ST. PAUL, Minn.--(BUSINESS WIRE)--Securian Financial Group of St. Paul, Minnesota, has added new premium payment options and enhanced benefits to SecureCare Universal Life, a permanent life insurance contract with long-term care benefits.
Launched in 2017 as a single premium-only linked benefit product, the enhanced version of SecureCare, issued by MINNESOTA LIFE INSURANCE COMPANY, allows customers to choose a single or multi-year premium schedule of five, seven, 10 or 15 years. The new product also pays benefits using a cash indemnity-style model with improved flexibility and liberalized limitations when accessing the benefits.
Designed to help aging Americans protect their assets from the climbing costs of long-term care amidst rising premiums and uncertainty in the stand-alone long-term care insurance market, SecureCare offers customers four guarantees:
- If they become chronically ill and need long-term care, they will receive a tax-advantaged monthly cash benefit to help cover expenses.1
- If they die, their beneficiaries will receive a death benefit, even if they exhaust their entire long-term care benefit.
- If they want their money back, they can receive a refund of their premium, subject to a vesting schedule.2
- If they stop paying premiums before the policy is paid in full, they will receive a reduced benefit based on what they paid into the policy.3
“SecureCare’s guarantees make it distinct from traditional long-term care policies,” said Kimberly Anderson, who manages individual life insurance product research and consulting for Securian. “As a permanent life insurance policy, a benefit payout is certain, even if the client never needs long-term care. And with SecureCare’s guaranteed premiums, regardless of how they choose to pay, clients never have to worry about their premiums going up—they are locked in upon purchase and will never increase.”
Other highlights of SecureCare include:
Cash Indemnity Benefits
Unlike some other hybrid life/long-term care policies, SecureCare pays out a monthly cash indemnity benefit regardless of expenses incurred and without requiring proof of costs—allowing customers to skip the burdensome process of submitting receipts to receive a reimbursement of expenditures.
Coverage Customization and Inflation Protection
SecureCare allows clients to customize their long-term care coverage duration from two to seven years.4 They can also choose between four inflation protection options to help their benefits keep up with rising long-term care costs.5
Multiple Care Options
SecureCare allows clients to choose how they receive care, which may include:
- Informal care provided in their home by a family member
- Respite care
- Nursing home care or memory care provided by professional staff
Clients have further freedom to use their benefits for long-term care outside the United States6, home modifications7 or training for family members to provide care.8
SecureCare is available to all Securian-approved distribution channels. Financial professionals interested in learning more can call Securian’s Life Sales Support Team at 1.888.900.1962.
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 OR SECURIAN LIFE INSURANCE COMPANY, A NEW YORK AUTHORIZED INSURER. MINNESOTA LIFE IS NOT A NEW YORK AUTHORIZED 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.