Is a Securian Financial Annuity a Good Choice in 2026?
Yes, particularly for advisor-led retirement income planning. Minnesota Life Insurance Company (Securian’s primary underwriter) holds an A+ (Superior) AM Best rating, operates as a mutual, and has been in business since 1880. Product strength is highest in variable annuities with guaranteed income riders, led by the SecureLink series; the fixed-rate MYGA (SPDA Plus) is smaller and less transparent on rate feeds.
- Strongest for: RIA and advisor-channel VA buyers, fee-only fiduciary models (MultiOption Guide), and buyers who want a chronic illness rider
- Weaker for: MYGA rate shoppers – SPDA Plus rates are not on public feeds
- Access: independent advisors, broker-dealers, and RIAs; no captive agent force
Securian Financial at a Glance
| Detail | Information |
|---|---|
| Holding Company | Securian Financial Group, Inc. |
| Primary Life Insurance Subsidiary | Minnesota Life Insurance Company |
| Secondary Subsidiary | Securian Life Insurance Company (New York business) |
| Founded | 1880 (as Bankers Association of Minnesota) |
| Headquarters | 400 Robert Street North, St. Paul, Minnesota |
| Ownership Structure | Mutual (policyholder-owned) |
| Life Insurance In Force | Approximately $1.4 trillion |
| General Account Assets | Approximately $87 billion |
| AM Best Rating | A+ (Superior) |
| S&P Rating | AA- (Very Strong) |
| Annuity Products | SecureLink variable annuity series, MultiOption variable annuity series, SPDA Plus (fixed deferred), SecureOption Select (SPIA) |
| Distribution | Independent financial advisors, broker-dealers, RIAs, and institutional channels |
Securian’s History and Corporate Structure
Securian traces its roots to 1880, when a group of Minnesota bankers founded the Bankers Association of Minnesota to provide life insurance to their members. The company reorganized as Minnesota Mutual Life Insurance Company in 1901 and operated under that name for a century. In 2001, Minnesota Mutual rebranded the holding company as Securian Financial Group while retaining Minnesota Life Insurance Company as its primary operating subsidiary. Securian also operates Securian Life Insurance Company to serve New York policyholders under New York State insurance law.
Securian is organized as a mutual insurance holding company, which means policyholders of Minnesota Life and Securian Life are the ultimate economic owners. There are no outside shareholders and no public stock. Surplus is retained to strengthen capital, returned to policyholders through dividends on participating products, or reinvested in the business. The mutual structure supports long-term capital discipline and the A+ AM Best rating.
The business mix skews institutional. Securian is one of the largest providers of group life insurance in the United States, is active in pension risk transfer (taking on legacy defined benefit pension liabilities from corporations), and has a significant presence in credit union and financial institution markets. Individual annuities are a smaller share of revenue than at carriers whose primary business is retail annuity sales, but Securian’s variable annuity business, particularly the SecureLink series, is well-regarded in advisory channels. Verify current ratings at ambest.com.
Securian Financial Strength Ratings
| Rating Agency | Rating | Category | Notes |
|---|---|---|---|
| AM Best | A+ | Superior | 2nd highest of 16 AM Best ratings |
| S&P Global | AA- | Very Strong | 4th highest of 21 S&P ratings |
| Moody’s | Aa3 | High Quality | 4th highest of 21 Moody’s ratings |
| Fitch | Not rated | N/A | Does not maintain a Fitch rating |
These ratings apply to Minnesota Life Insurance Company, the primary underwriter of Securian annuities. The A+ AM Best rating places Securian alongside other high-quality mutual and stock carriers such as Nationwide, Pacific Life, and Corebridge Financial. State guaranty associations provide backstop coverage up to state-specific limits; see the National Organization of Life and Health Insurance Guaranty Associations.
What Annuity Products Does Securian Offer?
Securian’s annuity lineup is focused on variable annuities with optional living benefit riders, plus a fixed deferred annuity and a single premium immediate annuity. The lineup is less oriented toward rate-chasing MYGA buyers and more oriented toward advisor-led retirement income planning.
