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Securian Financial is a financially stable and reputable company. Diverse life insurance policies to match consumer needs have come to the forefront when discussing Securian. It also caters to the first-time life insurance buyer. However, its website offers limited information and tools for prospective customers. Additionally, customer service may be an issue, as indicated by its online customer reviews. At the time of this review, the most common complaints revolved around lengthy claims processing times.
Life insurance plans from Securian Financial
Securian Financial offers term, whole, and several universal life policies. So consumers looking for temporary coverage with higher payouts for lower premiums are just as likely to find a policy as consumers who want a more permanent policy. Insider recommends shopping around and consulting qualified life insurance agents before committing to any policy. The type of policy available is one of many factors to consider. So what should you expect from policies with Securian Financial?
Term life
Like many life insurance providers, Securian Financial offers affordable term life insurance with the option to convert to a permanent policy. You can choose between 10, 20, or 30 years of coverage. Unfortunately, Securian Financial doesn't disclose its term life policies' minimum and maximum death benefits. So you'll have to speak to a Securian Financial insurance agent for this information.
If you're considering converting a term policy, talk to an agent at the time of purchase. Make sure you know when you'd need to apply and any underwriting restrictions that might prevent you from converting to a permanent life policy. Unfortunately, life insurance conversion is not guaranteed.
Whole life
Securian Financial sells whole life policies providing lifelong coverage with stable premiums. You also get fixed interest rates for cash value growth. However, its cash value growth opportunities may be limited. The same coverage will cost you more than a term life policy, but it doesn't expire.
More importantly, buying a whole life policy while young will be much cheaper than converting when you're older, possibly with more health issues. Securian Financial's website stresses the stability and predictability for qualified buyers.
Universal life
With Securian Financial's universal life insurance, you get lifetime protection with the option of flexible or fixed premiums. The insurance company also offers adjustable death benefit amounts and access to tax-advantaged cash value withdrawals for life's unexpected expenses. A whole life policy provides permanent coverage with a fixed death benefit. A universal life policy continues to grow as long as the buyer makes payments. Securian Financial offers a few universal policies.
- Fixed universal life - This lifelong policy offers flexible premiums and fixed interest on cash value growth. This more conservative approach may limit growth. But its fixed gains are also more predictable for more traditional buyers.
- Indexed universal life - This permanent policy offers flexible premiums and fixed interest on cash value growth based on systems like the S&P 500. You can also upgrade your policy to include another person.
- Variable universal life - This universal life policy includes flexible premiums and fixed interest on cash value growth. However, you have more comprehensive investment options than the other universal life policies. The variable plan offers the most significant potential for tax-deferred cash value growth. This plan is most popular among younger buyers, given the higher risk profile.
Additional coverage options from Securian Financial
- Hybrid life/long-term care - If you become chronically ill, this rider provides coverage for long-term care expenses. It comes with fixed premiums, additional benefits, a death benefit, and a return of premiums. In short, it helps qualified buyers prepare for the worst with reliable life insurance. Buyers should consult a licensed insurance agent to understand the terms of use before buying.
- Accelerated death benefit or chronic illness rider - If you become chronically ill, you can use your death benefit to pay for long-term care, living expenses, etc. Generally, this rider kicks in when policyholders only have a short time to live.
- SecureCare III - This is a rider offered by Securian Financial. The site lists benefits, including flexibility, freedom, and simplicity. It combines long-term care and chronic illness coverage to make the process more straightforward in case of a severe accident or illness. It also comes with a return of premiums and reduced paid-up benefits. The primary appeal is its stated lack of restrictions. The execution, according to customer reviews, can be complicated.
Securian Financial also offers additional insurance options for accident and injury-related events.
How much does life insurance from Securian Financial cost?
