Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Mar 13, 2022

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The Truth in a Nutshell

  • Securian retirement plans are invaluable tools that can help you reach your financial goals.
  • A Securian agent will work with you to create a realistic plan so you can reach your goals by the time you are ready to retire.
  • While some customers speak highly of Securian, there are many customers that are angry about how long it takes for the company to return money.

Securian Financial has been a staple in St. Paul, Minnesota since it was founded in 1880. Since then, Securian has developed a variety of retirement and life insurance products. Securian is more than Minnesota life insurance, though. You can buy Securian products no matter what state you live in.

To be successful, a retirement plan should be customized to your unique financial goals. Securian financial advisors understand this and help you with every step of your retirement plan.

If Securian retirement plans interest you, you can learn more about the details below. You can also learn about Securian’s life insurance plans if you want to combine your retirement planning with financial protection for your loved ones.

What are retirement plans?

Millions of Americans spend the majority of their lives working. Some people are lucky to find purpose and passion in their work, while others are just looking for a paycheck. Whatever the reason is that gets you up in the morning, the end goal is retirement.

Nobody wants to spend their golden years working when they could be enjoying time with their loved ones and doing all the things you did not have time to do because of work. However, Americans struggle with retirement due to an increasingly difficult economy.

Today, 56% of Americans believe they won’t be able to retire at 65, and 35% think they will never reach enough financial security to be able to retire.

Many people think that working hard for several decades will automatically lead to a good retirement. Unfortunately, securing your retirement takes more strategy than ever. This is why retirement planning is so important.

A retirement plan usually contains a set of financial goals for different times in your life. When you use a service to help you plan, such as Securian’s retirement planning tools, an advisor will help you craft a viable path to meet those goals.

Of course, there are many variables in retirement planning, and an advisor will consider every factor important to your situation. Typically, an agent will look at your income and assets, total your expenses and debts, then create a savings plan.

Another benefit to having a financial advisor is that they will tell you if your goals are realistic. Finding a balance between paying your bills today and retiring in the future can be complicated. If your plans are not realistic, your advisor can help you set more appropriate ones.

You can be most successful with your retirement planning by starting at a young age and managing it throughout your life. However, it is never too late to start a retirement plan, no matter how old you are.

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Securian Financial Retirement Plans

According to the Securian Financial Group, Securian agents use a customer-centered approach to build retirement plans. The Securian retirement center has everything you need to set the perfect financial goals for your ideal retirement.

Your retirement plan will be crafted carefully through Securian’s financial process. The first step in this well-honed process is an interview with an advisor. Your consultation will discuss what you want from your retirement, how you’ll get there, and which of your goals can be reasonably met.

Once they have an idea of what you want, your advisor will work with you to develop a schedule of both short- and long-term goals. They will also help you create a workable strategy to meet those goals on time. Your retirement map will take you from where you are to your retirement and beyond.

Financial Analysis for Your Retirement Plan

Having goals is great, but financial security requires more than that. If you want to reach your goals, you will need a plan.

In the first step, a Securian agent will scour all the sources of your income and debt, including your protection needs, monetary income, tax liabilities, savings, debts, and any other sources. Your advisor will use that information to develop a realistic path to your retirement destination.

Securian promises advisors with the know-how and experience to help you craft reasonable goals and meet them. As long as your goals are achievable, your Securian advisor will help you create an easy-to-follow plan that will cover all your needs.

Once your roadmap to financial security is set, your advisor will continue to meet with you for periodic reviews to make sure you’re still on target for retirement.

Securian Life Insurance

Retirement plans are an excellent tool for your future, but what about your loved ones? More than just retirement plans, the Securian life insurance company can help you financially protect your loved ones after your death.

Life insurance does not help you in your retirement, but it is one of the best ways to make sure the people that mean the most to you will not be crippled by your end-of-life expenses, funeral costs, and the loss of your income.

Securian’s best-selling life insurance product is bought by employers, but they also sell individual plans. If you are interested in Securian life insurance plans, there are several options to choose from.

  • Advantage Elite Select Term. You can buy a term life plan in 10, 15, 20, or 30-year options. You also have the option to convert to a permanent policy later on.
  • Convertible Annual Renewable Term. This is a basic term life insurance plan that comes with guaranteed insurability. You can make this plan permanent without another health exam.
  • Eclipse Accumulator IUL. This permanent life insurance plan is an indexed universal plan, which you can purchase for anyone between 0 and 80. You have the choice of level or increasing death benefits, a minimum guaranteed interest rate of 2% upon death, four indexed account options, and a surrender charge for ten years.
  • Eclipse Protector II IUL. This is the same as the original Eclipse Accumulator, but you don’t have a surrender charge.

Securian has other specialty life insurance options to consider, which you can learn more about when you speak with an agent.

Securian Financial Reviews

The true test of a company is not in the promises it makes on its website but in the reviews it receives.

A.M. Best rates insurance companies by their financial strength. The more secure a company is financially, the more likely they will pay claims with ease. Securian Financial earns an A+, which is the second-highest rating possible.

The National Association of Insurance Commissioners (NAIC) rates companies by their complaint ratio. A 1.0 is the national average, meaning anything lower is a good score. If a company has a rating higher than 1.0, it receives more than the usual number of complaints.

Securian has a 3.66 from the NAIC for its individual life insurance, which means it gets more than triple the complaints compared to the national average. More concerning is that its rates seem to be worsening – in 2019, Securian had a 0.98.

Aside from professional ratings, customer reviews are also a good sneak peek into a company. The most common thing that customers say they like about Securian is its wide variety of products with plenty of add-on options.

However, people complain that it’s hard to get a quote. There are no online options to get a quote – instead, you will have to speak with an agent.

For its financial services, Securian has a lot of angry customers that are upset with the process of getting their money back. In fact, the majority of the negative reviews involve claims going unpaid for months.

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Find the Best Insurance for Your Future

Securian might have some angry customers, but it does not mean that it is not the best choice for your retirement plans or life insurance needs. Its life insurance plans get average reviews, but Securian typically receives praise for its financial services.

However, if you want to see what Securian retirement plans can do for your future, you will have to call an agent. You can compare quotes with multiple companies for life insurance to get the best prices available.