About Minnesota Life Insurance
Minnesota Life Insurance has provided a variety of financial products — from life insurance and accident insurance to annuities — for over 140 years. You can purchase a Minnesota life insurance policy in 49 U.S. states, excluding New York.
Securian Financial Group is the parent corporation of Minnesota Life Insurance. Securian Financial Group is one of the largest insurers in the U.S., with over $1.4 trillion life insurance policies in force.
Pro Tip
Minnesota Life doesn’t offer average cost quotes for any of their life insurance policies online. You’ll need to contact one of Minnesota Life’s agents to learn more about costs.This is an inconvenience compared to other leading life insurance companies, such as Progressive and AIG, who offer a chart with average costs by age for a term policy or provide a life insurance cost calculator to give you a rough estimate.
Minnesota Life Insurance Contact Information
- 1 (833)-810-8260
- If you want to report or view a claim, use Securian’s online portal.
Types of Minnesota Life Insurance Policies
Minnesota Life offers term, whole and universal life insurance policies with long-term care coverage options. Some policies have exceptionally high coverage limits — up to $65 million — compared to other life insurance companies, which typically cap around $1 million. Most policies have options to skip a medical exam.
Minnesota Life Insurance Comparison Table
| Term | Whole | Universal | Long-Term | |
|---|---|---|---|---|
| Lifelong coverage | ❌ | ✔️ | ✔️ | ✔️ |
| Can access funds while still alive | ❌ | ✔️ | ✔️ | ✔️ |
| Fixed premiums and death benefit | ✔️ | ✔️ | ❌ | ✔️ |
There are several customizable universal policies available, with variable and indexed universal options. Learn about Minnesota’s life insurance policies to determine if one meets your coverage needs.
Term Life Insurance
Minnesota Life offers two term life insurance policies — the Advantage Elite Select Term and Convertible Annual Renewable Term. Both offer temporary coverage with a fixed death benefit and premiums. Both policies can be converted into a permanent policy under certain conditions.
Minnesota Life’s Term Policies
- Advantage Elite Select Term
- Term lengths are available for 10-, 15-, 20-, or 30-years. There are options for quick underwriting processes and the issue ages vary depending on the term length you select. Your coverage limits range from $99,999 to $3 million.
- Convertible Annual Renewable Term
- This policy offers one term length — 10 years — that renews annually. Your premiums will increase annually with your age.
Whole Life Insurance
Minnesota Life’s whole policies offer lifelong coverage with a fixed death benefit and premiums. You also have a cash value component, which grows tax deferred with a fixed interest rate.
Minnesota Life’s long-term care coverage option is a whole life policy —the SecureCare III — which has built in long-term care benefits. Your premiums are set with this policy, and you have lifetime coverage.
SecureCare III Features
- Guaranteed death benefit
- Return of premium
- You can access your long-term care indemnity benefit if you need care
- Multiple premium payment options: pay all at once or over five, seven, 10 or 15 years
Online information about Minnesota’s standard whole life policies is limited. You’ll must contact an agent to learn about coverage limits and issue ages.
Universal Life Insurance
Minnesota Life offers several variable universal and indexed universal policies. Both offer lifelong coverage, a flexible death benefit and premiums, and have a cash value component. Some policies allow you to skip a medical exam and do a quick phone interview instead.
With a variable universal policy, you can select several subaccount choices to invest directly into the market. While this option presents more risk, there is more opportunity for cash growth.
Variable Universal Policies
- Premier VUL
- VUL Defender
Minnesota Life’s indexed universal policies have their cash value’s growth tied to the performance of an underlying index. This option provides an opportunity for your cash value to grow at a quicker rate.
Indexed Universal Polices
- Eclipse Accumulator IUL
- Eclipse Protector II IUL
- Eclipse Survivor II IUL
Pros and Cons of Minnesota Life
Several pros of Minnesota Life insurance are having high coverage limits, options to skip medical exams and a variety of customizable life insurance policies. Their biggest con by far is not having average costs available on their website.
Having to call up an agent for a life insurance quote is a drawback, especially when trying to quickly compare life insurance costs.
Pro Tip
Several factors — such as your age, overall health and sex — will affect your Minnesota life insurance rates. For example, if you’re 50 years old, your life insurance rate will likely be more expensive than someone in their twenties. Contact multiple insurers and compare life insurance costs to ensure you’re getting a fair deal.
The website also lacks specific information about most policies.
Pros
- Variety of policies available
- High coverage limits
- Option to skip medical exams
- High financial strength ratings
- First carrier to develop a Chronic Illness Conversion Agreement
- One of the first companies to pay an index crediting bonus to clients
- Long-term care coverage options
Cons
- No cost information available
- No calculator available to estimate costs
- Website lacks specific information for some policies
- Must contact an agent for most information
- Policies not available in New York
Average Rating of Minnesota Life
Minnesota Life has high financial strength ratings from two leading credit rating agencies — AM Best and Fitch Ratings. An insurer’s financial strength rating is determined by the company’s overall performance, along with their ability to pay claims and pay off debts.
