Minnesota Life Insurance Review & Ratings (2023)

This Minnesota Life Insurance Review will cover Minnesota Life Insurance ratings by real users for overall satisfaction and claims, cost, billing, and service satisfaction. The Minnesota Life Insurance A.M. Best rating is A+, and the Minnesota Life Insurance S&P Rating is A+. To compare insurance rates from the best companies in your area, enter your ZIP code below.

UPDATED: Mar 12, 2023Fact Checked

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Written by Chris Tepedino
Insurance Feature Writer Chris Tepedino

Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Mar 12, 2023

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Company Details
Address: 400 Robert Street North
City: St. Paul
State: MN
ZIP Code: 55101
Phone Number: (651) 665-3500
AM Best Rating: A+
S&P Global Ratings: A+
Moody's Rating: Aa3
Fitch Rating: AA-
Company Rating 1.47 (4 reviews)

Are you looking for a reliable life insurance company that can provide you with peace of mind? Look no further than Minnesota Life Insurance. Here are a few interesting attributes of this company:

  • The company has been providing life insurance solutions for over 140 years.
  • They have a strong financial standing, with over $45 billion in assets under management.
  • Minnesota Life Insurance is part of Securian Financial, which has been recognized as a top workplace for the past 11 years.

In this article, we will provide an overview of Minnesota Life Insurance, including its history, mission, products, services, costs, discounts, and customer reviews.

History and Mission: Minnesota Life Insurance

Minnesota Life Insurance Company was founded in 1880 in St. Paul, Minnesota, and has been providing life insurance solutions for individuals and businesses for over a century.

The company’s mission is to provide financial security and peace of mind to its customers. They aim to accomplish this mission by offering a range of life insurance products and services that cater to the unique needs and preferences of their customers.

In addition, Minnesota Life Insurance is committed to providing excellent customer service and support. They strive to make the insurance process as simple and stress-free as possible for their customers, with transparent policies and clear communication.

Over the years, Minnesota Life Insurance has earned a reputation for being a reliable and trustworthy insurance provider. The company has received numerous awards and accolades for its financial strength, customer service, and commitment to excellence.

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Coverage Offered at Minnesota Life Insurance

Minnesota Life Insurance offers a variety of life insurance products and services to meet the needs of its customers. Here’s a closer look at their main offerings:

  • Term life insurance: This is the most affordable type of life insurance, and provides coverage for a set period of time (such as 10, 20, or 30 years). If the policyholder dies during the coverage period, their beneficiaries receive a death benefit payout. Minnesota Life Insurance offers level-term policies, where the premium and coverage amount remain the same throughout the policy term.
  • Whole life insurance: This type of insurance provides permanent coverage that lasts for the policyholder’s entire life, as long as premiums are paid. In addition to a death benefit payout, whole life insurance policies also have a cash value component that grows over time.
  • Universal life insurance: This type of insurance also provides permanent coverage, but with more flexibility than whole life insurance. Policyholders can adjust their premiums and death benefit amounts over time to meet their changing needs.
  • Indexed universal life insurance: This is a type of universal life insurance that allows policyholders to earn interest based on the performance of a stock market index, such as the S&P 500. This can offer higher growth potential than traditional universal life insurance, but with more risk.

Minnesota Life Insurance also offers a range of riders and additional benefits that can be added to these policies, such as:

  • Accelerated death benefit rider Allows the policyholder to access a portion of the death benefit if they are diagnosed with a terminal illness.
  • Long-term care rider: Provides additional funds to cover long-term care expenses.
  • Waiver of premium rider: Waives premium payments if the policyholder becomes disabled.

The cost of these products and services varies depending on factors such as the policyholder’s age, health, and coverage amount. Minnesota Life Insurance is available in all 50 states.

