Minnesota Life Insurance Review: Coverage, Rates, And Customer Satisfaction (2024)

Minnesota Life Insurance is a well-known insurance provider that offers a wide range of life insurance policies and additional insurance products. This article provides a comprehensive review of Minnesota Life Insurance and its various offerings to help you make an informed decision when choosing a life insurance policy.

Minnesota Life Insurance is a financially stable insurance company that offers a broad selection of life insurance products and a variety of riders for customized protection. Its policies are designed to meet the diverse needs of its customers, from term life insurance to permanent life insurance. Additionally, Minnesota Life Insurance provides additional insurance products, such as disability insurance, long-term care insurance, and annuities, to help protect its customers’ financial well-being.

Key Takeaways

• Minnesota Life Insurance is a financially strong insurer that offers a broad selection of life insurance products and a variety of riders for customized protection.
• The company provides additional insurance products, such as disability insurance, long-term care insurance, and annuities, to help protect its customers’ financial well-being.
• Minnesota Life Insurance has a good reputation for customer service and satisfaction, making it a reliable option for those seeking life insurance coverage.

Overview of Minnesota Life Insurance

Minnesota Life Insurance is a subsidiary of Securian Financial, a mutual holding company headquartered in St. Paul, Minnesota. Minnesota Life Insurance has been providing life insurance products and services for over 135 years. In this section, we will provide an overview of Minnesota Life Insurance, including its history and background, financial strength and stability, insurance products, and policies.

History and Background

Minnesota Life Insurance was founded in 1880 and has been providing life insurance products and services for over a century. In 2018, Minnesota Life Insurance changed its name to Securian Life Insurance to better reflect its parent company, Securian Financial. Today, Securian Financial is a leading provider of insurance, investment, and retirement solutions.

Financial Strength and Stability

Minnesota Life Insurance has a strong financial foundation, with an A+ rating from A.M. Best. This rating indicates that Minnesota Life Insurance is financially stable and has the ability to meet its obligations to policyholders. In addition, Securian Financial has been named one of the most admired companies in the insurance industry by Fortune magazine.

Insurance Products and Policies

Minnesota Life Insurance offers a range of life insurance products and policies, including term life insurance, whole life insurance, and universal life insurance. Term life insurance provides coverage for a specified period of time, while whole life insurance provides permanent coverage for the policyholder’s entire life. Universal life insurance provides flexible coverage and premium payments.

Minnesota Life Insurance also offers a variety of riders for customized protection, including accidental death benefit, waiver of premium, and accelerated death benefit. The company’s life insurance policies are designed to meet the unique needs of individuals and families, with coverage amounts ranging from $50,000 to $10 million.

In conclusion, Minnesota Life Insurance is a financially strong insurer that offers a broad selection of life insurance products and a variety of riders for customized protection. With over 135 years of experience, Minnesota Life Insurance has a solid foundation and a reputation for providing quality products and services to its policyholders.

Types of Life Insurance Policies

When it comes to life insurance policies, there are several different options to consider. Here are the most common types of life insurance policies:

Term Life Insurance

Term life insurance is a type of life insurance that provides coverage for a specific period of time, typically 10, 20, or 30 years. If the policyholder dies during the term of the policy, the death benefit is paid out to the beneficiary. Term life insurance is generally the most affordable type of life insurance.

Whole Life Insurance

Whole life insurance is a type of life insurance that provides coverage for the entire life of the policyholder. Premiums are typically higher than term life insurance, but the policy also has a cash value component that grows over time. This cash value can be borrowed against or used to pay premiums.

Universal Life Insurance

Universal life insurance is a type of permanent life insurance that provides coverage for the entire life of the policyholder. Like whole life insurance, it also has a cash value component that grows over time. However, universal life insurance offers more flexibility in terms of premiums and death benefits.

Indexed Universal Life Insurance

Indexed universal life insurance is a type of universal life insurance that allows policyholders to earn interest based on the performance of a stock market index, such as the S&P 500. This type of policy offers the potential for higher returns, but also comes with more risk.

