Securian Financial Enhances SecureCare Hybrid Life/LTC Product
SecureCare III, issued by MINNESOTA LIFE INSURANCE COMPANY, has the key feature of its predecessors—a cash indemnity benefit for long-term care that consumers can use however they want without the need to submit receipts for reimbursement2—plus more flexibility.
First, SecureCare III is a nonparticipating whole life insurance policy with long-term care benefits. Previous versions of SecureCare were universal life policies. Changing the chassis helps simplify the product, satisfying a key industry-wide request from financial professionals and consumers alike.
Second, in addition to offering a long-term care benefit, a guaranteed death benefit and reduced paid-up benefits3, SecureCare III offers three different return of premium options—allowing consumers to choose the level of protection that best fits their needs4:
- The Vesting option is for consumers whose priority is long-term care protection and maintaining the full value of their premium dollars. It offers a 100% premium refund to consumers who cancel their policies, subject to a vesting schedule.
- The 75% option is for consumers who want enhanced long-term care protection and the ability to get most of their money back if needed. It offers a 75% return of premium for consumers who cancel their policies, while providing a long-term care benefit greater than the Vesting option.
- The LTC Boost option is for consumers who want the most long-term care protection possible for the least amount of money. It offers a return of premium equivalent to a policy’s guaranteed cash value at the time of policy cancellation and maximizes the long-term care benefit.
Third, SecureCare III offers multiple premium payment options. Consumers can choose a single-pay option—paying their entire premium up front in a single lump payment—or they can choose a multi-pay option, spreading their premium payments out over 5, 7, 10 or 15 years. SecureCare III affords consumers enhanced premium payment flexibility by allowing them to pay a larger lump sum as the initial premium payment and then paying fixed level premiums thereafter. As with its predecessors, SecureCare III premiums are guaranteed to never increase and benefits are guaranteed to never decrease.
Consumers choose to receive long-term care benefits for a minimum of 4 years or a maximum of 8 years. Consumers who take less than the maximum monthly benefit while on claim can extend their benefit’s duration.
Finally, in addition to an optional inflation protection agreement that helps the long-term care benefit keep up with rising costs5, consumers can choose an optional premium waiver. With this optional feature, if a consumer goes on claim while still paying their premiums, Securian Financial will cover the full cost of the consumer’s premium payments as long as the consumer is eligible to receive benefits.
“We believe SecureCare III is the most competitive cash indemnity product in the hybrid life/long-term care insurance market today,” said Brandon Heskett, national sales vice president and spokesperson for SecureCare III at Securian Financial. “It has what financial professionals and consumers loved about the product’s predecessors with added enhancements and flexibility to make it stand out from the competition.”
Securian Financial first introduced SecureCare in 2017. SecureCare’s year-over-year sales have increased by double digits annually, making it one of the industry’s top-selling hybrid life/long-term care insurance products.6
SecureCare III is available to all Securian Financial-approved distribution channels in states that are part of the Interstate Insurance Product Regulation Compact, plus Florida and New Jersey. Financial professionals interested in learning more can do so by visiting the product’s website or by calling the SecureCare sales team at 1-888-900-1962.
About Securian Financial
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
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1. |
Upon surrender, the policy owner will receive the surrender value proceeds. The surrender value proceeds may not equal the sum of premiums paid. Surrenders are subject to the return of premium option selected and the premium vesting schedule (if applicable). For more information regarding return of premium options, please consult with your financial professional. |
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2. |
If owner/insured are different, benefits will be paid to the owner upon the insured being certified as a chronically ill individual. Under certain circumstances, benefits may be taxable. Please consult with your tax advisor. |
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3. |
Reduced paid-up benefits refers to the reduced paid-up nonforfeiture benefit that purchases paid-up insurance in the event of premium lapse. |
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4. |
The death benefit proceeds, return of premium amount and long-term care benefit amounts depend, in part, on the return of premium option you select on your policy application. For more information regarding return of premium options, please consult with your financial professional. |
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5. |
The optional Long-Term Care Inflation Protection Agreement is available with 3% simple interest, 3% compound interest, 5% simple interest or 5% compound interest. |
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6. |
LIMRA U.S. Linked Benefit Sales Reports – 2017-2020 Fourth Quarter Year-to-Date. Securian Financial and its subsidiaries are basing this claim on figures shown in the 2017-2020 Linked Benefit Sales reports showing year-over-year growth. |
The purpose of this material is the solicitation of insurance. A financial professional may contact you.
Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.
Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.
Insurance policy guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company.
SecureCare III may not be available in all states. For costs and further details of coverage, including the terms and conditions under which the policy may be continued in force, contact your agent/representative.
SecureCare III includes the Acceleration for Long-Term Care Agreement and Extension of Long-Term Care Agreement. These two agreements are tax qualified long-term care agreements that cover care such as nursing care, home and community-based care, and informal care as defined in the agreement. These agreements provide for the payment of a monthly benefit for qualified long-term care services. These agreements are intended to provide federally tax qualified long-term care insurance benefits under Section 7702B of the Internal Revenue Code, as amended. However, due to uncertainty in the tax law, benefits paid under these agreements may be taxable.
Additional agreements may be available. Agreements may be subject to additional costs and restrictions.
Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.
To be eligible for benefits, the insured must be a chronically ill individual and have been prescribed qualified long-term care services pursuant to a plan of care prescribed by a licensed health care practitioner.
This information is meant to help you understand the SecureCare III policy, not as a means to compare with other products. The amount of benefits provided will depend upon the benefits selected and the charges will vary as such. Some provisions may not apply or may vary depending on the state in which you live at the time of policy issue. Please refer to your state’s Outline of Coverage for the exact language in your state.
This policy has exclusions, limitations and reduction of benefits, under which the policy may be continued in force or discontinued. For costs and complete details of the coverage, call or write your producer or Minnesota Life Insurance Company.
EXCLUSIONS AND LIMITATIONS
You are not eligible to receive benefits if the insured’s long-term care service needs are caused directly or indirectly by, result in whole or in part, from or during, or there is contribution from:
- alcoholism or drug addiction; or
- war or any act of war, while the insured is serving in the military, naval or air forces of any country at war, whether declared or undeclared; or
- active service in the armed forces or units auxiliary thereto; or
- the insured’s active participation in a riot, insurrection or terrorist activity; or
- committing or attempting to commit a felony; or
- any attempt at suicide, or intentionally self-inflicted injury, while sane or insane.
PRE-EXISTING CONDITION LIMITATIONS
Pre-existing condition limitations refer to any condition or disease for which the insured received medical advice or treatment within six months preceding the effective date of the Acceleration for Long-Term Care Agreement for that same condition or disease or a related condition or disease. There does not need to be a specific diagnosis for the condition or disease for it to be considered a pre-existing condition. We will not pay benefits for a pre-existing condition or disease that is not disclosed in the application for a period of six months from the effective date of this agreement. A pre-existing condition during the first six months that the agreement is in force will not be counted toward the satisfaction of the long-term care elimination period.
SecureCare III may not cover all of the costs associated with long-term care or terminal illness that the insured incurs. This product is generally not subject to health insurance requirements. This product is not a state-approved Partnership for Long Term Care Program product and is not a Medicare Supplement policy. Receipt of a long-term care or terminal illness benefit payment under this product may adversely affect eligibility for Medicaid or other government benefits or entitlements.
The death proceeds will be reduced by a long-term care or terminal illness benefit payment under this policy. Please consult a tax advisor regarding long-term care benefit payments, terminal illness benefit payments, or when taking a loan or withdrawal from a life insurance contract.
This is a general communication for informational and educational purposes. The information is not designed, or intended, to be applicable to any person’s individual circumstances. It should not be considered investment advice, nor does it constitute a recommendation that anyone engage in (or refrain from) a particular course of action. If you are seeking investment advice or recommendations, please contact your financial professional.
INSURANCE PRODUCTS ARE ISSUED BY MINNESOTA LIFE INSURANCE COMPANY in all states except 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 insurance business in New York. Both companies are headquartered in St. Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.
POLICY FORM NUMBERS ICC20-20212, 20-20212 and any state variations; ICC21-20220, 21-20220 and any state variations; ICC21-20221, 21-20221 and any state variations; ICC21-20222, 21-20222 and any state variations; ICC21-20223, 21-20223 and any state variations.
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