third-party company that evaluates carriers’ stability and projected solvency. This rating can give you a good idea of how trusted the company is and whether they are likely to remain around (and solvent) if and when your loved ones need to file a claim in the future.

Securian holds an A+ (Superior) financial strength rating from AM Best, which is the second-highest rating possible.

Cancellation Policy

Generally, you can cancel a life insurance policy at any time, for any reason. It’s just important to note that, depending on the policy you have purchased and how long you’ve held that coverage, there can be different financial implications involved with cancellation. 

If you are carrying term coverage—which does not build up any cash value over the course of the policy’s term—you can cancel without any penalty. Your coverage will end as soon as you stop making payments, and you will not get any of your previous premiums returned (refunded) to you.

Canceling whole or universal life policies can be a bit more tricky, however. Since these policies do build up a cash value, you are often able to get a portion of the funds returned to you after the coverage ends. Usually, there will be a surrender fee imposed, which will reduce the amount returned to you.

Securian offers life insurance riders that reduce or eliminate any surrender fees, if you decide to cancel your coverage. These include surrender value enhancement and an early values agreement.

In order to cancel a permanent life insurance policy, you will need to speak with your agent or contact Securian directly. This cancellation request often needs to be made in writing or via an online form, as well.

Price

Securian does not offer online quotes for life insurance, so you’ll need to speak with a local financial professional if you want to know how much a policy will cost. Generally, though, there are some key factors that will influence the price of your coverage.

First and foremost, the type of policy and level of coverage you want to buy will largely dictate premiums. Permanent coverage is typically more costly than term (temporary) policies, and the more life insurance you want, the more you can expect to pay.

Additionally, personal factors such as your age, gender, location, health and medical history, and even your occupation or frequent hobbies can impact premiums. 

What You Need to Know

Non-binary and transgender applicants can purchase life insurance coverage, and will not be denied for a policy based on gender identification alone. However, many life insurance companies will use birth gender for underwriting purposes, rather than stated gender.

Competition

Is Securian one of the best life insurance companies around? To give you an idea of how Securian measures up, let’s compare it to Transamerica.

Both Securian and Transamerica offer a variety of life insurance policy types, including term, whole life, and universal life. Transamerica offers final expense coverage, however, which Securian does not. Both companies sell coverage in all 50 states through a network of national agents, though Transamerica also allows you to get a quote for coverage online.

Securian has the upper hand when it comes to both third-party and consumer ratings. Though Transamerica had an A+ financial strength rating, AM Best downgraded this to an A in 2019; Securian holds an A+. And while Securian did receive a lower overall complaint index than Transamerica last year, Transamerica outperformed Securian in terms of individual life insurance customers.

If you’re looking for high-ranked coverage, especially in terms of universal life policies, Securian may be the right choice for you. If you’re hoping to get a quote online, however, or want to buy from a larger insurance carrier, Transamerica could be a better option.

  Securian Transamerica
Market Share Unranked, 0.09% U.S. market share Eighth-largest in the U.S., 3.4%
Number of Plans
Dividends for 2020 Not applicable  Not applicable
Service Method  Financial professionals  Agents 
AM Best Rating  A+  A
Price Rank  Not disclosed  Average 
Complaints Trend  0.16 Exceptional  1.31 Fair 
Final Verdict

Securian operates in all 50 states, offering a wide range of life insurance policy types along with various riders to amplify that coverage. No online quotes are offered and you’ll need to either call or work with a local professional within their network if you want to price out or buy new coverage. This carrier has a strong financial strength rating as well as a low incidence of consumer complaints, making it worth a look if you want to buy feature-rich coverage.

Methodology

In order to provide thorough and accurate life insurance carrier reviews, we employ a comprehensive methodology. This involves analyzing each company’s products and availability, third-party and financial strength ratings, and customer satisfaction reports. We also consider factors such as price, market share, and how easy it is for consumers to manage their coverage.

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. "Securian Life Ins Co National Complaint Index Report." Accessed May 10, 2021.