Minnesota Life Insurance

On May 11th, 1858, Minnesota was declared as the 32nd state of the United States. Also known as the “Land of 10,000 lakes,” Minnesota is famous for its variety of outdoor recreational activities. This makes the state one of the hottest tourist spots in the country. Its major industries include agriculture, forestry and mining.

When it comes to health, Minnesota is one of the healthiest states. It is known for its high literacy rate despite being ranked as the 21st most populated state with more than 5 million residents. People living in this state engage in regular exercise – primarily because of their love for outdoor activities. There are ;ow rates in infant mortality, premature death, and cardiovascular disease, so it is not surprising if Minnesota’s people have longer life expectancies. A majority of the population is insured.

Minnesota Life Company

Minnesota Life Company is one of the biggest financial institutions in the US that has been providing top quality investment products since 1880. Its parent corporation is the Securian Financial Group Inc. They now have millions of clients both in the US and Puerto Rico. It is currently one of the strongest insurers in the country.

Life Insurance Basics

Think of it this way – you and your spouse have been married for 5 years. Your only daughter is growing fast. Sooner or later, she will need to go to school. You, as her parent, suddenly realized that you are also getting old. You begin to worry about your spouse’s and daughter’s future when something happens to you. How will they cope up financially with your loss? You still have loans to be paid – can they shoulder them?

The concept of life insurance is to give you that peace of mind by securing your beneficiary’s future should you die. Death benefits will be given to secure your beneficiaries’ financial needs, along with the costs of your funeral. Premiums must be paid regularly or in lump sum to cover for the policy you have chosen. There are basically two types of life insurance:

  • Term Life Insurance, which only offers protection for a certain period of time.
  • Permanent Life Insurance, which covers the insured for a lifetime.

Premiums are higher with Permanent Life Insurance because the policy builds equity – which means that it has a cash value over time. This also means that you can use this cash value to cover for unexpected expenses such as hospital bills, college tuition and a lot more. Permanent Life Insurance also has a lot of types such as Whole Life Insurance, Universal Life Insurance, Variable Life Insurance, Survivorship Life Insurance, Indexed Life Insurance and Adjustable Life Insurance.

With Term Life Insurance, the premium is much more affordable when you avail of the longer terms. Unlike Permanent Life Insurance, this policy has no cash value. Another disadvantage of the Term Life Insurance is when you outlive the contract. If this happens, there will be little-to-no refunds. You can only have a refund when you apply for a rider, which can cost you more because there will be additional charges. In Minnesota, they have this “Look Period” wherein you will be allowed to cancel the policy within a certain period of time without any penalty.

Life Insurance: Solution to the Uncertainty of Life

With the drastic changes happening in our daily lives, protecting the future of your loved ones will always be worth the money and effort. Life Insurance is one of the answers to our everyday worries. Getting the right policy for you will largely depend on how you want your loved ones to live their lives when you die. Surely, you want to make sure that your death will not give them a difficult time afterwards. Get insured now.

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