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
Review Summary
The Minnesota Life Insurance Company is an A+ rated insurer that offers a variety of coverage options at great rates.
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:
- Child’s Term Rider
- Accelerated Death Benefit Rider
- Conversion feature during the term period without proof of insurability.
- Waiver of Premium Rider
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…
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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
Website: www.minnesotalife.com/
Ratings: A.M. Best (A+), Standard & Poor’s (A+), Comdex (93), Fitch (AA-), Moody’s (AA)
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