Securian Financial Launches Single Premium Term Life Insurance Product for Finance Company Market

ST. PAUL, Minn.--(BUSINESS WIRE)--
Securian Financial has launched Access Term Life, a single premium term life insurance product developed for distribution through consumer finance companies.

Access Term Life will be offered to finance company customers at the point of sale during loan closing. The product complements existing Securian Financial credit insurance coverages offered by finance companies that provide loan protection in the event of death, disability and unemployment.

A variety of terms and coverage amounts are available to fit the needs and budgets of finance company customers. Benefit proceeds are paid directly to the beneficiary of the borrower’s choice to be used how they wish, and customers who pay off their loans early still have coverage for the life of their policies. Access Term Life is a modified guaranteed issue product with limited health questions asked of applicants.

“Access Term Life offers underserved consumers the opportunity to purchase life insurance in a manner and at a price they can manage, giving them peace of mind knowing they can help provide their loved ones with financial security at a time when they may need it most,” said Pete Berlute, Securian Financial senior vice president of Affinity Solutions. “For finance companies, Access Term Life offers an additional source of non-interest income and the chance to differentiate themselves in the market by being among the first finance companies to offer term life insurance to underinsured customers.”

According to the 2023 Life Insurance Marketing and Research Association (LIMRA) Insurance Barometer Study, 101 million U.S. adults (7 in 10) reported needing life insurance, with 27 million reporting being underinsured and 74 million reporting having no life insurance at all. The need is highest among households earning under $50,000 annually—a large consumer segment served by finance companies, whose customers have lower income levels and lower credit scores.

Finance companies and distributors interested in learning more can find a Securian Financial sales professional to talk to in their region at https://www.securian.com/contact-us/financial-institution-contact-form.html.

ABOUT SECURIAN FINANCIAL

To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer.

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Securian Financial
Jeff Bakken, Media Relations

651-665-7558

[email protected]

Source: Securian Financial