Minnesota Life is owned by Securian Financial Group, which also owns Securian Life. Securian Financial Group is a financial services corporation that is headquartered in St. Paul, MN. There are more than 15 million clients being served by Minnesota Life throughout the United States and the company has more than $60 billion in assets under its management.
Minnesota Life Insurance Company and other corporations under the umbrella of Securian Group provide more than a trillion dollars of life insurance protection. These policies should help people save for the future and have the peace-of-mind of knowing a death benefit will provide for a family.
Unfortunately, problems can arise. A San Mateo County financial elder abuse attorney can provide help to anyone who believes an insurer has failed to provide appropriate disclosures in marketing, has not lived up to policy promises, or has otherwise harmed policyholders, investors and their family members.
Minnesota Life Insurance Products
Minnesota and Securian Life offer a wide variety of different life insurance products including:
- Term life insurance policies, such as the Advantage Elite Select, which offers level term coverage for five, 10, 15, 20, or 30 year terms.
- Permanent individual life insurance, which build up a cash value that is accessible during the policyholder’s lifetime. Options for permanent individual life insurance include fixed policies, fixed indexed policies, and variable policies.
- Permanent survivorship, which provide coverage for two people on one life insurance policy. Only when the second spouse dies are death benefits paid out.
These are just a few of the different types of products which are offered by Minnesota Life Insurance and which consumers may wish to consider when interested in getting protection from life’s uncertainties.
However, it is important to understand different policy features and to make informed choices, both on the reliability of the insurer and on the appropriateness of a policy or investment as part of a larger financial strategy.
Class Actions & Regulatory Actions Against Minnesota Life Insurance
As a major provider of annuities and insurance policies, Minnesota Life has had its fair share of situations in which policyholders or investors felt they were treated unfairly. In one 2006 case*, for example, a claim was filed requesting that Minnesota Life Insurance be compelled to pay off the balance due on her mortgage.
The plaintiff and her husband had purchased a Mortgage Accidental Death policy and although her husband had died, the policy provided it would pay off the mortgage only if the fatality occurred as a result of an accident independent of other causes. The death certificate of the husband had two causes of death, including an accidental fall and a seizure disorder. Minnesota Life sought medical records to identify if there was a covered cause of death, but was accused of not promptly paying claims.
This particular case is one of many claims brought against Minnesota Life Insurance and one of many claims brought against insurance providers in general. Some claims for bad faith, dishonest marketing practices, and other consumer violation protections have much more merit than others.
In many other situations, there are legitimate claims but it can be hard to prove. A financial elder abuse lawyer at Evans Law Firm, Inc. can provide assistance to anyone who believes any insurance provider has filed to live up to policy terms or has otherwise acted in bad faith or in violation of the law. Call us at (415) 441-8669 or email us at firstname.lastname@example.org.
*Disclaimer: Evans Law Firm, Inc. did not handle this lawsuit.