Minnesota Life Insurance Company Review

By - November 12, 2024
Minnesota Life Insurance Company

Are you looking for competitive term life insurance?

Find out if Minnesota Life is right for you.

It’s important that you choose a good life insurance company that you trust to be there when you need it.

Table of Contents

How Minnesota Life Makes it Easy to Buy Life Insurance

Minnesota introduced the WriteFit and WriteFit Express programs to simplify life insurance.

The result is an accelerated underwriting program that may approve your application in as little as 24 hours!

Traditionally, buying life insurance has been a long, drawn-out process taking 8-12 weeks to complete.

Most of the time is lost waiting for medical records to arrive and a paramedical exam to be completed.

By removing the hassle of an exam whenever possible, Minnesota saves you time and simplifies buying life insurance.

Is Minnesota Life a Good Company?

With a 140+ year history (1880), Minnesota Life has been around for a while.

Headquartered in St. Paul, Minnesota and affiliated with the Securian Financial family of companies.

With more than 21 million customers in North America and $1.4 trillion of life insurance in force,

Minnesota is the 8th largest life insurer in the United States.

Financial Strength Ratings

The latest available ratings as of November 2020:

  • AM Best = A+ (2nd of 16 ratings)
  • Fitch = AA (3rd highest of 19 ratings)
  • Moody’s = Aa3 (4th of 21 ratings)
  • S&P = AA- (4th of 21 ratings)

Ratings are subject to change.

Purpose and Values

Securian’s stated purpose is “helping our customers build secure tomorrows,” and their core values are:

  • Trust
  • Strength
  • Integrity
  • Quality
  • Respect
  • Community

As part of Minnesota’s corporate culture, they’ve committed to creating an effective diversity & inclusion (D&I) program.

Securian Financial has also committed to the United Nations Sustainable Development Goals (SDGS).

This is a series of 17 goals towards improving quality of life issues.

Minnesota Life Insurance Products

Whether you need term life insurance or universal life, a variety of policies, including:

  • Advantage Elite Select Term Life Insurance
  • Compass Universal Life Insurance
  • Eclipse Accumulator IUL

Advantage Elite Select

Minnesota Life’s term life insurance policy is the Advantage Elite Select series.

The Advantage Elite Select series offers the following:

  • Minimum Face Amount – $50,000
  • Issue Ages – 16 – 80 (varies by term length)
  • Choice of Term Lengths
    • 10-year term
    • 15-year term
    • 20-year term
    • 30-year term
  • Conversion privilege of 5 years for the 10 & 15-year term, 10 years for the 20 & 30-year term.
  • Extended Conversion Agreement allows conversion for the full term length or age 75.
  • Accelerated Death Benefit provides part of the death benefit while living when terminally ill.
  • Benefit Distribution Agreement customizes the death benefit payout.
  • Chronic Illness Conversion Agreement allows you to add an accelerated chronic illness benefit.
  • Waiver of Premium credits the total premium to the policy when disabled.

Compass Universal Life

Minnesota offers the Compass universal life insurance policy.

This policy is designed for executive benefits programs offered by credit unions.

Known as the CUOLI market (Credit Union Owned Life Insurance).

Highlights of this product include:

  • Minimum Face Amount – $100,000
  • Single Pay Premium
  • Guaranteed Issue, Simplified Issue, and Fully Underwritten
  • Minimum Interest Rate of 3%
  • Loan Interest Rate of 4%

Eclipse Accumulator IUL

Eclipse is Minnesota Life’s index universal life insurance policy.

  • Minimum Face Amount – $100,000
  • Minimum $50,000 for ages 17 and under
  • Issue Ages – 0 – 80
  • Index Account options include S&P 500, EURO STOXX 50, and Rainbow Indexed account.
  • Index Crediting – Point to Point with Annual Reset
  • Accelerated Death Benefit – Chronic/Terminal Illness
  • Early Values Agreement
  • Exchange of Insureds Agreement
  • Guaranteed Income Agreement
  • Overloan Protection
  • Waiver of Premium

Does Minnesota Life Offer Accelerated Underwriting?

Yes, Minnesota Life offers accelerated underwriting for some policies.

You may get approved in as little as 24 hours in some cases.

The WriteFit Program covers universal life insurance policies up to $2 million to age 50.

For ages 51-60, the maximum coverage is $1 million.

The WriteFit Express Program is for term life insurance or universal up to $250,000 with a maximum issue age of 54.

Here’s how it works:

  1. You complete an E-Application and Tele-Interview
  2. Underwriting obtains the following information:
    • Non-medical
    • Financial, property, and credit
    • Court and Motor Vehicle Records
    • Prescription History
    • Medical Information Bureau (MIB) Report
    • General Medical Information

Your application gets approved when you meet the criteria, and your policy will be delivered electronically.

If you don’t meet the criteria, WriteFit will move your application to traditional underwriting.

WriteFit Express will decline your application, and you must wait 90 days to try again with Minnesota.

For people with health issues, we shop to Minnesota with our quick quote process.

Occasionally, we’re pleasantly surprised with offers we’ve received.

The biggest advantage that Minnesota has pertains to occasional cigarette smokers.

A non-smoker rate is possible if you smoke an occasional cigarette!

No other company offers this opportunity for term life insurance.

Minnesota Customer Service

Telephone Number – 833-810-8260

You’ll find Minnesota’s life insurance login – here

Address: 400 Robert Street North – St. Paul, Minnesota 55101

Final Thoughts

Minnesota is a competitive life insurance company worth considering.

We’ll be happy to provide you with quotes to show you how this company compares to others in the market.

Please take a few minutes to submit your quote request today. Thank you.

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