Minnesota Life term insurance plans offer coverage that will appeal to several people, including to those seeking affordability, an easy application process, quick underwriting, and the ability to apply for a policy without the potential of having to take a medical exam.
In general, all life insurance policies provide peace of mind by ensuring that your loved ones are financially protected in the event of your death, no matter if your coverage needs are small or large.
A term life insurance is often the preferred choice for those who need more significant amounts of life insurance coverage to cover the financial obligations of raising a family and replacing lost income.
In addition, life insurance needs can grow even higher if you need to add to your needs to help cover your mortgage balance or provide children expenses such as education costs.
While a permanent life insurance policy can provide the same protection, a term insurance policy can do it much cheaper.
With Minnesota Life term insurance, you can expect competitive rates and flexible options to address your biggest life insurance needs. You may also qualify for an accelerated non-medical underwriting process, allowing you to get a policy quickly.
Choosing a life insurance policy is also an important decision, as you may have the coverage for the next 10 to 30 years.
In the following review, we give you a thorough look at Minnesota Life term insurance to help determine if their coverage fits your specific needs. In addition, we will examine the contract lengths, coverage amounts, policy riders, and other essential details.
Minnesota Life Insurance Company
Minnesota Life Insurance Company is part of the Securian Financial Group, which also includes the Securian Life Insurance Company and several other subsidiaries. However, the history of Minnesota Life goes back over 120 years.
The company started as the Bankers Association of Minnesota in 1880. It was the first life insurance company in the state. In 1901, the company was restricted and adopted the name “Minnesota Mutual Life Insurance Company.”
Securian Financial Services was established in 1984 as an asset management subsidiary of Minnesota Life. Securian Financial Group is now the name used by Minnesota Mutual Companies to oversee its various subsidiaries, including Minnesota Life Insurance Company.
Securian Financial now has over 5000 employees and oversees more than $78.6 billion in assets. According to AM Best Rankings for July 2021, Securian Financial is ranked 30th out of the top 200 US Life/Health Insurers.
Minnesota Life Ratings and Reviews
Securian Financial and Minnesota Life Insurance Company are large organizations. However, you shouldn’t choose a company and its life insurance coverage based on the company’s size alone.
You also need to ensure that the insurer you choose is financially stable. Financial strength ratings and customer reviews will give you a better indication of a company’s ability to fulfill its financial obligations to its policyholders.
The following financial ratings apply to Securian Financial subsidiaries Minnesota Life Insurance Company and Securian Life Insurance Company:
- AM Best: A+ Superior
- S&P: AA- Very Strong
- Moody’s: Aa3 Excellent
- Fitch: AA Very Strong
- Comdex Rating: 96
Securian Financial stands out for having very high ratings from the top independent rating agencies. It has one of the highest Comdex Ratings among the leading insurance companies.
The Comdex rating is a composite ranking based on the ratings from independent agencies. It helps provide an overview of a company’s claims-paying capabilities.
Minnesota Life Term Insurance: Advantage Elite Select
Advantage Elite Select is the term insurance option offered by Minnesota Life Insurance Company. It is a flexible solution with multiple contract lengths and policy riders. You also receive various conversion options, including the ability to convert to a permanent policy with chronic illness protection once the term insurance coverage ends.
Minnesota Life Advantage Elite Select Policy Features:
- Competitive level premiums
- Multiple contract options
- WriteFit Accelerated non-medical underwriting
- Opportunity to choose for your death benefit to be paid out in installments
- Convertible to permanent coverage with chronic illness coverage
Advantage Elite Select term life offers a variety of options that cover the insurance needs of almost anyone. However, you should always review eligibility requirements to ensure that you qualify.