Variable Universal Life Insurance

Variable universal life insurance is a type of universal life insurance that allows policyholders to invest their cash value in a variety of investment options, such as mutual funds. This type of policy offers the potential for higher returns, but also comes with more risk.

In summary, there are several different types of life insurance policies to choose from, each with its own benefits and drawbacks. It’s important to carefully consider your needs and budget when selecting a policy, and to work with a reputable insurance provider like Minnesota Life Insurance Company to ensure that you have the coverage you need to protect your loved ones.

Policy Details and Benefits

Minnesota Life Insurance offers a range of life insurance policies with various benefits and features to meet different needs. Here is a breakdown of some of the policy details and benefits:

Death Benefit

The death benefit is the amount of money that is paid to the beneficiary upon the death of the policyholder. Minnesota Life Insurance offers death benefits that range from $25,000 to $50 million, depending on the policy. The death benefit can be paid out as a lump sum or in installments.

Cash Value

Minnesota Life Insurance policies also offer cash value accumulation. The cash value is a portion of the premium that is invested and grows over time. Policyholders can borrow against the cash value or use it to pay premiums. The cash value can also be surrendered for its cash value.

Riders

Minnesota Life Insurance offers a variety of riders that can be added to a policy to enhance coverage. Some of the riders include:

• Accelerated Death Benefit: Allows policyholders to receive a portion of the death benefit if they are diagnosed with a terminal illness.
• Waiver of Premium: Waives premium payments if the policyholder becomes disabled.
• Children’s Term Insurance: Provides coverage for the policyholder’s children.
• Accidental Death Benefit: Pays an additional death benefit if the policyholder dies as a result of an accident.

Waiver of Premium

Minnesota Life Insurance offers a Waiver of Premium rider that waives premium payments if the policyholder becomes disabled. This means that the policy will remain in force even if the policyholder is unable to pay premiums due to a disability.

Accelerated Death Benefit

Minnesota Life Insurance offers an Accelerated Death Benefit rider that allows policyholders to receive a portion of the death benefit if they are diagnosed with a terminal illness. This can help policyholders cover medical expenses and other costs associated with a terminal illness.

In summary, Minnesota Life Insurance policies offer a range of benefits and features, including death benefits, cash value accumulation, riders, waiver of premium, and accelerated death benefits. These benefits can be customized to meet the needs of individual policyholders.

Customer Service and Satisfaction

When it comes to assessing the quality of a life insurance company, customer service and satisfaction are crucial factors to consider. Here’s a breakdown of how Minnesota Life Insurance Company performs in these areas.

Online Quotes

Minnesota Life Insurance Company provides online quotes through its website. This process is quick and easy, allowing customers to get an estimate of their premiums in just a few minutes. Additionally, the website is user-friendly and provides detailed information about the company’s policies and coverage options.

Application Process

The application process for Minnesota Life Insurance Company is straightforward and can be completed online or through a licensed agent. The company offers a variety of policies, including term, whole, and universal life insurance, which can be customized to fit the individual needs of each customer.

Medical Exam

Minnesota Life Insurance Company requires a medical exam for most of its policies. The exam is conducted by a licensed healthcare professional and includes a basic physical, blood work, and a urine sample. The results of the exam are used to determine the customer’s overall health and any potential risks.

Complaints and Complaint Index

The Better Business Bureau (BBB) has received a total of 31 complaints about Minnesota Life Insurance Company in the last three years, with 11 of those complaints closed in the past 12 months. The company’s BBB rating is A+, which is the highest possible rating. The National Association of Insurance Commissioners (NAIC) has a complaint index of 0.14 for Minnesota Life Insurance Company, which is lower than the industry average of 1.00. This indicates that the company receives fewer complaints than other insurance providers.

J.D. Power Ratings

Minnesota Life Insurance Company has not been included in the J.D. Power Life Insurance Study in recent years. However, the parent company of Minnesota Life Insurance Company, Securian Financial Group, received a score of 777 out of 1,000 in the 2021 U.S. Life Insurance Study, which is above the industry average. This score is based on factors such as customer satisfaction, policy offerings, and pricing.

