Securian Life Insurance Review

Updated: November 6, 2024

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MoneyGeek’s Take: Is Securian Right for You?

Securian offers term and permanent life insurance and annuities to help you protect your family’s future and prepare for retirement. The company’s options are a good fit for people looking for long-term solutions or who are midcareer. Securian may also appeal to people who want the freedom to invest their money.

However, if you’re a millennial starting out in your career, this provider might not be right for you. Consider our top picks for life insurance companies for 30-year-olds instead.

If you’re still deciding about Securian, our comprehensive review of its offerings can help you make an informed decision.

At a Glance: Securian Life Insurance

Securian

pros

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Offers term and permanent life insurance

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Online claims feature

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Can give both a detailed and a basic estimate via its calculator

cons

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High complaint index for individual life insurance

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No online application

COMPANY HIGHLIGHTS

A Minnesota-based life insurance company, Securian is one of the largest insurers in the U.S. — serving over 21 million customers. It offers a variety of life insurance products to help protect your family’s financial security. Whether you want a simple or complex policy, Securian may have the right coverage for you. You can choose from the following products:

  • Term life insurance
  • Whole life insurance
  • Universal life insurance
    — Fixed
    — Indexed
    — Variable
  • Long-term care insurance
  • Accident and sickness insurance
    — Accidental death and dismemberment insurance
    — Accident insurance
    — Critical illness insurance
    — Hospital indemnity insurance
  • Annuity
    — Immediate
    — Fixed deferred
    — Fixed indexed deferred
    — Variable deferred

Securian doesn't disclose its policies' death benefit minimums and maximums. However, you may use its online calculator to get a detailed or ballpark estimate.

The company had a National Association of Insurance Commissioners (NAIC) complaint index of 1.80 in 2022, almost two times higher than the industry average of 1.00.

TABLE OF CONTENTS

Key Takeaways

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Securian can help you manage your wealth with the right mix of insurance, investment and retirement solutions.

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Term life insurance policies may appeal to young individuals who want short-term protection.

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Whole life and universal life insurance policies suit middle-aged individuals and seniors looking for a steady stream of income in the future.

Securian Policy Options Explained

Life Insurance Marketing and Research Association's (LIMRA) Insurance Barometer Survey for 2022 found that only a few families are prepared financially to deal with the loss of a key earner. Ten percent of the study's respondents indicated they would need help making ends meet within a week, while 44% said they would struggle within six months. Just under 20% of individuals believe they have sufficient funds saved for at least five years. Securian's various options can help families with different needs and budgets prepare for the future.

Term Life Insurance Options From Securian

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    Term life insurance from Securian can be a straightforward way to provide your loved ones with financial security for a specific time frame. It pays your beneficiaries a death benefit if you pass away during the coverage period. Funds may be used to cover medical bills, funeral costs and estate management expenses. A standard term policy generally lasts 10 to 30 years and can be converted into permanent life insurance once it expires.

Term life insurance is affordable for people who don't need long-term protection but want to protect themselves in case of a specific, short-term risk. For example, it might be ideal for young people with many years ahead of them but have significant insurance needs.

Whole Life Insurance Options From Securian

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    Securian’s whole life insurance provides protection for the policyholders' entire life and fixed cash value growth, allowing you to plan for long-term goals like retirement. Premiums stay the same throughout the policy’s duration.

Whole life insurance is an investment policy that combines life insurance coverage with a savings component. It's good for people who want to leave a lasting legacy for their family or wish to know their savings will be available if they need it.

Universal Life Insurance Options From Securian

A Securian universal life insurance policy enables you to adjust coverage as your needs change. This means you can modify your premium payment and face amount throughout the policy’s duration to accommodate different life stages and events. You can also build cash values over time to help you save for the future. Securian offers three types of universal life insurance:

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    Fixed Universal Life

    Paradoxical as it may sound, flexibility and predictability are hallmarks of a fixed universal life policy. It features adjustable premiums and a fixed crediting rate, which means you'll experience consistent cash value growth over time without regard to market fluctuations.

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    Indexed Universal Life

    Like fixed universal life insurance, an indexed universal life policy includes a death benefit that's guaranteed for the entire term of the policy. But, like variable universal life, it also has index-based cash value that grows when an underlying benchmark index rises. Further, these policies provide two levels of guardrails: minimum and maximum interest crediting limits protect against catastrophic losses in your policy.

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    Variable Universal Life

    A variable universal life policy features a death benefit and a cash value that may grow based on how well your investments perform over time. Market downturns are the principal risks associated with this type of insurance.

Universal life insurance policies are ideal for investors or individuals who want to build wealth for retirement and protect themselves and their families. They also fit those who want to stay in control of their finances.

Final Expense Insurance Options From Securian

An annuity is a contract between an insurance company and an investor in which the investor pays premiums to the insurer in exchange for an income stream, typically during retirement. Securian offers the following annuities:

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    Immediate Annuity

    An immediate annuity allows you to hand over a one-time lump sum and receive a steady stream of income that could last a lifetime — starting within a year of purchasing the annuity.