Advantage Elite Select Overview
| Policy Features | WriteFit Express | WriteFit |
|---|---|---|
| Underwriting: | Entirely electronic application process with no medical exam required. | Entirely electronic application process with the potential of no medical exam requirements. |
| Issue Ages: | 16-54 | 16-80 |
| Contract Options: | 10-Years: 16-54 15-Years: 16-54 20-Years: 16-54 30-Years: 16-45 | 10-Years: 16-80 15-Years: 16-70 20-Years: 16-65 30-Years: 16-50 |
| Coverage Amounts: | Minimum Amount: $50,000 Maximum Amount: $250,000 | Minimum Amount: $250,001 Maximum Amount: $3,000,000 |
| Policy Riders: | Accelerated Death Benefit for Terminal Illness Benefit Distribution Agreement Chronic Illness Conversion Agreement Extended Conversion Agreement Waiver of Premium Agreement | |
| Renewability: | Renewable after the level premium period to age 95. | |
| Conversion Option: | Convertible to any of our permanent products during the term without proof of insurability. | |
| Underwriting Categories: | Preferred Select, Preferred, Standard Plus, Standard, Preferred Tobacco and Standard Tobacco | |
| State Availability: | Available in all states | |
Advantage Elite Select - WriteFit Accelerated Non-Medical Underwriting
| WriteFit Express | WriteFit |
|---|---|
| Available to applicants age 16-54 with coverage ranging from $50,000 to $250,000. Electronic application with no medical exam requirements. | Available to applicants age 16-60 with coverage ranging from $250,001 to $3,000,000. Electronic application with the potential of no medical exam requirements. |
Minnesota Life is one of many insurers that now offers convenient non-medical accelerated underwriting to qualifying applicants. The company’s WriteFit underwriting program saves time by simplifying the application process and eliminating the need for a life insurance medical exam, and offering the potential for approval in as little as 24 hours.
WriteFit underwriting is available for those who meet the following requirements:
- Between the ages of 18 and 60
- Applying for a single-life policy
- Applying for coverage up to $3 million and between the ages of 18 and 50
- Applying for coverage up to $1 million and between the ages of 51 and 60
- Willing to complete an electronic application process with a telephone interview
WriteFit is only available through an electronic application and requires a telephone interview. The tele-interview includes questions about your health and lifestyle to determine your eligibility for accelerated underwriting with no medical exam.
Along with the health and lifestyle questions, underwriting will utilize the assistance of third-party data that will also help assist in determining eligibility for coverage. Third-party data includes:
- Prescription history check – offers insight into any prescribed medications.
- MIB report – lets the insurance company know of any previously applied for insurance policies.
- Motor vehicle report – provide insight into risky behaviors that increase mortality risk.
- Financial, property, and credit information – provides important indicators of financial well-being, which influence mortality. Financially stable clients may be more likely to sleep better, manage their stress, and maintain access to better health care, decreasing their mortality risk. See LexisNexis for more information.
Data from third-party sources and the responses to the health and lifestyle questions from the telephone interview are processed quickly through an automated underwriting process. If all underwriting is met for the WriteFit program, approval will be made in 24 hours or less.
However, if an applicant does not qualify for WriteFit accelerated underwriting, they will have the opportunity to go through the traditional underwriting process with a medical exam. If a medical exam is required, Minnesota Life will arrange for a licensed examiner to contact you to schedule an exam at no cost.
If you request up to $250,000 in coverage and qualify for standard or better underwriting classes, you may complete the WriteFit Express program. The WriteFit Express program utilizes the same underwriting process as WriteFit, except there is no opportunity for a medical exam. With WriteFit Express, you are either approved or denied.
Advantage Elite Select - Issue Ages
| WriteFit Express | WriteFit |
|---|---|
| 16-54 | 16-80 |
Advantage Elite Select is available for those between 16 and 80 years old. Your age will impact your premiums and the available contract options.
WriteFit offers higher issue ages because of the possibility of a medical exam being required.
WriteFit Express offers fewer issue ages than WriteFit as the underwriting program is based on an approved or denied underwriting decision. There is no opportunity to complete a medical exam if you do not meet the program underwriting guidelines.
