Minnesota Life Insurance Review & Complaints: Life Insurance (2024)

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With more than 125 years in business, Minnesota Life has grown to become part of a larger financial services group serving more than 15 million people across America. Minnesota Life pioneered flexible life insurance, and continues to offer a range of insurance products for both individuals and businesses.

What is Minnesota Life?

Minnesota Life Insurance Company was founded in 1880 in St. Paul, Minnesota as the Banker’s Association of Minnesota. The company expanded quickly and their adjustable life policy was one of the first options for flexible life insurance coverage. Their success was followed by a name change to Minnesota Mutual and a move to a large office building in St. Paul in 1982.

In the late 90s, Minnesota Life adopted the name Securian, but it wasn’t until 2005 that they re-branded to use the name as an umbrella brand for the entire group of affiliated companies. Minnesota Life still operates under its own name but under the Securian Financial Group, Inc. banner.

Minnesota Life writes a variety of individual life insurance and annuity products, as well as group life insurance and retirement-planning products. Their term life insurance coverage products are usually the most affordable, although they don’t provide the cash value of other life products. All of these are sold through agents and brokers across the nation.

What type of insurance products are offered?

The following group of Minnesota Life products are all aimed at helping with long-term financial planning. You can purchase an individual policy or group coverage from this company.

Minnesota Life Insurance Products

Minnesota Life writes several types of life insurance policies in both term and permanent formats.

Term life is available in a range of term lengths, and includes the option to convert the policy to permanent life insurance, at certain intervals throughout the term. This coverage is designed to provide a large death benefit during the years when it is most needed.

Minnesota Life has comprehensive coverage options and permanent life insurance is available in several forms:

• Whole Life – a standard permanent life insurance policy that has stable premiums and a cash value account
• Universal Life – which provides all of the benefits of a whole life policy along with the option to choose flexible premiums
• Indexed Life – an investment option using an index account
• Variable Universal Life – which offers the benefits of a regular Universal policy along with investment in various accounts that can include stocks, bonds, and more
• Fixed Universal Life – offers a reliable cash value growth with a fixed interest rate. This policy provides flexibility, stability and a solid life insurance benefit over time
• Long-Term Care Insurance/Universal Life – this policy combines long-term care coverage with the benefits of a universal life policy

Minnesota Life Annuity Services

Minnesota Life offers both immediate and deferred annuities. Both fixed and variable deferred options are available. These products are designed to provide income either now or in the future as a retirement plan.

Is group life insurance available?

In partnership with Securian Life Insurance Company, Minnesota Life offers a range of group life insurance coverage options and related options for businesses.

These options include:

• Group Term Life Insurance
• Group Universal Life
• Variable Universal Group Life
• Accidental Death and Dismemberment Benefits
• Business Travel Accident

Policies may be issued by either Minnesota Life or Securian Life.

Is financial institution coverage offered?

The company also has a suite of products designed specifically for the needs of financial institutions. These are issued by Minnesota Life in every state except New York, where Securian Financial issues them instead.

Are Minnesota Life premium rates affordable?

Minnesota Life does not offer online quoting, therefore we are unable to compare their rates to other companies to determine if they offer affordable coverage. All quotes are obtained through a Minnesota Life financial professional or broker, and that means policies will include their commissions, which generally adds a little cost.

While we are unable to obtain a rate for comparison, we can say that this company has a lot of policies in force, which means they certainly have had no trouble selling their products, regardless of cost. That said, traditionally, this sort of life and financial services company does not offer the most affordable policies. They aren’t targeting the budget insurance market; rather they are largely aimed at people who get insurance through work or will take the advice of an agent on what to buy over shopping around independently. As a result, they may not feel the need to be competitive in terms of rates.

Why should you buy life insurance?

Life is unpredictable. You never know when your health will fail, or if a loved one may need financial help in the future. A good life insurance policy can provide for your spouse, dependent children, or anyone else who may need financial assistance when you’re gone.

Life insurance benefits can pay for your funeral costs after your death, as well as any outstanding debts, and can keep your family going if you’re the breadwinner and they are suddenly without an income.

The amount of coverage that’s right for you depends on several factors including how old you are and how old your children or other beneficiaries are. Talk to an insurance agent about finding the right coverage if you’re not sure.

Claims Procedure at Minnesota Life Insurance

Ease of Filing a Claim

Minnesota Life Insurance offers multiple channels for filing a claim, ensuring flexibility for its policyholders. You can file a claim through their online portal, over the phone, or by using their mobile apps. This accessibility makes it convenient for policyholders to initiate the claims process in a way that suits their preferences and circumstances.

Average Claim Processing Time

The speed at which an insurance company processes claims is a crucial factor for policyholders. While specific processing times may vary depending on the nature and complexity of the claim, Minnesota Life Insurance strives to provide efficient claim processing.

However, it’s important to note that the exact processing time for your claim may be influenced by various factors, so it’s advisable to reach out to the company for more precise information.

Customer Feedback on Claim Resolutions and Payouts

Customer feedback is valuable in assessing an insurance company’s performance in handling claims. Minnesota Life Insurance aims to provide fair and satisfactory claim resolutions and payouts to its policyholders.

To gain insights into the overall customer satisfaction with their claims process, it’s beneficial to explore reviews and testimonials from policyholders who have experienced the claims process firsthand.

Digital and Technological Offerings at Minnesota Life Insurance

Mobile App Features and Functionality

Minnesota Life Insurance offers a mobile app that provides policyholders with convenient access to their insurance information and account management. The app may include features such as policy details, premium payments, claims tracking, and more. Exploring the app’s functionality can help policyholders make the most of their insurance experience.

Online Account Management Capabilities

In addition to the mobile app, Minnesota Life Insurance offers online account management capabilities through their website. Policyholders can log in to their accounts to view and manage their policies, make payments, and access important documents. These online tools enhance the convenience of managing your insurance policies.

Digital Tools and Resources

Minnesota Life Insurance may offer various digital tools and resources to assist policyholders in making informed decisions about their insurance coverage. These tools could include insurance calculators, educational resources, and online customer support options.

Exploring these digital resources can help policyholders better understand their insurance options and make confident choices.

What do you need to know about Minnesota life ratings and customer service?

Before you choose a life insurance provider, you should check the ratings available from independent rating agencies.

Minnesota Life is rated by the BBB under the Securian name. Securian has an A+ rating and has been BBB accredited since 1996. There are a total of 22 consumer complaints in the past three years, seven of which were closed in the past 12 months. Those numbers are very low for a company as large as this one.

There are a few complaints against Minnesota Life on various websites, citing trouble with claims and with slow response or benefits being cut or denied. These complaints aren’t numerous; there are certainly not enough of them to raise any major red flags. They are also scattered over many years rather than many recent complaints, which again makes them less concerning overall.

Financial Strength

What’s the bottom line?

Minnesota Life is a very old company with a strong financial background, which makes them a pretty safe bet, particularly for financial products. Their products are most likely to appeal to those who are being offered the option to purchase through an employer.

When it comes to individual insurance, there is a long list of companies who make it easier to obtain a quote, easier to apply for and get a policy, and will likely offer a better premium. For an individual shopping for life insurance, Minnesota Life is not likely to be on the top of your list due to the lack of easily obtained comparison quotes.