Securian Financial was originally founded as Minnesota Mutual in 1880. The company was rebranded in 2001 as Minnesota Life Insurance. Fast forward to 2018, Minnesota Life Insurance adopted the name of Securian Financial, its parent brand.
Securian Financial, the 8th biggest life insurance company in America, is currently the 8. It has more than 21 million customers across North America, and nearly $1.3 trillion worth of life insurance policies. It offers several different life insurance products, and has received high ratings from industry professionals.
A complete Securian Financial review can help you decide if this provider is right for your insurance needs.
Securian Financial Life Insurance
Securian Financial offers multiple life insurance policies. However, the choices are not as extensive as what other providers offer. People who wish to add extra protection to their coverage can only use one rider.
Bankrate was nevertheless impressed by the variety of online resources and tools that Securian offers. Securian Financial, for example, offers an online calculator to help customers decide the right coverage for their family.
Different types of coverage
Securian Financial provides permanent insurance as well as term insurance . These are the available policies:
- Term Insurance: Securian Financial offers term life insurance that covers you for up to 10 years, 20 or 30. Policyholders have the choice to convert their coverage into permanent policies after the term expires. The policy does not have a cash value but the premiums will be the same for the entire term.
- Whole Life Insurance – wholelife insurance provides protection for the policyholder’s entire life. There is no death benefit and the premiums are set. Whole life insurance has a cash value component which grows at a fixed rate.
- Universal Life Insurance. universal insurance is another type permanent life insurance. However, it allows policyholders to adjust their premiums and death benefits over time. This policy creates a tax-deferred cash worth that can be withdrawn from the policy or borrowed against it.
- SecureCare Universal Insurance: This hybrid life/long term care insurance policy combines traditional insurance with long-term insurance. The policy includes a cash benefit, which can be used to pay for long-term care services. Premiums can be paid for five, seven, ten, or fifteen years.
- Accelerated Death Benefit Rider: An accelerated death benefit riders allows policyholders to access money from their death benefits if they are diagnosed with a chronic illness. A doctor must confirm that the diagnosis will not significantly reduce the person’s life expectancy.
Review, Satisfaction, Complaints and Ratings for Securian Financial
| Organization | Securian Financial rating |
|---|---|
| J.D. J.D. | 741/1,000 |
| AM Best | A+ |
| Better Business Bureau | B |
| NAIC Complaint Index | .24 (less than average complaints). |
J.D. rated Securian Financial at 741/1,000. Power’s 2020 U.S. Life Insurance Study ranks companies based upon overall customer satisfaction. J.D. Securian Financial Securian Financial’s J.D. Securian received an A+ (Superior), rating from AM Best and has fewer customer complaints than the average based on NAIC Company Complaint Index.
Securian Financial’s BBB Rating is also worth noting. Based on 17 customer reviews, the company received a B rating. It has an average score of 1.18 stars and a score of 2.96 out of 5. 31 complaints were closed within the last three-years. Customers reported slow claim payouts and poor customer service, as well as unexplained losses in investments.
Securian Financial: Why it’s a great option
Securian Financial is a great company to look into for life insurance. This provider is recommended to anyone looking for basic life insurance or who is shopping for their first life insurance policy. Securian Financial offers a number of helpful online resources, including the coverage calculator.
Securian Financial also offers a unique hybrid policy that provides long-term care and life insurance. The SecureCare universal insurance policy allows people to not only save money on long-term care, but also provide a death benefit for their beneficiaries.
Securian Financial’s drawback is its limited coverage options. Only a few policies are available, and each requires a medical exam. Securian Financial does not offer guaranteed issue policies. This means that people who have a pre-existing condition or a family history of illness may be unable to obtain coverage.
Securian Financial offers additional policies
Securian Financial sells these insurance products in addition to life insurance policies:
- Accidental death insurance
- Accident insurance
- Insurance for critical illness
- Indemnity insurance for hospitalization
Most Frequently Asked Questions
Which is the best life-insurance company?
There are many life insurance companies in the market. Each one has its own strengths and weaknesses. MetLife, Northwestern Mutual and MassMutual are some of the most reputable life insurance companies based on traditional metrics.
What is the cost of life insurance?
There are a few factors that affect the cost of life insurance. First, each life insurance company has a different rate. Your premium will be affected by factors such as your age, your health, your lifestyle, and how much coverage you need. Rates will also be affected by the type of policy that you choose. Term policies provide less coverage, but are generally cheaper than permanent policies.
Securian Financial offers life insurance riders?
Securian Financial offers a one-life insurance rider. For additional protection, policyholders may add an accelerated-death benefit rider to their term or permanent life insurance policies.
What amount of life insurance do you need?
You should consider the financial needs of your beneficiaries in order to determine how much life insurance you need. Take into account your income, as well as other expenses such a mortgage or credit card debt, and how much you can afford to pay for school tuition. You can choose a death benefit to allow your loved ones to live a similar life without losing your income.