Securian Financial doesn't have an online quoting tool. We recommend speaking to a Securian Financial representative if you're interested in getting a policy estimate. However, the average life insurance rate for 35-year-old males (with a standard 20-year term length and a life insurance benefit of $500,000) is about $30 per month. A term life policy for qualified 35-year-old females costs about $26 per month. To get competitive pricing, shop around and compare your Securian Financial quote against the industry average and its competitors.
How do I file a claim with Securian Financial?
You can file a claim with Securian Financial through its benefit service center, phone, fax, or email.
Securian Financial claim's support:
Phone: 1-800-328-9442
Fax: 1-877-494-8401
Mailing Address:
PO Box 64114
St. Paul, MN 55164-0114
Who are the ideal customers for Securian Financial?
Older shoppers may find Securian Financial's riders appealing. Of course, nobody likes to think about accidents, terminal illnesses, etc. But unfortunately, as we age, the likelihood of these life events quickly becomes more of a concern in our everyday lives. But Securian Financial's SecureCare III is one way to put your mind at ease.
Of course, Securian Financial policies are subject to underwriting restrictions, including age. So ironically, the buyers who see the greatest need for life insurance commonly struggle to find life insurance policies. Securian Financial is no exception to this. We recommend buying early. You might be surprised at how affordable premiums can be for buyers in their 20s or 30s.
SecureCare III combines your whole life policy with long-term care and chronic illness coverage. The policy also comes with a return of premiums and reduced paid-up benefits. So, qualifying seniors may find peace of mind and security with Securian Financial.
Compare Securian Financial vs. Lincoln Financial
Customer service
We used JD Power's most recent life insurance study to evaluate the quality of a company's customer service. Through this study, JD Power collected data from over 3,000 life insurance customers and ranked each company based on communication, interaction, price, product offering, and statement satisfaction. The average company received 774 points, so if a company gets anything above 774 points, it generally provides top-notch customer service.
We then used the National Association of Insurance Commissioners (NAIC) complaint index to determine how many complaints a company receives on average. The average industry score is 1.00. So, if a company scores above 1.00, it has more complaints than its competitors.
Securian Financial scored 754 out of 1,000 on the most recent study. Lincoln Financial received 764 points. Reports indicate Lincoln Financial generally provides reliable customer service. However, the NAIC reports an index score of 12.09 for Securian Financial, indicating potentially severe customer satisfaction issues. Lincoln Financial, in step with its JD Power rankings, scores just 0.30 with the NAIC.
Reliability
We sourced two metrics to determine a company's reliability. The first tool is AM Best, an industry-leading credit rating company. The site uses balance sheets, taxes, sales, and other financial data to determine a company's financial strength. AM Best will rank a company from A++ (Superior) to F (not financially stable).
Securian Financial scored A+ (Superior) for financial strength. Lincoln Financial scored an A (Excellent). So both companies are likely to be around for the foreseeable future. But Securian Financial's books may be a bit stronger.
User experience
Securian Financial
- No quoting tool
- Contact methods: phone
- Term lengths published
Lincoln Financial
- No quoting tool (must contact insurance representative)
- Contact methods: phone and email
- Term lengths and coverage amounts published
Verdict
Lincoln Financial takes the win for excellent customer service and reliability. Plus, it offers competitive rates for recreational marijuana users and those with minor pre-existing conditions.
Compare Securian Financial vs. New York Life
Customer service
Again, Securian Financial scored 754 out of 1,000 with JD Power. Furthermore, it has conflicting scores, with the NAIC reporting a complaints index of 12.09. On the other hand, New York Life earned 775 points, above the industry average, and its NAIC complaint index score is predictably low at 0.20.
Financial strength
Securian Financial received an A+ (Superior) from AM Best. New York Life scored an A+ (Superior) for financial stability. Both companies have a solid foundation to continue servicing clients for the foreseeable future. So as you pay your monthly premiums, you can do so with the assurance the companies will be around to pay your claims as needed.