Overall, Minnesota Life Insurance Company appears to provide excellent customer service and has a high level of customer satisfaction. The company’s online quotes and application process are user-friendly, and the medical exam process is thorough. Furthermore, the company has a low complaint index and a high BBB rating, indicating that customers are generally satisfied with the company’s services.

Additional Insurance Products

Minnesota Life Insurance Company offers a variety of insurance products beyond traditional life insurance policies. These additional insurance products include annuities, accidental death and dismemberment insurance, critical illness insurance, and long-term care insurance.

Annuities

Minnesota Life offers fixed and variable annuities. Fixed annuities provide a guaranteed interest rate, while variable annuities offer the potential for higher returns based on market performance. Annuities can be a useful tool for retirement planning, as they provide a steady stream of income in retirement.

Accidental Death and Dismemberment Insurance

Accidental death and dismemberment insurance (AD&D) provides coverage in the event of accidental death or dismemberment. Minnesota Life offers AD&D insurance as a rider to their life insurance policies. This coverage can provide additional financial protection in the event of an unexpected accident.

Critical Illness Insurance

Critical illness insurance provides coverage in the event of a serious illness such as cancer, heart attack, or stroke. This coverage can help cover medical expenses and other costs associated with a critical illness. Minnesota Life offers critical illness insurance as a rider to their life insurance policies.

Long-Term Care Insurance

Long-term care insurance provides coverage for long-term care services such as nursing home care, assisted living, and home health care. This coverage can help cover the high costs of long-term care and protect your retirement savings. Minnesota Life offers long-term care insurance as a standalone policy or as a rider to their life insurance policies.

In conclusion, Minnesota Life Insurance Company offers a variety of additional insurance products to help meet the diverse needs of their customers. From annuities to long-term care insurance, these products can provide valuable financial protection and peace of mind.

Conclusion

After analyzing multiple sources, it is clear that Minnesota Life Insurance Company is a reputable and reliable insurance provider. The company has a long history of providing life insurance policies and has received favorable ratings from various rating agencies.

Minnesota Life Insurance Company offers a range of life insurance products to meet the needs of its customers. The company’s term life insurance policies provide affordable coverage for a specific period of time. Its permanent life insurance policies offer lifelong coverage and a cash value component.

One of the key advantages of Minnesota Life Insurance Company is its accelerated underwriting program, WriteFit and WriteFit Express. These programs make the life insurance application process easier and faster, with approval in as little as 24 hours.

While Minnesota Life Insurance Company did not make the Good Financial Cents® top 10 life insurance companies, it did receive an honorable mention. The company has a solid financial standing and has received positive reviews from its customers.

Overall, Minnesota Life Insurance Company is a reliable and trustworthy insurance provider that offers a range of life insurance products to meet the needs of its customers. Its accelerated underwriting program and solid financial standing make it a good choice for those in need of life insurance coverage.

Frequently Asked Questions

What type of insurance does Minnesota Life offer?

Minnesota Life Insurance Company offers a variety of life insurance products, including term life insurance, universal life insurance, and variable universal life insurance. They also offer group life insurance policies for businesses.

Does Minnesota Life offer disability insurance?

Yes, Minnesota Life Insurance Company offers both short-term and long-term disability insurance policies. These policies provide financial protection in the event of a disability preventing an individual from working.

What benefits does Minnesota Life provide?

Minnesota Life Insurance Company offers a variety of benefits to its policyholders, including a broad selection of life insurance products, a variety of riders for customized protection, and financial strength as a company. They also offer excellent customer service and support.

What is the phone number for Minnesota Life Insurance Company?

The phone number for Minnesota Life Insurance Company is 1-800-328-4628. Customers can contact the company for assistance with policy questions, claims, or other concerns.

Who is the parent company of Minnesota Life Insurance Company?

The parent company of Minnesota Life Insurance Company is Securian Financial Group, Inc. Securian is a diversified financial services company that provides a wide range of products and services to individuals and businesses.

Are Minnesota Life and Securian the same company?

Yes, Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc. They share the same parent company and work closely together to provide financial products and services to customers.