Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Written by Jeffrey Manola
Founder & Licensed Agent Jeffrey Manola

Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years Leslie Kasperowicz

UPDATED: Jun 30, 2022

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Advertiser Disclosure: We strive to help you make confident life insurance decisions. Comparison shopping should be easy. We are not affiliated with any one life insurance provider and cannot guarantee quotes from any single provider.

Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different life insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about life insurance. Our goal is to be an objective, third-party resource for everything life insurance-related. We update our site regularly, and all content is reviewed by life insurance experts.

Searching for life insurance can be an overwhelming task especially when doing it on your own. One of the biggest reasons for this is due to a large amount of life insurance companies and coverage options you have to choose from.

So how can you know exactly which company and product will serve you best?

One of the number one suggestions that we can recommend is to work with an experienced life insurance agent or agency. Generally, we recommend an independent agent or agency that is contracted with more than just one provider.

Most independent agents or agencies are often contracted with several different life insurance providers. For example, Top Quote Life Insurance currently works with over two dozen top-rated life insurance companies. The benefit of this is that it allows us to fit our clients with the best life insurance company and coverage based on the client’s life insurance goals, potential underwriting concerns, and budget.

One of the over two dozen life insurance companies, that is very capable of meeting your life insurance needs, is Minnesota Life Insurance Company. A subsidiary of Securian Financial Group, Minnesota Life Insurance Company offers many different products beyond the standard term life coverage. It is also worth mentioning that they are very competitive in terms of affordability. These two factors alone makes them one of the top life insurance companies.

So if you’re seeking out Minnesota Life Insurance reviews you have come to the right place. In this article we will be reviewing Minnesota Life Insurance Company and the life insurance products that they can offer to you.

Looking to compare life insurance prices? We can help. Enter your ZIP code to get free quotes from multiple insurers.

About Minnesota Life Insurance Company

Founded in 1880, Minnesota Life Insurance Company has been in business for nearly 140 years. The insurance company first began providing insurance coverage under the name Bankers Association of Minnesota.

It was also the first life insurance company located in the state of Minnesota and headquartered in Saint Paul Minnesota where it remains today.

Bankers Association of Minnesota would see quick growth. The growth came so fast that by 1901 the insurance company would change its structure to a mutual life insurance company and adopt the new name of Minnesota Mutual Life Insurance Company. Minnesota Life Securian Financial Logo

Over the course of a century, Minnesota Life would expand into several more states and begin offering additional products. These coverage options would include group coverage, pension plans, loan protection, 401(k) plans, and even the first-ever flexible life insurance policy.

More recently, Minnesota Life has gone through a re-branding and have adopted their parent company name, Securian Financial. Life insurance is still issued under Minnesota Life Insurance Company but will contain the Securian Financial logo.

Securian Financial Group is the parent company to the following list of companies:

  • Allied Solutions
  • American Modern Life Insurance Company
  • Asset Allocation & Management Company
  • Canadian Premier Life Insurance Company
  • CRI Securities
  • Legacy General Insurance Company
  • Minnesota Life Insurance Company
  • Ochs
  • Securian Asset Management
  • Securian Casualty Company
  • Securian Financial Services
  • Securian Life Insurance Company
  • Securian Trust Company
  • Southern Pioneer Life Insurance Company
  • Valeyo

As of today, Minnesota Life Insurance Company operates in 49 states, excluding New York. However, life insurance options are available to residents of New York under Securian Life Insurance Company.

Today, Minnesota Life provides service to over 16 million customers and has close to $1.2 trillion worth of active insurance coverage protecting their customers. It is also worth mentioning that the insurance company employs nearly 6000 employees.

Minnesota Life (Securian Financial) takes great pride in community involvement giving over $37 million in cash gifts and corporate volunteerism since 2007.

They’ve also provided over $25 million in cash gifts to their local community in the past ten years. They’re involved with many organizations such as the Dorthy Day Center and Habitat for Humanity, not to mention that 90% of their associates participate in the Annual Greater Twin Cities United Way Campaign.

Minnesota Life Quick Facts (2019)

  • Ranked 8th largest life insurance company in the U.S.
  • Nearly 1.2 trillion of in-force life insurance
  • $78.6 billion in assets under management
  • $5.3 billion statutory benefits paid to customers
  • Ranked #462 on the Fortune 500 list

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Minnesota Life Insurance Ratings

When considering purchasing life insurance coverage from any company, it’s important to review their ratings. These ratings are often referred to as “financial ratings” and can provide great insight into a company’s ability to meet their financial obligations to their clients.

