Everyone likes to know more about the company who they are doing business with and learn something about their strengths and weaknesses.
In this article, I’m going to provide you with information and a review of Minnesota Life Insurance Company to help you make an informed choice when deciding if this life insurance company is a right choice for your life insurance needs.
Minnesota Life Insurance Company is part of the Securian Financial Group. The company was founded in 1880 so it clearly is an established company that has aged well over time. Currently, Securian Financial Group, which includes Minnesota Life Insurance, offers its services to approximately10 million people in the U.S. with a mixture of insurance, investment and retirement financial products.
Financial Strength of Minnesota Life Insurance Company
One of the indices to consider when choosing a life insurance company is to know how strong they are financially. Like any other company, the financial health of a life insurance company can ebb and flow for a variety of reasons. If a company isn’t financially strong, this can impact your life insurance policy anywhere from their ability to pay claims to their investment portfolio which could impact the cash value of a Permanent life insurance policy.
One way to find out the financial strength of a company is through the rating companies such as Moody’s, A.M. Best, Fitch and others who examine the corporate books of these companies in minute detail and rate their health accordingly.
So, how does Minnesota Life Insurance Company rate? Minnesota Life as part of the Securian Financial Group rates quite well and is considered a sound company from a financial perspective. Moody’s gives it an Aa3 rating which is ‘Excellent’. A.M. Best rates the company as A+ which is‘Superior’, and Fitch has rated the company as AA or ‘Very Strong’. Additionally, the Comdex ranking for this company is rated as 93, and is based on a scale of 1-100.
Their Comdex rating is of particular note. Would you believe theirs at 93 is higher than many, very well known insurance carriers such as Genworth (78), Reliastar/ING (75), and American General (82).
They have the same A.M. Best rating as some of the most financially reputable companies in the world, including Ohio National and Monumental Life. One of the only companies that beats them in financial ratings is State Farm, who have a staggering Comdex rating of 98!
Products Offered by Minnesota Life Insurance Company
Minnesota offers the following life insurance policies to its customers;
Advantage Elite Term
Term life insurance is the cheapest form of life insurance that gives a policy holder temporary coverage for a specific number of years such 10, 20 or 30 years which is why it is called ‘term’. The premiums you pay remain the same for the term and cover death benefits only. During the life of the policy there may options at interval periods in the policy when you can change your term insurance policy to a permanent insurance policy.
One unique feature about Minnesota Life is they’re one of the few companies to offer a 5 year term.
Permanent life insurance
Permanent life insurance gives a policy holder coverage for their entire life and also offers the additional advantage of a cash value accumulation. The cash value has a number of tax advantages and can be borrowed against if you incur a financial emergency, or it can be used as a retirement supplement.
Permanent Life insurance is not only used for individuals but is also used by businesses as a form of business life insurance for key personnel and partners. Some permanent policies may have consistent premiums while others allow you to adjust the premium according to your budget.
There are different types of Permanent life insurance policies. Your choices include:
Accumulator Universal Life – Also provides you with a cash value and death benefits but has the added advantage of allowing you to make flexible premiums.
Secure Whole Life – Their whole life policy offers guaranteed life insurance benefits for life as well as guaranteed cash value accumulation, which can be drawn from by way of loans or withdrawal if needed.
Eclipse Indexed Life – This is their Indexed life insurance policy, which has the potential of interest crediting and is directly related to changes in an index account(s). The crediting potential has a maximum and minimum.
Eclipse Survivor Indexed UL – This type of policy gives coverage to 2 people and the death benefits become payable when the second one of the parties dies. The thing that makes Minnesota Life’s survivor policy unique is with the indexing feature, it has the capability of building up some very nice cash value.
What about Whole life insurance? – Minnesota Life does not currently offer a type of whole life.
Complaints against Minnesota Life Insurance Company
Every insurance company has consumer complaints. Minnesota Life Insurance Company is no exception. There are many consumer complaint sites on the web but frankly, they are suspect and I take them with a grain of salt. If you want take the pulse of how a company fares, the best way is to look at a legitimate consumer complaint organization such as the Better Business Bureau.
Minnesota Life Insurance Company isn’t listed with the BBB because it falls under the Securian Financial Group, and this company has an A+ rating which is top of the line. That says it all.
For a quote on a Minnesota Life policy, call us at 877-996-9383.