Securian owned Minnesota Life is one of those top rated companies that you don’t hear much about in the mainstream but that has quietly put together an awesome product line, particularly for anyone interested in coverage beyond the run of the mill basic term life coverage. In this Securian (Minnesota Life) review we will examine the company’s history, strong ratings, life insurance policies, and the special features offered.
Table of Contents
About Securian Financial Group & Minnesota Life
Company Highlights
- Founded over 130 years ago (Minnesota Life was the first life insurance company in Minnesota)
- Over $1.6 trillion of insurance in force
- $310 million in GAAP operating earnings in 2023 (up 27% from 2022)
- More than $33 billion in investments
- Serves over 23 million customers across North America
- A+ (Superior) rating from A.M. Best with a stable outlook
Minnesota Life is part of the Securian Financial Group, Inc., a holding company in which Minnesota Life is the largest of its affiliates. The company continues to expand its presence and capabilities through strategic partnerships and digital transformation initiatives.
Minnesota Life is available in all states except New York. For New York residents, policies are offered through Securian Life Insurance Company. So if you are a New York resident, you still have access to these top of the line life insurance products.
Minnesota Life itself has been in business for over 130 years. The company was the first life insurance company in Minnesota, originally founded as the Bankers Association of Minnesota. The company changed its structure to a mutual company under the new name of Minnesota Mutual Life Insurance Company.
The company changed its name to Minnesota Life Insurance Company in 1998. So the question that often arises…
So is Minnesota Life a Mutual Insurance Company?
Well, who better to explain that then the company itself? Here is what the company has to say:
The members of Minnesota Mutual Companies, Inc. collectively own the mutual holding company, the ultimate parent company of Minnesota Life Insurance Company, which is a stock subsidiary but is not publicly traded. No one, including members of management and the Board of Directors, has been issued any stock.
So it appears that Minnesota Life has retained its mutual company status in a roundabout way, although I don’t think it is entirely accurate to make the statement that Minnesota Life is a mutual insurance company in the classic sense.
Should that matter to you?
Most likely it will have zero consequences either way. The good news is the company’s flagship whole life policy is a participating policy, meaning it pays annual dividends to policyowners. At the end of the day that is really the most important thing to keep in mind for those concerned with a company’s mutual status.
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Securian Financial Ratings & Financial Strength
The company, under the Securian Financial Group banner, boasts exceptional ratings from every major rating agency, reflecting its strong capitalization, risk management, and diversified business profile.
Securian’s current ratings as of 2025:
- A.M. Best rating: A+ (Superior) with a stable outlook
- Fitch rating: AA (Very Strong)
- Moody’s Investor Service: Aa3 (Excellent)
- Standard and Poor’s: AA- (Very Strong)
- Comdex Rating: 92
Securian Financial Group has nearly $1.6 trillion of insurance in force and more than $33 billion in investments. The company’s GAAP operating earnings reached $310 million in 2023 (up 27% from 2022), with net income of $227 million, demonstrating exceptional financial stability and growth.
This financial strength, combined with the company’s continued investments in digital transformation and strategic partnerships, positions Securian as a reliable and forward-thinking insurer in today’s market.
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2025 Product Updates
Latest Developments at Securian Financial
Securian Financial continues to enhance its product offerings and customer experience with significant updates to its indexed universal life insurance, group benefits, and digital capabilities in 2023-2025. These updates reflect the company’s commitment to innovation and meeting evolving customer needs.
New Eclipse Accumulator II IUL
In February 2025, Securian launched the Eclipse Accumulator II IUL, an enhanced version of its flagship indexed universal life product. This updated product includes several exciting new features:
- Two new indexed accounts:
- Hindsight Indexed Account: Blends S&P 500, Nasdaq 100, and Russell 2000 performance with a 60/40/0 split, providing diversified market exposure.
- Performance Trigger Indexed Account: Based on S&P 500 performance, offering simplicity and predictability.
- Higher illustrated rates: Maximum illustrated rate up to 6.59%, making the product more competitive in the marketplace.
- Competitive distributions: Particularly advantageous for clients age 45 and younger in standard or better underwriting classes.
- Account value bonus: Starting in year 11, enhancing long-term cash value growth potential.
- Continued options: Maintains popular options for S&P 500, S&P 500 Low Volatility, and S&P PRISM accounts.
