Sara Routhier, Managing Editor of Features and Outreach, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming worl...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Mar 4, 2021

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The Brief

  • Minnesota Life is rated higher by the most trusted rating agencies
  • Minnesota Life offers more life insurance options
  • Both providers offer term and permanent life options

Accordia Life and Minnesota Life have been highly rated by the most trusted life insurance rating agencies. While Minnesota Life has been rated slightly higher, they are both judged to be financially strong.

The biggest differences appear when comparing Accordia Life vs. Minnesota Life policies. Both offer term and permanent life options but Minnesota Life offers a greater number of permanent life policies.

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Accordia Life vs. Minnesota Life: What are the term life insurance rates?

When comparing Accordia Life vs. Minnesota Life, many people will immediately look at the monthly rates. The rate chart below will allow you to compare the monthly rates of these two competitors.

Accordia Life vs. Minnesota Life: Male 20-Year Term $250,000 Policy Monthly Rates by Age
CompanyAge 30 Average Monthly RatesAge 40 Average Monthly RatesAge 50 Average Monthly Rates
Accordia Life$16.91$23.36$56.07
Minnesota Life$15.43$21.00$48.83
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The next table shows similar rates for females.

Accordia Life vs. Minnesota Life: Female 20-Year Term $250,000 Policy Monthly Rates by Age
CompanyAge 30 Average Monthly RatesAge 40 Average Monthly RatesAge 50 Average Monthly Rates
Accordia Life$15.58$20.69$41.83
Minnesota Life$13.91$17.96$36.68
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As the tables show, males typically pay more and Minnesota Life is slightly cheaper.

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Accordia Life vs. Minnesota Life: What are their ratings?

Accordia Life and Minnesota Life have both been rated highly by the most trusted life insurance rating agencies. These ratings determine the financial stability of the providers. The better the rating, the more likely the provider can provide a payout when a claim is filed.

Accordia Life insurance has been given an “A” rating by A.M. Best and Fitch, which the companies consider strong. Moody’s gave the provider an “A3” and S&P gave them an “A-,” both the seventh-highest rating for a provider.

Minnesota Life Insurance was rated slightly higher than its competitor. A.M. Best and S&P gave the provider an “A+,” which is near the top of the grading scale. Moody’s gave them an excellent rating of “Aa3” and Fitch gave them an “AA,” considered very strong.

While Minnesota Life was rated higher than Accordia Life, the ratings show that both providers are capable of providing payouts when claims are filed.

Accordia Life vs. Minnesota Life: Are there complaints?

The Better Business Bureau (BBB) reviews various companies, rating them on their business practices and complaint history. Customers can list complaints on the organization’s website, which stay on the company page for three years.

At the time of this comparison, Accordia Life has received 46 complaints over the past three years and has been graded an “A” by the BBB. Most of these complaints have regarded services and billing.

Minnesota Life hasn’t received any complaints and was graded an “A” by the BBB. However, its parent company, Securian Financial Group, has received 32 complaints. These complaints were primarily regarding the company’s services and billing.

The number of complaints about Accordia Life is considered high for a company of its size. The complaints about Minnesota Life and Securian Financial Group are considered low for its size.

Accordia Life vs. Minnesota Life: What policies are available?

Accordia Life and Minnesota Life offer term life and permanent life insurance options. While both offer a wide variety of offerings, Minnesota Life offers two additional types of universal insurance that Accordia Life lacks.

Accordia Life has term life insurance available in 10, 15, 20, 25, and 30-year terms. The minimum amount of coverage for this type of insurance is $50,000, lower than most competitors. Customers between the ages of 18 and 75 can obtain this type of limited coverage.

The provider offers three types of permanent life coverage; whole life, universal life, and indexed universal life.

Lasting the lifespan of the policyholder, the main difference is that whole life has a fixed premium, universal life features flexible premiums, and indexed universal life builds a cash value based on stock indexes.

Minnesota Life has term life policies available in 10, 15, 20, and 30-year terms. Similar to Accordia Life, the minimum coverage amount is $50,000. However, the range of ages in which these policies can be obtained is slightly larger, ranging from 16 to 80.

In addition to whole life coverage, Minnesota Life has three different types of universal life coverage.

Indexed universal life coverage builds cash value based on stock indexes, variable universal life cash values can be invested in separate accounts, and fixed universal life coverage features flexible premiums at a fixed interest rate.

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Accordia Life vs. Minnesota Life: What riders are offered?

If the policy you’re interested in doesn’t cover everything you desire, most life insurance companies will offer additional options. Known as riders, these options are either included with a policy or can be added on for an additional premium.

Most life insurance providers include an accelerated death benefit with permanent life policies and these two companies are no different. This rider allows a policyholder suffering from a terminal illness to access their policy before death.

Optional riders offered by Accordia Life include:

  • Primary insured
  • Additional insured
  • Guaranteed purchase options
  • Children’s insurance
  • Accidental death benefit
  • Waiver of monthly deduction
  • Waiver of a specified premium

Optional riders offered by Minnesota Life include:

  • Benefit distribution
  • Children’s term
  • Extended conversion
  • Waiver of premium
  • Accidental death
  • Single premium
  • Guaranteed insurability
  • Inflation agreement
  • Overloan protection

Other riders can be added to a policy for an additional premium.

Accordia Life vs. Minnesota Life: How do you apply?

Both Accordia Life and Minnesota Life allow customers to apply for coverage online through their website or by phone.

While neither provider offers a mobile app, they both have mobile-friendly websites that allow customers to apply, make policy changes, or make premium payments on a mobile device.

Accordia Life vs. Minnesota Life: What information is needed to apply?

When applying for life insurance, you’ll need to answer certain questions about yourself. These questions will be asked to every applicant, regardless of the company. Some of the details that will be initially required include:

  • Name and age
  • Home address
  • Height and weight
  • Tobacco status
  • Medical history
  • Family medical history
  • Information on lifestyle, such as hobbies

In addition to this information, some policies might require a medical examination.

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Accordia Life vs. Minnesota Life: History

The Accordia Life and Annuity Company originally went by the name Aviva USA. In 2013, it was purchased by Global Atlantic Financial Group and became its life insurance subsidiary. Global Atlantic also offers various other types of insurance through its other subsidiaries.

The Minnesota Life Insurance Company was founded in 1880 as the Banker’s Association of Minnesota. It would later become an affiliate of the Securian Financial Group, a relationship that it maintains today.

Securian has several other affiliates that provide insurance, wealth management, and asset management.

Accordia Life vs. Minnesota Life: The Bottom Line

Accordia Life and Minnesota Life are both financially stable and trusted life insurance providers.

When comparing Accordia Life vs. Minnesota Life, the differentiating factor will likely be in the policies that they offer. An examination of each policy will help to determine the right choice for you.

Ready to decide on a life insurance policy? Enter your zip code below to get life insurance quotes from the top providers in your area.

Frequently Asked Questions

#1 – What are my payment options?

Policyholders can make payments by credit card, debit card, automatic bank draft, or check.

#2 – How often should I review my life insurance needs?

Your life likely changes regularly so you should take periodic looks at your life insurance needs. It’s a good idea to review your life insurance policy and needs at least once every five years.

#3 – What is involved in the application process?

The application process asks a few simple “yes” or “no” health questions. Applicants don’t require any medical exams to receive acceptance of their application.