Minnesota Life

Minnesota Life Insurance has provided a variety of financial products — from life insurance and accident insurance to annuities — for over 140 years. You can purchase a Minnesota life insurance policy in 49 U.S. states, excluding New York.

Securian Financial Group is the parent corporation of Minnesota Life Insurance. Securian Financial Group is one of the largest insurers in the U.S., with over $1.4 trillion life insurance policies in force.

Minnesota Life offers term, whole and universal life insurance policies with long-term care coverage options. Some policies have exceptionally high coverage limits — up to $65 million — compared to other life insurance companies, which typically cap around $1 million. Most policies have options to skip a medical exam.

There are several customizable universal policies available, with variable and indexed universal options. Learn about Minnesota’s life insurance policies to determine if one meets your coverage needs.

Minnesota Life offers two term life insurance policies — the Advantage Elite Select Term and Convertible Annual Renewable Term. Both offer temporary coverage with a fixed death benefit and premiums. Both policies can be converted into a permanent policy under certain conditions.

Minnesota Life’s whole policies offer lifelong coverage with a fixed death benefit and premiums. You also have a cash value component, which grows tax deferred with a fixed interest rate.

Minnesota Life’s long-term care coverage option is a whole life policy —the SecureCare III — which has built in long-term care benefits. Your premiums are set with this policy, and you have lifetime coverage.

Online information about Minnesota’s standard whole life policies is limited. You’ll must contact an agent to learn about coverage limits and issue ages.

Minnesota Life offers several variable universal and indexed universal policies. Both offer lifelong coverage, a flexible death benefit and premiums, and have a cash value component. Some policies allow you to skip a medical exam and do a quick phone interview instead.

With a variable universal policy, you can select several subaccount choices to invest directly into the market. While this option presents more risk, there is more opportunity for cash growth.

Minnesota Life’s indexed universal policies have their cash value’s growth tied to the performance of an underlying index. This option provides an opportunity for your cash value to grow at a quicker rate.

Several pros of Minnesota Life insurance are having high coverage limits, options to skip medical exams and a variety of customizable life insurance policies. Their biggest con by far is not having average costs available on their website.

Having to call up an agent for a life insurance quote is a drawback, especially when trying to quickly compare life insurance costs.

The website also lacks specific information about most policies.

Minnesota Life has high financial strength ratings from two leading credit rating agencies — AM Best and Fitch Ratings. An insurer’s financial strength rating is determined by the company’s overall performance, along with their ability to pay claims and pay off debts.

If you choose an insurer with a low financial strength rating, you could potentially have difficulty with the payout process. Luckily, this shouldn’t be an issue with Minnesota Life.