Is Minnesota Life Insurance Legit? Overview, Customer Service Contact, Policies, Riders, Ratings, Pros And Cons

Is Minnesota Life Insurance Legit? A Comprehensive Analysis

Established in 1880, Minnesota Life Insurance, an affiliate of Securian Life Insurance, has its headquarters in St. Paul, Minnesota.

In 2021, the company delivered $1.4 trillion in in-force life insurance protection and disbursed nearly $5 billion in benefits.

Minnesota Life operates in all states except New York, offering comprehensive life insurance coverage.

Is Minnesota Life Insurance Legit
Is Minnesota Life Insurance Legit: Photo(SkLoff Insurance)

Customer Service Contact

For assistance with Minnesota Life insurance policies, customer service is managed by Securian, the parent company.

Contact Securian at (833) 810-8260 or through the online contact form during business hours, Monday through Friday, from 7 a.m. to 6 p.m. CT.

Mobile App

Minnesota Life policyholders have the convenience of utilizing the Securian Financial mobile app.

They can use the app for tasks such as policy management, payment processing, beneficiary updates, and additional functionalities.

Is Minnesota Life Insurance Legit? Pros And Cons

Pros

High Coverage Limits:

Minnesota Life is a suitable choice for those in need of policies with substantial coverage, depending on the chosen policy.

Diverse Range of Products:

Offering various life insurance products, including term, universal life, whole life, equity-indexed universal life, and variable life.

Multiple Riders Available:

Minnesota Life allows policy customization with several riders, including two accelerated death benefit riders included at no cost on certain policies.

Low Customer Complaints:

The company has received significantly fewer complaints than expected over the past three years.

This is according to the National Association of Insurance Commissioners (NAIC), indicating a high level of customer satisfaction.

No-Medical-Exam Option:

Eligible applicants can benefit from Minnesota Life’s WriteFit Underwriting program, offering no-medical-exam life insurance with the possibility of same-day policy issuance.

Cons

No Online Quotes:

Minnesota Life lacks an online quote tool for term coverage or an online application option from the website.

Interested individuals must contact an agent for price estimates or to apply.

Also Read: Is Paramount Insurance Legit? A Comprehensive Analysis

Complaint Index

Minnesota Life demonstrates a lower-than-expected number of complaints for a company of its size, as indicated by the NAIC Complaint Index.

The three-year average complaint index of 0.15 suggests significantly fewer complaints than expected for its size.

This aligns with the performance of many top-rated life insurance companies reviewed.

Is Minnesota Life Insurance Legit? Third-Party Ratings

Securian, the parent company of Minnesota Life, holds an A+ (Superior) rating from AM Best, the second-highest grade given by AM Best.

This rating indicates superior financial strength and claims-paying ability.

Evaluated based on factors like balance sheet strength, operating performance, and total debt.

Most of the life insurance providers reviewed maintain at least an A rating.

Also Read: Is Jenny Life Insurance Legit? A Complete Analysis

Minnesota Life Policies 

Minnesota Life distinguishes itself through a comprehensive array of policy offerings.

This includes options eligible for the WriteFit Underwriting program, allowing applicants to apply without a medical exam.

Is Minnesota Life Insurance Legit
Is Minnesota Life Insurance Legit: Photo(Facebook)
  1. Term Life Insurance:
    • Provides temporary coverage over 10 to 30 years.
    • No cash value accumulation.
    • Death benefit, if applicable, is usually tax-free and can be used for any purpose.
    • Convertible to permanent coverage without a medical exam if desired.
  2. Whole Life Insurance:
    • Permanent coverage providing lifetime protection.
    • Fixed premiums, guaranteed death benefit, and a cash value component.
    • Cash value grows at a fixed interest rate, and borrowing is possible.
  3. Universal Life Insurance (UL):
  4. Variable Universal Life Insurance (VUL):
    • Combines flexibility with investment in the stock market.
    • Adjustable death benefit and premiums.
    • Cash value is tied to market performance, offering growth potential but with associated market risks.
  5. Indexed Universal Life Insurance (IUL):
    • Cash value growth linked to a stock market index (e.g., S&P 500).
    • Not directly invested, reducing risk compared to VUL.
    • Adjust death benefit and premiums, with the option to withdraw or borrow from the cash value.

Optional Riders

Minnesota Life offers a variety of optional riders, allowing policyholders to enhance their coverage with additional features.

While some riders may be included without added cost, others may increase the premium.

  1. Guaranteed Insurability Rider:
  2. Child Term Rider:
    • Offers a small amount of level term life insurance for eligible children.
    • Convertible to a permanent life insurance policy for children upon reaching adulthood, without a medical exam.
    • Incurs a monthly charge when added to the Minnesota Life policy.
  3. Waiver of Premium Rider:
  4. ADB: Terminal Illness Rider:
    • An accelerated death benefit (ADB) rider for terminal illness.
    • Allows the policyholder to receive a portion of the death benefit while alive if diagnosed with a terminal illness.
    • Included at no upfront cost with select Minnesota Life Insurance policies.
  5. ADB: Long-term Care Rider:
    • Provides a monthly payment for qualifying long-term care expenses.
    • Reduces the death benefit by the monthly payment.
    • Optional rider incurring a fee when added to the Minnesota Life policy.
  6. ADB: Chronic Illness Rider:
    • An accelerated death benefit (ADB) rider for qualifying chronic illnesses.
    • Allows acceleration of a portion of the death benefit while alive for any purpose.
    • Included at no upfront cost with certain Minnesota Life Insurance policies.

Conclusion

Minnesota Life operates in all states except New York, offering comprehensive life insurance coverage.

For more information about their coverage contact them directly or their agent near you.