User experience
Securian Financial
- No quoting tool
- Contact methods: phone
- Term lengths published
New York Life
- No quoting tool
- Contact methods: phone
- Term lengths published
Verdict
New York Life offers superior customer service and a wider variety of term, whole, and universal life insurance options than Securian Financial. New York Life also has some of the lowest complaint index scores, meaning it received more infrequent complaints than its competitors. In addition, it offers extensive agent training as the company caters to customers looking for more comprehensive plans for retirement, financial planning, and more. Securian focuses on more traditional life insurance benefits.
Compare Securian Financial vs. MassMutual
Customer service
Securian Financial earned a 754 out of 1,000 on JD Power's most recent life insurance study. But its NAIC complaints index of 12.09 is far greater than the industry average. MassMutual ranked 780 out of 1,000, above the industry average. Its NAIC complaints index is similar, coming in at just 0.03.
Financial strength
Securian Financial received an A+(Superior) for financial strength. Meanwhile, Massmutual scored an A++ (Superior) with AM Best. Both companies are extremely financially stable, but MassMutual has a slight edge.
User experience
Securian Financial
- No quoting tool
- Contact methods: phone
- Term lengths published
MassMutual
- No quoting tool
- Contact methods: phone, email, and online support center
- Term lengths and coverage amounts published
Verdict
MassMutual is the superior option when it comes to life insurance. MassMutual offers many permanent life insurance options and has an excellent track record for customer service and financial stability. In addition, it has options for death benefits, long-term investments, and financial planning. However, you may find MassMutual pricier than its competitors, especially for seniors and smokers.
Methodology
We consider many factors when reviewing the quality of a company. You can read more about our life insurance rating systems here. Below, you can find more details about our rating process.
Price of a policy
We tend to favor more affordable policies. The average cost of life insurance will range from $40 to $55 per month, according to our average cost of life insurance guide. However, just because a company offers the lowest rates doesn't mean you should buy its life insurance. So, we do our due diligence to weigh the premiums with other factors and find the best value at an affordable cost.
Good customer service
We use JD Power's annual individual life insurance survey to determine if a company offers quality customer service. JD Power collected responses from over 3,000 consumers who ranked insurance companies based on communication, interaction, price, product offerings, and statement satisfaction. If a company scores above 774 points (the industry average), it tends to offer top-notched customer service compared to its competitors.
Financially reliable
We used AM Best, the leading insurance rating agency, to determine a company's financial health. AM Best ranks companies from A++ (Superior) to F (not financially stable). However, anything lower than a B may indicate questionable finances. A financially sound insurance company manages its finances well, meaning it can pay its debts and claims to customers consistently.
Low complaint score
We used the NAIC's complaint index to evaluate a company's trustworthiness. The industry average complaint index score is 1.00. So, if a company receives a score higher than 1.00, it has more complaints than its competitors. Vice versa, if a company receives a score under 1.00, it generally has fewer complaints than the industry average. We also reference JD Power's annual insurance studies to factor in customer satisfaction.
Accessible
We determine how accessible an insurance team is by looking at its hours of operation and the number of ways consumers can get support (email, phone, online support center, live chat, etc.)
Transparency
We evaluate an insurance company's level of transparency based on how much information it provides shoppers on its website. This includes the availability of quoting tools, term lengths, minimum and maximum coverage rates, and if the company publishes average rates on its website.
Company offerings
We review a company's offerings based on the breadth of available products, term lengths, coverage amounts, and the capacity to which shoppers can customize their policy. We also look at the company's target customers based on its products and services (no-medical exam, riders, wealth-building opportunities, etc.).
FAQs
Securian Financial is a reliable company with an A+ (Superior) financial strength score from AM Best and a JD Power customer satisfaction score of 754.
Securian Financial usually pays out your death benefit within two weeks to two months of claim submission. However, reviews indicate some claims may take longer.
With permanent life insurance, you can build cash value and borrow against your policy via withdrawals and loans. Securian also offers accelerated death benefit riders to protect you in the event of a severe illness.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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