Minnesota Life Insurance: Where To Send Premium Payments

Minnesota offers a range of life insurance options for its residents, including term life insurance and taxable life insurance benefits for state employees. For those with insurance from Securian Financial or its affiliated companies, Minnesota Life Insurance Company, specific payment details can be found by contacting the company directly or by logging into your account. Minnesotans with questions about their life insurance policies can also contact the Commerce Department's Consumer Services Center for assistance. This article will outline the key considerations for those seeking to make payments for Minnesota Life insurance policies, including relevant contact information and resources.

Contacting Minnesota Life Insurance Company

Minnesota Life Insurance Company is now known as Securian Financial. The company is highly rated by major independent rating agencies for its financial soundness and claims-paying ability. You can contact Securian's customer service teams for help with a Minnesota Life product or service. For more information on term life insurance coverage through Minnesota Life, you can also call Minnesota Life at (888) 658-0193.

Payment options

If your employer offers insurance from Securian Financial, you can call or log in to their website to make payments. You can also contact your employer's benefits department with any questions. Additionally, you may reach out to your financial advisor for assistance with policies, contracts, or accounts related to your insurance. Please refer to your current statement for specific contact information. Alternatively, you can contact your bank, credit union, or financial institution directly for support.

If you have life insurance through the State of Minnesota, you can find information on payment options by contacting SEGIP. They can provide guidance on continuing your coverage without further premium payments if you become totally and permanently disabled before the age of 70. You can also choose to decline the benefit by submitting a "Request to Waive Taxable Life Insurance Benefit" form to SEGIP.

For those in Minnesota with questions or complaints about life insurance products, the Commerce Department's Consumer Services Center can be reached via email at [email protected] or by calling 651-539-1600 or 800-657-3602 if you're outside the Twin Cities metro area.

If you are a state employee or a member of an organization participating in the State Employee Group Insurance Program, it's important to note that eligible members cannot cover each other as dependents for life insurance as long as both are benefits-eligible. The coverage amount is $10,000, and one premium covers all eligible children.

Tax implications

Life insurance premiums are subject to taxation in Minnesota. The Minnesota Department of Revenue imposes a tax on every domestic and foreign insurance company, which is typically set at 2% of all gross premiums less return premiums on all direct business received by the insurer or their agents in Minnesota during the year. However, this rate varies depending on the type of insurer and policy. For instance, township mutual insurance companies are taxed at a rate of 1%, while life insurers are taxed at a rate of 1.5% on life insurance premiums and 2% on accident and health premiums.

In terms of individual tax liability, there are several considerations. Firstly, if you are a Minnesota resident and have taxable income, your life insurance benefits may be subject to tax. You can find this information in the "Employer-Paid Benefits" section of your paycheck or in Box 12C of your W-2 form. Secondly, if you have a life insurance policy that matures at a specific age, typically 95 or 100, the payout may be taxed as ordinary income on the amount that exceeds your cost basis, which is the sum of your after-tax premiums. This after-tax amount then becomes part of your estate and may be subject to further taxation upon your death.

Additionally, if you decide to surrender your policy prematurely, you may incur surrender charges and potential income tax implications. To avoid unexpected tax consequences, it is advisable to consult with a tax professional to understand the specific tax treatment of your life insurance policy in Minnesota.

Coverage and eligibility

Minnesota Life Insurance offers a range of policies with high coverage limits, including term, permanent, and long-term care coverage. The policies are available in every state except New York. Minnesota Life's term life insurance policies include the Advantage Elite Select Term and the Convertible Annual Renewable Term, both of which offer temporary coverage with fixed death benefits and premiums. These policies can be converted into permanent policies under certain conditions, with term lengths available for 10, 15, 20, or 30 years.

For state employees in Minnesota, life insurance coverage is guaranteed if elected within 30 days of the hire date. If you become eligible for benefits after your hire date, coverage is still guaranteed if elected within 30 days of your initial eligibility date. After the initial eligibility period, guaranteed coverage may be elected during each annual open enrollment period without requiring evidence of insurability (EOI). Alternatively, coverage may be elected at any other time during the year with EOI.

If you are a new employee, you can elect up to two times your base salary, guaranteed, without EOI if elected within 30 days of your hire date. If you become eligible for benefits after your hire date, you can still elect up to two times your base salary without EOI, provided it is within 30 days of your initial eligibility date. EOI is required for coverage elected after the initial eligibility period or if it exceeds the guaranteed maximum (two times the base salary).

Additionally, Minnesota Life offers universal policies with variable and indexed options. The variable universal policy allows you to invest directly in the market through subaccount choices, presenting more risk but also more opportunity for cash growth. The indexed universal policy ties the cash value's growth to the performance of an underlying index, providing a potential for quicker cash value growth.

Minnesota Life Insurance provides coverage for eligible children as well. You can choose life insurance that covers each eligible child, from birth to age 26, for $10,000 in coverage without EOI, either within the first 30 days of employment or within 30 days of the birth or adoption of your child. This coverage is included with both basic and additional life insurance for an employee or spouse.

Customer support

If you have a life insurance plan with Minnesota Life and need support, there are a few options available to you. Firstly, if you have any questions or complaints about your life insurance policy, you can contact the Commerce Department's Consumer Services Center by emailing [email protected] or by calling 651-539-1600 or 800-657-3602 if you're outside the Twin Cities metro area.

If your employer offers insurance from Securian Financial or its affiliated insurance companies, including Minnesota Life Insurance Company, you can contact your employer's benefits department or your financial professional for assistance. You can also refer to your current statement for specific contact information. Additionally, you can reach out to your bank, credit union, or finance company for help or questions regarding your policy.

For information on term life insurance coverage through Minnesota Life, you can visit the website for Life Benefits for Mississippi State and School Employees or call Minnesota Life at (888) 658-0193. This may be especially relevant if you are a state employee or a family member of one, as there are specific provisions for this group.

If your insurance coverage is through your employer, it's important to understand the options available to you. For example, if you become totally and permanently disabled before the age of 70, you may be able to apply for a continuation of your current life insurance coverage without further premium payments. This is called a waiver of premium and can be requested from SEGIP. Similarly, if you wish to decline the taxable life insurance benefit, you can submit a request form to SEGIP, and if you want to reinstate it later, you can do so by sending the same form.

Frequently asked questions