Securian Financial life insurance review October 2020
Choose from several term and whole life policies and convert from term to permanent if that suits you.
finder.com's rating: 4 / 5
- Get a quote if… value an experienced insurance company
- Pick something else if.. you need more customizations than Securian offers.
18 to 90
$50,000 to $5,000,000
Medical Exam Required
|Free quote||By phone or online contact form|
|Monthly cost||Not Listed|
Term life, whole life, universal life, long-term care
|Term lengths||10, 20 and 30 years|
|Riders||Accelerated death benefit rider, Child rider, Long-term-care rider, Spouse rider, Waiver-of-premium rider|
|Medical exam required||No|
|Available states||All 50 states|
Sarah George is a writer at Finder who unravels complicated topics about insurance, business and finance. She's been wordsmithing for nearly five years, after earning an English education degree. Her insurance know-how has been featured on CarInsurance.com. You can usually find Sarah sipping hot tea and talking through movie plots in her downtime.
Securian Financial meets expectations for types of policies available and offers the convenience of accessing your account online. In fact, your loved ones can even claim the death benefit using an online form — a service not every life insurance company provides. In addition, its experience level is something to respect with nearly 140 years in the industry.
However, Securian doesn’t match its competitors with business ratings from the BBB and J.D. Power. If you can’t take less than the best customer experience, consider multiple life insurance options before making a final decision.
What types of life insurance coverage does Securian Financial offer?
Securian Financial provides a wide range of insurance products to fit a variety of needs and lifestyles. Those include:
- Term life. These policies offer high limits for a set time period, such as 10 to 30 years. With Securian, you can convert this policy to permanent life insurance once your selected term ends.
- Group term life. Employers can offer group term policies to their workers, either as employer- or employee-paid benefits.
- Whole life. These permanent life policies protect you for your entire lifetime with built in investment growth. Your investments grow at a fixed interest rate, and your premiums stay the same.
- Universal. These permanent life policies offer higher investment growth potential and let you change your coverage amount to fit your life’s changing needs. Choose from fixed, indexed or variable universal policies.
What riders can I add to my life insurance policy?
Securian lists a couple of optional benefits that you can add to select policies.
- Accelerated death benefit. You also have the option to use a portion of your policy’s death benefit to pay for chronic or terminal illness expenses. Any amount used will subtract from the amount paid out when you die.
- Child rider. Pays out a death benefit if your child dies, without having to purchase a separate policy.
- Long-term-care rider. Some policies let you add an additional coverage amount to cover in-home or nursing home care if you can’t take care of yourself.
- Spouse rider. Pays out a death benefit if your spouse dies, without having to purchase a separate policy.
- Waiver-of-premium rider. Waives your premium payments if you suffer a disability, critical illness or injury.
Although not specified as available on Securian’s website, many companies offer these rider options as well:
- Spouse. Many policies offer the option to cover a spouse on the policy at an additional cost.
- Dependent. Some policies let you cover dependents like children, adult children with a disability or aging parents under your care.
- Premium waiver. Many companies let you add this rider in case you can’t work because of a disability. This allows you to continue your coverage without paying the premium until you can return to work.
How much does Securian Financial cost?
The exact cost of your policy with Securian depends on the type of policy you buy and your coverage. In general, you can expect to pay anywhere from $50 to $150 per month for term life and $250 to $1,000 per month for whole life insurance.
These factors affect your life insurance premiums:
- Overall health
- Smoking and alcohol habits
- Job and hobbies
- Type of policy and riders
- Coverage amount
Pros and cons of Securian Financial
- Term policies can convert to permanent. Some Securian term life policies can convert to whole or universal life insurance once your term ends.
- Online claims. Many life insurance companies require you to reach out by phone or in person. But Securian lets you start a death benefit claim on its website.
- Company with 140 years’ experience.You won’t find many insurance companies with nearly 1.5 centuries of experience under their belts.
- Mixed business ratings. The Better Business Bureau (BBB) deems Securian a B-rated company, while J.D. Power ranked it below average. But to offset those, the National Association of Insurance Commissioners has received a low number of complaints.
- No online quotes. You have to fill out a form or call directly for a quote.
- Limited website info. Securian doesn’t offer much website information that’s specific to its policies, such as what the maximum age is for new policies. We found the details listed on its website to be general information about each policy.
Compare alternatives to Securian Financial life insurance
Securian Financial life insurance reviews and complaints
Securian Financial has received a B rating from the BBB as of October 2020. But Minnesota Life, a sister company that recently rebranded with Securian’s name, holds an A+ BBB rating. Securian’s BBB rating reflects that it’s received over 29 complaints ranging from claims issues to service issues.
Securian also received a below-average rating from the J.D. Power 2020 US Life Insurance Study.
However, Securian sees a 1.13 out of 1.00 on the National Association of Insurance Commissioners 2019 complaint index. This shows the number of complaints is well below the standard based on this company’s size.
How do I sign up for Securian Financial life insurance?
To sign up for a life insurance policy, you’ll either need to fill out the online form, call or go through a financial advisor.
Follow these steps to sign up:
- Click the insurance product you’re interested in under Products & Services from the Securian home page.
- Click Discuss your needs on the right side or call 877-491-5271.
- Fill in details about your name, age, state and preferred contact method.
- Ask any questions at the bottom of the form and click Submit.
- Discuss your options with a life insurance rep.
- Sign any necessary paperwork, finalize payment and start your policy.
Is Minnesota Life the same company as Securian Financial?
Yes, Minnesota Life took on its parent company’s brand Securian Financial in 2018. Both companies are seeking to unify the brands and brand communication.
For previous Minnesota Life customers, the change means you’ll see the Securian Financial name on your communications. However, your policy and the company’s core structure and values aren’t changing.
Common questions about Securian Financial life insurance
Life insurance ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our experts analyze life insurance companies to help you to find the strongest possible policy and premium for your family’s needs. We assess their financial strength, customer satisfaction, policy features and riders. We then give each insurer a score between one and five stars that reflects their offering and reputation in the industry.