Plan features - State of MinnesotaThe State of Minnesota's group life insurance plan includes the following features. This is intended as a brief overview - please refer to the certificate of insurance for details. Show
Broad coverageYour state-paid basic life insurance covers death from any cause. The optional life insurance for yourself, spouse, and children also covers death from any cause, except suicide within the first two years of the coverage effective date. This suicide limitation also applies to future increases of coverage. Accidental death & dismemberment (AD&D)AD&D insurance provides beneficiaries with additional financial protection if an insured's death of dismemberment is due to a covered accident, whether it occurs at work or elsewhere.
Accelerated death benefitThe benefit enables you to request early payment of an insured's life insurance coverage if you, your insured spouse, or insured dependent child has been diagnosed with a terminal condition caused by sickness or accident, with a life expectancy of twelve (12) months or less. You can request a full or a partial amount of the person's death benefit to meet any existing or future financial need. If you do take advantage of this benefit, any amounts accelerated will reduce the life insurance benefits payable to your beneficiary(ies). Waiver of premiumIf you become totally disabled according to the terms of your certificate, life insurance premiums may be waved. If you are an active employee and become totally and permanently disabled, your basic and optional term life insurance will remain in effect, at no cost to you. Premiums would be waived while you are totally disabled up to age 70. Any spouse or child term life insurance you were enrolled for may be continued without payment of premiums until they are no longer an eligible dependent as defined by the plan or until your insurance under this provision terminates, whichever is earlier. For more information regarding this benefit refer to Extended Insurance if Totally Disabled section of your certificate. Post-retirement death benefitIf you or your spouse participates in the optional life insurance program, you may be able to receive a post-retirement death benefit. More information about this benefit can be found in the Retirement section of the web site. Continuation of insuranceIf your life insurance coverage is lost due to resignation, termination of employment, layoff or loss of eligibility due to reduction in hours, you may continue your basic and optional employee, spouse or child term life insurance at the group rate until the earlier of 18 months or the date you become insured under another group policy. In the event one of these qualifying situations occurs, you will be notified of your continuation rights by your Human Resources representative. Premiums may be higher than those paid by active employees. Conversion privilegeAfter your group eligibility ends, you can apply within 31 days to convert any of the life insurance on yourself, your spouse or children to an individual insurance policy without having to provide evidence of insurability. No health questions are asked, conversion to the individual life policy is guaranteed; you cannot be turned down. Premiums may be higher than those paid by active employees.
If you have questions about continuation or conversion, please contact us or review the conversion forms. UPDATED: Jun 11, 2022Fact Checked
What is Minnesota Life Company?This Minnesota Life Insurance review will tell you everything you want to know before you decide to pursue any term life insurance quotes. We’ll look at rates, including how non-smokers can get an affordable Minnesota Life term life insurance policy for as low as $7.04 per month. Minnesota Life operates under Securian Financial, so you can expect information for Securian Financial and Minnesota Life Insurance Company. Throughout this comprehensive Minnesota Life Insurance review, you will learn about how to buy Minnesota Life insurance policies, Minnesota Life ratings, and more. Your life insurance quotes are always free. Secured with SHA-256 Encryption How can I shop for Minnesota Life insurance quotes?Shopping for life insurance can feel intimidating. There are many considerations and what may seem like endless options. And what if you find yourself making one of the common mistakes made when purchasing life insurance or forget something? These can drive us to inaction despite knowing we and our families would benefit from having life insurance coverage. According to the 2018 Insurance Barometer Study, one in five people who don’t have life insurance says they need coverage. While one in five people who have life insurance says they don’t have enough.
When shopping for life insurance, deciding on a coverage amount is an important consideration and can be tricky. Key things to consider are one’s present and future life circumstances. What current financial commitment would need to be covered immediately upon death like funeral costs, mortgage, loans, and other debt? What expenses will arise after death like a spouse’s retirement and children’s education? So what is the right time to buy or increase life insurance? Is there a right or wrong time to buy life insurance? A good rule of thumb is to consider big life changes such as marriage, the birth of a child, or even divorce as a reminder to take a look and make any updates as needed. Marriage has the potential to affect life insurance rates. Some companies have adopted the idea that married people are in better health than those who aren’t married, according to Harvard. In any case, most married people want to financially protect their spouse. What are the average Minnesota Life insurance rates by age?On average, women pay less for life insurance than men. The most basic reason is that women live on average six to eight years longer than men. Below are average rates for smoking and non-smoking women ages 30, 40, and 50 for various coverage terms with Minnesota Life: Below are average rates for smoking and non-smoking men ages 30, 40, and 50 for various coverage terms with Minnesota Life: Men start out only paying a few dollars more than women, but age, smoking, and increased policy coverage can all increase the difference in rates between men and women. Smoking increases the cost of life insurance for both men and women. The same coverage for a man or woman of the same age who smokes will see a policy rate more than double that of a non-smoker. A male smoker looking for a long-term or whole life can expect to pay the most for life insurance. As an incentive, not only does quitting smoking improve your health, it will save you money on life insurance. What types of insurance policies does Minnesota Life offer?Choosing the type of life insurance policy best for your life and needs now and in the future is a weighty undertaking.
