Securian Financial Insurance Company at a Glance
- Founded in 1880
- Specializes in life insurance
- One of the largest life insurance companies in the US
- Offers coverage for individuals and businesses
- Offers financial planning services
- Also offers annuities
- “A+” (superior) rating by A.M. Best
- “B” (good) rating by Better Business Bureau (BBB)
- Strong financial stability
- A Fortune 500 company
Securian Financial pros: About 140 years’ worth of experience in the insurance industry. High rating through A.M. Best. Offers life insurance and other products for individuals and employees. One of the nation’s largest life insurance companies. Strong financial stability. Offers online claims reporting.
Securian Financial cons: Many complaints filed against the carrier through the BBB. Low rating through the BBB compared to most carriers. Virtually all customer feedback is negative. Limited coverage options.
What Type of Insurance Does Securian Financial Offer?
Securian Financial is a specialized insurance company, with a focus on life insurance. Their coverage offerings include:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Long-term care insurance
- Accidental death insurance
- Accident insurance
- Critical illness insurance
- Hospital indemnity insurance
- Key person insurance
If you’re on the market for life insurance or annuities, Securian Financial may have just the type of product you’re looking for.
What to Know about Securian Financial
Securian Financial insurance company was founded in 1880, giving the carrier about 140 years’ worth of experience in the insurance industry. The insurance company was founded in St. Paul, Minnesota, with a mission to help families plan financially for major milestones in life. Today, the carrier offers coverage for individuals and businesses.
Securian Financial reports it has almost $1.3 trillion worth of insurance in force today. The insurance company has $93.4 billion in assets under management, and paid out $5.6 billion in statutory benefits to customers in 2019. The carrier has more than 21 million policyholders in the U.S. and is the eighth-largest life insurance company in the country. The carrier has 6,400 employees and representatives across the globe and is a Fortune 500 company.
Thanks to its long-standing history, amount of insurance in force, and financial strength, Securian Financial has earned itself a reputation as a stable insurance provider with a positive outlook for the future. A.M. Best, the leading global credit rating agency monitoring the insurance industry, gives Securian Financial insurance company an “A+” rating, indicating the carrier is a superior choice for insurance customers. A high rating from A.M. Best assures customers that Securian Financial is capable of offering guaranteed, secure coverage from a financially sound carrier.
Established in 1899, A.M. Best is one of the oldest rating companies in the world. Reviews from A.M. Best indicate an insurance company’s financial strength and creditworthiness, and are based on comprehensive evaluations of the company’s operating performance, business profile, and balance sheet. For customers who aren’t as familiar with insurance companies’ respective reputations, A.M. Best’s ratings system allows them to make an informed decision about who they can trust to meet their needs in the short term and to remain a strong, financially sound company in the long term.
What Discounts Does Securian Financial Offer?
While Securian Financial does not make information about their specific discounts readily available, most life insurance companies today offer several common discounts on comparable coverages. These discounts often include:
- Annual premium discount: Insurance companies often award discounts to customers who pay their premiums annually instead of monthly.
- Non-tobacco user discount: Life insurance companies tend to reward customers who do not use tobacco products with cheaper premiums.
- Young applicant discount: When signing up for life insurance, considerable discounts are often awarded to applicants who purchase coverage when they are younger, such as in their 20s or 30s.
- Healthy family history discount: Life insurance companies also reward applicants with healthy genetics, or a good family health history.
- Safe hobbies discount: Life insurance companies often award customers who practice safe, non-life threatening habits (e.g., no skydiving) with cheaper premiums.
Your independent insurance agent can help you find more information on exact discounts offered by Securian Financial and additional ways to save money through the insurance company, helping you to get the most bang out of your buck on coverage.
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Securian Financial Customer Service
Securian Financial offers multiple ways to report claims. The carrier provides the following customer service options:
- Phone claims reporting
- Online claims reporting
- Email claims reporting
- Snail mail contact option
- Fax contact option
- Main customer service and claims reporting hotline has the following hours restrictions:
|Monday-Friday||7 am - 6 pm|
The best way to ensure a smooth customer service experience is through working with an independent insurance agent. Independent insurance agents can help make customer service easier for you by handling claims and other concerns.
Securian Financial FAQ
What is Securian Financial's average claim response time frame?
Securian Financial allows customers to file claims via phone, fax, regular mail, email, or online. However, the carrier does not list a specific claims response time frame promise.
What is Securian Financial's customer service availability?
Securian Financial offers claims reporting through multiple mediums, but does not offer 24/7 phone claims reporting. The customer service phone line is available at generous hours, Monday-Friday. The insurance company also has a social media presence on Facebook, LinkedIn, and Twitter, which makes them more accessible to customers.
What is Securian Financial's claims process?