The new IUL product emphasizes low charges, transparency, and simplicity, making it an attractive option for those seeking permanent life insurance with cash value growth potential.
Enhanced Group Life Benefits
As a major provider of group life insurance serving over 11 million employee benefits customers, Securian has introduced significant enhancements to its group benefits offerings:
- Empathy partnership: In 2024, Securian became the first carrier to offer Empathy’s anticipatory loss service, providing comprehensive bereavement and anticipatory loss support to group life, accident, critical illness, and hospital indemnity beneficiaries at no additional cost.
- Improved claims experience: Enhanced concierge claims services, cash-advance solutions, and the Legacy Account™ for beneficiaries.
- Streamlined processes: Investments in medical claims integration, faster payments, and easier submission processes to improve the overall customer experience.
Additionally, in 2025, Securian launched new accident and critical illness insurance products for affinity markets (such as financial institutions and associations), as well as exclusive agreements for emergency medical transportation benefits.
Digital Transformation Initiatives
Securian has made significant strides in its digital transformation journey, enhancing various aspects of the customer and advisor experience:
- Digital claims and underwriting: Streamlined platforms for faster processing and decision-making.
- Enhanced customer service: Digital tools for more seamless service experiences.
- Strategic partnerships: Expanded into digital lending through a partnership with fintech Aven.
- Canadian expansion: Grew its Canadian footprint by acquiring Sun Life’s Canadian creditor and affinity insurance businesses.
These digital advancements reflect Securian’s commitment to providing modern, efficient solutions for today’s insurance consumers while maintaining the personal touch that has been a hallmark of the company throughout its history.
Securian Life Insurance Products
Securian Financial Group, Inc., Minnesota Life’s parent company, has an extensive product offering. The company offers a wide array of life insurance policies designed to meet diverse protection and financial planning needs.
Term Life Insurance
Term life insurance offers an initially low premium, with fixed rates for the life of the term. Securian’s policy issued by Minnesota Life is called Advantage Elite Select. It is term insurance with your choice of 5, 10, 15, 20, and 30-year term lengths.
Minnesota Life’s convertible term life insurance includes the option to convert all or a portion of the policy to permanent coverage prior to the end of the term.
The primary life insurance advantage of a conversion option is that you can get a lot of coverage for a low cost while your income is lower, and then convert that coverage to a superior permanent policy down the road once you become more financially sound.
Chronic Illness Conversion Agreement (CICA)
The CICA provides a guarantee that the term policy can be converted to an individual life policy that includes chronic illness benefits, without proof of insurability. Key features include:
- Available for fully underwritten term life policies with face amounts from $250,000 to $5,000,000
- Available for ages 16-60
- The term policy must also include the Extended Conversion Agreement, which allows the term insurance conversion option to extend to the full duration of the term or to age 75
Benefits of Term Life Insurance:
- Lower Initial Cost
- Income Protection
- Mortgage Protection
- Conversion Option
Indexed Universal Life Insurance
Indexed Universal Life (IUL) offers permanent coverage but with flexible premium payments and death benefit. IUL policies track a market index, such as the S&P 500, providing the possibility for higher returns. The policies typically include a cap and floor, which limits gains but also limits losses.
Securian has a full suite of fantastic IUL products to choose from. Depending on your need and your specific goals will determine if indexed universal life is right for you, including which IUL policy will help you achieve your goals. Check out our IUL pros and cons article for a deep dive.
Securian IUL offerings include:
- Eclipse Accumulator II IUL (new for 2025)
- Eclipse Index Life
- Eclipse Protector IUL
- Omega Builder IUL
- Orion IUL
Orion IUL Highlights
Securian, Minnesota Life’s parent corp, offers WriteFit underwriting, which is a type of innovative accelerated underwriting consisting of a tele-app interview. Thanks to this unique no medical exam life insurance underwriting approach, healthy applicants can be approved for indexed universal life within 24 hours. WriteFit is available for ages 0-54 for face amounts up to $250,000.
Orion offers indexed accounts with competitive caps, as well as potential uncapped crediting or a crediting multiplier. Participation rates vary from 90-110% depending on the indexed account you choose.
You can choose different indexed account options from among a fixed account (minimum of 2%), five different S&P 500 Index options, or a Blended Index option consisting of the S&P 500, Russell 2000, Barclays Capital U.S. Aggregate Bond Index and EURO STOXX 50. It must be noted that you are not investing in a market or an index.
