Securian Financial Life Insurance Review (Companies + Rates)
|Key Ideas||Company Specifics|
|Current Executives||CEO & President - Christopher M. Higler|
Senior VP - Gary Roger Christeensen
2nd VP & Treasurer - Ted James Nistler
Executive VP & CFO - Warren John Zaccaro
|Number of Employees||5,000|
|HQ Address||Securian Center, St. Paul, Minnesota, United States|
|Best At||Group Life Insurance|
Shopping for life insurance can be stressful and frustrating because of the immense amount of information as well as the crazy number of companies to choose from. At least you have taken the first step, which is research; the more you know, the easier it will be to make a decision.
Securian Financial, formerly known as Minnesota Life Insurance Company, is based in St. Paul, Minnesota, but operates across the United States, Canada, and Puerto Rico. The company provides a range of financial products and services from insurance to wealth management to retirement planning, though they specialize in group life policies.
This article will provide you with some insight on whether or not buying life insurance from Securian is right for you. Before you jump into anything with any company, it is best to know your options.
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A.M. Best A+ (Superior) BBB A+ Moody's A3 (Good) S&P A- (Strong) NAIC Index - Group 0.13 NAIC Index - Individual 0.0 J.D. Power Two Power Circles (The Rest)
– A.M. Best
A.M. Best’s credit ratings are forward-looking, independent, and objective opinions regarding insurer’s, issuer’s, or financial obligation’s relative creditworthiness. In short, it allows the consumer a professional risk assessment of any rated company.
A.M. Best’s Financial Strength Ratings focus on how well the company can hold up its end of the bargain. Securian received an A+ signifying its superior financial stability.
– Better Business Bureau (BBB)
The BBB ratings do not focus on money but the interactions between businesses and consumers. It is important to note that customer reviews are not used; only public sources and those directly from enterprises are taken into consideration.
There are seven rating elements the BBB evaluated before deeming Securian as an A+ company. An A+ company simply means that they have received minimal complaints throughout their long operating history.
Moody’s uses ten factors to provide the framework for their ratings. They utilize historical and forward-looking data to rate the financial strength of companies by focusing on business, economic, and operating factors.
Securian has an A3 rating from Moody’s. The A represents a company that is upper-medium grade and subject to low credit risk. The three, however, means that Securian is on the low end of that category.
– Standard & Poor’s (S&P)
S&P credit ratings provide forward-looking credit risk, which assists in developing smooth-functioning capital markets by providing information and insight to market participants.
Securian has an A- rating from S&P, which means the company has a strong capacity to meet financial commitments but can be influenced by economic conditions.
– NAIC Complaint Index
The purpose of a National Association of Insurance Commissioners (NAIC) Complaint Index is to compare the performances of different companies. To determine a company’s index, you must divide the number of complaints by the number of premiums written.
Securian only had one complaint last year that was recorded by the NAIC for group life insurance. Obviously, that is much better than most companies. For individual life insurance which Securian sells less of, there were no complaints on record last year.
– J.D. Power
J.D. Power uses a five-point power circle rating system. The two power circles that Securian earned shows that they are considered as below average or part of “the rest” of life insurance companies. J.D. Power uses four factors to average out an overall satisfaction:
- Annual statement and billing
- Policy offerings
Since 1880, Securian Financial Group has been the holding company of Minnesota Life Insurance Company. Securian Financial was founded in St. Paul, Minnesota, by Russel Dorr, and their headquarters continue to operate there to this day, though they are now the eighth-largest life insurance company in the United States.
In 2005, they adopted Securian as their brand, and in 2015, Chris Hilger took over. He was, and remains, the current president and CEO. Securian Financial provides insurance, investment retirement products, and trust services to over 19 million clients in North America.
Securian’s market share has remained consistent over the past four years, and their number of premiums written has risen pretty consistently each year. These are both signs of strong financial strength and indicate that Securian should be a reliable insurer if you ever need to make a claim on a policy.
Here we have a table showing Securian’s market share over the past four years. As you can see, it has remained consistent over time, which is a good sign that Securian will remain a reliable life insurance option.
