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Securian Financial

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Securian Financial

United States

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1880 (145 Years)

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Securian Financial Insurance Review

Brief Introduction and Overview of the Company

Securian Financial Group, Inc. is a prominent mutual holding company offering a diverse range of financial products and services. Established on August 6, 1880, in St. Paul, Minnesota, by Russell Dorr, the company has grown significantly, serving over 19 million clients across the United States, Puerto Rico, and Canada. Its business model, built on a foundation of mutual ownership, prioritizes the long-term interests of its policyholders. This commitment to stability and client focus has been a cornerstone of its success and longevity. Securian Financial's multifaceted approach includes providing insurance solutions, investment vehicles, and retirement planning resources, positioning it as a significant player in the North American financial landscape. The company's longevity and expansive reach underscore its adaptability to evolving market demands and its ongoing dedication to meeting the diverse needs of its customers.

Key Highlights of the Company’s Market Position and Reputation

* **Market Position:** As of 2023, Securian Financial holds a strong position as the 7th largest life insurance company in the United States, based on total life insurance in force. This ranking highlights its significant market share and its substantial impact within the industry. The size and scale of its operations are a testament to its success in attracting and retaining a large client base. * **Reputation:** Securian Financial's subsidiaries, Minnesota Life and Securian Life, consistently receive high ratings from leading independent rating agencies. These positive assessments reflect the company's sound financial practices, strong risk management capabilities, and consistent ability to meet its obligations to policyholders. This strong reputation is crucial for building trust with clients and fostering long-term relationships. The high ratings underscore the company’s financial strength and stability.

Overview

Year of Establishment and Background Story

Securian Financial's origins trace back to August 6, 1880, when Russell Dorr established the company in St. Paul, Minnesota. From its inception, the company has demonstrated a commitment to providing reliable and accessible financial solutions. This long history provides valuable context for understanding its current market position and its continued evolution as a financial services provider. The company's enduring legacy is a testament to its adaptability and consistent focus on serving its client base.

Key Milestones in the Company’s History and Growth

Securian Financial's journey is marked by several significant milestones that showcase its innovation and adaptability: * **1959:** Securian Financial expanded its offerings by providing low-cost loan protection through savings and loan associations, a strategic move that diversified its customer base and laid the groundwork for future growth in the credit union market. This early diversification proved prescient, establishing the company’s commitment to serving a broad range of clients. * **1971:** The introduction of Adjustable Life, the company's first flexible life insurance policy, demonstrated its forward-thinking approach to product development. This product allowed policyholders to adjust coverage to meet changing financial needs, setting a precedent for the company's ongoing focus on innovation and customer-centric design. * **1984:** The creation of an asset management subsidiary and the establishment of Securian Financial Services, Inc. (a broker-dealer), broadened Securian Financial's capabilities and cemented its position as a diversified financial services company. The strategic inclusion of 401(k) plans further enhanced its service offerings and capitalized on the growing demand for retirement planning solutions. * **1994:** Bob Senkler's leadership marked a significant era of growth, and the development of the Variable Group Universal Life (VGUL) product provided investment flexibility previously unavailable in group plans, enhancing the company's competitiveness and attracting a wider range of clients. * **2014:** The acquisition of a majority stake in Asset Allocation & Management Company (AAM) significantly expanded Securian Financial's asset management capabilities and solidified its standing as a major financial services provider. Chris Hilger's appointment as CEO brought extensive experience to guide the company's continued growth. * **2017:** Expansion into the Canadian market through the acquisition of Canadian Premier Life Insurance Company and its affiliates showcased Securian Financial's ambition for international growth and its commitment to expanding its reach to new client populations. * **2023:** The strategic exit from the retail wealth management business and the celebration of its 140th anniversary underscore the company's adaptability to market changes and its enduring resilience.

Regulatory Compliance and Licenses

Details on Licenses and Certifications Obtained

Securian Financial’s insurance company subsidiaries, Minnesota Life and Securian Life, are subject to rigorous regulatory oversight and maintain strong financial strength ratings from leading independent rating agencies. These ratings demonstrate their compliance with stringent regulatory standards, providing assurance to policyholders regarding the financial soundness and stability of these entities. The ongoing compliance with regulatory requirements is a crucial aspect of maintaining public trust and upholding the company's reputation for reliability.

Insurance Products and Services

Main Insurance Products

* **Types of Insurance Offered:** Securian Financial offers a comprehensive suite of insurance products designed to meet a wide array of individual and family needs. These include life insurance (covering various needs from term to permanent coverage), disability insurance (providing income protection in the event of illness or injury), and critical illness insurance (offering financial support for the treatment of serious diseases). The company also extends its coverage to the credit market by offering creditor mortgage, loan, and line of credit protections. Group life insurance plans further expand its offerings to cater to employers and employee groups. * **Coverage Options and Policy Details:** Securian Financial's policies provide flexibility to accommodate individual circumstances and financial goals. The range of options, including adjustable life insurance and variable life and annuity products with diverse investment options, demonstrate its commitment to tailoring coverage to meet the unique needs of its clients. The availability of different investment options within the annuity products allows individuals to tailor their investment strategy to align with their risk tolerance and desired return.