Choose from two different death benefit options. Option 1, the death benefit is equal to the face amount. Option 2, the death benefit is equal to the face amount plus the cash value accumulation value, which increases the death benefit.
Income Protection Flex Agreement (IPA Flex)
The IPA Flex rider is exclusive to the Orion IUL and allows you to customize your death benefit, providing a guaranteed income stream for your beneficiaries and greater cash value accumulation potential. You do not have to choose this rider right away as you can add it to your policy at any time. The original death benefit will still be paid out income tax free and the additional amount paid out to your beneficiary will be reported as interest income.
Benefits of IUL policies:
- Cash value accumulation
- Income tax-free death benefit on lump sum payments
- A guaranteed floor protecting the policyholder from negative crediting, i.e., your index credit will never be less than zero
- Income tax-free policy loans
- Flexible premiums and death benefit, rather than fixed. Both can be changed. The benefit being that you can make more or less premium payments and lower your death benefit, if you so desire
SecureCare Universal Life
Securian Financial provides a hybrid long term care life insurance policy under its SecureCare product line, which is issued by Minnesota Life Insurance Company.
Securian’s SecureCare provides cash indemnity, which means you receive cash for many different long term care needs, including informal care, rather than having to request reimbursement of your long term care costs.
The universal life insurance policy offers three guarantees:
- Guaranteed death benefit payout
- Guaranteed long term care benefits
- Guaranteed return of premium
The policy includes a guaranteed death benefit between the lesser of $10,000 or 10% of the policy face amount. So, even if the entire death benefit is advanced due to long term care needs, the policy will still pay a lump sum death benefit to your beneficiary when you die.
The long term care insurance income benefit is guaranteed if you are diagnosed with a qualifying chronic illness or cognitive disorder. The policy provides a cash indemnity benefit that can be used for many different qualified and covered benefits.
The permanent life policy with cash indemnity also includes guaranteed return of premiums. There is a 6-year vesting schedule. After 6 years you can get 100% return of premium back if you choose, providing great flexibility.
The long term care insurance policy benefit period options include 2 or 3 years on the base policy. You can also add an extension of long-term care benefits for a period of 2 or 4 years, which brings the maximum benefit period to 7 years.
An optional long-term care inflation protection is available which helps your LTC insurance benefit grow to keep up with inflation. You can choose from 3% simple, 5% simple or 5% compound interest growth.
Multiple Premium Payment Options including:
- Single pay
- 5 Pay
- 7 Pay
- 10 Pay
- 15 Pay
The agreement provides four inflation protection options:
- 3% simple interest
- 3% compound interest
- 5% simple interest
- 5% compound interest
Whole Life Insurance
With Securian (Minnesota Life), you have the flexibility to choose your payment schedule. Single premium, limited pay life insurance and whole life to age 100 are some of the available options.
Securian Whole Life offerings include:
- Secure Accumulator Whole Life
- Focused on cash value growth
- Secure Protector Whole Life
- Focused on death benefit protection
Whole Life Guarantees
Among the benefits inherent in whole life insurance are specific guarantees, including:
- Guaranteed death benefit,
- Guaranteed cash accumulation and
- Guaranteed level premiums.
Whole Life Dividends
Additional cash value growth is available through life insurance dividends. Although not guaranteed, Minnesota Life has a solid history of paying participating shareholders dividends.
Dividends are valuable and can be used to:
- Purchase paid up additions
- Pay Premiums
- Earn interest with the company
- Cash Out
- Pay back outstanding policy loan
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Annuity Products
Securian’s annuity sales have shown impressive growth, reaching nearly $2 billion in 2023, a 7% increase over the prior year. The company offers a comprehensive suite of annuity products designed to meet various retirement planning needs:
Fixed Annuities
SecureOption® Series: Multi-year guaranteed annuities (MYGAs) with terms of 1, 3, 5, 7, or 9 years. Key features include:
- Minimums range from $10,000 to $25,000
- Flexible premium options
- Higher rates for larger contracts
- Guaranteed interest rates for the selected term
Indexed Annuities
SecureLink® Ultra: Designed for greater growth potential with key features including:
- $20,000 minimum initial premium
- 5- or 7-year surrender periods
- 10 index crediting options (including S&P 500 and other indices)
- Downside protection with upside potential
- See our Fixed Indexed Annuity article for more
SecureLink® Future: Focused on future income with:
- $10,000 minimum initial premium
- 7-, 9-, or 10-year terms
- Optional Achiever Lifetime Income benefit (for a 1.15% fee)
- Guaranteed lifetime income regardless of contract performance
SecureLink® Chronic Illness Access: Allows accelerated death benefit access if the owner becomes severely impaired, providing additional protection for retirement years.