Minnesota Life wants to provide financial solutions through insurance to help provide for your family and loved ones. Minnesota Life offers two types of life insurance: term and permanent. Term life insurance offers coverage for a set period of time. Permanent life insurance typically covers someone’s whole life and has the potential to accumulate cash value based on the policy chosen. Minnesota Life offers two types of permanent life policies: whole and universal. See the chart below to compare the two types of life insurance offered by Minnesota Life: There are advantages to both types of life insurance offered by Minnesota Life. More information about each type is below so you can decide what best meets your needs. Your life insurance quotes are always free. Secured with SHA-256 Encryption What is term life insurance?Term life insurance is a policy that pays a death benefit to beneficiaries should you pass away during the term of your policy coverage. There are advantages and disadvantages to selecting term life insurance. Key points about term life insurance from Minnesota Life:
Group term life insurance is also an option offered by Minn Life Insurance. U.S. Bank is the policyholder of those group policies, which you would obtain through your employer. Minnesota Life group life insurance is one of the longest-standing group policies out there. Depending on your employer’s specific plan offerings, you may need to add additional coverage on top of that, such as the Minnesota Life supplemental life insurance to cover either yourself or your dependents. Although term life insurance is what most people may think of when they think of life insurance, there are other options. What exactly is whole life insurance?The first type of permanent coverage offered by Minnesota Life is whole life insurance. Whole life insurance provides guaranteed protection for your entire life and fixed cash value growth over time. Key points about whole life insurance from Minn Life:
Even though whole life insurance is more expensive than term coverage, it can be advantageous if life insurance is seen as an investment opportunity. What does universal life insurance include?Universal life is the second kind of permanent life policy offered by Minnesota Life. Universal life offers flexibility as your life changes. Key points about universal life from Minnesota Life:
Most importantly, the cash value of the policy changes over time. Ready to compare quick life insurance quotes?Your life insurance quotes are always free. Secured with SHA-256 Encryption In addition to the three life insurance options above, Minnesota Life offers options for specific concerns one might have in regards to health and unexpected health expenses. You may also have an interest in a Minnesota Life guaranteed return account. These accounts can serve as a decent investment that you can feel safe with. Your life insurance quotes are always free. Secured with SHA-256 Encryption What is long-term care & chronic illness life insurance?A life insurance policy’s death benefit is likely the main reason for purchasing a policy. However, as we age, declining health could impact finances and the ability to pay for care if needed during retirement. Minnesota Life offers options to purchase coverage for long-term care and chronic illness. Here are some key points about long-term care insurance and chronic illness coverage from Minnesota Life:
You may be able to include optional chronic illness coverage on a new policy, or you may be able to buy a hybrid policy that includes built-in long-term care or chronic illness benefits. What is accidental & illness insurance?In addition to life insurance, Minnesota Life offers a few additional insurance options for accidental and illness coverage. Minnesota Life Insurance Company’s accidental death policies could be good if you like to live on the edge. Minnesota Life Accidental and Illness Insurance Policies
These additional types of insurance can help in times of crisis and need for things medical insurance may not cover. Depending on the type of coverage desired, these policies may be available on their own or from your employer. How can I get a quote online with Minnesota Life (Securian Financial Group, Inc.)?At this time, you are unable to get an insurance quote online from Minnesota Life. Their site recommends contacting a financial advisor, which you can do on their website. You can search for one by location to get connected and begin planning for your life insurance needs. Minnesota Life is not exclusive to Minnesota. For example, you can find a Minnesota Life Richmond, VA agent to provide you the same life insurance policy available in Minnesota. To save time, you can always get a quote for Minnesota Life as well as comparison shop in your ZIP code, by using our FREE quote tool below. Your life insurance quotes are always free. Secured with SHA-256 Encryption How can I cancel my Minnesota Life insurance policy?You never know what may happen in life, and there may be a need to cancel your life insurance policy. This can be done at any time within the stipulations of your policy. Generally, there are no refunds on premiums when a life insurance policy is canceled. What are the steps to cancel my life insurance coverage?To cancel your policy with Minnesota Life, use your Minnesota Life Insurance Company login to access your account online and follow the instructions provided. You can also contact your financial advisor or Minnesota Life Insurance customer service at 1-833-810-8265. How can I make a claim with Minnesota Life?To make a claim with Minnesota Life you can find direct links on the Securian Financial website. You don’t have to log in to your own account to use this resource. The Minnesota Life Insurance company death claim form can be found by