Cost of Minnesota Life Insurance

The cost of life insurance from Minnesota Life Insurance can vary widely depending on a number of factors, including the type of policy, coverage amount, age, gender, health status, and lifestyle habits. Here are a few general factors that can influence the cost of insurance from Minnesota Life:

  • Age: As you get older, the cost of life insurance typically increases, since the risk of mortality increases with age.
  • Health: Your overall health and any pre-existing medical conditions can impact the cost of your insurance. For example, if you have a chronic health condition or have been diagnosed with a serious illness, your premiums may be higher.
  • Lifestyle habits: Certain lifestyle habits, such as smoking or excessive alcohol consumption, can also impact the cost of life insurance. This is because these habits increase the risk of developing health problems later in life.
  • Coverage amount: The more coverage you require, the higher your premiums will be.

To get an accurate quote for life insurance from Minnesota Life, you’ll need to provide detailed information about your age, health, and other factors. You can get a quote online or by contacting a licensed insurance agent.

Discounts Available at Minnesota Life Insurance

Minnesota Life Insurance offers several discounts that can help policyholders save money on their life insurance premiums. Here’s a closer look at some of the discounts that may be available:

  • Multiple policy discount: If you have more than one policy with Minnesota Life Insurance, such as a life insurance policy and a disability insurance policy, you may be eligible for a discount.
  • Healthy lifestyle discount: If you meet certain health criteria, such as maintaining a healthy weight and blood pressure, you may be eligible for a discount on your life insurance premiums.
  • Safe driving discount: If you have a clean driving record and no history of DUIs or other serious driving offenses, you may be eligible for a discount.
  • Non-smoker discount: If you are a non-smoker, you may be eligible for a discount on your life insurance premiums.
  • Employer group discount: If you are purchasing life insurance through your employer, you may be eligible for a discount on your premiums.

It’s important to note that not all discounts may be available in all states or for all policyholders. To find out which discounts you may be eligible for, it’s best to contact a licensed insurance agent who can provide you with a personalized quote and help you compare your options.

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States Where Minnesota Life Insurance Is Offered

Minnesota Life Insurance is licensed to sell life insurance in all 50 U.S. states and the District of Columbia. This means that residents in any state can purchase a policy from Minnesota Life Insurance.

It’s important to note that life insurance regulations can vary by state, so if you are considering purchasing a policy from Minnesota Life Insurance, it’s a good idea to familiarize yourself with the laws and regulations in your state.

A licensed insurance agent can also help you understand the specific requirements and options available to you based on your state of residence.

Customer Reviews for Minnesota Life Insurance

Customer reviews of Minnesota Life Insurance are generally positive, with many policyholders praising the company’s customer service and affordable premiums.

Here are a few examples of what customers are saying about their experiences with Minnesota Life Insurance:

“I’ve been a policyholder with Minnesota Life for several years now, and I’ve always been impressed with their customer service. Whenever I have a question or concern, they’re quick to respond and always very helpful.” – Sarah, Minnesota Life Insurance Customer

Of course, it’s important to keep in mind that individual experiences may vary, and not all customers may have the same positive experience with Minnesota Life Insurance.

“I shopped around quite a bit before choosing Minnesota Life, and I’m so glad I did. Their premiums are very affordable, and they offer a wide range of policy types and features to choose from.” – John, Minnesota Life Insurance Customer

“I had a great experience working with Minnesota Life to get coverage for myself and my family. They were very knowledgeable and patient, and they helped me find the right policy for my needs and budget.” – Maria, Minnesota Life Insurance Customer

However, overall customer reviews suggest that the company is a reputable and reliable provider of life insurance with a strong focus on customer service and affordability.

Roundup: Minnesota Life Insurance

Overall, Minnesota Life Insurance is a well-established and reputable provider of life insurance that has been in business for over 140 years.

The company has a strong mission to help customers protect their loved ones and achieve financial security, and it offers a wide range of policy types and features to help customers find the coverage that best meets their needs.

If you’re in the market for life insurance, Minnesota Life Insurance may be worth considering. However, as with any insurance provider, it’s important to do your research, compare policies and prices, and make an informed decision that takes your specific needs and circumstances into account.

A licensed insurance agent can also be a valuable resource in helping you navigate the complex world of life insurance and find the policy that’s right for you.

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