St. Paul-based Securian Life Insurance was founded in 1880. As of 2021, the company has $1.4 trillion in life insurance and 21 million North American customers. The Securian Financial Group includes Minnesota Life Insurance. Securian sells numerous types of life insurance in all 50 states and D.C.
Reasons Why
No-medical-exam policies: Depending on your age and health, you may be eligible for Securian’s medical exam-free WriteFit Underwriting process. If you’re under 50, you could get up to $3 million in coverage; if you’re between 51 and 60, you could get up to $1 million.
Superior financial strength: Securian’s financial strength is rated A+ (Superior) by the credit rating firm AM Best.
Online claims: If you have a life insurance policy with Securian, you can submit a claim for benefits online. In addition, a beneficiary checklist and other materials are available to assist you in filing your claim.
Accessible Learning Materials: In order to assist you in selecting a plan, Securian provides a number of tools, such as a coverage calculator, on their website.
Cons
More complaints than expected for individual life: Over a three-year period, Securian received far more complaints in the individual life category than would have been expected for a company of its size.
Can’t get a quote or apply online: Securian does not provide online quote requests or application submissions at this time. Buying requires constant communication with your chosen agent.
Low customer satisfaction ranking: According to J.D. Power’s 2021 U.S. Individual Life Insurance Study, Securian received lower marks than the industry average and ranked 13th out of 21 businesses.Major insurance providers are compared in terms of customer satisfaction.
Complaint Index
Securian has a substantially greater number of complaints for individual life insurance than is typical for a company of its size, as shown by the NAIC Complaint Index. However, the company received fewer complaints than anticipated across the board. It is possible to submit a complaint against an insurer for issues like customer service, pricing, claim payouts, and processing times.
The number of complaints received by an insurer can be put into perspective by looking at its complaint index, which is calculated by the NAIC. The index is set at 1.00 for insurers with the typical number of complaints for their size. The score is greater than 1.00 for businesses that have received more complaints than expected, and less than 1.00 for those that have received fewer. There were fewer consumer complaints, hence the complaint index decreased.
We averaged Securian’s annual complaint indexes for life insurance over a three-year period to look at customer dissatisfaction with the company. Its three-year average complaint index for individual life insurance was 5.54, which is more than five times the number of complaints that would be expected for a company of its size. The number of complaints received by the company in 2021 was quite high, increasing the average complaint index. The company’s current problems may be restricted to individual life insurance, though, as the company’s total complaint index across all product categories was a very good 0.49 in 2021. Most of the top-rated life insurance providers we researched had a complaint index of less than 1.00.
Third-Party Ratings
Securian’s third-party ratings are somewhat of a mixed bag.
Financially, the company is in fantastic shape; AM Best, a credit rating agency, has given it an A+ (Superior) rating, the highest possible. Securian has an A+ (Superior) rating, the second-highest grade attainable (the highest grade is A++ (Superior)), indicating that the company is solvent and able to fulfill its legal commitments and settle legitimate claims.
Securian ranked only 13th out of 21 providers in J.D. Power’s 2021 U.S. Individual Life Insurance Study. Securian scored 769/1000, which is below the average of the business sector (776/1000).
Almost all of our “best” life insurance companies had J.D. Power ratings above the industry norm.
Policies Available
Securian Life Insurance provides the following policies:
Term Life Insurance
Term life insurance provides protection for a predetermined time frame, typically between 10 and 30 years. In the event of your untimely demise, your beneficiary will receive a set amount in addition to your level premiums. Both of Securian’s term life insurance policies can be converted, and the company offers coverage for up to 30 years. A policy that can be renewed periodically is also available.
Whole Life Insurance
As the name implies, whole life insurance provides protection for the policyholder for their entire life. The death benefit and premiums are guaranteed, and the cash value component can be used as collateral for a loan if necessary. It’s one of the more pricey kinds of life insurance, but it also provides the most security.
Universal Life Insurance
Permanent life insurance with a cash value component is known as “universal life insurance.” The cash value grows over time as a percentage of your monthly premium is invested. Variable and Indexed Universal Life Insurance (IUL) allow the cash value to grow based on a stock index, unlike traditional universal life insurance. The risk and reward of a variable investment are higher. Although indexed universal life insurance shields you from losses, it also caps your gains. The premiums and death benefits of a universal life insurance policy are both adjustable.
Available Riders
Riders on a life insurance policy are endorsements that can be added for extra coverage. While Securian’s range of riders is limited, the company does provide cover for the following scenarios:
Guaranteed Insurability Rider
Increase your life insurance coverage without undergoing another medical exam by adding a guaranteed insurability rider. Your death benefit may be increased on certain specific dates or after certain life events, like getting married or having a kid.
Waiver of Premium Rider
If you become totally handicapped (as defined by your insurance company), a waiver of premium rider will temporarily stop your premium payments. As long as this rider is active, your life insurance policy will continue in full force and effect.
ADB: Terminal Illness Rider
Accessing all or part of your death benefit while you are still alive is possible with an ADB rider. A terminal illness ADB allows you to access your death benefit early if you have been diagnosed with a terminal illness.
ADB: Chronic Illness Rider
Another type of ADB is the chronic illness rider, which allows you to access the death benefit of your policy in the event of a qualifying chronic disease. To qualify for this add-on, you must have a severe cognitive impairment or be unable to do at least two of the six ADLs, as certified by a doctor.
Customer Service
During regular business hours (Monday through Thursday, 7:30 a.m. to 5:30 p.m. CT, and Friday, 7:30 a.m. to 4:30 p.m. CT), you can reach Securian at (833) 810-8260. In addition to calling or emailing, you can use the website’s contact form to get in touch. The other choice is to contact your agent straight away.
Methodology
We ranked over 90 insurers across five broad categories including financial soundness, customer happiness, product and feature variety, the overall buying experience, and cost, using a methodology we developed based on consumer objectives and life insurance firm fundamentals.
We used 55 different indicators and collected over 5,000 data points to accomplish this. We examined insurers’ results across a variety of measures by classifying them into categories and scoring them accordingly.
