Securian At a Glance: Rates, Products and Reviews

Headquartered in St. Paul, Minnesota, Securian Financial has been around for more than 140 years. The company offers a variety of retirement and insurance products for individuals, families, and businesses. It strives to “build secure tomorrows” and serves customers in all 50 states. According to Securian’s latest figures, the company has over 23 million customers in North America and more than 5,500 employees. Its subsidiaries, Minnesota Life and Securian Life received high remarks by several independent rating agencies.

Securian offers a robust lineup of products to help individuals from all walks of life feel confident about their financial futures. Here’s an overview of several of its offerings.

Immediate annuities offer income today as well as a guaranteed income stream in the future. Once you invest a lump sum, you’ll choose whether you want the income to last for the rest of your life, for a set period of time, for more than one life, or for your loved ones after you pass away. The IncomeToday!® 2.0 is Securian’s single premium immediate annuity. It has a $10,000 premium minimum, a $2 million maximum, and the Advance Withdrawal benefit that lets you withdraw a portion of the annuity’s value before the guarantee period is up.

Fixed deferred annuities provide predictable growth at a set interest rate. With a fixed deferred annuity, you’ll receive a minimum interest rate, which guarantees that your account will never earn less than that rate. You’ll be able to choose from a number of options for collecting income when you retire, including a guaranteed income stream that you can’t outlive. SecureOption® Choice is Securian’s multi-year guaranteed annuity (MYGA), which is a type of fixed deferred annuity that earns a set interest rate for a set time period.

Fixed index annuities can allow you to earn interest that is tied to the performance of an index. This means you may receive a higher rate than you would with a traditional fixed interest annuity but won’t have to worry about the risk of a stock market investment. Once your crediting period expires, you’ll collect an index credit, which will depend on the index’s performance.

The optional living benefit is an add-on that will guarantee your retirement income will grow at an accelerated pace, no matter how the market performs. SecureLink® Ultra 5, SecureLink® Future and SecureLink® Chronic Illness Access are a few examples of Securian’s fixed index annuities.

Variable deferred annuities can give you the opportunity to invest in a number of investments. You may select an investment that meets your particular risk tolerance and investment style. There’s also an optional living benefits add-on that can protect your account from market fluctuations and offer some peace of mind. Securian’s MultiOption® variable annuities may be tailored to achieve your unique goals. While MultiOption® Guide B Series is a standard variable annuity with premium flexibility, MultiOption® Extra features a 7% credit enhancement to increase your initial premium.

Through life insurance products, Securian “protects what matters most.” The company’s two main offerings include term life insurance and permanent life insurance. Term insurance provides coverage for a set period of time, such as 10, 20 or 30 years. Permanent life insurance, on the other hand, offers lifelong coverage as well as the opportunity to accumulate tax-free cash value that you can use to pay for college, travel or supplement your nest egg.

Features and benefits vary by product. However, here are a few notable advantages you can expect with some of Securian’s annuity and life insurance options.

As with most annuity and insurance companies, you can expect to pay some fees if you invest in a Securian product. While fees vary, you may owe administrative charges, maintenance fees and mortality & expense (M&E) risk fees. You might also face surrender fees if you withdraw funds from your account early on.

The MultiOption® Guide B Series, Securian’s variable annuity comes with a 0.75% M&E charge, a 0.15% administrative charge and a $50 maintenance fee. Surrender charges, which are a percentage of the amount you withdraw, will depend on what year you pull the money. Before you move forward with a Securian product, do the math and make sure you know how the fees will impact your overall account value.

Credit ratings indicate the financial strength and stability of a company. Fortunately, Securian earned high ratings from well-known, third-party organizations, including AM Best, Standard & Poor and Moody’s.

With over 140 years of experience, Securian Financial stands out for its stability. In 2023, it paid $5.4 billion in benefits and is the parent of Minnesota Life Insurance Company and Securian Life Insurance Company, an authorized insurer in New York. According to AM Best, it ranks as the 7th largest life insurer in the U.S. as of 2023.

The National Association of Insurance Commissioners’ (NAIC) Complaint Index assesses client satisfaction in the insurance and annuity industries through an annual report. The figures below show that Securian receives less complaints than the industry average for all types of insurance policies and individual annuities.

Note that while Securian was not included in the 2023 or 2024 editions of the J.D. Power Customer Satisfaction Index Ranking, which evaluates customer satisfaction of insurance and annuity providers, it’s still a financially stable company.

If you’re in the market for annuities and/or life insurance, Securian is one option to explore. However, it’s a good idea to shop around and compare its offerings against products from other reputable companies. Depending on your situation, it may make sense to work with a financial advisor who can make recommendations and help you build a financially secure retirement and future.

Editor Norah Layne contributed to this article.