This second table shows the number of premiums written by Securian over the past four years. The amount reflects the number of insurance policyholders who file a claim and get a payout. Securian has been consistently paying out premiums each year without much change. This is a good sign for potential policyholders.
– Securian’s Position for the Future
Securian is doing well as one of the top three group life insurance providers in the country. Securian’s sales have been rising consistently over the past four years, reaching 1.3 billion in insurance sales and 2.6 billion in annuity sales. Revenue increased by 27 percent last year and broke into the Fortune 500 list at 462.
Securian has been around for 138 years and doesn’t show signs of stopping anytime soon. They have been a top player in this market for quite a while and can be expected to continue to succeed in the future.
– Securian’s Online Presence
Securian has a clean and well-organized website with a consistent tone and brand identity. They have recently launched a brand overhaul, which is reflected in their online presence. Securian has shifted to a focus on family first to better appeal to their target demographics.
The company’s website offers an overview of policies offered through Securian as well as a detailed history of their company, including history and financial reports. Their website can help you find a financial advisor, calculate your retirement, or provide insurance solutions for employers or financial professionals.
– Securian’s Commercials
Securian has recently launched a television advertising campaign for the first time in its history. The central idea of Securian’s new ad campaign is “Every Moment Counts,” and it has a focus on family and the special moments people can share once they are secure and confident in their finances.
The campaign features a national television ad campaign, sponsorships with four Major League Baseball teams, as well as a new logo and completely new brand identity, the reason being to reach their target demographic of families better.
– Securian in the Community
Securian publishes an annual community impact report detailing its efforts to give back to the community and show corporate responsibility.
Securian donated over $6.6 million to over 300 different charities in 2018. There were over 16,000 hours of company-sponsored volunteer work done by Securian employees, as well. Securian has also made some effort to be more environmentally sustainable over the past year by recycling, utilizing mass transit, and powering their facilities with renewable energy sources.
– Securian’s Employees
According to Great Place to Work, about 77 percent of people said they enjoyed working at Securian. About 40 percent of its employees are millennials, making Securian a relatively young company in terms of employee age, though this is not to say they have a high turnover rate — about 26 percent of their employees have been there over 20 years.
On Glassdoor, Securian Financial has an average review score of 3.8 out of five, slightly above average. Securian Financial is recommended by 83 percent of former employees, and their CEO, Christopher Higler, has a 99 percent approval rating.
Shopping for Life Insurance
Securian’s focus is mainly on group insurance policies for employers and families, though they do also offer individual insurance plans. It is important to evaluate what you need out of your life insurance and what will fit your life in a practical manner.
– Average Securian Male vs. Female Life Insurance Rates
As with most types of insurance agencies, the rates for male life insurance are a bit higher than the rates for female life insurance. The table below shows how rates differ based on gender for a 10-year, $100,000 life insurance policy for a non-smoker.
|Age||Male Rate||Female Rate|
Securian Financial offers a wide range of insurance products and services for both employers, families, and individuals. Their employee coverage includes both employer-paid and voluntary additional coverage, paid for by the employee.
We’re focusing this review on the same things Securian focuses their marketing toward — insurance for families or employers. Securian also offers a range of other financial services, including investments, annuities, trust services, and financial planning, though this article focuses only on their insurance services.
Let’s take a closer look at the life insurance options offered by Securian.
–Types of Coverage Offered
Life insurance policies are a type of insurance service that pays out an income tax–free death benefit to your beneficiaries in the event of your death. Securian offers two main types of life insurance policies: term life insurance and permanent life insurance.
Term life policies are designed to provide temporary financial protection to your children or dependents if you pass away during the period that the term is active. The terms generally range from 10 – 30 years. The main downside to term life is that it ends after the predetermined amount of time, though it can be continued either through renewal or conversion.
Group term life is frequently offered as an employee benefit in an amount that’s usually one or two years’ salary. Employees can then opt to purchase additional coverage and have the premiums pulled directly from their paycheck. Coverage can usually be increased or changed during open enrollment periods.
In some cases, life insurance is offered solely as a voluntary benefit, with no coverage paid for by the company. It’s still a helpful benefit for employees because they can get coverage at group rates, which are usually lower than individual rates.