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    Fixed Deferred Annuity

    A fixed deferred annuity provides a guaranteed interest rate for a fixed amount of time, ensuring that you never earn less than the minimum stated interest rate. This helps you create a steady income stream for yourself or your beneficiaries or withdraw money from your contract when you need it.

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    Fixed Indexed Deferred Annuity

    A fixed indexed deferred annuity is very similar to a traditional fixed interest annuity, but instead of earning a fixed rate of return, you can earn a higher rate based on the performance of an index.

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    Variable Deferred Annuity

    With a variable deferred annuity, you can invest your contributions in assets such as stocks, bonds and mutual funds. This feature makes it a good choice for those who want to participate in market gains and are prepared for market losses.

Annuities and final expense insurance work essentially the same way: Both are excellent ways for seniors to build up savings for their families until they pass away. However, annuities are like a hybrid of investments and insurance, where you pay premiums and allow your money to earn interest over time, with the option to access some or all of it later if necessary.

Securian’s Life Insurance Riders

A life insurance rider is an add-on to your policy that can be used to build up coverage in certain areas or save money in others. Securian offers the following riders:

Rider
Description

SecureCare III

This hybrid life/long-term care rider combines long-term care insurance with whole life
insurance. The life-only component requires you to pay a fixed premium to protect your
family from financial hardship if you die prematurely, while the long-term care
component covers your health and medical expenses if you live with a chronic illness.

Accelerated Death Benefit or
Chronic Illness Rider

If you become chronically ill and can no longer work or provide for your family, this rider
will pay your final expenses. You can use it for long-term care, living expenses such as
rent and food, funeral costs and more.

Accident Insurance

Accident insurance pays you a lump sum if you suffer an injury from an accident covered
under the policy. You can use the money however you like for medical bills, rehabilitative
therapy or to replace lost wages while you're recovering.

Critical Illness Insurance

If you’re diagnosed with a critical illness that is covered by your insurance policy, you may
be eligible for a lump-sum payout. In most cases, you can use these funds however you
see fit. Coverage can be extended to family members in some policies.

Hospital Indemnity Insurance

Hospital indemnity insurance pays you a predetermined amount if you are hospitalized
due to a serious accident or critical illness covered under your policy. You can use the
payout however you wish, whether to pay bills or save for a future emergency.

How to Get Securian Life Insurance

Understanding your options is just the first step to getting life insurance. This section provides useful tips for purchasing a policy and dealing with rejection.

How to Buy Life Insurance From Securian

Buying life insurance can be intimidating, especially if it's your first time considering it. MoneyGeek offers the following tips to ease the process:

  1. 1

    Do Your Research

    Start by looking at different types of coverage and how much each will cost. You can also learn about the companies that sell insurance and what kinds of products they offer by checking out their websites or calling them directly. Those interested in getting Securian life insurance may complete a form or contact the company at 1-877-491-5271.

  2. 2

    Compare Quotes

    Once you know the kind of policy you want, get quotes from several companies. You can use tools like Securian’s online calculator to get a rough idea of your premium. Review each company’s rates and customer service record.

  3. 3

    Health Check

    To ensure you get an accurate quote, you must provide complete health information when applying for life insurance. If there's anything in your medical history that could affect your eligibility for coverage, now is the time to disclose it so that there aren't any surprises down the road when filing claims or trying to make changes to your policy (such as adding beneficiaries).

  4. 4

    Approval

    Once you've decided on a policy type and amount, it's time to apply for coverage. The application process varies depending on the company you choose, but the most common types are online and paper applications. You'll need to provide information about yourself and any dependents listed on the application. This might include current income and assets (if any), medical history and Social Security numbers for all applicants over 18 years old. You should also include any other personal details that might affect your eligibility for coverage, such as chronic health conditions or recent life events like marriage or divorce.

If you're approved for coverage, your policy will be issued within a few days or weeks, depending on a company’s turnaround time.

What to Do if Securian Insurance Denies You Coverage

If you're denied life insurance, it's important to understand why you were declined.

  1. 1

    Contact Your Broker

    The first thing you should do if you are denied life insurance is to contact your broker. They will be able to help you figure out what went wrong and what you can do about it.

  2. 2

    Lifestyle Changes

    If your health was the primary reason for denial, consider making some lifestyle changes that might help improve your health in the future: quitting smoking, exercising regularly and making healthier food choices are all good places to start.

  3. 3

    Explore Other Options

    If all else fails, explore other types of life insurance, such as term life insurance. Some policies may not offer as much coverage or may not be as affordable as others, but they will still protect your family if something happens to you prematurely.

Frequently Asked Questions About Securian Life Insurance

We've included answers to the most commonly asked questions about Securian life insurance so you can learn more about its products and services.

Can you borrow from your Securian life insurance policy?

What’s the maximum amount of life insurance coverage available from Securian?

Do life insurance policies from Securian pay dividends?

Can you get life insurance from Securian if you have cancer?

Do life insurance policies from Securian cover death by drug overdose?

Do life insurance policies from Securian cover death by suicide?

About Mark Fitzpatrick

Mark Fitzpatrick headshot

Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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