Minnesota Life has been providing life insurance coverage since 1880, making it one of the longer-established carriers in the industry. If you’ve been researching minnesota life insurance options, you’ve likely come across this company in your search.
For a complete overview, see how term life insurance works.
I help families across the country find the right life insurance coverage for their specific needs and budget. When clients ask me about Minnesota Life (which operates as a subsidiary of Securian Financial), I give them the same honest assessment I’ll share with you today.
Let me walk you through what you need to know about Minnesota Life, including their strengths, potential drawbacks, and how they compare to other options in the marketplace.
Who Is Minnesota Life Insurance?
Minnesota Life is actually the life insurance arm of Securian Financial Group, a mutual company headquartered in St. Paul, Minnesota. They’ve been in business for over 140 years, which speaks to their staying power in the insurance industry.
The company operates in all 50 states and offers a range of life insurance products including term life, whole life, and universal life insurance. They primarily work through independent agents and financial advisors rather than selling directly to consumers.
Financial Strength and Ratings
When I evaluate any insurance company for my clients, financial strength is always my first consideration. You want to know the company will be around to pay your claim when the time comes.
Minnesota Life/Securian Financial maintains solid ratings from the major rating agencies:
- A.M. Best: A+ (Superior)
- Standard & Poor’s: AA- (Very Strong)
- Moody’s: Aa3 (High Quality)
These ratings indicate the company has strong financial reserves and a stable business model. However, they’re not the absolute highest ratings in the industry—some companies carry even stronger ratings.
Minnesota Life Insurance Products
Term Life Insurance
Minnesota Life offers both 10-year and 20-year level term policies. Their term products are fairly standard in the industry, providing temporary coverage at affordable rates while you’re younger.
In my experience, their term rates tend to be competitive but not always the lowest available. Since term life insurance is essentially a commodity—the coverage is nearly identical regardless of carrier—I always recommend shopping around to find the best rates.
Permanent Life Insurance
The company offers whole life and universal life insurance products for those looking to build cash value alongside their death benefit. These products can be useful for estate planning and long-term financial strategies.
However, permanent life insurance is where carrier differences become more significant. Policy features, cash value growth potential, and cost structures can vary dramatically between companies.
The Challenge with Single-Carrier Shopping
Here’s what I’ve learned after years in this industry: different insurance companies have vastly different underwriting guidelines and rate structures. What might be expensive with Minnesota Life could be very affordable with another carrier, and vice versa.
Let me give you a real example. I recently had a client who was quoted a significant premium increase for his diabetes. When I shopped his case across multiple carriers, I found another A-rated company that offered him better coverage at 40% less cost. Same health condition, same coverage amount—dramatically different outcome.
The life insurance industry doesn’t work like shopping for a car where you can easily compare prices. Each company:
- Uses different underwriting criteria
- Weights health conditions differently
- Has varying appetites for certain risks
- Offers different rate classes and pricing
Why I Don’t Recommend Single-Company Shopping
When you work directly with Minnesota Life or any single carrier, you only see one option. That’s like shopping for a house but only looking at one property—you have no idea if you’re getting a good deal.
As an independent agent, I’m not tied to any single company. Instead, I work with dozens of highly-rated carriers, including Minnesota Life when they’re the best fit. This allows me to:
- Compare rates across multiple companies
- Match your specific health profile to the carrier most likely to offer favorable rates
- Find the underwriting guidelines that work best for your situation
- Negotiate on your behalf when needed
Think of it this way: would you buy the first car you test drove, or would you want to see what else is available first?
What to Look for in Any Life Insurance Company
Whether you’re considering Minnesota Life or any other carrier, here are the key factors I evaluate:
Financial Strength
Look for A.M. Best ratings of A- or higher. This indicates the company has strong financial reserves and a stable outlook.
Product Features
Different policies offer different features. Some may have better cash value growth, more flexible premium payments, or additional riders.
Underwriting Philosophy
Some companies are more lenient with certain health conditions. If you have diabetes, heart disease, or other conditions, carrier selection becomes crucial.
Cost Structure
Even with identical coverage, costs can vary significantly between carriers due to different expense ratios and profit margins.
Claims Paying History
You want a company with a reputation for paying claims promptly and fairly.
The Independent Agent Advantage
This is where working with an independent agent like myself makes a huge difference. Instead of being limited to one company’s products and rates, I can:
Shop Multiple Markets: I work with dozens of carriers, so I can find the one that offers you the best combination of coverage and price.
Navigate Underwriting: If you have health issues, I know which companies are more favorable for specific conditions.
Save You Time: Rather than you calling multiple companies and repeating your information, I handle all the legwork.
Provide Ongoing Service: If you need to make changes or have questions down the road, you have a dedicated professional to help.
My Experience with Minnesota Life
I’ve placed policies with Minnesota Life when they were the best fit for a client’s specific situation. They’re a solid, established company with good financial ratings and reasonable products.
However, they’re rarely my first recommendation simply because other carriers often provide better value or more favorable underwriting for most clients I work with.
That doesn’t make Minnesota Life a bad choice—it just means there are often better options available when you compare across the entire marketplace.
Before You Make a Decision
If you’re considering Minnesota Life for your life insurance needs, I’d encourage you to get quotes from multiple carriers before making a final decision. The differences in rates and terms can be substantial.
I recently helped a 45-year-old client who was quoted $180 per month for $500,000 of coverage with one carrier. After shopping the market, we found identical coverage with an equally strong company for $127 per month—a savings of over $600 per year.
Why settle for the first option when you might qualify for significantly better rates elsewhere?
Before you commit to Minnesota Life, consider this: different insurance companies have very different rates and underwriting guidelines. What’s expensive at one carrier might be affordable at another. That’s where I come in.
I’ll do the comparison shopping for you. Request a free quote and see how Minnesota Life stacks up against the competition. There’s no cost for me to run the numbers, and you might be surprised at the options available to you.
- Compare multiple carriers instead of shopping with just Minnesota Life alone, as different insurers have vastly different underwriting guidelines and rate structures for the same coverage.
- Verify Minnesota Life’s strong financial ratings (A+ from A.M. Best, AA- from S&P) indicate they’re financially stable, though some competitors carry even higher ratings.
- Consider that Minnesota Life’s term life rates tend to be competitive but not always the lowest available, making rate shopping especially important for this commodity-type coverage.
- Work with independent agents rather than direct purchase since Minnesota Life primarily sells through agents and advisors who can access multiple carrier options.
- Understand that permanent life insurance products show the biggest differences between carriers in terms of features, cash value growth, and cost structures compared to simpler term coverage.
