Premium rates will never increase, benefit payout guaranteed
ST. PAUL, Minn.--(BUSINESS WIRE)-- Securian Financial Group has launched CareShield™, a new product simplifying the combination of life insurance protection with living benefits for chronic and terminal illness. As an alternative to long-term care insurance, CareShield provides benefits to policyholders regardless of whether they need care.1
“CareShield is for aging Americans concerned about developing and needing care for a chronic or terminal disease, but who are skeptical of the potential premium rate increases and ‘use-it or lose-it’ nature of some long term care insurance,” said Bob Ehren, Securian’s senior vice president of individual life insurance product manufacturing. “CareShield is an easy-to-understand and purchase product, its premiums will never increase and a benefit—for chronic illness, terminal illness or death—is guaranteed.”2
A universal life insurance policy with accelerated death benefits, CareShield offers:
- a tax-free death benefit upon the death of the insured;3
- a streamlined, online application and underwriting process with the living benefits built directly into the life insurance product (not added as separately purchased riders);
- ongoing premiums (as opposed to one large, upfront premium payment) that will never increase so long as they are paid on time;
- a built-in return of premium feature, allowing customers to receive a partial or full refund of premiums paid if they elect to discontinue coverage after a certain period of years;4
- benefits aligned with changing needs. Customers can choose whether to use their policy for chronic or terminal illness benefits, or to preserve the death benefit for their beneficiaries.
“We believe building the living benefits directly into the life insurance product—as opposed to having customers buy and add riders to a life policy to get the benefits they want—is a first for the industry,” said Ehren. “This simplification, along with the ongoing, never-increasing premiums, is what sets CareShield apart from competing products.”
CareShield is available in face amounts from $50,000 to $500,000. Financial professionals interested in learning more about the product can call Securian’s Life Sales Support Team at 1.888.413.7860, option 1.
ABOUT SECURIAN FINANCIAL GROUP
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.
Insurance products are issued by Minnesota Life Insurance Company in all states except for New York. In New York, products are issued by Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do business in New York.
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. CareShield is a life insurance policy that provides an option to accelerate the death benefit in the event the insured becomes chronically or terminally ill. Other conditions apply. CareShield may not be available in all states.
The accumulation value, surrender value, loan value and death benefit will be reduced by a chronic or terminal illness benefit payment under this policy.
The policy may not cover all of the costs associated with chronic or terminal illness. This product is generally not subject to health insurance requirements, and does not provide long-term care insurance subject to state long-term care insurance law. This product is not a state-approved Partnership for Long Term Care Program product, and is not a Medicare Supplement policy. Receipt of chronic or terminal illness benefit payments under this product may adversely affect eligibility for Medicaid or other government benefits or entitlements.
Based on current federal tax law, there is uncertainty as to whether some or all chronic or terminal illness benefit payments from this policy are taxed when received. We cannot assure you that chronic or terminal illness benefit payments will be treated as tax-free death benefits. Policy loans and withdrawals may create an adverse tax result in the event of lapse or policy surrender, and will reduce both the surrender value and death benefit. Please consult a tax advisor before requesting chronic or terminal illness payments from this policy, or before taking a policy loan or withdrawal.
1. While the policy remains in force.
2. Insurance policy guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company as well as to the continued payment of premium to keep the policy in force.
3. As long as the full death beneﬁt is not accelerated for chronic illness, you can maintain life insurance protection for your family.
4. Only available at given premium refund anniversaries extending 60 days beyond each premium refund anniversary. The premium refund may not equal the sum of premiums paid. Currently, the premium refund cannot exceed 85% of the policy face amount. Insurance coverage terminates if the premium refund is exercised.
Securian Financial Group
Jeff Bakken, 651-665-7558
Source: Securian Financial Group