Securian Financial provides phone, fax, email, snail mail, and online claims filing options. The official website breaks down the carrier’s claims process for death claims in a few simple steps, as follows:
“To file a death claim, please call our Individual Claims Department at 1-800-641-4611, or 651-665-3529, between the hours of 8:00 a.m. - 4:30 p.m. Central Time, Monday - Friday, to reach a service financial professional. After hours you may leave a voice mail message that includes your phone number with area code where you can be reached during the day.
When you file a death claim, you will need to provide the following information:
- Policy number(s)
- Name of insured
- Insured's date of birth
- Date of death
- Cause of death
- Beneficiary's name, address and telephone number
- Address to which we should send claims forms
When leaving a voice mail message, also provide a phone number with area code where you can be reached during the day.
We will initiate the claim process, send the necessary forms, and a list of any additional information required for benefits to be considered.
How can I check the status of a death claim?
To check the status of a death claim, call the Individual Claims Department at 1-800-641-4611 or 651-665-3529, between the hours of 8:00 a.m. - 4:30 p.m. Central Time, Monday - Friday.”
Does Securian Financial create a user-friendly experience for customers?
Securian Financial’s official website is well done. The layout is intuitive and easy to navigate, and the carrier provides information about their coverage and claims process for customers. However, the insurance company could benefit from listing an official claims response time frame promise. Securian Financial could also benefit from offering 24/7 phone claims reporting. The insurance company does have a strong social media presence. Overall, Securian Financial provides a fairly user-friendly experience.
Does Securian Financial have good accident insurance?
Securian Financial specializes in life insurance, but also offers a few other products. The insurance company’s accident insurance comes with the following benefits:
- Emergency room cost coverage
- Ambulance cost coverage
- Additional hospital expense coverage
- Rehabilitation and therapy coverage
- Everyday living expense coverage
Your independent insurance agent can help you find out more about Securian Financial’s accident insurance policies, as well as their other products and services available.
Is Securian Financial a good insurance company?
Securian Financial has been around for well over a century now. The carrier has an excellent rating from A.M. Best, but just a decent rating from the BBB. The carrier has also had quite a few complaints filed against it through the BBB in recent years. Further, virtually all customer feedback about the carrier is negative. There actually aren’t any positive customer reviews to be found. Because of this, we’re hesitant to say that Securian Financial can be considered a good insurance company.
Securian Financial Customer Reviews
|Better Business Bureau|
|“Horrible company to work with. Somehow, I'm always late on my payments, and they charged me for the late payments every time. They always claimed that they had mailed out everything to me, and it is in the hands of the post office. They will not email me my bills. Costumer service is horrible. Securian is a cheat and a b******* company. The only reason why I got life insurance through them was because my workplace was too cheap to find a decent company to work with. STAY AWAY FROM THIS COMPANY!!”|
|Better Business Bureau|
|“Securian canceled my policy due to lack of payment. I contacted them in July and sent them copies of my check front and back. They responded that they would follow up. I received a cancelation notice on the 12 of October. When I spoke to the agent he confirmed that they did get the check but they are not sure how they applied it. He advised that I would be uninsured until they can find their error. He confirmed that the check was processed through their bank but that was not enough to give me credit for the payment. Please tell me that a company can't take your money, lose it and refuse to give you credit…”|
|“Terrible website. I cannot log in with an account that I just created, and I have been waiting on the support line for an hour now. I just need to move money out because they are charging me an insane amount for doing nothing. Now they simply make it impossible to do that. What an ugly way of doing business!”|
|“They are terrible. They were good until about six months ago. Even when the market was growing my account was losing money. Last month the loss was significant. Customer service is horrible. I called to take a withdrawal. A gentlemen said the form would be sent overnight. I called five days later and was told it was mailed and they did not overnight. 12 days later I received form. I completed, marked to have my check overnight mailed, faxed and called the day after to make sure they had received. I was told yes BUT it takes five business days to process. I was told they did not follow up or email when completed. I was told UPS would contact me to provide a tracking number. I have to admit I have never experienced this poor service with any of my 401K accounts EVER. I DO NOT RECOMMEND this company.”|
TrustedChoice.com's Final Review
We award Securian Financial insurance company a final rating of 1.5 out of 5 stars. While the insurance company has been around for about 140 years now, it doesn’t seem to have used this ample time to its advantage, unfortunately. Though the carrier is very highly rated by A.M. Best, its “B” rating by the BBB is actually quite poor compared to most carriers today. The insurance company does provide life insurance and other solutions for individuals and employees across the U.S. and has an impressive amount of insurance in force currently. That being said, customers don’t seem satisfied with their coverage. It’s virtually impossible to find a customer review that isn’t dismal at best. Customers seem frustrated with their coverage and the carrier itself, going as far as to say that representatives are not at all kind, even when handling tragic claims. Overall, we say that if reliable coverage and strong customer service are important to you, then work with your independent insurance agent to survey all your other options for life insurance and similar products, and skip looking into Securian Financial entirely.
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