Securian, known formally as Securian Financial Group, Inc., is a mutual holding company providing consumers with a wide range of products, including indexed universal life insurance (IUL).
If you’re unfamiliar with the Securian name, it’s probably because you still know the brand as Minnesota Mutual Life Insurance Company or Minnesota Life Insurance Company (both of which are former names).
Founded in 1880, Securian has just as much experience in the life insurance industry as many other top-flight companies. While there are a variety of things that set Securian apart from the competition – many of which we’ll discuss below – its reputation for excellence over a long period of time is what really attracts consumers.
The Good
Easy to Buy
It doesn’t matter where you live in the United States, you can purchase a Securian indexed universal life insurance policy with relative ease.
Adding to this, Securian also sells its policies in both Canada and Puerto Rico, thus giving it one of the largest reaches in the industry.
Furthermore, there are several options for purchasing from Securian, including:
- Starting the application process online
- Calling the company to discuss your needs and determine what comes next
- Finding a local financial adviser to guide you
Buying life insurance is a big decision, so you only want to consider companies that truly care about its customer base. Securian definitely fits into this group.
Financial Strength
You face enough risks in your life. You shouldn’t subject yourself to this when buying life insurance. Financial strength is a must, as it gives you confidence that the company will be around for the long haul.
Securian has long been one of the most financially secure companies in the industry, with ratings like these to back it up:
- A+ (Superior) A.M. Best
- AA- (Very Strong) S&P Global Ratings
- AA (Very Strong) Fitch Ratings
- Aa3 Excellent Moody’s Investor Service
Securian isn’t the only life insurance company with this level of financial strength, but it doesn’t take a backseat to many in this department. For example, its A.M. Best rating is the second highest of 16.
A Solid Approach to Indexed Universal Life Insurance
The nice thing about any indexed universal life insurance policy is the ability to take advantage of cash value growth. This makes you feel like you’re getting something extra in return for your money.
Securian policies are built with the idea of balancing risk and cash value growth. For example, its policies offer all the following benefits:
- Guaranteed lifetime protection as long as you pay your premiums
- Flexible premiums, allowing you to adjust your payments to fit your lifestyle
- Build tax-deferred cash value
- Option to adjust your benefit amount if your needs change
Also, Securian has a survivorship option, meaning you can purchase one policy for two lives. With this option, the death benefit is paid after both individuals pass on.
The Not So Good
The Pricing
A quick internet search turns up a lot of conversation about Securian’s pricing structure. More specifically, some consumers feel that its indexed universal life insurance policies are priced too high; with many stating prices up to 15 percent higher than competing insurers.
The premium you pay is based on many factors, including the policy type, your age, your health, and your chosen death benefit.
While it may be true that Securian’s prices are higher than the competition for some consumers, you won’t know for sure until you personally receive a quote and compare it to others.
Final Word
There is a lot to like about Securian, with not many drawbacks. Even if you end up paying a bit more for a policy, don’t overlook what you’re getting in return for your money.
With approximately $1.2 trillion of life insurance in force, Securian is no stranger to the industry. Add this to more than 5,300 employees and representatives, and you have a company that is in position to meet most (if not all) of your needs.