- SecureLink Future Income variable annuity – A tax-deferred variable annuity designed for retirement income planning, featuring a guaranteed lifetime withdrawal benefit rider that provides a contractually guaranteed income stream for life regardless of subaccount performance. Subaccount menu includes diversified equity and fixed income options. Surrender schedule typically 7 years. Best-fit use: investors who want equity market participation with a guaranteed income floor.
- SecureLink Chronic Illness Access variable annuity – A variable annuity with an optional rider that accelerates a portion of the contract value for qualifying chronic illness expenses. Useful for buyers who want dual-purpose asset protection against both longevity and long-term care risk.
- MultiOption Guide variable annuity – A variable annuity targeted at fee-only registered investment advisors (RIAs), with no surrender charges and no commission loads. Designed for advisory models where the advisor charges a fee on assets under management and wants tax-deferred variable wrapper access without traditional annuity surrender charges.
- SPDA Plus single premium deferred annuity – Securian’s fixed deferred annuity, similar in structure to a MYGA. Single premium, fixed interest rate declared at issue, tax-deferred accumulation, standard 10% annual free withdrawal. Surrender schedule typically 5 to 10 years depending on state and rate election. Competes with MYGAs from other A-rated carriers, though declared rates are not published on the independent rate feeds.
- SecureOption Select single premium immediate annuity – A SPIA that converts a lump sum into guaranteed income beginning within 12 months. Life-only, life-with-period-certain, joint-and-survivor, and period-certain payout options available. Competitive against other A+ rated SPIA issuers for advisor-led sales.
Securian does not publish MYGA rates to the independent annuity rate feeds, so SPDA Plus quotes must be pulled by an appointed advisor. For side-by-side context against other A+ and A- rated MYGAs, review the live MYGA rate comparison of carriers that do publish publicly.
Securian Annuity Pros and Cons
Pros
- A+ AM Best rating – strong financial strength backed by 140+ years of operating history
- Mutual ownership structure – policyholders are the owners; no outside shareholder pressure on product pricing or capital return
- Strong variable annuity lineup – SecureLink and MultiOption series are well-regarded in the advisory channel for retirement income planning
- Fee-only advisor channel support – MultiOption Guide is designed for RIA distribution with no commissions and no surrender charges
- Chronic illness rider option – rare combination of annuity accumulation with accelerated benefits for qualifying chronic illness
- Diversified enterprise – institutional, pension risk transfer, and group life businesses provide revenue diversification beyond individual annuities
- Long operating history – Minnesota Life dates to 1880; Securian rebranded the holding company in 2001
Cons
- MYGA rates not on public feeds – SPDA Plus declared rates must be pulled by an appointed advisor, making cross-shopping harder
- Narrower lineup than specialist annuity carriers – no fixed indexed annuity, no RILA/structured annuity, fewer living benefit rider choices than VA specialists
- Distribution skew toward advisory – less visible in the traditional independent IMO channel than carriers like Athene or Global Atlantic
- Variable-annuity heavy – buyers who want simple fixed-rate MYGAs or FIA crediting strategies will find a thinner menu
- Not the largest name brand in annuities – less consumer name recognition than Prudential, MetLife, or New York Life, despite strong financials
Who Is a Securian Annuity Best For?
A Securian annuity fits three buyer profiles especially well. First, buyers working with a fee-only registered investment advisor who want tax-deferred variable wrapper access without the surrender charges and commissions of traditional VAs. The MultiOption Guide product is purpose-built for this channel. Second, buyers who want a variable annuity with a guaranteed lifetime income rider and a strong A+ carrier behind it; SecureLink Future Income is competitive with other advisory-channel VAs. Third, buyers who want to combine annuity accumulation with chronic illness protection; the SecureLink Chronic Illness Access rider is a relatively rare feature.
Securian is less well suited for rate-driven MYGA buyers who want to screen the market for the highest current fixed rate. The SPDA Plus product is reasonable but not published on public rate feeds, and declared rates generally run in line with other A+ carriers rather than above them. Buyers chasing top-of-market MYGA rates will find better transparency and pricing at independent-channel carriers like Athene, Aspida, or Ibexis. For FIA crediting strategies, Allianz and MassMutual Ascend offer richer menus.