Variable and Immediate Annuities
Securian also offers variable and immediate annuities, as well as pension risk transfer solutions, with record-breaking sales in 2023. These products provide additional options for retirement income and financial security.
Benefits of Securian Permanent Insurance
Although not exhaustive, below are some areas where permanent life insurance from Securian can be extremely beneficial when combined with a diversified asset portfolio:
- Buy Sell Agreements
- Key Man Insurance
- Estate Planning
- Infinite Banking
- Executive Bonus (Section 162) Plans
- Non-Qualified Deferred Compensation Plans
- Split Dollar Life Insurance
- Life insurance for children
Comparing Permanent vs. Term Coverage
While term insurance offers affordable, temporary protection ideal for specific time-bound needs, permanent insurance from Securian provides lifelong coverage with additional financial benefits that accumulate over time.
If you’re considering term life insurance, we recommend choosing a convertible term policy that allows you to transition to permanent coverage in the future without additional medical underwriting. Securian’s term policies with the Extended Conversion Agreement provide this valuable flexibility.
For those who can afford it, starting with a permanent policy (whether whole life or IUL) offers immediate access to cash value growth and tax advantages that term policies cannot provide.
Tax Free Life Insurance Policy Loans
You can take out a tax free life insurance policy loan by using your cash value as collateral. Minnesota Life’s loan interest rate is 5%.
Minnesota Life practices direct recognition. When you take out a loan, Minnesota Life adjusts your policy dividends, typically giving a lower dividend on the cash value that currently has a loan against it.
Tax Deferred Cash Value Growth
Under IRC 7702, cash value life insurance grows tax deferred. And if you utilize the policy correctly you will never need to pay taxes on the cash value growth.
Tax Free Death Benefit
Your beneficiary receives the death benefit income tax free. The only way a death benefit is taxed is if your estate exceeds the federal estate tax exemption limit. If you have a large estate, careful asset protection planning is necessary.
Securian Life Insurance Policy Riders
Please note: this is an overview of many of the riders available. However, the following life insurance riders are not available on all types of policies.
Common Riders and Agreements
- Accidental Death Benefit Agreement – additional death benefit payout if death is due to an accident.
- Children’s Term Agreement – term rider for your kids.
- Accelerated Death Benefit Agreement – allows access to a portion of your death benefit if you have a life expectancy of 12 months or less due to illness or accident.
- Flexible Term Agreement – 10 or 20-year term rider adding additional death benefit.
- Additional Insurance Agreement – option to buy paid-up additional life insurance to increase the policy’s death benefit.
- Waiver of Premium Agreement – premium is waived if you become totally disabled before age 60.
- Guaranteed Insurability Option Agreement – guarantees the addition of more coverage at certain ages and life events with no evidence of insurability. An additional disability waiver is also available.
- Single Premium Paid-Up Additional Insurance Agreement – purchase additional paid-up coverage each year to age 90.
- Income Protection Agreement – provides an irrevocable settlement option that pays the death benefit over a period of years, which provides for greater cash accumulation and a benefit stream for beneficiaries (rather than a lump sum).
IUL-Specific Riders and Agreements
Orion IUL and other Securian indexed universal life products offer a wide array of riders (called “Agreements”), including:
- Accelerated Death Benefit for Chronic Illness Agreement – Access to death benefit if you develop a qualifying chronic illness.
- Accelerated Death Benefit for Terminal Illness Agreement – Access to death benefit if diagnosed with a terminal illness.
- Chronic Illness Access Agreement – Additional chronic illness protection.
- Corporate Enhanced Values Agreement – Special features for business-owned policies.
- Early Values Agreement – Enhanced early cash value for business applications.
- Exchange of Insureds Agreement – Allows changing the insured person under certain circumstances.
- Guaranteed Income Agreement – Provides guaranteed lifetime income from the policy.
- Inflation Agreement – Helps protect against inflation impacts.
- Overloan Protection Agreement – Prevents policy lapse due to excessive loans.
- Premium Deposit Account Agreement – Special premium handling options.
