Company Overview of Minnesota Life Insurance Company
Minnesota Life Insurance Company, through its subsidiaries, provides various insurance and financial products and services primarily to individuals and families in the United States. It offers annuity products for financial security in retirement; and a range of life insurance products for various financial needs. The company was founded in 1880 and is based in St. Paul, Minnesota. Minnesota Life Insurance Company is a subsidiary of Securian Financial Group, Inc.
400 Robert Street North
St. Paul, MN 55101
Founded in 1880
Key Executives for Minnesota Life Insurance Company
Vice Chairman and Executive Vice President
Chief Information Officer and Senior Vice President
Compensation as of Fiscal Year 2013.
Minnesota Life Insurance Company Key Developments
Minnesota Life Insurance Company Introduces New Benefit for its Indexed Universal Life Products
Sep 16 13
Minnesota Life Insurance Company introduced a new benefit for its indexed universal life products that keeps it at the forefront of the market. The company introduced its latest improved offering for new and existing policies. The Index Crediting Bonus, when applied, provides a 1% annual bonus based on index credits received over a 120-month rolling period. The company may apply the credit to the accumulation value which compounds each year and could help raise index credits and distribution amounts. The company said that existing Eclipse Protector policies with the Death Benefit Guarantee Agreement were also enhanced with the Performance Death Benefit Guarantee Agreement at no additional charge. Additional enhancements that benefit certain existing policyholders include more index options, dollar cost averaging, the opportunity to switch between fixed and variable loans and systematic distributions.
Minnesota Life Insurance Company to Replace its Existing Term Product, Advantage Elite, with Advantage Elite Select
May 14 12
Minnesota Life Insurance Company will replace its existing term product, Advantage Elite, with Advantage Elite Select in all states except New York, effective May 21. With the launch of Advantage Elite Select, Minnesota Life - Securian Financial Group's largest subsidiary - also will introduce Express Issue, a streamlined process allowing clients to purchase life insurance in a matter of days. It is available on policies for $250,000 or more, offers a three- to five-day turnaround from receipt of the tele-interview and requires no physical exams or medical blood work. Advantage Elite Select also offers: - A guaranteed death benefit for five, 10, 15, 20, or 30 years; - Shortened conversion periods. Five, 10, and 15 year durations have five year conversion periods; 20 and 30 year durations have 10 year conversion periods during which the insured may convert the coverage into permanent life insurance without requiring additional underwriting or evidence of insurability; - For an additional premium, an extended conversion agreement allows the insured to extend the conversion period for the full duration of the policy or age 75, whichever is earlier.
Minnesota Life Insurance Company Adds 2 Index Options for its Eclipse Life Products
Feb 13 12
Two index options added by Minnesota Life Insurance Company to its Eclipse Indexed Universal Life Insurance products offer more account options and potential for higher interest crediting for indexed life insurance clients. The new options are: S&P 500(R) with three-year time period and 140% participation, offering a higher cap than its S&P 500(R) one-year option; a blended index account that includes the S&P 500(R), Russell 2000(R), EURO STOXX 50(R) and the Barclays US Aggregate Bond index. With these additions, Eclipse Indexed Life products now offer five indexed account options based on the four indices listed above, plus the Dow Jones Global ex-US Index(SM). Eclipse Indexed Life offers life insurance protection and sound cash value growth with competitive interest crediting options and guaranteed protection. It protects assets while helping them grow. Eclipse Indexed Life is designed first and foremost to provide life insurance protection. While the interest crediting options are attractive for cash accumulation, the product should always be promoted to first meet the death benefit needs of families and businesses with cash accumulation as a secondary benefit.
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