Securian is also a reasonable choice for retirees considering a SPIA from an A+ carrier, particularly within an advisor-led planning process. Learn more about how SPIAs work and when immediate annuities make sense.
How to Buy a Securian Annuity
Securian annuities are sold through independent financial advisors, broker-dealers, and registered investment advisors appointed with Minnesota Life Insurance Company. The company does not operate a captive career agent force. Product overviews are published at securian.com. To request a quote, work with an advisor who is appointed with Securian, or ask a multi-carrier brokerage whether they can run the quote on your behalf.
The application process is standard: confirm the product, subaccount or rate elections, premium, and beneficiary designations; complete the state-specific application; fund via wire, check, or IRA transfer; and review the contract during the state-mandated free look period. For variable annuity purchases, pay particular attention to the subaccount menu, expense ratios, and the specific terms of any living benefit rider before signing.
If you want to compare Securian against a broader set of A-rated carriers side by side, an independent brokerage can pull quotes from 50+ top-rated carriers. Request a free quote through My Annuity Store to see how Securian’s A+ rating and product features compare against other top-rated carriers in the open market. For background on variable annuity fees and riders, see the SEC’s investor guidance on variable annuities.
Is Securian Financial a good annuity company?
Yes. Securian Financial Group’s primary annuity underwriter, Minnesota Life Insurance Company, holds an A+ (Superior) rating from AM Best, AA- from S&P Global, and Aa3 from Moody’s. The enterprise operates as a mutual, carries roughly $1.4 trillion of life insurance in force, and has been in business since 1880. Product quality is strongest in variable annuities, particularly the SecureLink series; the fixed deferred lineup is smaller and less visible than at specialist MYGA carriers.
What is the difference between Securian and Minnesota Life?
Securian Financial Group is the holding company; Minnesota Life Insurance Company is the primary operating life insurance and annuity subsidiary. Minnesota Life originated in 1880 and was renamed Minnesota Mutual Life in 1901. In 2001, the holding company rebranded as Securian Financial Group while Minnesota Life retained its name as the underwriting subsidiary. Most annuity contracts are issued by Minnesota Life (or Securian Life Insurance Company in New York). References to “Securian annuities” generally refer to products underwritten by Minnesota Life.
What is the SecureLink Future Income variable annuity?
SecureLink Future Income is Securian’s flagship variable annuity designed for retirement income planning. The contract invests premiums in a menu of subaccounts and offers an optional guaranteed lifetime withdrawal benefit rider that provides a contractually guaranteed income stream for life regardless of how the underlying investments perform. The rider sets a benefit base that grows with a guaranteed rollup rate during the deferral period and supports a specified annual withdrawal percentage at income election. Typical use case: investors who want equity market participation with an income floor underwritten by an A+ rated mutual carrier.
Does Securian offer a MYGA?
Securian offers the SPDA Plus single premium deferred annuity, which is a fixed-rate deferred annuity similar in structure to a MYGA. The SPDA Plus credits a fixed interest rate declared at issue, accumulates tax-deferred, and typically carries a 5- to 10-year surrender schedule depending on state and rate election. Unlike many independent-channel MYGAs, Securian does not publish declared rates to public rate feeds; quotes must be pulled by an appointed advisor.
How does Securian compare to Nationwide and Pacific Life?
All three carriers hold AM Best A+ (Superior) ratings and are similarly positioned as high-quality, long-established insurers. Nationwide and Pacific Life both have broader retail annuity lineups, including fixed indexed annuities and structured (RILA) products that Securian does not currently offer. Securian’s strength is in variable annuities with sophisticated living benefit riders and in fee-only advisor channel distribution through the MultiOption Guide product. Buyers focused on FIAs or RILAs will find richer options at Nationwide or Pacific Life; buyers focused on fee-only VA wrappers or chronic illness riders will find Securian more differentiated.
Other Annuity Companies to Consider
- Nationwide – A+ rated with broader FIA and VA lineup
- Pacific Life – A+ rated with strong VA and RILA offerings
- Symetra – A rated with competitive MYGA and FIA products
- Equitable Financial – A rated with strong institutional and VA presence
- Brighthouse Financial – specialist in variable and structured annuities
- Compare all annuity companies by rating, product type, and current rates