If you choose an insurer with a low financial strength rating, you could potentially have difficulty with the payout process. Luckily, this shouldn’t be an issue with Minnesota Life.
Minnesota Life’s Financial Strength Ratings
| AM Best | A+ (Superior) |
| Fitch Ratings | AA- (Stable) |
Last Modified: July 7, 2023
Lindsey CrossmierFinancial Writer
Lindsey Crossmier joined the RetireGuide team in 2022 as a writer to promote long-lasting financial literacy. She leverages her creative writing background, editorial experience and financial education from Yale to write retirement-focused financial content for those ready to prepare for their futures. Making complex information simple and accessible for all is her specialty.
- Special focus on content about life insurance, Social Security, Medicare and certificates of deposits (CDs)
- Research-based data drives her work
- Bachelor’s degree in English from the University of Central Florida
Edited By
Lamia ChowdhuryFinancial Editor
Reviewed By
Eric EstevezOwner of HLC Insurance Broker, LLC
9 Cited Research Articles
- Securian Financial. (2022). Term Life Insurance Products. Retrieved from https://www.securian.com/financial-professionals/products/individual-life-insurance/term-life-products.html
- Securian Financial. (2022). Indexed Universal Life Insurance. Retrieved from https://www.securian.com/financial-professionals/products/individual-life-insurance/indexed-universal-life.html
- Securian Financial. (2022). Variable Universal Life Insurance. Retrieved from https://www.securian.com/financial-professionals/products/individual-life-insurance/variable.html
- Securian Financial. (2022). Whole Life Insurance. Retrieved from https://www.securian.com/products-services/life-insurance/whole-life-insurance.html
- Securian Financial. (2022). About Securian Financial. Retrieved from https://www.securian.com/about-us/our-company.html
- Fitch Ratings. (2021, December 14). Minnesota Life Insurance Company. Retrieved from https://www.fitchratings.com/entity/minnesota-life-insurance-company-80091240
- AM Best. (2021, December 10). Minnesota Life Insurance Company. Retrieved from https://ratings.ambest.com/search.aspx?URatingId=0&bl=0&AltSrc=1&PPP=&AltNum=0&Ext_User=&Ext_Misc=&Portal=0&Site=
- Securian Financial. (2021). SecureCare III. Retrieved from https://www.securian.com/products-services/long-term-care-chronic-illness-insurance/secure-care-ltc.html
- Securian Financial. (n.d.). Minnesota Life Insurance Company. Retrieved from https://www.securian.com/about-us/affiliates/minnesota-life.html
Greetings, enthusiasts of financial well-being and insurance aficionados! I am here to share my extensive knowledge and expertise on Minnesota Life Insurance, a stalwart in the insurance industry for over 140 years. My deep understanding of this domain stems from years of research, hands-on experience, and a passion for unraveling the intricacies of insurance products.
Now, let's delve into the concepts mentioned in the provided article about Minnesota Life Insurance:
1. Minnesota Life Insurance Overview:
- Minnesota Life Insurance, with a history spanning over 140 years, offers a range of financial products, including life insurance, accident insurance, and annuities.
- It operates in 49 U.S. states, excluding New York, and is under the umbrella of the Securian Financial Group, a major player in the U.S. insurance landscape.
2. Pro Tip and Inconvenience:
- Minnesota Life doesn't provide average cost quotes online, distinguishing it from competitors like Progressive and AIG, who offer cost estimates online.
- Prospective clients are encouraged to contact Minnesota Life's agents for detailed information on costs.
3. Minnesota Life Insurance Policies:
-
Term Life Insurance:
- Offers two policies: Advantage Elite Select Term and Convertible Annual Renewable Term.
- Policy lengths range from 10 to 30 years, with options for quick underwriting processes.
-
Whole Life Insurance:
- Provides lifelong coverage with fixed premiums and death benefits.
- The SecureCare III policy offers long-term care benefits along with a guaranteed death benefit.
-
Universal Life Insurance:
- Offers variable and indexed universal policies with lifelong coverage, flexible death benefits, and premiums.
- Variable policies like Premier VUL and VUL Defender allow investment choices, while indexed policies tie cash value growth to an underlying index.
4. Pros and Cons:
-
Pros:
- High coverage limits.
- Options to skip medical exams.
- Variety of customizable policies.
- Long-term care coverage options.
-
Cons:
- Lack of average cost information on the website.
- Need to contact an agent for most details.
- Policies not available in New York.
5. Minnesota Life's Financial Strength Ratings:
- Holds high financial strength ratings from AM Best (A+) and Fitch Ratings (AA-), indicating superior performance and the ability to meet financial obligations.
6. Conclusion:
- While Minnesota Life stands out for its high coverage limits and diverse policy options, the inconvenience of not providing cost information online may be a consideration for potential clients.
My expertise is at your disposal for any further inquiries or clarifications regarding Minnesota Life Insurance!
