Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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Benjamin Carr was a licensed insurance agent in Georgia and has two years' experience in life, health, property and casualty coverage. He has worked with State Farm and other risk management firms. He is also a strategic writer and editor with a background in branding, marketing, and quality assurance. He has been in military newsrooms — literally on the frontline of journalism.

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Reviewed by Benji Carr
Former Licensed Life Insurance Agent

UPDATED: Apr 5, 2021

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The Facts of Life

  • Minnesota Life has lower rates than Accordia Life
  • Minnesota Life has better financial ratings than Accordia Life
  • Both companies offer term life, whole life, and universal life insurance

Accordia Life and Minnesota Life offer similar types of permanent and term life insurance. The primary difference is that Accordia Life offers traditional universal coverage while Minnesota Life has fixed universal life insurance.

Compare Accordia Life vs. Minnesota Life to find the provider that best fits your needs.

For information on providers other than Accordia Life and Minnesota Life, enter your ZIP code to find the best life insurance quotes in your area.

Accordia Life vs. Minnesota Life: What are their monthly rates?

Accordia Life insurance rates and Minnesota Life insurance rates are lower than many competitors. Examining their rates is a good way of comparing the two life insurance providers. The following charts provide a monthly rate comparison based on age and gender.

Accordia Life vs. Minnesota Life: Male 20-Year Term $250,000 Policy Monthly Rates by Age
AgeAccordia Life Average Monthly RatesMinnesota Life Average Monthly Rates
Age 30$16.91$15.43
Age 40$23.36$21.00
Age 50$56.07$48.83
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The following chart provides the same information for females.

Accordia Life vs. Minnesota Life: Female 20-Year Term $250,000 Policy Monthly Rates by Age
AgeAccordia Life Average Monthly RatesMinnesota Life Average Monthly Rates
Age 30$15.58$13.91
Age 40$20.69$17.96
Age 50$40.03$36.68
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As you can see, Minnesota Life offers lower monthly rates than Accordia Life and rates for females are lower than rates for males.

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Accordia Life vs. Minnesota Life: What are their financial ratings?

Life insurance companies are given financial ratings by several credit rating agencies. These ratings determine the likelihood that the provider will be able to provide a payout when a claim is filed. Accordia Life and Minnesota Life have been rated by the most trusted agencies.

Accordia Life insurance has been rated an “A” by A.M. Best and Fitch, an “A-” by S&P, and an “A3” by Moody’s.

While not the best, these are considered strong ratings. S&P’s rating includes the warning that the company might not be able to provide a payout under the most difficult economic conditions.

Minnesota Life insurance has been given an “A+” by A.M. Best and S&P, an “AA” by Fitch, and an “Aa3” by Moody’s. The grades provided by A.M. Best, Fitch, and Moody’s are nearly the highest possible. While lower, S&P’s grade is still higher than Accordia Life’s grade.

Accordia Life vs. Minnesota Life: What products are offered?

Accordia Life and Minnesota Life offer term life, universal life, and whole life insurance. The primary difference between the two companies is their universal life options.

Accordia Life has term life options that range between 10 and 30-year terms. The minimum amount of coverage is $50,000, a lower amount than is offered by most competitors. Policies are available for those between the ages of 18 and 75 years of age.

The provider offers whole life and two types of universal life coverage. While whole life features fixed premiums, universal life has flexible premiums and indexed universal life includes a cash value that can gain interest depending on popular stock indexes.

Minnesota Life offers nearly identical term life coverage as Accordia Life, available in 10, 15, 20, and 30-year terms. While the provider also offers a minimum coverage amount of $50,000, it is available for those between 16 to 80 years of age.

Permanent policies offered by Minnesota Life include whole life and three types of universal coverage.

In addition to indexed universal life, variable universal and fixed universal life are available. Fixed universal life has flexible premiums at a fixed interest rate and variable life includes a cash value that can be invested in a separate account.

Accordia Life vs. Minnesota Life: What riders are available?

Most life insurance providers offer options that can be added to a policy. Known as riders, these options allow customers to create customized life insurance to match their needs. Accordia Life and Minnesota Life offer a variety of riders.

The most common rider is called an accelerated death benefits rider. This allows a policyholder to access a portion of their death benefit before death if they suffer from a critical, chronic, or terminal illness.

Accordia Life and Minnesota Life offer this rider free of charge with their universal life policies.

Accordia Life also offers a variety of optional riders that can be added to a policy. Optional riders offered by Accordia Life include:

  • Primary insured
  • Additional insured
  • Guaranteed purchase options
  • Children’s insurance
  • Accidental death benefit
  • Waiver of monthly deduction
  • Waiver of a specified premium
  • Wellness for Life

Optional riders offered by Minnesota Life include:

  • Benefit distribution
  • Children’s term
  • Extended conversion
  • Waiver of premium
  • Accidental death
  • Single premium
  • Guaranteed insurability
  • Inflation agreement
  • Overloan protection

Accordia Life and Minnesota Life offer more riders than most of their competitors.

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Accordia Life vs. Minnesota Life: What should you expect when applying?

Accordia Life and Minnesota Life allow customers to apply online or by phone. They also have mobile-friendly websites, allowing customers to access information on mobile devices.

Neither company offers simplified issue insurance policies so a medical exam might be required before receiving approval.

Accordia Life vs. Minnesota Life: History

The Accordia Life and Annuity Company was originally founded in 1896 as Aviva USA. In 2013, Athene sold the provider to Global Atlantic. Accordia Life continues to be a subsidiary of Global Atlantic and provides life insurance options to customers throughout the United States.

The Minnesota Life Insurance Company was founded in 1880 as the Banker’s Association of Minnesota. The company would later be acquired by the Securian Financial Group and remains a part of Securian today.

Accordia Life vs. Minnesota Life: The Bottom Line

Accordia Life and Minnesota Life offer similar policies to customers but Minnesota Life has lower monthly rates and better financial ratings. The right choice will depend on the factors that matter the most to you. Closely comparing Accordia Life vs. Minnesota Life will help you find the perfect match.

Affordable Accordia Life insurance quotes and affordable Minnesota Life insurance quotes are available.

Now that you’ve compared Accordia Life vs. Minnesota Life, enter your ZIP code to discover the best life insurance rates in your area.

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Accordia Life vs. Minnesota Life: Frequently Asked Questions

Here are some frequently asked questions about Accordia Life and Minnesota Life.

#1 – Can I buy other types of insurance from Accordia Life and Minnesota Life?

Other types of insurance can be purchased from Accordia Life and Minnesota Life’s parent companies. Securian Financial offers accident and illness insurance. Global Atlantic offers a variety of insurance options through its multiple subsidiaries.

#2 – How can I pay my Accordia Life or Minnesota Life insurance premiums?

Accordia Life and Minnesota Life payments can be made online, by phone, or by mail. Payment options include debit card, credit card, automatic bank draft, and check.

#3 – What if I have questions when filing a claim?

Accordia Life and Minnesota Life have customer service representatives available to help with any application or claim issues. They can walk you through the process over the phone.