anyone. You can also contact your financial advisor individually or call 1-800-494-8401 to report a claim or inquire about an existing claim. You also have the option of contacting Securian Life Insurance customer service or Minnesota Life customer service to answer any questions. Your life insurance quotes are always free. Secured with SHA-256 Encryption What is Minnesota Life’s customer service experience?As you’re shopping for life insurance, no matter the company, it’s important to consider the customer experience. When reviewing Minnesota Life Insurance Company reviews, both the NAIC Complaint Index and J.D. Power are excellent places to start. Below are some up-to-date ratings of the Minnesota Life Insurance Company review for 2020. NAIC Complaint Index The National Association of Insurance Commissioners (NAIC) measures complaints of an insurance company against a national average. In 2019, Minnesota Life received a total of 28 complaints related to life insurance. Below is the breakdown of those complaints by type of insurance. The NAIC takes complaint information, compares it to the national average, and gives a complaint index score above or below the baseline of 1.00. A number higher than 1.00 indicates complaints higher than the national average, and a number lower indicates fewer than the average. Complaint information is also reported based on the share of complaints in the U.S. marketplace for each policy type, as available, compared to its share of premiums in the marketplace. In the table below you can find Minnesota Life’s complaint index score and share of complaints for three policy types. Minnesota Life is below the baseline of 1.00 on all three of the policy types explored above. This indicates that Minnesota Life receives fewer complaints than most other insurance companies for each of these three types of insurance.
For each of the three types, the share of complaints is lower than the share of premiums, indicating complaints are lower for Minnesota Life than what might be expected given its size in the marketplace. J.D. Power J.D. Power conducts a yearly U.S. life insurance study. They release a Power Circle rating, which provides a rating based on feedback from a sample of customers. Minnesota Life (Securian Financial) received a two out of five power circle rating. This puts them in the category J.D. Power calls “The Rest,” the lowest power circle rating is given. Another way Minnesota Life contributes to the community is by taking care of its employees. What are Minnesota Life’s (Securian Life insurance company) programs?Minnesota Life, a Securian company, also has great resources and programs available to current and prospective customers alike. Although you can’t get an online quote for life insurance, you can use a life insurance needs calculator to determine how much coverage you need so you can begin the decision-making process before taking the next step. Although their online resources might not be ample, you’ll be able to do most of the things you need with Minnesota Life. Pay online, find an agent, and make Minnesota Life claims on their website. You’ll also find the Minnesota Life phone number on their site.
The Securian Financial Group website has an Insights Library section on the website that offers great articles and resources about a wide range of life topics such as befits at work, investing, personal finance, and life events and milestones. A few great examples from the library are:
The Securian Financial YouTube page is also a great resource for videos on various financial topics such as buying life insurance at work and tips for naming a beneficiary. Minnesota Life’s programs and resources show their commitment to support customers not only through life insurance buying but through all stages of life and financial planning. The Minnesota Life Recuperative Care Plan, for example, provides 60 days of coverage at no cost if the purchaser meets certain qualifications. Is the design of the Securian Financial Group website and app good?The Securian Financial website is extensive and has a lot of information. You can’t get a quote on the website, but you can access your account, file a claim, and look up an existing claim. Minnesota Life doesn’t have an app for mobile devices. Your life insurance quotes are always free. Secured with SHA-256 Encryption What is the history of Minnesota Life?Minnesota Life was founded in 1880 by Russell Dorr as the Bankers Association of Minnesota, the first insurance company in Minnesota. You’ll find the headquarters for Minnesota Life in Richmond, VA. Ready to compare quick life insurance quotes?Your life insurance quotes are always free. Secured with SHA-256 Encryption Is Minnesota Life a mutual company? Yes. In 1901, they became a mutual life insurance company, and the name was changed to Minnesota Mutual Life Insurance of St Paul, MN. Minnesota Life has been ahead of the curve in many areas since its beginnings:
Minnesota Life adopted a mutual holding company structure in 1998. This means that the company is owned by its policyholders, not shareholders. According to Minnesota Life, “We’re not publicly traded, so we can focus on you and what you care about most.” What is Securian Life Insurance in Minnesota? In 2005, Minnesota Life adopted Securian as its enterprise brand, which was first established as its broker-dealer (Securian Financial Services, Inc.). The company headquarters are still located in Saint Paul, Minnesota, where the company was started. Are Minnesota Life’s ratings above average?Ratings of insurance companies can give insight into financial stability and the ability of the company to pay out on its policies. As a note, the ratings below for Minnesota Life are primarily Securian Life Insurance Company ratings. You’ll notice you don’t need to worry about the financial strength and ratings of Minnesota Life. Overall, Minnesota Life financial ratings are strong and indicate Minnesota Life is a solid investment choice for life insurance. A.M. Best Minnesota Life currently has an A+ or Superior rating from A.M. Best. This is the highest possible rating, which indicates strong financial standing and the ability to pay future claims. Strong financial standing is important in a life insurance company. Life insurance is a policy you will have for many years, and you want to be confident they’ll be there if you need them. Better Business Bureau (BBB) The Better Business Bureau gives Minnesota Life a B rating. Minnesota Life is accredited by the BBB and has had 30 customer complaints filed against them in the past three years. Of those 30 complaints, 17 were closed in the past year. The BBB uses a 100-point scale to assign letter grades to companies. There are multiple factors used in calculating the rating for each company, including customer complaint history and business practices. Moody’s Moody’s is a rating agency similar to A. M. Best that looks at a company’s financial outlook, stability, and creditworthiness. Minnesota Life’s (Securian Financial) rating of A3 indicates upper-medium-grade quality and low credit risk with a strong ability to repay short-term debt obligations. Standard &Poor’s (S&P) Standard & Poor’s (S&P) is a well-known financial credit rating agency. A few of the criteria used are country risk, industry risk, and the competitive position of the company. Ready to compare quick life insurance quotes?Your life insurance quotes are always free. Secured with SHA-256 Encryption S&P rates Minnesota Life (Securian Financial) AA- for both issuer credit and financial strength. This rating is the second-highest possible rating and indicates the company is stable, and its capacity to meet its financial obligations is very strong. Fitch Ratings Fitch releases an insurer financial strength (IFS) rating based on the operational and financial profile of a company. Minnesota Life is rated AA, indicating transparent oversight of the company, diverse product offerings, and deep and very liquid financial market development. What is Minnesota Life’s market share?Minnesota Life is ranked 10th overall for life insurance premiums written with a 2.7 percent market share, representing over $4 billion in direct premiums written. Minnesota Life has remained in the top 10 writers of life insurance since 2016. Ultimately for a corporation, net revenue is the bottom line when reporting financials. Net revenue is, at its most basic, revenue minus expenses. For 2018, Securian reported net revenue of $5.5 billion, down from $6.1 billion in 2017. Securian attributes this to lower non-recurring premiums. How is Minnesota Life’s online presence?Minnesota Life is active online through its parent company, Securian Financial, which has a robust online presence. Securian Financial can be found on all major social media platforms such as Facebook, Instagram, and Twitter. These sites can also be found by directly searching for the company or via links at the bottom of their homepage. Their Facebook page had almost 68,000 followers in early 2020. Customers can also follow Minnesota Life on Instagram. What you’ll find is that social media posts vary from information about the company, its employees, and services offered to customers. Comments and messaging are open to the public on all social media pages. However, it doesn’t appear there is much interaction from customers or the company itself. YouTube is also a great online resource with videos about the company, finances, and insurance. Another way Minnesota Life works to connect with current and potential customers is through commercials. Your life insurance quotes are always free. Secured with SHA-256 Encryption Are Minnesota Life’s commercials entertaining?Minnesota Life can be seen represented in commercials from its enterprise brand Securian Financial. The current ad campaign focuses on the phrase Every Moment Counts. The commercials aren’t gimmicky but focus on life in the present, not the future. Is Minnesota Life active in the community?Minnesota Life gives back to the community through the Securian Financial Foundation, which was founded in 1988. The foundation supports organizations that align with their focus areas of financial independence, the arts, education, and human services, and special community needs. In 2018, the foundation provided $6.6 million to more than 300 nonprofit organizations. Employees also volunteered 16,000 hours via company-sponsored initiatives, including Habitat for Humanity. Minnesota Life (Securian Financial) has also served their community through environmental stewardship and a focus on sustainability. Sustainability highlights from the 2018 Community Impact Report include:
Are Minnesota Life’s employees happy?Minnesota Life employees rate the company 3.9 out of 5 on Indeed, based on 91 reviews. Additionally, 41 employees approve of the current CEO’s performance. There are also listings for 89 job openings, which direct prospective employees to apply on the company site. Glassdoor employees currently rate Minnesota Life (Securian Financial) 3.7 out of 5 stars, based on 191 reviews. Additionally, 88 percent said they would recommend working here to a friend. Minnesota Life is active on LinkedIn, with a focus on its employees and the work environment at Securian Financial. There are currently 23 open job postings listed on LinkedIn. According to Great Place To Work:
Minnesota Life (Securian Financial) employees are visible in the community not only through their volunteer work but also by serving on the boards of 125 different nonprofit organizations, including the Minnesota Region of the American Red Cross.