Advantage Elite Select - Contract Options
| WriteFit Express | WriteFit |
|---|---|
| 10-Years: 16-54 15-Years: 16-54 20-Years: 16-54 30-Years: 16-45 | 10-Years: 16-80 15-Years: 16-70 20-Years: 16-65 30-Years: 16-50 |
Minnesota Life offers term life insurance in lengths of 10, 15, 20, and 30 years. However, each contract length has an age limit:
- 10-year contract: 16 to 80 years old
- 15-year contract: 16 to 70
- 20-year contract: 16 to 65
- 30-year contract: 16 to 50
The length of the contract influences the cost of the policy. A longer duration increases the cost of your premiums. Your issue age and the contract length also determine eligibility for the company’s accelerated underwriting program.
WriteFit Express
- 10-year contract: 16-54
- 15-year contract: 16-54
- 20-year contract: 16-54
- 30-year contract: 16-45
Advantage Elite Select - Coverage Amounts
| WriteFit Express | WriteFit |
|---|---|
| Minimum Amount: $50,000 Maximum Amount: $250,000 | Minimum Amount: $250,001 Maximum Amount: $3,000,000 |
The minimum coverage amount is $50,000 for those who qualify for the “standard” underwriting class. All other underwriting classes, including preferred and non-tobacco plus, have a minimum coverage amount of $100,000.
Advantage Elite Select does not have a maximum face amount. However, if you want more than $3 million in coverage, you will need to complete the traditional underwriting process, requiring a medical exam.
The accelerated underwriting coverage amounts are as follows:
WriteFit
- Applying for coverage up to $3,000,000 and are between the ages of 18 and 50.
- Applying for coverage up to $2,000,000 and are between the ages of 51 and 60.
WriteFit Express
- Applying for coverage up to $250,000 and are between the ages of 18 and 54. (If applying for a 30-year term length must be between the ages of 18-45)
Advantage Elite Select - Policy Riders
| WriteFit Express | WriteFit |
|---|---|
| Accelerated Death Benefit for Terminal Illness Benefit Distribution Agreement Chronic Illness Conversion Agreement Extended Conversion Agreement Waiver of Premium Agreement | |
Minnesota Life uses the term “agreement” instead of a policy rider. The company offers several optional agreements that you can add to your policy:
- Accelerated Death Benefit for Terminal Illness (Included)
- Benefit Distribution Agreement (Optional)
- Waiver of Premium Agreement (Optional)
- Extended Conversion Option (Optional)
You may also add a Chronic Illness Conversion Agreement (CICA). Advantage Elite Select is the only term life product to include this option.
Accelerated Death Benefit for Terminal Illness
An accelerated death benefit policy rider is available. This option allows you to receive a portion of the death benefit before your passing if you have been diagnosed with a terminal illness. The death benefit will be reduced upon payment of the accelerated death benefit for terminal illness.
Benefit Distribution Agreement
The Benefit Distribution Agreement (BDA) is an optional agreement that does not cost extra. It allows you to structure how the death benefit payout is paid to your beneficiary. A life insurance payout is commonly paid by default in one lump sum payment. With this agreement, you can choose to have Minnesota Life pay the death benefit to your beneficiary in installment payments instead of a lump sum.
Waiver of Premium Agreement
The Waiver of Premium waives the premium if you become totally disabled. This keeps you from needing to continue paying the premiums while you are unable to work due to a disability.
Extended Conversion Option
The Extended Conversion Option adds extra time in which the term insurance coverage can be converted into a permanent life insurance plan. The standard conversion period is the first five years for a 10-year or 15-year contract and the first ten years for 20-year and 30-year contracts. With the extended conversion option, you can wait until the last year of the contract or your 75th birthday.
Chronic Illness Conversion Agreement (CICA)
This agreement guarantees you the right to add the Accelerated Death Benefit for Chronic Illness Agreement without providing evidence of insurability at the time of conversion.
Advantage Elite Select - Underwriting Categories
| WriteFit Express | WriteFit |
|---|---|
| Preferred Select, Preferred, Standard Plus, Standard, Preferred Tobacco and Standard Tobacco | |
Minnesota Life uses the following underwriting categories:
- Preferred Select
- Preferred
- Standard Plus
- Standard
- Preferred Tobacco
- Standard Tobacco
- Rated
Underwriting categories or rate classifications are a standard method used by all life insurance providers to determine the risk and eligibility of insuring an applicant.