Securian offers a basic whole life policy that provides permanent coverage as well as a cash value account. It’s a good choice for those wanting to provide lifelong coverage for final expenses or to leave a financial legacy. Whole life can provide a college fund for future children and grandchildren, provide a bequest to charity, or an inheritance passed on to the family.
Like the term policies, whole life is portable, and since it’s permanent coverage, you can take it with you when you retire. Whole life is more expensive than term, even at group rates. Buying it as group coverage does make it more affordable than buying a personal policy, however. Because of the increased expense, choosing whole life means getting less coverage for your money.
Universal life insurance provides protection for your entire life while allowing you the ability to adjust your payment and premium amounts at any point. There are three types offered: fixed, indexed, or variable.
These types of universal life insurance offer different expected risks and returns, with fixed being the least risky with the lowest returns and variable being the riskiest choice with the highest returns.
Long-term care, or chronic illness insurance, offers options for benefits that can cover expenses associated with chronic illness or long-term care. This insurance helps cover the costs of care when you have a chronic medical condition and reimburses you for the care given in a nursing home or assisted living facility.
– Accidental Death Insurance
Life is full of unknowns, which includes accidents. Losing a loved one in an accident sends your world into a whirlwind. Securian provides an option to help alleviate some of the stress when such tragedies occur.
Accidental death insurance can be purchased on its own or to supplement already existing insurance. The best part about it is that acceptance is guaranteed as long as you are 18 years or older.
– Accidental Death and Dismemberment Insurance (AD&D)
The AD&D rider offers more coverage than the typical accidental death insurance. Many employers will evaluate having AD&D available through group life insurance. The loss of life, limbs, fingers, or eyesight can all cause a family’s finances to be compromised.
– Factors That Affect Your Rate
Securian specializes in group life policies and provides significant discounts for employers and large group policies. Group policies are generally easier to qualify for and cheaper than personal life policies.
The truth of the matter is that not everyone works for a company that has group life insurance. So, when individually shopping for a policy comparing quotes is important but knowing what can affect those quotes is also valuable information.
Age is the number-one determinant when it comes to choosing how much someone should pay for life insurance. For insurance companies, it is all about risk-assessment; your chances of dying increase as you age.
So, the younger you are, the longer it is likely to take before the insurance company has to pay out your death benefit — the longer your life expectancy, the lower your rates.
In general, women live longer than men. Therefore, it makes sense that gender is also used to determine rates.
– Current Health & Family Medical History
Before most insurance companies agree to insure you, a medical exam — where blood pressure, cholesterol, and the heart are looked at and assessed, as well as overall health evaluation — must be performed.
Insurers may also request your full health records before insuring you. This is to check for serious conditions such as high cholesterol, diabetes, or high blood pressure, which would increase your rates.
Some of these medical conditions can be managed or minimized. However, there is a medical history that cannot be overshadowed or diminished. Complicated family medical history (i.e., stroke, cancer) and pre-existing medical conditions of your own can often harm life insurance rates.
While these are important to pay attention to when shopping for life insurance, Securian does not require extensive medical history with their group life insurance.
– High-Risk Occupations
What you do for a living may influence how much you are charged for life insurance. Insurance companies won’t pass up the opportunity to charge you when you have a high-risk occupation. Even employers of such jobs will be charged more for group life insurance because of the increased risk.
Usually, people think of police officers and firemen when thinking about dangerous jobs. However, construction and transportation are two industries with extremely high numbers of fatal work injuries.
The more serious the safety guidelines for a job, the more likely it will affect your life insurance rate. So, if you dreamed of being a train conductor, you might want to think again.
– High-Risk Habits
Insurers are fascinated with your everyday life choices. One such choice they are interested in is smoking; smoking causes insurers to increase their rates. If you devalue your life by making unhealthy choices, the insurance companies will charge you more to compensate for the risk.
Smoking is a major behavior evaluated, but it is not the only one. If you are one of the millions of people who have speeding, reckless driving, or DWI/DUI violations on your driving record, an insurance company will see it and charge you accordingly.
To any of my fellow adrenaline addicts, our rates will be higher because of what we like to do for fun. High-risk activities, like skydiving or racing cars, can only increase your rates. However, how much weight each factor holds varies from company to company.