A diversity and inclusion council helps move the organization forward toward goals and initiatives in this area. Ready to compare quick life insurance quotes?Your life insurance quotes are always free. Secured with SHA-256 Encryption Employee-led resource groups also exist to support collaboration and foster awareness and respect. Some of those groups include young professionals, pride, service members, and women in technology. In 2018, AnitaB.org recognized Minnesota Life (Securian Financial) as a top-five company for “creating an inclusive and flexible enterprise technology work environment for women.” Your life insurance quotes are always free. Secured with SHA-256 Encryption What are the pros & cons of Minnesota Life insurance coverage?It’s important to weigh the positives and possible drawbacks when shopping for Minnesota Life life insurance. Here we bring the facts together for a Minnesota Life summary. What are the pros of Minnesota Life insurance?Some of the key benefits of Minnesota Life Insurance come from their overall support system.
Financial stability should be a key consideration when shopping for life insurance. Cons of Minnesota Life InsuranceMost of the Minnesota Life Insurance complaints revolve around convenience.
Each person should determine for themselves which of these factors may impact their decision about purchasing life insurance from Minnesota Life. Minnesota Life Insurance: What’s the bottom line?What is the best rated life insurance company? Well, Minnesota Life offers a strong range of life insurance products. The company is strong financially and in the marketplace. Minnesota Life is dedicated to serving its customers and making an impact in the community. Minnesota Life strives to live its values of trust, strength, integrity, quality, respect, and community in all it does.
Your life insurance quotes are always free. Secured with SHA-256 Encryption Frequently Asked Questions:Below are some common life insurance questions consumers have. Can I have more than one life insurance policy?Yes. You can have multiple policies from multiple sources. One example may be that you automatically receive coverage from your employer, but you may decide you need more coverage. You may be able to add through your employer’s plan or choose to purchase through another source such as a financial advisor. Is a physical exam required?A physical exam is not always required and may depend on where you’re getting insurance from. If you’re getting insurance from your employer, a physical exam often isn’t required. Purchasing individual policy coverage on your own may require a physical exam. However, the physical exam may be able to be done in your home by a medical professional. Your life insurance quotes are always free. Secured with SHA-256 Encryption Do I need life insurance while I’m young & single?Ultimately whether or not you want to purchase life insurance is your decision. If you have debt such as student loans, having life insurance to help pay off those debts as well as funeral costs, would be a practical life choice. It is usually less expensive to buy life insurance when you’re young, so choosing to buy earlier than you think, may save you money in the long run and protect your financial future. Does State Farm sell life insurance?Yes, like Minnesota Life Insurance, State Farm sells a variety of policies. Your life insurance quotes are always free. Secured with SHA-256 Encryption 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.
What is the rating for Minnesota Life Insurance Company?The Financial Strength and Ratings of Minnesota Life
These include: A+ (Superior) from A.M. Best. This is the 2nd highest of a possible 16 total ratings. AA (Very Strong) from Fitch.
What does accidental death & dismemberment insurance cover?What is AD&D insurance? Accidental death and dismemberment (AD&D) insurance is a category of life insurance that only pays out a benefit when the insured is in a covered accident that causes death or specific serious injuries such as the loss of a limb, paralysis, or blindness.
How long does it take for Minnesota Life Insurance to pay out?The average life insurance claim generally takes between 10 days and 30 days to payout, but there can be delays.
Is accidental death insurance worth?If your life insurance policy offers adequate coverage for you in the case of death or accidental dismemberment, AD&D may be an unnecessary additional cost. If you're in a high-risk profession however, it may be worth consideration.
How long does it take for securian life insurance to pay out?What happens: The beneficiary receives a lump sum payout, most often by a check in the mail. The check typically arrives within two weeks to two months of claim submission.
How long has Minnesota life been in business?Since 1880, we've been committed to providing insurance, investment and retirement solutions that give families the confidence to focus on what's truly valuable: banking memories with those who matter most. 1.
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Minnesota life insurance company accidental death and dismemberment reviews
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