Ever since 1880, Securian Financial Group – which is the holding company and parent of Minnesota Life Insurance Company and its affiliates – has been offering comprehensive life insurance strategies to its customers. The company places a key focus on what it takes to succeed – both today, and for many years into the future.
In its more than 100 years history, Securian has been highly committed to the personal financial goals of its customers. The company takes a long-term approach to insurance, as well as to investments and retirement solutions. Minnesota Life Insurance Company – along with Securian Financial Group – is headquartered in St. Paul, Minnesota.
Minnesota Life Insurance Company
Today, Securian Financial Group has nearly 16 million customers that depend on the company for meeting their financial goals. The company also has approximately 5,000 associates and sales representatives that work either out of the company’s St. Paul, Minnesota, headquarters, or in offices around the United States.
Currently, the company has more than $1.15 trillion of insurance coverage in force, and in just the year 2015, more than $4.6 billion in statutory benefits were paid out to the company’s policyholders and / or policy beneficiaries.
Securian Financial Group ranks near the top regarding capital and surplus-to-liabilities ration in its peer group. This group includes CUNA Mutual, Great-West Life, Guardian Life, John Hancock, Lincoln, Mass Mutual, Nationwide, New York Life, Northwestern Mutual, Ohio National, OneAmerica, Pacific Life, Penn Mutual, Principal, Prudential, Standard, Transamerica, and Western & Southern.
Securian Financial Group has a long list of affiliates and subsidiaries, including:
- Securian Financial Services – Financial products and investment advisory services.
- Securian Trust Company – Trust services.
- Capital Financial Group / H. Beck – Financial products and investment advisory services distributor.
- Minnesota Life – Individual and group life insurance, individual annuity, and retirement plans.
- Securian Life – Individual and group life insurance, and individual annuity.
- Securian Casualty Company – Property – Casualty insurance products.
- Allied Solutions – Financial institution products and services distributor.
- American Modern Life – Credit life and disability products.
- Southern Pioneer Life – Credit life and disability products.
- Advantus Capital Management – Investment advisory services.
- Personal Finance Company – Consumer finance products.
- Asset Allocation and Management Company – Insurance asset manager.
In addition to the strong and stable financial foundation that Securian / Minnesota Life has, the company also ranks among the very best in customer retention. For example, in the year 2015, the company achieved the following marks regarding keeping its customers in place for the following products and services:
- 95 percent for individual life insurance clients (based on in-force retention)
- 94 percent of the individual annuity clients (based on client assets under management retention)
- 96 percent of the retirement plan clients (based on client assets under management)
- 97 percent of the group insurance clients (based on client premium retention)
- 99 percent of financial institution group clients (based on client premium retention)
- 90 percent of Advantus Capital Management clients (based on client retention)
Insurer Ratings And BBB Grade
The financial strength and the claims paying ability, of Securian ranks the company among the most highly rated insurance company groups in the United States. Securian’s member companies – which include Minnesota Life Insurance Company and Securian Life, a New York authorized insurance carrier – have received very high ratings from the independent insurance carrier ratings agencies. These ratings reflect the company’s integrity, stability, commitment, and long-term focus on maintaining a strong balance sheet.
These ratings include the following:
- A+ (Superior): A.M. Best and Company
- AA (Very Strong): Fitch Ratings
- Aa3 (Excellent): Moody’s Investor Service
- A+ (Strong): Standard & Poor’s
In addition to its high insurer ratings, the company is also ranked in the top 7 percent of companies that have a Comdex rating. This is an average percentile of a company’s overall ratings, which can make it easier to compare companies.
The Comdex Ranking looks at companies that are rated by the independent insurer ratings agencies, and then it ranks more than 200 of such companies on a scale of 1 (which is the lowest) and 100 (which is the highest). Securian, the parent company of Minnesota Life Insurance Company, has a Comdex Rating of 93 (as of June 2016).
No Exam Life Insurance Coverage From Minnesota Life Insurance Company
For no exam life insurance coverage from Minnesota Life Insurance Company, this insurer offers a term life product with coverage lengths from five to thirty years. Applicants for this plan can opt for up to $250,000 in death benefit coverage.
Because there is no medical exam involved – which means there are fewer underwriting requirement to review – it will be approved and often issued within just 72 hours after application. There is also a conversion rider on this policy, which can allow the insured to convert the term life insurance coverage over to a permanent life plan.
Overall, Minnesota Life Insurance Company tends to be a good company in various niche markets, such as nicotine and tobacco, depression, asthma, and anxiety – which may be considered to be in the high-risk life insurance category, depending on the specific situation.
Other Products Available
Term Life Insurance
With the company’s term life insurance coverage – Advantage Elite Select – policy lengths can be chosen from 5, 10, 15, 20, or 30-year durations. During this time, the premium will remain level, and will not increase. These policies are also convertible to any of Minnesota Life’s permanent life insurance coverage during the term, without the insured having to provide evidence of insurability. At the end of a policy’s term, the insured can opt to renew his or her coverage on an annual basis through the anniversary that is nearest to the insured’s age 95.
Survivorship Indexed Universal Life Insurance
With the Eclipse Survivor and the Eclipse Survivor Pro, two individuals can be covered under just one policy. The policy can also build up cash value via the performance of an underlying market index.
The company offers annuities to individual investors. Fixed and variable annuities are offered, which can assist clients with both building up a large account balance, as well as with providing an ongoing stream of retirement income that cannot be outlived – regardless of how long the client lives.
The company offers retirement plans to both small and large companies. These plans may include 401(k)s, profit sharing, defined benefit plans, cash balance plans, and / or pension risk transfer.
Minnesota Life Insurance Company (and Securian Financial Group) offer group insurance. This coverage can be geared to small public employers, as well as for large public and private employers. The products and services that are offered in this area include group term life insurance, group universal life insurance, group variable universal life insurance, group critical illness, group accident coverage, group hospital indemnity, group accidental death and dismemberment, and business travel accident coverage. Minnesota Life Insurance Company is known as one of the nation’s top five group insurers, and it underwrites 21 state group insurance plans. The company’s clients also include 21 of the Fortune 100 companies, as well as 63 of the Fortune 500 companies.
Minnesota Life Insurance Company is also part of the financial institution group. Just some of the clients that are served in this area include banks and thrifts, credit unions, finance companies, mortgage lenders and services, and other affinity groups. In this niche, the company is the nation’s third-largest credit life and disability insurer, with 99 percent premium retention, and 100 percent customer satisfaction.