This is why getting quotes is so important when it comes to maximizing your policy and your dollar.
– Veteran or Active Military Status
During active military service, there is a low-cost option called the Servicemembers’ Group Life Insurance (or SGLI), where you are automatically enrolled under the maximum coverage if you qualify. You may deny or change the coverage, but it is available to all military members.
What happens when you are no longer active duty? Veterans who had an SGLI policy are eligible to switch to Veterans’ Group Life Insurance. A plus side to this that no proof of good health is necessary. There is, however, a maximum of $400,000-worth of coverage.
– Getting the Best Rate with Securian
Group rates are set in advance, and no one individual’s premiums are different from anyone else’s in the group, regardless of age or health. The insurance company sets the rate based on the overall risk represented by the group.
If you’re a young, healthy person working at a company where a lot of the workforce is older, you might be paying a higher rate based on the risk represented by a group of older people who have an increased risk of needing their death benefit. That means you might be able to get a better rate on an individual policy.
Some companies offer age-bracketed rates, so younger employees don’t have their rates affected by older ones, but Securian’s website doesn’t state whether this is the case or not.
There are several things you can do to help get the best possible rate for an individual policy with Securian.
Here are a few tips on how to get the best possible rates.
- Pay premiums on time
- Live a healthy lifestyle
- Buy sooner rather than later
- Don’t get more coverage than you need
- Bundle insurance to get a discount
The table below shows the impact that smoking and age can have on life insurance premiums. These are sample rates based on a 10-year term policy with $100,000 of coverage for a male customer through Securian.
|Age||Smoker Rate||Non-Smoker Rate|
To ensure you get the best rate with Securian, make sure you evaluate your lifestyle and adhere to the above advice.
– Securian’s Programs
Securian sponsors a learning lab in Minnesota known as the Securian Math Learning Lab. It is a glass-walled lab within the tutoring center at the University of Minnesota Duluth that includes active learning technology math students can use to progress their studies.
Faculty and graduate students from the Mathematics and Statistics Department also teach in the lab, and students can use the lab as a study space during weekends and times when class is not in session.
Other programs that Securian support include:
- The Greater Twin Cities United Way – a non-profit organization dedicated to providing critical community services. Securian is a long-time million-dollar partner since 2008
- The Dorothy Day Center – a homeless shelter where Securian associates have dedicated time serving lunch since 2001(though Dorothy Day Center was demolished in 2017 to make way for a new community building)
- Habitat for Humanity – a non-profit organization that helps build affordable housing. Securian has assisted Habitat for Humanity since 2002, and their associates volunteered a total of 163 days in 2018
- Securian Ethics Essay Competition – an essay competition hosted at the University of Minnesota’s Carlson School of Management. It is part of the Ethics and Corporate Responsibility course for all incoming freshmen
- Securian Winter Run – an event at the Saint Paul Winter Carnival since 1985. Includes a half marathon, 10K, and 5K, with all proceeds going to the Saint Paul Festival and Heritage Foundation
- Securian Scholarship Fund
- Mentoring Programs
- School Supply Drives
- Blood Drives
Canceling Your Policy
Securian Financial doesn’t have much information on their website about how their cancellation process works, but you can expect it to be similar to other insurance companies.
There may be cancellation fees charged on a cash value policy, and it is unclear whether any refunds will be issued on premiums paid in advance.
– How to Cancel
Securian policies should be able to be canceled easily by using an online form that can be printed and signed or submitted electronically. You can cancel your Securian life insurance policy at any time; there’s no need to wait for a specific enrollment period or time of year.
These forms are not readily available on Securian’s website, so you would have to reach out online, over the phone, or in-person to request a cancellation form.
Once you have the proper cancellation form, you will have to fill it out with some basic information and sign it with an e-signature. If you are not comfortable with electronic signatures, you can print out your form, sign it, and then fax or mail it to Securian. The contact information for Securian will be right there on the forms.
How to Make a Claim
Filing a life insurance claim can be a frustrating process, so you want a company that handles claims as simply as possible. Let’s take a look at how Securian handles their claims.