Ratings are provided by professional independent rating agencies known as A.M. Best, Standard & Poor’s, Fitch and Moody’s. Minnesota Life Insurance Company (Securian Financial) has received high ratings with all services.

  • A.M. Best: A+
  • Standard & Poor’s: AA-
  • Fitch: AA
  • Moody’s: Aa3

Minnesota Life Insurance or Securian Financial, has also received a Comdex score of 95 out of 100. Comdex is another rating service that provides a score from 1-100 that is based on averaging the grades from the other rating services. It should be noted that Minnesota Life (Securian Financial) is in the top 5% of companies to receive a Comdex score.

Outside of the professional rating agencies, Securian Financial has received an A+ from the Better Business Bureau better known as the BBB for short.

There is no doubt that Minnesota Life Insurance Company is a financially secured life insurance company.

Minnesota Life Insurance Products

Minnesota Life offers an extensive product line that caters to your specific needs. They offer insurance, retirement annuities, investments, and trust services for individuals and families.

They also have business protection, which includes business continuity strategies and key person life insurance. In addition to these benefits, the company also cares for employees with products which include group insurance, retirement plans, and executive benefits.

Beyond these products, you’ll find a full line of life insurance policies which will suit any lifestyle.

Types of Minnesota Life Insurance Coverage

  • Term Life Insurance
  • Universal Life Insurance
  • Indexed Universal Life Insurance
  • Whole Life Insurance

Advantage Elite Select
(Term Life Insurance)

One of the most popular coverage options offered by Minnesota Life is their term life insurance coverage called Advantage Elite Select.

This type of policy is your traditional term life insurance coverage that provides death benefit protection from day one. Contracts are available in fixed premium term lengths of 10, 15, 20 or 30 years.

Advantage Elite Select offers a conversion feature that allows for term contract to be switched to any one of Minnesota Life’s available permanent life insurance options without having to provide any evidence of insurability or new underwriting. A conversion credit will also be offered, of one year worth of premium that will be applied to the new coverage, provided conversion is requested within the first two policy years.

WriteFit Accelerated Underwriting

One of the best features offered with Advantage Elite Select is its WriteFit accelerated underwriting program. WriteFit is an underwriting feature that allows for qualifying applicants to bypass the medical exam by completing a telephone interview. An applicant that qualifies can be approved for coverage within 24-48 hours.

Issue Ages:

  • 10 Year – Ages 16-80
  • 15 Year – Ages 16-70
  • 20 Year – Ages 16-65
  • 30 Year – Ages 16-50

Minimum Death Benefit:

  • $50,000

Maximum Death Benefit:

  • $1,000,000+

Guaranteed Conversion Options:

Yes. Convertible to permanent life insurance without evidence of insurability. Must be done prior to the end of the level premium contract or before age 75 whichever comes first.

Optional Policy Riders:

  • Accelerated Death Benefit Agreement
  • Accelerated Death Benefit Agreement for Terminal Illness Agreement
  • Benefit Distribution Agreement
  • Children’s Term Agreement
  • Chronic Illness Conversion Agreement
  • Extended Conversion Agreement
  • Waiver of Premium Agreement


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Accumulator & CareShield
(Universal Life Insurance)

Minnesota Life offers two different forms of universal life insurance options called Accumulator and CareShield. Although both of these options are classified as universal life insurance coverage, they both have big differences.

Accumulator Universal Life

This coverage focuses on building steady cash accumulation based on a fixed interest rate of no less than 2%. Premiums are flexible provided you there has been enough cash build-up accumulated to cover required payments.

Another benefit to this coverage and universal life insurance, in general, is that the death benefit is adjustable and can be changed to meet changing life insurance needs.

Accumulator UL offers several optional policy riders that can be added to the life insurance coverage to enhance the overall life insurance coverage. WriteFit accelerated underwriting is also an available option for qualifying applicants who would prefer to skip the medical exam for faster approval.

