Minnesota Life Insurance Company Review

Looking to see if Minnesota Life is the best company for you? Learn about their history, ratings, products & more with this review.
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Minnesota Life Insurance Company Review

Are you searching for a comprehensive Minnesota Life Insurance Company review? Are you wondering if Minnesota Life is one of the best life insurance companies to apply with? Today, we’re going to review their products, financial strength, as well as their product advantages and disadvantages. Let’s get to it!

Minnesota Life Insurance Company

86.13
Cost
Products
Financial Strength
Review Summary

The Minnesota Life Insurance Company is an A+ rated insurer that offers a variety of coverage options at great rates.

Very Good!

Minnesota Life is a highly rated life insurance company. At the moment, they are one of the top life insurance companies rated with an A+ from A.M. Best.

About Minnesota Life Insurance Company

Founded over 30 years ago, Minnesota Life Insurance Company offers its services to people in every state except New York. This is because the Securian Life Insurance Company issues insurance products for that state. Each organization is based out of Saint Paul, MN.

The parent company of both Securian Life Insurance Company and Minnesota Life Insurance Company is Securian Financial Group.

Ratings for Minnesota Life Insurance Company

A credible review of Minnesota Life Insurance will acknowledge the organization’s outstanding financial ratings.

The flagship rating agency, A.M. Best, rates Minnesota Life with a Superior, giving them an A+, as does Standard and Poor.

Advantages

Our Minnesota Life Insurance Review research revealed a few advantages. The biggest advantage when selecting Minnesota Life as your life insurance provider is their Product selection.

Minnesota Life Insurance Company products:

The Minnesota Life Company offers you 2 life insurance types of policies: Term Life Insurance and Permanent Life Insurance.

TERM LIFE INSURANCE

 

Advantage Elite Select: Term Life Insurance

Terms available – 5, 10, 15, 20, and 30.

Your premiums will remain the same for the term you select. You may have an option to convert your term life insurance policy to a permanent life insurance policy at certain time periods.

  • Less Expensive
  • Coverage is limited to the selected term
  • No cash value
  • Death Benefit is Guaranteed
  • Available No Exam option if you qualify
  • Premiums are level and won’t increase or decrease

Term Life Riders Available

Life insurance riders are a way to customize your policy. Minnesota Life offers:

PERMANENT

With a permanent life insurance, you’ll have coverage for your entire life. You’ll also have the opportunity to have access to cash accumulation. There are tax advantages to the cash value and you are able to borrow against it.

Here are some of Minnesota Life’s permanent life insurance options:

Secure Whole Life

Minnesota Life’s whole life policy provides you life insurance benefits that are guaranteed for life. You also have guaranteed accumulation of cash value. This cash value can be withdrawn just like a loan.

  • Ages available: 0-90
  • $10,000 is the minimum face amount
  • Premiums can be fixed or flexible
  • Fixed interest rate

Eclipse Indexed Universal Life

  • Single Premium Options
  • Indexed Universal Life is a form of permanent coverage
  • Guaranteed 3% minimum accumulation value rate of return at surrender or death
  • Index-based or fixed crediting choices

Some Universal Life Riders to Choose From

  • Children’s Term
  • Accidental Death Benefit
  • Long Term Care
  • Waiver of Premium

Competitive Rates

The rates by age provided by Minnesota Life are competitive, sometimes ranking at the top of the list for numerous term lengths applicable to both sexes.

Will Minnesota Life give you the best rate?

Will Minnesota Life get you the best deal or some other insurer like Geico, Progressive or American General?   If you want to make sure you’re getting the best life insurance policy available, here’s what you need to do…

Compare Life Insurance Quotes

Use our instant life insurance calculators to compare rates from dozens of the top companies.
Total Time Needed: 5 minutes
Total Cost: 0 USD

Required Tools:

- A Computer.
- Internet Connection.

Things Needed?

- A pen
- A piece of paper

Steps to get an accurate life insurance quote

Use the calculator on this page or click the link above to visit our instant quotes page.
Step 2 : Input coverage details
Fill out the basics about what you’re wanting, how much coverage, for how long, etc. That way we can understand your situation before we can help you. Complete the calculator details as accurately as possible, and be absolutely sure your contact information is correct so we can reach you.
Step 3 : Get help from a licensed agent
Once you’ve filled out the calculator, one of our licensed life insurance agents will  provide you all your options and plan out who will provide you the best rate based on your specific health and lifestyle. All of the recommendations will be based off of the details you provide. It’s very important that you're honest and answer your agent's questions accurately. 
Step 4 : Compare realistic rates
This is where we really begin working to figure out exactly which company will get you the best rate, and how to make it happen. There are literally hundreds of companies and thousands of policy options available. We'll make sure you get the best one based on what you'll qualify for.