If you know you are a beneficiary of a life insurance policy of someone who has passed away, you will need to submit a claim to Securian before you can receive any death benefit. You can contact Securian through their website using the convenient “Claims” button at the top of the page.
The beneficiary must then complete a claim form and submit it with a certified death certificate. It can take anywhere from a few days to a few weeks to receive a check for death benefit on a life insurance policy.
Sometimes an insurance company will investigate a death before paying out any benefits. The claim may be denied for one of a few reasons:
- If the policy was no longer in force at the time of death
- If the manner of death is outside the terms of the contract
- If there was a question of double indemnity
- If discrepancies are surrounding the information provided on the application
However, cases of investigation are rare, as life insurance companies don’t want to place additional emotional stress on family or loved ones during such a difficult time.
How to Get a Quote Online
When shopping for life insurance on Securian’s website, there is a tool to calculate how much coverage you may need, but there is no quote tool for life insurance displayed. To obtain personal quote information, one must call customer service or fill out a form and wait to be contacted.
Let’s take a look at how to get in touch with Securian in order to obtain a quote specifically from them.
#1 – Go to www.securian.com
#2 – Click on “Products & Services” then “Life Insurance.”
#4 – Fill out the form and wait for them to contact you or call the number given to speak with a representative directly.
Design of the Website/App
Securian’s website has a clean and light feel with lots of images to help break up and segment the information. It should be pretty simple to navigate whether you are a policyholder, new customer, or employer.
They make it easy to get a quote or reach an advisor from the front page, and you can choose whether you’re looking for information as an employer, financial professional, or as a financial institution.
Important information can be found through the tabs at the top of the website where you can find ample info on products, “insights,” Securian as a company, or your Securian account.
One thing Securian’s site does very well is explaining the different types of life insurance coverage offered and describing in-depth what each type of policy covers. The only real downside to their website is the lack of information on how cancellations and claims work.
All customer service tabs are located conveniently in the upper-right-hand corner of the screen. There is a “claims” button you can use to easily file a claim, as well as a “customer service” button, and an “access my account” entry that can help you log in to your account.
Securian Financial has no app for its customers, meaning you will have to go to their website to do anything with your Securian policy. However, they do have a meeting application for their employees, allowing them to participate in conferences, board meetings, incentive programs, and other company events.
Pros & Cons
Whether you are considering a policy for your family or your employees, having all the information about Securian is essential to making an informed decision. Here are a few of the pros and cons of Securian Financial.
- One of the top group insurance providers in the country
- A consistent company that has been in service for over 100 years
- A clean and easy-to-use website with a lot of helpful information
- Positive reviews by employees
- Some poor customer reviews
- Not much information about cancellation policies
- Fortune 500 ranking has recently decreased
Securian Financial is a solid company that has been around for over a century and shows no signs of stopping. Though their performance has its ups and downs, they can be expected to remain one of the nation’s top insurance providers for many years to come.
They offer a wide range of life insurance policies and should be a great choice for those looking for group life insurance policies.
A company of Securian’s size should have the ability to pay out claims when necessary and may offer portable policies for employees. Buying insurance as an individual may be more expensive, but when bought with group policy rates, Securian Financial should be an affordable and reliable option for life insurance.
#1 – How do I purchase Securian insurance?
You should have a variety of options for purchasing Securian life insurance. You may purchase coverage online, over the phone, in person, or through the HR department at your place of employment.
#2 – Are employees guaranteed coverage through Securian?
The employer selects the base amount of life insurance guaranteed without any health questions. Beyond this option, some health questions will be required to determine eligibility for coverage.
#3 – How much life insurance do I need?
Your personal life insurance needs will vary widely depending on your financial position, lifestyle, and the number of dependents. Securian offers help online calculating your life insurance needs. If you need more life insurance than is offered by your group policy coverage, you can look into adding more individual coverage.
#4 – Do I need life insurance if I’m young and have no dependents?
Securian recommends buying life insurance while you are young and healthy because that is when policies are the least expensive. Life insurance can help pay off any funeral expenses or debts you may have incurred, such as student loans.
In order to pick the best option for you, you should compare quotes. You can use our FREE tool below to get started today.