Is Securian Financial a good annuity company?
Yes, particularly if you work with an advisor and want a variable annuity with a guaranteed income rider. Minnesota Life Insurance Company, Securian's primary underwriter, holds an A+ (Superior) rating from AM Best, AA- (Very Strong) from S&P Global, and Aa3 from Moody's, all last affirmed in December 2025. It operates as a mutual, owned by its policyholders rather than public shareholders, has been in business since 1880, and stands behind roughly $1.7 trillion of life insurance in force. Its strongest products are the SecureLink variable annuities and the fee-only MultiOption Guide; its fixed-rate SPDA Plus is smaller and harder to rate-shop than dedicated MYGA carriers, since Securian does not publish those rates to public feeds.
Securian Financial at a glance
| Holding company | Securian Financial Group, Inc. |
|---|---|
| Primary underwriter | Minnesota Life Insurance Company |
| New York underwriter | Securian Life Insurance Company |
| Founded | 1880, as the Bankers Association of Minnesota |
| Headquarters | St. Paul, Minnesota |
| Ownership | Mutual, owned by policyholders |
| Life insurance in force | Approximately $1.7 trillion |
| General account assets | Approximately $87 billion |
| AM Best rating | A+ (Superior) |
| S&P rating | AA- (Very Strong) |
| What it sells | SecureLink and MultiOption variable annuities, SPDA Plus fixed deferred annuity, SecureOption Select SPIA |
| Distribution | Independent advisors, broker-dealers, RIAs and institutions, no captive agent force |
Where Securian Financial sits on the AM Best scale
A+ is grade 2 of 13. Most buyers look for A- or better for a long-term contract.
- A++
- A+Securian Financial
- A
- A-
- B++
- B+
- B
- B-
- C++
- C+
- C
- C-
- D
Today's rates for Securian Financial
Rates change often and vary by state, term and deposit size. Get today's numbers for your state, side by side with other top-rated carriers. Free, with no obligation.
Securian Financial does not chase headlines the way some rate-focused MYGA carriers do, and that fits its business. The enterprise runs on a mutual structure, sells mostly through financial advisors rather than independent agents, and puts most of its annuity effort into variable contracts with income guarantees rather than fixed-rate products. Minnesota Life Insurance Company, its primary underwriter, has been in the insurance business since 1880 and today carries an A+ rating from AM Best.
Securian's history and corporate structure
The company traces back to a group of Minnesota bankers who formed the Bankers Association of Minnesota in 1880 to insure their own members. In 1901 that organization took a new name, Minnesota Mutual Life Insurance Company, and kept it for the next hundred years. The holding company on top switched to the Securian Financial Group name in 2001, while the underwriting subsidiary itself became Minnesota Life Insurance Company. A second subsidiary, Securian Life Insurance Company, exists specifically to serve New York policyholders under that state's separate insurance framework.
Because Securian is organized as a mutual, policyholders of Minnesota Life and Securian Life are its ultimate owners, not a group of outside shareholders. There is no stock to trade and no quarterly earnings target to chase. Surplus gets reinvested in the business, used to strengthen reserves, or returned to eligible policyholders as dividends on participating products, a structure that tends to support patient, long-horizon capital decisions.
The company's overall business skews institutional. Securian ranks among the larger providers of group life insurance in the country, is active in pension risk transfer, where it assumes legacy pension obligations from corporate plan sponsors, and works closely with credit unions and other financial institutions on member benefit programs. Against that backdrop, retail annuities make up a comparatively small piece of overall revenue, though the SecureLink variable annuity series has still built real credibility inside advisory practices.
Securian financial strength ratings
| Rating agency | Rating | Category | Notes |
|---|---|---|---|
| AM Best | A+ | Superior | Near the top of AM Best's scale |
| S&P Global | AA- | Very Strong | Near the top of S&P's scale |
| Moody's | Aa3 | High Quality | Near the top of Moody's scale |
| Fitch | Not rated | N/A | Fitch does not rate this company |
These ratings apply to Minnesota Life Insurance Company, the entity that underwrites most Securian annuities. An A+ from AM Best puts Securian in the same tier as other well-established carriers such as Nationwide, Pacific Life and Corebridge Financial. As always, confirm the live rating with AM Best before you sign anything, since ratings can move between reviews.