Additional Services

Beyond its insurance offerings, Securian Financial provides a range of additional services to enhance its customers' financial well-being. These include: * **Financial Advisory:** Access to expert financial advice can be invaluable in navigating complex financial decisions. Securian Financial's financial advisory services provide clients with personalized guidance and support. * **Retirement Planning:** Secure retirement planning is crucial for financial security in later life. The company's retirement planning services help clients develop and implement strategies to achieve their retirement goals. * **Claims Assistance:** Navigating the claims process can be challenging. Securian Financial provides support and assistance to ensure a smooth and efficient claims experience for its policyholders. * **Benefits Administration and Technology Services:** Through its subsidiary, Empyrean Benefit Solutions, Securian Financial offers benefits administration and technology services to employers, streamlining their employee benefits management processes.

Premiums and Pricing

Pricing Structure

Securian Financial’s premium rates reflect the type of insurance coverage and the individual’s specific risk profile. Detailed pricing information is typically available through individual quotes from agents or through the company's website. While a direct comparison of rates to industry averages isn't readily accessible on their public-facing website, obtaining personalized quotes allows potential clients to evaluate the competitiveness of Securian Financial's offerings based on their individual needs and circumstances.

Discounts and Special Offers

Securian Financial may offer various discounts, including multi-policy discounts for clients with multiple insurance products and safe driver discounts for auto insurance (if applicable). Promotional deals and limited-time offers may also be available; however, details on these offers may vary and it's recommended to inquire directly with the company or an agent for up-to-date information.

Customer Service and Support

Contact Methods

Securian Financial prioritizes accessible and responsive customer service. Clients can contact the company via various channels including phone, email, and live chat. The availability of 24/7 support and multilingual assistance demonstrates the company’s commitment to catering to a diverse clientele and ensuring readily accessible help when needed.

Pros and Cons of Securian Financial Insurance

Pros

* **Competitive Premiums:** Securian Financial aims to offer competitive premiums for its insurance products, making its services accessible to a broad range of individuals and families. A personalized quote is the best way to assess the competitiveness of premiums relative to individual needs and risk profiles. * **Comprehensive Coverage:** The company offers a broad array of insurance products, ensuring comprehensive coverage options that cater to a diverse range of circumstances and needs. * **Strong Financial Stability:** The high ratings from independent agencies reflect Securian Financial's strong financial foundation and commitment to meeting its obligations to policyholders. This provides reassurance and stability for clients. * **Long History and Customer Service:** The company’s extensive experience and commitment to customer service contribute to a positive reputation and a culture of client-focused interactions.

Cons

* **Limited Publicly Available Pricing Details:** While the company provides quotes, a lack of publicly available, detailed comparative rate analysis with industry averages on their website may require more effort from potential customers seeking in-depth price comparisons. * **Potentially Less Extensive Customer Service Options Than Larger Providers:** While Securian Financial strives for excellent customer service, the scope of their services may not be as extensive as some of the larger multinational insurance providers.

Conclusion

Summary of the Main Points Covered in the Review

Securian Financial is a well-established and highly-rated mutual holding company providing a diverse range of financial products and services. Its strong financial standing, combined with its wide selection of insurance and ancillary services, positions it as a competitive player in the industry. While the company has a positive reputation, the lack of easily accessible, comprehensive pricing comparisons and possibly less extensive customer service channels compared to some larger competitors, are factors to consider when evaluating the company.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings

Securian Financial's insurance products are well-suited for individuals and families who value comprehensive coverage, financial stability, and strong customer service. The company's long history and commitment to meeting its obligations provide a sense of security and reliability for its policyholders. Individuals seeking competitive premiums and a long-term partnership with a financially secure insurance provider may find Securian Financial to be a suitable choice. However, consumers who prioritize readily available detailed pricing comparisons or an extremely extensive range of customer service options may wish to explore other providers as well.

Frequently Asked Questions about Securian Financial Insurance

Answers to Common Questions About the Company’s Policies, Claims Process, and More

For detailed answers to specific questions regarding policies, the claims process, or specific premium rates, it is best to contact Securian Financial directly through their website or by phone. Their website provides many informational resources. While a general FAQ section might not exist in the same format as others, the company's commitment to customer service ensures that inquiries will be handled efficiently and comprehensively.

References

* [1] https://en.wikipedia.org/wiki/Securian_Financial_Group * [2] https://www.securian.com/about-us/our-company.html * [3] https://www.securian.com/about-us/our-history.html * [4] https://www.securiancanada.ca/about-us.html