Your final underwriting category will not be determined until underwriting has been completed. However, it is important to know that if you are applying for less than $100,000, the best underwriting category you can qualify for is “Standard.”
Advantage Elite Select - Renewability
| WriteFit Express | WriteFit |
|---|---|
| Renewable after the level premium period to age 95. | |
Advantage Elite Select is renewable up to the age of 95. After the level term duration ends, you can continue renewing the policy each year. However, the premiums will gradually increase at the end of the initial contract.
Advantage Elite Select - Conversion Option
| WriteFit Express | WriteFit |
|---|---|
| Convertible to any of our permanent products during the term without proof of insurability. | |
Advantage Elite Select includes several conversion options allowing you to convert your term insurance policy to a permanent life insurance product offered by Minnesota Life. In addition, Minnesota Life offers indexed, variable, and survivorship policies.
Conversions must be requested within the first five years for term lengths of 10 and 15-years. You also have the first ten years to request a conversion if you choose a 20-year and 30-year contract or your 75th birthday, whichever comes first.
However, you can also add the Extended Conversion Agreement to extend the conversion period to the entire term contract duration, but it will cost extra.
Application Process for Advantage Elite Select Term Insurance
Minnesota Life offers more than one way to apply for its Advantage Elite Select term insurance plans. However, if your coverage is less than $250,000 or if you want to would like to apply for the WriteFit accelerated underwriting program, you will be limited to an electronic application process only, also referred to as an eApp.
The electronic application process is completed with the assistance of a licensed agent and submitted to underwriting, where a telephone interview will be ordered. The telephone interview is a supplemental part of the main life insurance application consisting of health and lifestyle questions. Expect the telephone interview to take 30-45 minutes.
If an applicant qualifies for the WriteFit underwriting program, an official approval notification should be made within 24-48 hours of completing the interview. If an applicant does not qualify, the application will go through traditional underwriting, in which a medical exam will be required to continue.
The medical exam is paid for at the cost of the life insurance provider, and the examiner will work with your schedule to get the exam completed. Most applicants choose to have the exam completed in their own home, where the examiner will collect a blood and urine sample along with blood pressure readings and a check of your height and weight.
Traditional underwriting will also be mandatory if coverage is higher than what is allowable under the WriteFit program.
Minnesota Term Life Insurance Frequently Asked Questions
Before deciding on Advantage Elite Select, you likely have a few more details that you want to explore. Use the following frequently asked questions to learn more about Minnesota Life term insurance.
Is Minnesota Life a Good Company?
Minnesota Life is a respected company with a history that goes back over 140 years. The company has solid financial strength ratings and maintains an overall positive rating from customers.
What Determines Eligibility for Minnesota Life Term Insurance Coverage?
Minnesota Life pulls data from a variety of sources to review your eligibility. The company uses information from court records, motor vehicle reports, credit history, and medical records.
Eligibility is largely based on the following:
- Age
- Medical history
- Prescription history
- Driving record
Minnesota Life also uses a build chart, which relies on your age, height, and weight to estimate your overall health and mortality rate.
Will I Need to Take a Medical Exam to Qualify?
Non-smokers between the ages of 18 and 54 with no significant medical issues may qualify to skip the medical exam. However, Minnesota Life requires a medical exam if a physical exam has not been completed within the last nine months or if you do not meet the underwriting guidelines for WriteFit.
The following conditions disqualify you from the accelerated underwriting process:
- Alcohol/drug abuse
- Heart disease
- Stroke
- Atrial fibrillation
- Emphysema
- Hepatitis
- Inflammatory bowel disease
- Kidney disease
- Diabetes
- Cancer (except for basal cell cancers)
- Bipolar disorder
- Seizure disorder
- Parkinson’s disease
- HIV/AIDS
- Schizophrenia
- Lupus
- Rheumatoid arthritis
- Multiple sclerosis
Traditional underwriting is also required for anyone convicted of a misdemeanor or felony or charged with a DUI in the last five years.