- Surrender Value Enhancement Agreement – Improved surrender values in early years.
- Term Insurance Agreement – Additional term coverage.
- Waiver of Charges Agreement – Waives policy charges if disabled.
- Waiver of Premium Agreement – Waives premiums if disabled.
Securian (Minnesota Life) Review Conclusion
As you can see, Securian Financial Group’s Minnesota Life is an excellent life insurance company with a diverse product portfolio designed to meet a wide range of financial needs and goals. The company’s strong financial ratings, innovative product offerings, and extensive rider options make it a compelling choice for consumers seeking quality life insurance coverage.
Recent developments, including the launch of the Eclipse Accumulator II IUL with new indexed account options, enhanced group benefits through the Empathy partnership, and continued digital transformation initiatives, demonstrate Securian’s commitment to innovation and customer service. Their strong annuity business, with nearly $2 billion in sales in 2023, also positions them as a comprehensive financial services provider.
Particularly noteworthy are Securian’s hybrid long-term care offerings through SecureCare Universal Life, providing a unique combination of life insurance protection, long-term care benefits, and return of premium guarantees. This product stands out in the marketplace for its flexible design and cash indemnity approach to long-term care.
The company’s commitment to digital transformation and customer experience improvements, along with its strong financial performance ($310 million in GAAP operating earnings in 2023, up 27% from 2022), suggests a bright future for this established insurer.
There really is not anything negative we can say about this fantastic company. But in the end, finding the right company for you depends on what you need and why you need it.
Is Securian (Minnesota Life) the right company for you?
Maybe, maybe not. The best approach is to compare Securian’s offerings with other top-rated insurance companies to determine which provides the optimal solution for your unique circumstances.
Do you have questions or would you like to see an illustration of Minnesota Life or any of the other top cash value life insurance companies we represent?
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9 comments
Aaron Huber
Looking for iul for my daughter.
Insurance&Estates
Hi Aaron, and thanks for connecting. If you haven’t already, go ahead and email our IUL expert Jason Herring at jason@insuranceandestates.com to request a 1-1 phone consultation.
Best, Steve Gibbs for I&E
Steven Gibbs is a licensed insurance agent, and the following agent
license numbers of Steven Gibbs are provided as required by state law:
Resident License; AZ agent #17508301,
Non-resident Licenses: TX agent #2273189, CA agent #0K10610,
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UT agent #655544.
Joanthan Killian
Please have agent contact me about purchasing a UIL for my wife. Cell is 818-903-4625
Insurance&Estates
Hello and thanks for your inquiry. Our IUL expert is Jason Herring and we have forwarded your information to him. You may also connect with him by e-mail at Jason@insuranceandestates.com.
Best,
I&E Pro Team
Michael Gonzales
Can you please send me a March 2019 Current Rates spreadsheet for the carriers you’ve reviewed and their IUL products? Specifically the Cap Rates and Guaranteed Minimums for Inflation. I am a broker and am considering contracting with your Top named carriers. Great work! You guys really did your due diligence. Much appreciated! Especially for a broker wanting nothing but the best for his clients.
Frank Baumgartner
Michael,
If you get that list you’re looking for please forward it to me. I too am a Insurance Agent trying to help my clients to the best of my knowledge and ability.
Frank
Insurance&Estates
Hello Frank, it’s nice to hear from agents as one of our goals is to support the community of experts and industry in general. If you’d like data, I suggest you connect with Jason Herring by e-mail: jason@insuranceandestates.com as he manages and trains our agents and may offer you some great insights.
Best,
Steve Gibbs for I&E.
Vickie Bodell
My husband just passed away a few weeks ago….I have been on hold, and passed around to several phone numbers trying to file for just a 2k insurance benefits today. Has not been a good experience.
Now I have been told that just a file was started, and to wait another 10 days………wow.
I need this money to make my bills………… PLEASE help me “senior trying make it”
vickie……….call me don’t use email.
Insurance&Estates
Vickie, we are sorry to hear of the difficulty you’re experiencing. People sometimes get confused and think that we are the insurance company featured in a particular article. That being the case, there really isn’t much we can do to help you access current policy proceeds to to privacy laws, etc. A couple of suggestions are to try to reconnect with your agent who set up the policy and if that isn’t possible, you’ll need to make sure you’re contacting the company customer service department directly.
Best to you.
Steve Gibbs