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Securian Financial launches new IUL product focused on accumulation—without high fees and multipliers

Eclipse Accumulator Indexed Universal Life features transparent, straightforward design

ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial has launched an easy-to-understand indexed universal life (IUL) insurance product without the complications of multipliers and additional fees.

Eclipse Accumulator IUL, issued by Minnesota Life Insurance Company, is an accumulation-focused policy for clients seeking—in addition to a death benefit—supplemental income for retirement funding, college funding or non-qualified deferred compensation.

Its straightforward design makes Eclipse Accumulator stand apart from many recent IUL product introductions. Eclipse Accumulator’s low charges allow for strong accumulation potential and more resiliency in times of market volatility.

“Eclipse Accumulator focuses on accumulation, not complexity,” said Ben Roth, Securian Financial vice president for retail product distribution.

High fee, large multiplier products have a fundamentally different risk-reward profile than traditional IUL products like Eclipse Accumulator. 

“Consumers and financial professionals alike prefer simple, transparent and low-cost products,” said Roth.

Eclipse Accumulator product highlights include:

  • Straightforward, traditional IUL product design with some of the lowest charges in the industry
  • Resiliency—low charges allow for strong crediting in a variety of market conditions
  • Four diverse indexed account options including uncapped accumulation potential and a set-it-and-forget-it indexed account option
  • Four loan options (a first among carriers), including fixed, indexed, variable and short-term (90 days interest free
  • Numerous optional agreements, including a unique, no-cost “Income Protection Flex Agreement”—an irrevocable settlement option that pays part or all the death proceeds as a monthly or annual benefit for a specified number of years (10-30 years).

New protection-focused product

Coinciding with the launch of Eclipse Accumulator, Securian Financial has also introduced a new protection-focused IUL product with a straightforward design: Eclipse Protector II, issued by Minnesota Life Insurance Company. Highlights include premiums four to eight percent lower than the original Eclipse Protector IUL product and lifetime protection up to age 120 based on how much premium clients want to pay.

Eclipse Accumulator and Eclipse Protector II are available to all Securian Financial-approved distribution channels. 

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 uniquely 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.

The Indexed Universal Life Series is designed to provide life insurance protection. While the interest crediting options available with the product are attractive for cash value accumulation, the fundamental objective in buying this product should be the life insurance protection it provides to you and your family or business. One cannot invest in an index. 

Product features and availability may vary by state. Eclipse Accumulator and Eclipse Protector II are not available in the State of New York.

Insurance policy guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. 

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods. Policyholders could lose money in these products. 

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. Withdrawals may be subject to taxation within the first fifteen years of the contract. You should consult your tax advisor when considering taking a policy loan or withdrawal. 

Uncapped indexed account participation rates are subject to change and may be less than 100%. This could have the impact of the indexed account credit being less than the change in the reference index. 

A fixed interest rate loan will begin a 12-month lockout period during which no transfers from the fixed account to an indexed and/or balanced indexed accounts will apply. Not applicable to Securian Life indexed products in the State of New York. 

The short-term loan provision provides for interest waiver if the loan is paid in full within 90 days of the date the loan was taken. In the event you do not repay the loan in full within 90 days, interest and other policy loan provisions will apply as of the date the loan was taken. Additional restrictions may apply. 

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. 

The Income Protection Flex Agreement provides for an irrevocable settlement for all or a portion of the policy death proceeds. The beneficiary of the policy will not be able to change the manner in which the death proceeds are paid out upon the death of the insured. 

The Income Protection Flex Agreement installment payment could be payable for a period up to 30 years. The installment payment and the interest rate used to calculate that payment will be shown in the policy illustration that you provide to clients either prior to or upon receipt of the policy. The income protection agreement interest rate used in the calculation of the installment payment is at least equal to the Settlement Option Guaranteed Interest Rate shown on the policy data pages. A portion of the benefit that is paid out in installments will be reportable as interest income. This taxable portion represents the amount of the benefit that exceeds the policy death proceeds. 

You should consult your tax advisor regarding your own tax situation. 

This is a general communication for informational and educational purposes. The materials and the information are 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 or 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 affiliates. Minnesota Life Insurance Company and Securian Life Insurance Company are affiliates of Securian Financial Group, Inc.

Policy Form Numbers: ICC19-20204, 19-20204 and any state variations

This press release is not available for use in Nevada and Oregon.

Contact Info

Jeff Bakken

Media Relations

DOFU 02-2020