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Securian Financial Review

Mandy Sleight has been a licensed insurance agent since 2005. She has three years of experience writing for insurance websites such as Bankrate, MoneyGeek and The Simple Dollar. Mandy writes about auto, homeowners, renters, life insurance, disability and supplemental insurance products. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Nov 02, 2022 Bankrate logo

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At a glance

Not rated Bankrate Score Home 0.0 Auto 0.0 About Bankrate Score Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services. Pros and Cons Quick Look Pros Term and permanent life insurance plans available Lower-than-industry-average complaints with the NAIC Ability to file claims online Cons Must speak with a Securian Financial financial professional for quotes Limited policy details online No guaranteed-issue whole life policies available Limited riders available for term products No guaranteed-issue options available Limited riders for term policies Financial advisors available Securian Financial's life insurance policies are only available through Securian's financial professionals, who can help you navigate the best policy to fit your circumstances. With available policies including term, universal and hybrid long-term care solutions, Securian's portfolio of life insurance products may be able to satisfy most consumer life insurance needs. To help determine if this provider is among the for you, consider these advantages and drawbacks: Securian Financial offers an expansive suite of compared to its competitors. Securian was founded in 1880 as the Bankers Association of Minnesota, which was the first life insurer in the state. The company has since expanded to offer life insurance, voluntary health benefits and financial products. Individuals of nearly ages, from newborns up to age 85, can be considered for life insurance, with term or permanent options to fit specific financial needs. As a financial services company, Securian allows applicants to apply for universal life policies to maximize cash value growth and take advantage of term life policies with the option to convert to a permanent policy later on. The company's underwriting program allows some healthy applicants to bypass the medical exam, which may allow for fast approval and immediate coverage. Bankrate's Securian Financial life insurance review may help you decide if the company is the best fit for your unique needs. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. The compensation received and other factors, such as your location, may impact what ads and links appear, and how, where, and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. We strive to keep our information accurate and up-to-date, but some information may not be current. Your actual offer terms from an advertiser may be different than the offer terms on this widget. All offers may be subject to additional terms and conditions of the advertiser.

Compare life insurance providers quickly and easily

See which provider is right for you. The amount of coverage you need depends on many factors, including your age, income, mortgage and other debts and anticipated funeral expenses. Whole life insurance combines life insurance with an investment component. Coverage for life Tax-deferred savings benefit if premiums are paid 3 variations of permanent insurance: whole life, universal life and variable life include investment component Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Fixed premium over term No savings benefits Outliving policy or policy cancellation results in no money back Find matches Powered by HomeInsurance.com (NPN: 8781838) This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Bankrate Why Lemonade? It's a fresh twist on life insurance: easy, accessible and affordable. See more providers in Choose from insurers in Show More

Securian Financial life insurance coverage types

Securian Financial offers different , including term, permanent, and hybrid long-term care life insurance products, designed to provide based on or as recommended by its financial planners. Term life products include the option to convert to a permanent policy if needs change, without having to go through additional underwriting. Qualified applicants can complete a detailed phone interview and may avoid a medical exam through Securian’s . The insurer offers a hybrid permanent life and long-term care product, allowing policyholders access to cash to pay for long-term care needs while alive and still have a death benefit for when they pass away. Securian Financial life insurance products are issued by Minnesota Life Insurance Company and in New York, Securian Life Insurance Company. : offer coverage for individuals aged 16 to 80 at amounts of $50,000 to $3 million for 10-, 15-, 20- and 30-year terms. Exact policy age and coverage limit eligibility will depend on the term length and band level selected. This policy is renewable until the policyholder reaches the age of 95. Applicants may elect to add an Extended Conversion Agreement, which provides the ability to convert the policy to permanent coverage without going through underwriting again. Individuals who meet certain criteria may be eligible to bypass the medical exam through Securian Life’s WriteFit underwriting program. : Though Securian does not offer standard policies, it does offer both indexed universal (IUL) and variable universal life insurance (VUL). These products can be purchased for and adults up to age 80 for IUL and age 85 for VUL. Universal life provides flexible premiums with the potential to accelerate cash value growth using stock market indexes and Managed Volatility Portfolios. All Securian life products have to be quoted and purchased through one of its financial professionals. If you are considering a universal life product, your financial professional will keep you updated on how the policy is performing to meet your financial goals. Like term policies, some individuals may qualify for the WriteFit Underwriting program to qualify faster, without a medical exam. These policies come with optional add-on features like living benefits for chronic and terminal illness, guaranteed insurability, income and inflation protection, waiver of premium for disability and overloan protection. : Securian does not offer a guaranteed life insurance option, though healthy may qualify for no-medical-exam underwriting through the WriteFit program. Depending on your age, you can apply for up to 30 years in term life, indexed or universal life insurance. Seniors may be interested in the policy, which combines universal life with long-term care and chronic illness coverage. This policy comes with additional benefits, such as return of premium and reduced paid-up benefits if you decide to stop payments.

Securian Financial life services

As a financial group, Securian offers more than just life insurance. The financial professionals helping you purchase Securian life insurance products also act as financial advisors, helping you navigate and investments. Securian Trust Company also administers and oversees trusts and estate planning. You can also work with Securian Financial group to access to financially protect your . Annuities are another retirement asset for individuals with maxed-out retirement vehicles. Securian Financial Group has a variety of annuities available that might fit your needs.

Other Securian Financial perks worth considering

These products can be purchased from Securian Financial through your employer, although availability and terms may vary by state: Accident insurance: This policy provides cash benefits if you are injured on or off the job. It also provides an accidental death insurance benefit, in addition to a life insurance death benefit, if you suffer an accidental death. Critical illness insurance: Securian also offers cash benefits for critical illness, like cancer, heart attack, stroke or failure of a major organ. Hospital indemnity insurance: This allows you to receive lump sum cash payments if you are hospitalized for an illness or serious injury.

Securian Financial life insurance customer and claims satisfaction

One way consumers can decide which life insurance companies are the best fit is by reviewing the company’s customer feedback. The National Association of Insurance Commissioners (NAIC) complaint index report showcases how many complaints an individual life insurer receives compared to similar-sized competitors in the industry. Securian Financial Life Insurance Company has a , which is lower than the national baseline of 1.00. On the whole, Securian placed just below industry-average in customer satisfaction in the , with 769 out of 1,000 points. Securian Financial Group was also just reaffirmed at an with AM Best. This is the highest rating category available, indicating Securian has historically been able to satisfy its financial obligations to policyholders.

Securian Financial corporate sustainability

In its , Securian Financial Group reports donating $3.65 million in funds and supplies for COVID-19 response relief in 2020. That same year, Securian provided $821,000 in social justice funding for minority businesses and students in need. The company also committed to a net zero emission goal by signing the A4S Net Zero Statement of Support. Employees, retirees and board members are also able to spend time and money giving back through several . They can volunteer to mentor students, work with food banks and combine forces as a team to help with community-based building projects. When working as volunteers, employees can take paid time off. After volunteering over 25 hours of their time, Securian Financial Foundation will donate to a nonprofit of their choice, up to $500 per year. Monetary gifts donated to nonprofits of at least $25 are also matched, up to $2,000 annually per board member, employee and retiree.

Not sure if Securian Financial is right for you Consider these alternatives

If you are uncertain if Securian is the right fit for you and wish to with several other companies, here are a few alternatives to consider: : Another long-standing life insurer, New York Life offers a similar line of life insurance products through its financial professionals. : This company may be an alternative solution for term and senior term life policies, with fast underwriting decisions. : AIG offers a full line of life insurance products, as well as accident and health insurance.

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