A rating measures the company's ability to pay claims, not whether a specific annuity product fits your plan.
Your state's guaranty association adds a further layer of protection up to a state-specific dollar limit; see the state guaranty association directory for the number where you live.
What annuity products does Securian offer?
Securian's shelf tilts toward variable annuities with optional income riders, plus one fixed deferred product and one immediate annuity. It is built more for advisor-led income planning than for rate-shopping.
- SecureLink Future Income variable annuity. A tax-deferred variable annuity with an optional guaranteed lifetime withdrawal benefit rider that pays a set percentage of a benefit base for life, no matter how the subaccounts perform. The subaccount menu spans equity and fixed income options, and the surrender period generally runs around seven years. Best suited to investors who want market participation with an income floor underneath it.
- SecureLink Chronic Illness Access variable annuity. Adds an optional rider that lets you accelerate part of the contract value if you develop a qualifying chronic illness, combining longevity protection with a form of long-term care backup in one contract.
- MultiOption Guide variable annuity. Purpose-built for fee-only registered investment advisors: no surrender charges, no commission loads, just a tax-deferred variable wrapper an advisor can use inside an assets-under-management fee model.
- SPDA Plus single premium deferred annuity. Securian's answer to a MYGA: one premium, a fixed rate declared at issue, tax-deferred growth, and a standard 10% annual free withdrawal. Surrender schedules typically run 5 to 10 years depending on your state and the rate option you pick. Unlike most independent-channel MYGAs, the declared rate is not published on the public comparison feeds, so an appointed advisor has to pull it directly.
- SecureOption Select single premium immediate annuity. A SPIA that turns a lump sum into income starting within a year. You can structure the payout for your life alone, add a period-certain guarantee on top of a lifetime payout, cover a spouse jointly, or take a straight period-certain stream, and pricing runs competitively against other A+ rated SPIA issuers.
Who is a Securian annuity best for?
Three kinds of buyers get the most out of Securian. Fee-only advisory clients who want tax-deferred variable annuity access without commissions or surrender charges have a natural home in MultiOption Guide. Buyers who want a variable annuity paired with a guaranteed lifetime income rider, backed by an A+ carrier, will find SecureLink Future Income competitive with other advisory-channel VAs. And buyers who like the idea of combining annuity growth with a chronic illness benefit have a genuinely uncommon option in the SecureLink Chronic Illness Access rider.
Securian is a weaker match for buyers who want to screen the entire MYGA market for the single highest fixed rate. SPDA Plus is a reasonable product, but its rates typically track in line with, rather than above, other A+ carriers, and the lack of public rate-feed visibility makes it harder to comparison shop quickly. Buyers chasing the top of the MYGA market will usually find better transparency at independent-channel carriers, and buyers who want a rich menu of fixed index annuity crediting strategies will find more options elsewhere. Securian is also a reasonable pick for an advisor-led SPIA purchase from an A+ carrier; our SPIA guide explains how immediate annuities work more generally.
How to buy a Securian annuity
Securian sells through independent financial advisors, broker-dealers and registered investment advisors who are appointed with Minnesota Life. There is no captive career agent force, so you cannot walk into a local branch office the way you might with some carriers. Product details are published at securian.com, but pricing and paperwork run through an appointed advisor or a multi-carrier brokerage that can request a quote on your behalf.
The application steps are standard for the industry: settle on the product and, for a variable contract, the subaccount or rate elections; complete a state-specific application; fund the contract by wire, check or IRA transfer; and use the state-mandated free look period to review everything once the contract arrives. For a variable annuity purchase in particular, read the subaccount expense ratios and the exact mechanics of any living benefit rider closely before you sign.
A licensed strategist can request a Securian quote and set it next to other top-rated carriers, so you can see exactly how its A+ rating and product terms compare in the open market.
