Minnesota Life Insurance offers a variety of policies with high coverage limits — including term, permanent and long-term care coverage. Policies are available in every state except New York. Learn more about Minnesota’s life insurance policies along with the company’s pros, cons and average rating to determine if they fit your financial needs.
Lindsey Crossmier Financial Writer Lindsey Crossmier is an accomplished writer with experience working for The Florida Review and Bookstar PR. As a financial writer, she covers Medicare, life insurance and dental insurance topics for RetireGuide. Research-based data drives her work. Read More
Lamia Chowdhury Financial Editor Lamia Chowdhury is a financial content editor for RetireGuide and has over three years of marketing experience in the finance industry. She has written copy for both digital and print pieces ranging from blogs, radio scripts and search ads to billboards, brochures, mailers and more. Read More
Eric Estevez Owner of HLC Insurance Broker, LLC Eric Estevez is a duly licensed independent insurance broker and a former financial institution auditor with more than a decade of professional experience. He has specialized in federal, state and local compliance for both large and small businesses. Read More
Fact CheckedA qualified expert reviewed the content on this page to ensure it is factually accurate, meets current industry standards and helps readers achieve a better understanding of retirement topics.
How to Cite RetireGuide.com's ArticleAPA Crossmier, L. (2023, July 7). Minnesota Life. RetireGuide.com. Retrieved September 3, 2024, from https://www.retireguide.com/life-insurance/companies/minnesota-life/
MLA Crossmier, Lindsey. "Minnesota Life." RetireGuide.com, 7 Jul 2023, https://www.retireguide.com/life-insurance/companies/minnesota-life/.
Chicago Crossmier, Lindsey. "Minnesota Life." RetireGuide.com. Last modified July 7, 2023. https://www.retireguide.com/life-insurance/companies/minnesota-life/.
Minnesota Life Insurance has provided a variety of financial products — from life insurance and accident insurance to annuities — for over 140 years. You can purchase a Minnesota life insurance policy in 49 U.S. states, excluding New York.
Securian Financial Group is the parent corporation of Minnesota Life Insurance. Securian Financial Group is one of the largest insurers in the U.S., with over $1.4 trillion life insurance policies in force.
Minnesota Life doesn’t offer average cost quotes for any of their life insurance policies online. You’ll need to contact one of Minnesota Life’s agents to learn more about costs. This is an inconvenience compared to other leading life insurance companies, such as Progressive and AIG, who offer a chart with average costs by age for a term policy or provide a life insurance cost calculator to give you a rough estimate.
Minnesota Life Insurance Contact InformationMinnesota Life offers term, whole and universal life insurance policies with long-term care coverage options. Some policies have exceptionally high coverage limits — up to $65 million — compared to other life insurance companies, which typically cap around $1 million. Most policies have options to skip a medical exam.
Minnesota Life Insurance Comparison Table| Term | Whole | Universal | Long-Term | |
|---|---|---|---|---|
| Lifelong coverage | ❌ | ✔️ | ✔️ | ✔️ |
| Can access funds while still alive | ❌ | ✔️ | ✔️ | ✔️ |
| Fixed premiums and death benefit | ✔️ | ✔️ | ❌ | ✔️ |
There are several customizable universal policies available, with variable and indexed universal options. Learn about Minnesota’s life insurance policies to determine if one meets your coverage needs.
Minnesota Life offers two term life insurance policies — the Advantage Elite Select Term and Convertible Annual Renewable Term. Both offer temporary coverage with a fixed death benefit and premiums. Both policies can be converted into a permanent policy under certain conditions.
Minnesota Life’s Term PoliciesAdvantage Elite Select Term Term lengths are available for 10-, 15-, 20-, or 30-years. There are options for quick underwriting processes and the issue ages vary depending on the term length you select. Your coverage limits range from $99,999 to $3 million.
Convertible Annual Renewable Term This policy offers one term length — 10 years — that renews annually. Your premiums will increase annually with your age.
Minnesota Life’s whole policies offer lifelong coverage with a fixed death benefit and premiums. You also have a cash value component, which grows tax deferred with a fixed interest rate.
Minnesota Life’s long-term care coverage option is a whole life policy —the SecureCare III — which has built in long-term care benefits. Your premiums are set with this policy, and you have lifetime coverage.
SecureCare III FeaturesOnline information about Minnesota’s standard whole life policies is limited. You’ll must contact an agent to learn about coverage limits and issue ages.
Minnesota Life offers several variable universal and indexed universal policies. Both offer lifelong coverage, a flexible death benefit and premiums, and have a cash value component. Some policies allow you to skip a medical exam and do a quick phone interview instead.
With a variable universal policy, you can select several subaccount choices to invest directly into the market. While this option presents more risk, there is more opportunity for cash growth.
Variable Universal PoliciesMinnesota Life’s indexed universal policies have their cash value’s growth tied to the performance of an underlying index. This option provides an opportunity for your cash value to grow at a quicker rate.
Indexed Universal PolicesSeveral pros of Minnesota Life insurance are having high coverage limits, options to skip medical exams and a variety of customizable life insurance policies. Their biggest con by far is not having average costs available on their website.
Having to call up an agent for a life insurance quote is a drawback, especially when trying to quickly compare life insurance costs.
Several factors — such as your age, overall health and sex — will affect your Minnesota life insurance rates. For example, if you’re 50 years old, your life insurance rate will likely be more expensive than someone in their twenties. Contact multiple insurers and compare life insurance costs to ensure you’re getting a fair deal.
The website also lacks specific information about most policies.
Minnesota Life has high financial strength ratings from two leading credit rating agencies — AM Best and Fitch Ratings. An insurer’s financial strength rating is determined by the company’s overall performance, along with their ability to pay claims and pay off debts.
If you choose an insurer with a low financial strength rating, you could potentially have difficulty with the payout process. Luckily, this shouldn’t be an issue with Minnesota Life.
Minnesota Life’s Financial Strength Ratings| AM Best | A+ (Superior) |
| Fitch Ratings | AA- (Stable) |
Lindsey Crossmier joined the RetireGuide team in 2022 as a writer to promote long-lasting financial literacy. She leverages her creative writing background, editorial experience and financial education from Yale to write retirement-focused financial content for those ready to prepare for their futures. Making complex information simple and accessible for all is her specialty.