Minnesota Life’s Liberal Underwriting for Specific Niches

Minnesota Life Insurance Company is a bit more friendly for several niche markets, such as asthma, nicotine and tobacco, anxiety, and depression.

Obtaining the best life insurance rates

Each life insurance company has its own individual underwriting rules before they offer you a policy. The outcome can result in a rejected application or a policy that is priced higher than applied.

Here’s some more insight into some of Minnesota Life’s rules:

  • Driving while intoxicated (DWI): no DWI strikes within the last decade for the best rates. For Non-Tobacco Plus rates, there can’t be any within the last three years.
  • Blood pressure: with or without treatment, for the best rates, blood pressure of 135/85 or greater will qualify; 145/95 is the cutoff for Non-Tobacco Plus rates.
  • Substance abuse: For the best rates, there can’t be any history of drug or alcohol abuse. For Non-Tobacco Plus rates, there can’t be any within the past 5 years.
  • Nicotine: There should be no traces of nicotine within the last three years for the most optimal nonsmoking rates, as determined through a urine test. No traces of nicotine within the last year, as determined through a urine test, is essential for Non-Tobacco Plus rates.

Disadvantages

Consider the following disadvantages of using Minnesota Life to provide your life insurance.

Where Minnesota Life Struggles

Minnesota Life is a terrific organization.

There isn’t really anything negative to stay about them. That said, one facet that can use improvement is their no exam life insurance policy.

For lower face amounts, the company does provide express underwriting. However, you’ll need to look into another provider if you require coverage that exceeds $200,000.

Not everyone has to shop for the positives of a no medical exam, as opposed to completely underwritten life insurance.

That said, anyone who is considering getting coverage and hasn’t had a recent health exam…

… can be protected with no exam coverage.

You don’t want to take an exam and learn that you have elevated cholesterol, blood pressure, or diabetes.

Rather, take the exam after you get the no exam policy in place.

If the exam policy is returned to you with an improved rate, you can easily start a life insurance replacement. In other words replace the exam policy with the no exam policy.

Keep in mind that if your exam policy comes back declined or at a higher premium, you can just keep the no exam coverage.

There are other companies out there to choose from beside Minnesota Life

Much like any other life insurance carrier, Minnesota Life can’t satisfy the goals of all shoppers. The issue comes down to the areas Minnesota Life is strong in versus where they are weak.  Fortunately for you, Life Insurance Blog can make sure you apply with the company that will offer you the best rate.

Suggestion

Life Insurance Blog has a suggestion for those thinking about getting a life insurance policy from Minnesota Life.

Contact us to determine if Minnesota Life is the most suitable company based on your insurance needs, health and budget.

If they are the company that provides the best life insurance rate, we’ll find out and let you know.

That said, with so many highly ranked life insurance companies at your disposal…

…you may end up saving thousands of dollars throughout the life of your insurance policy by using another provider instead.

Minnesota Life Insurance Company Review & Ratings

This article addressed the advantage, disadvantages, and suggestions for anyone thinking about choosing Minnesota Life as their life insurance company.

Is Minnesota Life or another top rated life insurance company the best fit for you? We sometimes refer clients to Minnesota Life when they meet the minimum underwriting criteria required by this A+ company.

Recommendation

We don’t show a preference for one specific life insurance company. Rather, we learn what your needs are and then suggest the most affordable life insurance company to accommodate your individual goals and needs.

If saving money on your life insurance policy is important, let us help you. We offer free customized quotes from Minnesota Life and other top rated life insurance companies.

Minnesota Life Insurance Company Details


Name(s): Minnesota Life Insurance Company; Securian Financial Group; Securian Life Insurance Company (NY)


Address:

400 Robert Street North
St. Paul, MN 55101


Phone: (651) 665-3500


Websitewww.minnesotalife.com/


Ratings:  A.M. Best (A+), Standard & Poor’s (A+), Comdex (93), Fitch (AA-), Moody’s (AA)

Thanks for reading our post, Minnesota Life Insurance Company Review. Please leave a comment or quote below.

Michael Quinn
Michael is a licensed life insurance agent, expert & owner of Life Insurance Blog. LIB has helped thousands of shoppers understand life insurance and secure affordable coverage.

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Michael Quinn
Founder – Life Insurance Blog

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