Other annuity companies to consider
- Nationwide: A+ rated, with a broader FIA and VA lineup than Securian
- Pacific Life: A+ rated, strong in variable and RILA annuities
- Symetra: A rated, competitive MYGA and FIA products
- Equitable: A rated, strong institutional and variable annuity presence
- Brighthouse Financial: a specialist in variable and structured annuities
- Browse all annuity company reviews
Pros and cons
Pros
- A+ (Superior) rating from AM Best, backed by more than 140 years of operating history
- Mutual ownership means policyholders, not outside shareholders, are the ultimate owners
- SecureLink variable annuities are well regarded in advisory circles for their income riders
- MultiOption Guide gives fee-only RIAs a no-commission, no-surrender-charge variable annuity chassis
- The Chronic Illness Access rider is an unusual combination of accumulation and long-term care style protection
- A large, diversified enterprise spanning group life, pension risk transfer and individual annuities
Cons
- SPDA Plus rates are not posted to public rate feeds, so cross-shopping takes an extra step through an appointed advisor
- No fixed index annuity and no structured or RILA product on the shelf
- Distribution leans heavily toward advisory channels, with less presence in the independent agent and IMO channel
- Product menu is narrower than specialist annuity carriers, especially for buyers who want several FIA crediting strategies
- Less consumer name recognition than giants like Prudential, MetLife or New York Life, despite comparable financial strength
Frequently asked questions
Is Minnesota Life the same thing as Securian?
Not exactly, though people use the two names almost interchangeably. Think of Securian as the umbrella brand and Minnesota Life as the licensed entity doing the actual underwriting. That underwriting name dates to 1901, when the 1880 charter took the Minnesota Mutual Life name, and the holding company on top of it switched to the Securian brand in 2001. Whichever name you hear, the contract you would sign is issued by Minnesota Life, or by Securian Life for New York residents.
What does the SecureLink Future Income variable annuity actually do?
It is Securian's flagship contract for advisor-led income planning. Premiums go into a menu of subaccounts, and an optional guaranteed lifetime withdrawal benefit rider sets a benefit base that grows during deferral and then pays a defined percentage of that base for life, regardless of how the underlying subaccounts perform. The surrender period typically runs about seven years. It suits someone who wants market exposure but does not want their retirement paycheck to depend entirely on the market's mood.
Can I get a MYGA-style product from Securian?
Yes, through the SPDA Plus single premium deferred annuity. It works like a MYGA in structure: one premium, a fixed rate set at issue, tax-deferred growth, and typically a 5- to 10-year surrender schedule depending on your state and the rate you choose. The catch is visibility. Securian does not send SPDA Plus rates to the public rate-comparison feeds that most MYGA shoppers use, so you will need an appointed advisor to pull a current quote.
How does Securian stack up against Nationwide or Pacific Life?
All three hold A+ Superior ratings from AM Best and share a long operating history, but the product shelves differ. Nationwide and Pacific Life both sell fixed index and structured RILA annuities, which Securian currently does not offer. Securian's edge shows up in variable annuities with sophisticated income riders and in its fee-only RIA channel through MultiOption Guide. If you want FIA or RILA crediting strategies, look first at Nationwide or Pacific Life; if a fee-only VA wrapper or a chronic illness rider is the priority, Securian is the more differentiated option.
Written and reviewed by
James Forren Warren
Licensed Retirement Income Strategist · License #20551202
James Forren Warren is a licensed Retirement Income Strategist with Tax Free Wealth Plan. For the past five years he has helped individuals and families turn their savings into retirement income they can count on. He writes and reviews the annuity research on this site and keeps it plain: what a product does, what it costs you, and who it actually fits.
Sources
- AM Best rating search
- Securian Financial corporate site
- SEC investor guidance on variable annuities
- National Organization of Life and Health Insurance Guaranty Associations
- Securian Financial ratings page (AM Best, S&P, Moody's all last affirmed December 2025)
- Securian Financial company overview (life insurance in force)
Educational only, not investment, tax or legal advice. Tax Free Wealth Plan LLC is a licensed insurance agency, not a registered investment adviser or broker-dealer. Annuities are not bank deposits, are not FDIC insured and are not guaranteed by any government agency. Guarantees are backed solely by the claims-paying ability of the issuing insurance company. Features, rates and availability vary by state and change over time; the contract and disclosure documents govern.
