Securian At a Glance: Rates, Products and Reviews

Products Offered by Securian

Securian’s products include four types of annuities: fixed, indexed, variable and immediate annuities.

Securian’s Fixed Annuities

Securian offers the SecureOption^® series of fixed annuities.

• SecureOption^® Choice is a multi-year guaranteed annuity (MYGA) with guarantee periods of three, five, seven or nine years. This product has a $25,000 minimum premium and applies a market value adjustment (MVA) to any funds withdrawn during the initial guarantee period. SecureOption^® Choice contracts that are valued above $100,000 may be eligible for a higher interest rate.
• SecureOption^® Focus is a fixed deferred annuity with guarantee periods of one, three, five or seven years. The annuity has flexible premiums with a minimum of $10,000 for the initial premium and the ability to add subsequent premiums of at least $1,000 during the contract’s first six months. SecureOption^® Focus has no MVA provision and has two rate bands: $35,000 and $100,000.

Securian’s Indexed Annuities

SecureLink^® is Securian’s line of indexed annuities.

• SecureLink^® Ultra has a $20,000 minimum premium and surrender terms of five years or seven years. The product allows owners to choose from 10 index crediting options based on the S&P 500 and three other market indexes.
• SecureLink^® Future has a $10,000 minimum premium and surrender terms of seven years, nine years or 10 years. Annuity customers have the option to add the Achiever Lifetime Income benefit for a 1.15% fee. The benefit guarantees lifetime income for the annuitant regardless of how much interest the contract accumulates.
• SecureLink^® Chronic Illness Access has a $20,000 minimum premium and a seven-year surrender charge schedule. This annuity comes with a unique accelerated death benefit, which enables owners to access the annuity’s death benefit after the first contract anniversary if they become severely impaired due to a chronic illness or terminal illness.

Securian’s Variable Annuities

Securian’s MultiOption^® variable annuities can be customized with four optional living benefits, including benefits for guaranteed lifetime withdrawals and guaranteed minimum income. 

• MultiOption^® Guide B Series is a traditional variable annuity with flexible premiums and a seven-year surrender charge period. The minimum initial premium is $10,000 and subsequent premiums must be at least $500. Fees for this annuity include a 1.20% mortality & expense risk charge (M&E), a 0.15% administrative charge and a $50 maintenance fee.
• MultiOption^® Momentum is an investment-only variable annuity with flexible premiums and a five-year surrender charge schedule. The minimum initial premium is $25,000 and subsequent premiums must be at least $500. Fees for this annuity include a 0.75% M&E charge, a 0.15% administrative charge and a $50 maintenance fee.
• MultiOption^® Extra comes with a 7% credit enhancement that boosts the initial premium on day one of the contract.  The minimum initial premium is $10,000 and subsequent premiums must be at least $500. Fees for this annuity include a 1.70% M&E charge (reduced to 1.10% after nine years), a 0.15% administrative charge and a $35 maintenance fee.

Securian’s Immediate Annuity

IncomeToday!^® 2.0 is Securian’s single premium immediate annuity, or SPIA. This product has a $10,000 minimum premium and a maximum premium of $2 million.

Securian’s SPIA offers a variety of payout options, including single life, joint life and period certain from five years to 30 years. Owners can choose monthly, quarterly, semi–annual or annual payouts.
The IncomeToday!^® 2.0 can include a unique feature, the Advance Withdrawal benefit, at no extra cost. The Advance Withdrawal benefit enables owners who choose a period certain payout to take a one-time withdrawal of 25% to 75% of the account’s value before the guarantee period ends.

About Securian

The company began in 1880, when Russell Dorr founded Minnesota’s first life insurance company, the Bankers Association of Minnesota. The provider introduced the Securian brand name in 2001 and officially renamed itself as Securian Financial Group in 2018.

Today, Securian sells life insurance and annuities in all 50 states, the District of Columbia and Puerto Rico. Most of Securian’s policies are issued by Minnesota Life Insurance Company. 

In 2022, Securian sold over $637 million in individual annuity premiums issued by Minnesota Life, according to the National Association of Insurance Commissioners (NAIC). This represents 0.22% of the total U.S. annuity market.

Credit Ratings

Credit ratings for annuity providers indicate the overall financial strength and stability of the company. Annuity customers should consider the financial stability of any provider they consider, as these ratings can also point to how likely the provider is to meet their end of an annuity contract.

Securian’s Credit Ratings

Rating Company	Credit Rating
AM Best	A+
Fitch	AA
S&P	AA-

What Customers Are Saying About Securian

Securian has had a few issues with customer satisfaction in recent years. According to NAIC data, the company’s main issuing brand, Minnesota Life, had 15 consumer complaints reported to state insurance commissions in 2022. 

However, only one of those complaints was from an individual annuity customer. The company did not receive any annuity complaints in 2021 or 2020.

The NAIC tracks consumer complaints each state’s insurance commission receives each year. These are used to compile a company’s NAIC Complaint IndexNAIC Complaint IndexDetermined by dividing the company’s share of complaints in the U.S. market by the company’s share of premiums in the U.S. market. The National Complaint Index is always 1.00, so a score of 2.00, for example, is twice as high as expected in the market..

NAIC Complaint Index for Securian

All Policy Types	0.13
Individual Annuities Only	1.17

These numbers indicate that Securian receives more complaints than the annuity industry average, but fewer complaints than the overall insurance industry average.

Securian did not appear in either the 2022 or 2023 editions of the J.D. Power Customer Satisfaction Index Ranking, which measures the overall customer satisfaction of annuity providers.

Securian Pros & Cons

Purchasing an annuity from Securian has advantages and disadvantages, just like any other annuity provider. 

Pros

• Variety of products: Securian sells fixed, indexed, variable and immediate annuities.
• Customizable indexed and variable annuities: Securian offers a suite of income benefits and other riders that can be purchased to customize their indexed and variable annuity contracts.
• Advance withdrawal SPIA benefit: Securian’s SPIA has a unique advance withdrawal benefit that boosts the liquidity of this product.
• Wide availability: Securian sells annuities in all 50 states, plus D.C. and Puerto Rico.
• Excellent financial strength ratings: Securian holds excellent ratings from all of the major credit rating agencies.

Cons

• High NAIC complaint index: Securian’s main annuity issuer, Minnesota Life, has a higher-than-average number of complaints with state insurance commissions.
• High fees for variable annuities: Securian’s variable annuity products charge M&E fees that are higher than some of their competitors’.

Provider Rating Methodology

Annuity.org created a fact-based methodology to analyze the strength, security and reach of different annuity providers. We assessed companies based on their availability, the number of direct premiums sold, their AM Best Financial Strength Rating and their NAIC Complaint Index score.

Providers received a rating on a five-star scale for each of these categories, with the complaint index and financial strength ratings weighed as the heaviest variables. Then, using a weighted average, each company was assigned an overall star rating.

Top-Ranked Annuity Providers

Provider	Annuity.org Star Rating
Mass Mutual
New York Life
Pacific Life
Midland National
North American
Western & Southern

Our Rating Panel

The Annuity.org editorial team spoke with several different annuity experts to learn more about what is important to customers when searching for a provider and what factors make a company reliable. While Annuity.org designed the methodology, these experts provided feedback during the process and consulted on what factors we should leverage to best help prospective buyers compare providers.