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When you shop for life insurance through Quotacy, you have access to the country’s top-rated life insurance companies. Is Minnesota Life the right term life insurance company for you? In this video, we review Minnesota Life to help you make an informed buying decision.

Video Transcript

Hey everyone we’re Jeanna and Natasha. We work at Quotacy.

Quotacy is an independent life insurance broker. This means we have the ability to sell policies from multiple life insurance companies, giving you more options.

Today we’re going to give a review of Minnesota Life one of the life insurance companies we work with. Minnesota Life is headquartered in, you guessed it, Minnesota—St. Paul to be specific. Minnesota Life has been in business since 1880.

Overall, Minnesota Life is a solid company that excels at providing coverage to applicants who may fall in the gray zones of life.

Quotacy only works with top-rated life insurance companies which means they are rated A or better and Minnesota Life is no exception. Being A rated or better means the company is financially secure so you won’t have to worry about your policy’s death benefit not being paid.

To stand out in the competitive life insurance industry, some companies cater to different health or lifestyle niches. Minnesota Life is excellent for applicants who are pilots, have a criminal record, and those who occasionally use cigarettes.

MN Life is an Excellent Choice for:

  • Aviation and Pilots
  • Criminal Records
  • Healthy Individuals
  • Occasional Cigarette Use

 
 
This means that while some companies may see these particular factors as higher risk than normal Minnesota Life is a bit more lenient.

Let’s talk about what we like in regards to Minnesota Life’s policies and buying process. Minnesota Life’s level term product is called Advantage Elite and is sold in term lengths of 10, 15, 20, and 30 years. The smallest amount of term life insurance you can purchase is $50,000.

MN Life’s Advantage Elite Policy

Available Term Lengths

10, 15, 20 and 30-year policies available
(depending on applicant’s age)

Available Coverage Amounts

$50,000 and up

Grace Period for Missed Payments

61 Days

 
 
An interesting thing to note about Minnesota Life’s term policy is that their minimum age of issue is 16 years old. Most companies’ minimum issue ages are 18 or 20 years of age.

Overall, Minnesota Life is a solid company that excels at providing coverage to applicants who may fall in the gray zones of life.

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Depending on the life insurance product, there will be different policy riders available. Life insurance policy riders are additional benefits you can add on to your policy at the time of purchase.

Minnesota Life’s term policy offers an accelerated death benefit rider, a premium waiver for disability rider, a child rider, and a chronic illness rider.

Minimum Issue Age

Minnesota Life’s minimum issue age is 16, while most other life insurance companies only offer policies to applicants above 18 or 20 years old.

 
 
Let’s break these down.

Accelerated Death Benefit Rider

This rider is included in your policy at no charge. It gives you access to a portion of your policy’s death benefit if you are diagnosed with a terminal illness resulting in 12 months or less to live.

 
 
An accelerated death benefit rider is included in Minnesota Life term policies at no charge. This rider gives you access to a portion of your policy’s death benefit if you are diagnosed with a terminal illness resulting in 12 months or less to live.

Premium Waiver for Disability

(Available for an additional cost)

If you purchase this rider, MN Life will waive premium payments during a period of total disability lasting six consecutive months or more. The waived payments don’t have to be paid back. This rider is not available on all policies and its cost varies by age.

 
 
A premium waiver for disability rider is available on Minnesota Life term policies for an additional cost. With this rider, Minnesota Life will waive your premium payments during a period of total disability lasting six consecutive months or more.

Child Rider

(Available for an additional cost)

For as little as $50 per year, a child rider provides coverage on all of your children under age 18, and would also include any future children you may have or adopt. Options range from $10,000 to $25,000 in coverage per child. Ask your Quotacy agent for details.

 
 
A child rider is available on Minnesota Life term policies for an additional cost. For as little as $50 per year, a child rider provides life insurance coverage on of all your children less than 18 years of age. It also would include any future children you may have or adopt. Options range from $10,000 to $25,000 in coverage per child.

Chronic Illness Rider

(Available for an additional cost)

This rider gives you access to a portion of your policy’s death benefit if you become chronically ill for at least 90 days. Cost varies by age. Ask your Quotacy agent for details.

 
 
A chronic illness rider is available on Minnesota Life term policies for an additional cost. This rider gives you access to a portion of your policy’s death benefit if you become chronically ill for at least 90 days.

If you’re looking for life insurance, Minnesota Life is a good option. If you’re a pilot, have a criminal record, or occasionally use cigarettes, then Minnesota Life is a great option.

When you apply through Quotacy, we’ll review your application to double-check you’ve chosen to apply with a company that will give you the most favorable outcome. The final choice is of course 100% your decision. We simply aim to be completely transparent and make sure you know all of your options.

» Compare: Term life insurance quotes

If you’re interested in any of the riders we mentioned, let your Quotacy agent know after you apply. They’ll let you know the cost of any rider you want to purchase and can add it to your policy during the buying process. Quotacy can help you get life insurance from Minnesota Life or any other top-rated life insurance companies we work with.

And why should you get life insurance though Quotacy?

Our agents are licensed in all 50 states. And they work on salary, not commission, so we’ll never try and upsell you. We work for you, not the insurance companies. You won’t pay any extra fees or charges to use our services.

Get a free, instant term life insurance quote now from multiple top-rated life insurance companies without giving away any contact information. Bye!

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Writer, Editor, and Co-Host of Quotacy’s Q&A Friday YouTube Series

Natasha writes and edits content and is co-host of Quotacy’s YouTube series. She is also working toward her Chartered Life Underwriter (CLU) designation. When not working or studying, you’ll find her throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on.