Issue Ages:

  • 0-90

Minimum Death Benefit:

  • $100,000

Maximum Death Benefit:

  • $1,000,000+

Optional Policy Riders:

  • Accelerated Death Benefit for Chronic Illness Agreement
  • Accelerated Death Benefit for Terminal Illness Agreement
  • Accidental Death Benefit Agreement
  • Business Value Enhancement Agreement
  • Early Values Agreement
  • Children’s Term Agreement
  • Guaranteed Insurability Option Agreement
  • Inflation Agreement
  • Overloan Protection Agreement
  • Premium Deposit Account Agreement
  • Surrender Value Enhancement Agreement
  • Term Insurance Agreement
  • Waiver of Charges Agreement
  • Waiver of Premium Agreement

CareShield Universal Life

If affordable permanent life insurance is your goal and cash value accumulation is not a large focus of your life insurance planning, then CareShield UL may be the coverage you are looking for. CareShield falls under the guaranteed universal life insurance coverage better known as GUL for short. This coverage has a fixed premium that is guaranteed to remain the same price until age 121.

What makes CareShield UL stand out is that it has two built-in living benefits that can payout a cash benefit for a qualifying critical illness or terminal illness. In addition to free built living benefits, CareSheild UL also has a cashback feature that can refund up to 100% of all paid premiums, should you no longer need life insurance coverage later in life.

Issue Ages:

  • 35-75

Minimum Death Benefit:

  • $50,000

Maximum Death Benefit:

  • $500,000

Optional Policy Riders:

  • Waiver of Premium Agreement


6 Indexed Universal Life Insurance Options

Indexed universal life insurance or IUL for short is another form of universal life insurance coverage offered with Minnesota Life. In fact, Minnesota Life is considered to be a leader in IUL life insurance coverage.

This type of permanent life insurance coverage can offer a lifetime of coverage with the potential of high cash value growth. Cash value growth is based on interest rates that are determined on the performance of specific indexed accounts. An added benefit to IUL coverage is the floor. The floor protects your cash values in the event of bad market years.

Minnesota Life Insurance Company offers four different Indexed Universal Life (IUL) options, in addition to two Survivor Indexed Universal Life Insurance options, in which two lives are covered under one policy. This is also referred to as joint life insurance and can be an excellent estate planning tool.

Orion Indexed Universal Life Insurance IUL

  • WriteFit Underwriting
  • Optimized cash accumulation potential when max funded
  • Uncapped account options to maximize crediting interest rates
  • 2% minimum interest rate on the fixed account
  • Optional policy riders including chronic illness agreement

Eclipse Indexed Universal Life Insurance IUL

  • Greater focus on tax-advantaged cash growth
  • 5 different indexed accounts
  • Has the potential to provide a guaranteed lifetime income
  • 2% minimum interest rate on the fixed account
  • Optional policy riders including chronic illness agreement

Omega Indexed Universal Life Insurance IUL

  • Built-in Income Protection Agreement
  • Cost of insurance can be decreased by up to 59%
  • Policy distributions may be enhanced by up to 29.7%
  • 5 different indexed accounts
  • Several optional policy riders

Eclipse Protector Indexed Universal Life Insurance IUL

  • Focus on a lifetime of protection
  • Budget-friendly
  • Moderate cash growth
  • Guaranteed death benefit protection


Secure Accumulator & Secure Protector
(Whole Life Insurance)

Minnesota Life offers two different whole life insurance policies called Secure Accumulator and Secure Protector. Each of these coverage options offers a guaranteed death benefit, cash values and a fixed premium that will never change. Since these are both participating whole life insurance policies, they can also receive potential dividends.

The biggest difference between the two options is within cost and how quickly the life insurance policy by building its cash value accumulation.

Secure Accumulator Whole Life

This whole life insurance option is designed with the focus of building early cash growth. This can be helpful to supplement retirement income later in life or even be used to help pay for a child’s college tuition.

Secure Protector Whole Life

This whole life insurance option is designed to be more of a budget-friendly option, but with slower cash growth over time.


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Final Thoughts on Minnesota Life Insurance Company

Is Minnesota Life Insurance Company the right choice for you?

Minnesota Life and Securian Financial are one of many excellent life insurance companies out there. This insurance company has a very long history of being in business, has received very high ratings as being a financially secure company and even offers a large variety of life insurance, as well as several other insurance products.

However, this doesn’t necessarily mean that they are going to be the best company for you and your insurance needs.

By no means do we think that Minnesota Life is not capable of providing great life insurance coverage, but we would like to mention that they do fall short in certain areas, such as offering a no exam coverage option over $250,000 or burial insurance policy for seniors.

When considering a life insurance company there are several factors that come into play such as budget, coverage offerings, and underwriting.

As we mentioned earlier, working with an experienced life insurance agent or agency can help determine if a company such a Minnesota Life Insurance is the best company for you.

If you’re considering a Minnesota Life Insurance policy give us a call and let’s see if they can meet your life insurance needs.

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