If you qualify to skip the medical exam, you may still need to provide an attending physician statement (APS). An APS is often required for older applicants and those who apply for large coverage amounts.
How Quick Is Approval for Coverage?
If you qualify for the WriteFit accelerated underwriting process, you should receive notice of your approval within 24 to 48 hours.
If you require the traditional underwriting process and a medical exam, you may receive a decision within about four to six weeks.
What Happens After You Are Approved for Coverage?
After being approved for coverage, you will receive an offer that includes the premiums you will pay for the policy. If you accept the terms of the offer, you can electronically sign the contract and submit your first payment.
Is There a Paper Application Option?
A paper application is available for those who want to complete the traditional underwriting process. You must complete an electronic application and tele-interview to qualify for the WriteFit accelerated underwriting process.
An electronic application is also required if you plan to apply for $250,000 or less in coverage. Any amount under $250,000 must go through the WriteFit program as paper applications are not available.
What Happens After the Level Premium Ends?
The policy is automatically terminated at the end of the contract length unless you choose to renew it. Advantage Elite Select is renewable up to the age of 95. If you want to convert the policy, you must do so within the conversion period.
Is Minnesota Life Term Insurance Good for People with Pre-Existing Health Conditions?
Minnesota Life is relatively lenient when it comes to pre-existing health conditions. However, certain conditions may result in higher premiums. Some of the issues that may impact your underwriting class and premiums include:
- History of heart disease
- Tobacco use
- High blood pressure
- Alcohol/substance abuse
- High cholesterol
Individuals with a parent or sibling who died before the age of 60 due to heart disease or cancer may also receive higher premiums.
Is Minnesota Life Term Insurance Affordable?
Minnesota Life Term Insurance offers competitive pricing. The company is often in the top 10 groups of most affordable insurers. However, they rarely come up as the cheapest company for term life insurance rates.
If you’re looking for a company that can offer the lowest rates for coverage, we highly recommend looking into other providers.
How Much Does Minnesota Life Term Insurance Cost?
The below table is a small example of the life insurance rates offered with Advantage Elite term life insurance plans. Rates will vary depending on the underwriting category, term length, and coverage amount applied for.
| Age | Gender | Face Amount | Term Length | Premium |
|---|---|---|---|---|
| 30 | Male | $1,000,000 | Advantage Elite 30-Year | $64.68 / monthly |
| 30 | Female | $1,000,000 | Advantage Elite 30-Year | $51.19 / monthly |
| 35 | Male | $1,000,000 | Advantage Elite 30-Year | $73.48 / monthly |
| 35 | Female | $1,000,000 | Advantage Elite 30-Year | $60.52 / monthly |
| 40 | Male | $750,000 | Advantage Elite 20-Year | $43.47 / monthly |
| 40 | Female | $750,000 | Advantage Elite 20-Year | $36.96 / monthly |
| 45 | Male | $750,000 | Advantage Elite 20-Year | $73.38 / monthly |
| 45 | Female | $750,000 | Advantage Elite 20-Year | $60.06 / monthly |
| 50 | Male | $500,000 | Advantage Elite 15-Year | $59.73 / monthly |
| 50 | Female | $500,000 | Advantage Elite 15-Year | $45.76 / monthly |
| 55 | Male | $500,000 | Advantage Elite 15-Year | $93.71 / monthly |
| 55 | Female | $500,000 | Advantage Elite 15-Year | $67.32 / monthly |
*Sample rates shown in the above table are based on male and females in excellent health with no nicotine use. The current monthly male and female premium rates as of 3/3/2022 were pulled directly from our online quote tool.
How Do Minnesota Term Life Insurance Plans Compare to the Competition?
Minnesota term life insurance plans offer several benefits over its leading competitors, including unique policy riders. Advantage Elite Select is the only option with the conversion choice that includes chronic illness protection. You can also choose to have your death benefit distributed in installments instead of a lump sum.
The accelerated underwriting process is another highlight. If you do not have any major medical issues, you may qualify for WriteFit accelerated underwriting and receive an approval within 24 to 48 hours.
How Do You Get a Minnesota Life Term Insurance Quote?
