By Cyril Tuohy
Securian Financial Group has launched two new accident-related insurance policies targeted at financial institutions and their customers, the company announced.
The first is a Hospital Accident Protection (HAP) policy, which is designed to cover the insured when they are hospitalized as a result of an accident. The HAP policy covers emergency transportation -- which can cost hundreds or even thousands of dollars depending on how far the ambulance has to travel -- and does not reduce benefits when the insured reaches age 70, Securian said.
The second policy is an accident disability insurance policy which provides benefits when an insured is disabled by an accident. The policy also covers hospitalization and emergency transportation after the accident, Securian said.
“These features provide value at a reasonable rate,” Bridge Daly, director of direct response marketing with Securian, said in a news release. “They increase diversity among the coverage options financial institutions offer while improving customer convenience.”
Both policies are sold as stand-alone products and underwritten by Minnesota Life, a Securian Financial subsidiary.
Both products also are guaranteed acceptance. HAP and accidental disability are stand-alone direct response products marketed to financial institutions’ customers.
For its part, Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness of insurance companies and their ability to pay claims to the insured.
Securian Financial Group provides insurance, debt protection, loan documents and marketing services to more than 4,000 U.S. financial institutions. Securian and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans since 1880. Now a nationwide financial service provider, it is the holding company parent of a group of companies that offer a range of financial products and services.
Cyril Tuohy is a writer living in Pennsylvania. He has covered the financial services industry for more than 15 years. He has also written about food, restaurants and travel. He can be reached at [email protected].
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