You can get a quote right from our site. We offer Minnesota Life term insurance and can assist with the electronic application process. Rates can be viewed through our online quoter.
What Is Minnesota Life Insurance Company’s Cancellation Policy?
You can cancel a Minnesota term life insurance policy at any time. However, you must cancel within the first 30 days of receiving a new life insurance policy to be eligible to receive a full refund of any premiums you have already paid.
Cancelation of the term policy after the first 30-days of a new policy being issued will only be a refund of any unused premiums.
How Do You Contact Minnesota Life Customer Service?
Customer service is handled through Minnesota Life’s parent company, Securian Financial Group. Policyholders can log in to a member portal to chat online with a representative. The customer service department is also available via phone:
- 1-833-810-8230
- 7 am to 6 pm (CT) Monday to Friday
Advantages of Minnesota Life Term Insurance Plans
Advantage Elite Select includes several features that help make it an attractive option for anyone seeking term life insurance:
- Benefit distribution agreement
- Multiple conversion options
- Competitive prices
- Backed by a financially secure company
- Accelerated underwriting with no medical exam
- Low issue ages
Minnesota Life offers a Benefit Distribution Agreement (BDA). The BDA allows you to arrange for the death benefit to be paid in installments instead of a lump sum. Choosing this option can guarantee an income stream for your beneficiaries for several years.
You can also choose from a variety of conversion options before your policy ends. You can convert a minimum of $100,000 to indexed, variable, or survivorship permanent life insurance policies.
Advantage Elite Select is also the only insurer to offer a Chronic Illness Conversion Agreement (CICA). This conversion option allows you to convert your term life policy to a permanent one that includes chronic illness protection, a living benefit that has become a desirable policy feature. You do not need to complete the underwriting process a second time.
Affordability is another reason to compare Advantage Elite Select policies. Minnesota Life has competitive prices, especially for those under 54 years old.
Your term life policy is backed by a financially secure company, no matter which options you choose. Securian Financial has solid financial ratings and one of the highest Comdex rankings.
If you meet the criteria for WriteFit underwriting, you can also enjoy an expedited application process. You may even receive approval in as little as 24 hours.
Lastly, Minnesota Life also has a relatively low issue age for its term insurance coverage. Where most 16-year-olds would only be eligible for children’s life insurance plans, with Minnesota Life, they can get their own term life insurance policy.
Disadvantages of Minnesota Life Term Insurance Plans
While Minnesota Life can offer a solid choice for term life insurance coverage, there are a couple of drawbacks.
For starters, older applicants over the age of 54 who require less than $250,000 will need to get coverage from another provider. Advantage Elite only offers its term insurance plans for applicants age 54 and older when the death benefit amount is above $250,000.
The conversion option offered on Advantage Elite is not the greatest. Although the company offers the ability to convert the term insurance to permanent protection, you have to elect to do so in the earlier years. Statistically, most people who choose to convert their term insurance policy tend to do so at the end of their term contract and generally not in the contract’s early years.
Minnesota Life does offer the Extended Conversion Option, which gives a policyholder the entire term length to convert their coverage, but it comes at an added cost. Most other term providers do not charge extra for this. It’s generally a standard policy feature.
Minnesota Life also has relatively low age limits for its longer term contracts. For example, if you plan on obtaining a 30-year contract. In that case, you need to be between the ages of 16 and 50, whereas many other providers will offer a 30-year contract up to the age of 55.
Conclusion: Is Minnesota Life Term Insurance Worth it?
Minnesota Life Term Insurance is a great option for those who want flexible insurance options with competitive prices backed by a reliable company. You can choose from multiple contract lengths, coverage amounts, and policy riders to suit your specific insurance needs.
Minnesota Life also offers several features not offered with most term life products. The benefit distribution option is useful for lowering your premiums and ensuring an income stream for your loved ones. You can also choose from multiple conversion options, including the option to convert to a permanent policy with chronic illness protection.
The variety of policy options helps make Minnesota Life Advantage Elite Select a recommended choice. Get your Advantage Elite Select quote today to see how it compares to other plans.
