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Eclipse Protector II IUL

Lasting protection when it matters most

Eclipse Protector II IUL is a single-life protection focused indexed universal life policy that appeals to clients who desire premiums and coverage built to fit their budget and a policy that provides lifetime death benefit protection and cash value growth potential.

Product details

Issue Ages: 0-80 based on “age nearest” birthday

Minimum face amount: $50,000 (ages 0-17); $100,000 (ages 18+)

Death benefit options: Level

Indexed account options:

  • S&P 500®I,2 with 100% participation
  • S&P 500 Low Volatility2, uncapped1
  • EURO STOXX 50®3 with 100% participation
  • Rainbow Indexed Account 1 with 100% participation4

Index crediting method: Annual point to point

Surrender charge: Applies for the first 15 years after issue or face amount increase

Minimum guaranteed interest rates: 2% at time of death, policy termination or surrender

Fixed interest rate loans 5,6:

  • Loan charge rate: 4%
  • Loan crediting rate: 3% in years 1-10; 3.9% in years 11+

Variable interest rate loans6,7:

  • Loan charge rate: Varies based on Moody’s Corporate Bond Yield Average (3% minimum)
  • Loan crediting rate: Directly tied to performance of client’s account allocations
  • Available after year 1; net indexed loan cost could be positive or negative

Indexed Loans6:

  • Loan charge rate: 5%
  • Loan crediting rate: Directly tied to performance of the Indexed Loan Account
  • Available after year 1; net indexed loan cost could be positive or negative

Short-term loans8: Available after the first policy anniversary; interest will not be charged if entire loan is repaid within 90 days

No- Lapse Guarantee Agreement9: offers lifetime protection – up to age 120 based on how much premium clients want to pay. Required at policy issue.

Optional Agreements: Accelerated Death Benefit for Chronic Illness Agreement, Accelerated Death Benefit for Terminal Illness Agreement, Guaranteed Insurability Option Agreement, Inflation Agreement, Overloan Protection Agreement, Premium Deposit Account Agreement, Waiver of Premium Agreement

1. 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.

2. The "S&P 500 Index" and "S&P Low Volatility Index" are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates ("SPDJI") and, and have been licensed for use by Minnesota Life Insurance Company (Minnesota Life). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC, a division of S&P Global ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Minnesota Life. Indexed Universal Life Insurance Policy Series is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index or the S&P Low Volatility Index.

3. The EURO STOXX 50® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors ("Licensors"), which is used under license. The interest crediting for the Indexed Universal Life Series Policies based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.

4. Rainbow Indexed Account 1 is made up of the following indexes: S&P 500®, Euro STOXX 50®, and S&P 500® Low Volatility.  The segment growth rate is equal to the weighted average of the index growth rates for each reference index. On the index credit date, the index growth rate for each reference index is ranked from highest to lowest and the applicable rank weight applied, using 50% of the highest performing account, 30% from the second highest, and 20% from the third.

5. A fixed rate loan will begin a 12-month lockout period during which no transfers from the fixed account to an indexed account will apply.

6. Only one loan rate type available at one time; may switch between loans once per year. 

7. Because of the risk involved to the client with variable interest rate loans, use caution when illustrating or discussing variable rate loans 

8. 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 the policyholder does 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.

9. The no-lapse guarantee value could be negative if monthly premium payments are not made on time. This may require you to pay a larger monthly premium in order to restore the no-lapse guarantee value to zero or greater. The no-lapse guarantee value has no impact on your policy’s cash value and cannot be surrendered or loaned against. Policy loans could cause the no-lapse guarantee value to be less than zero, which would require the repayment of the loan or the payment of additional premiums to restore the no-lapse guarantee value to zero or greater.

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.

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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 (which may increase over time), and may contain restrictions such as surrender charges. 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. Clients should consult their tax advisor when considering taking a policy loan.

All indexed accounts available with the Indexed Universal Life Series employ a point-to-point interest crediting method with one-year index segments – except where noted – established monthly. Interest credits for any index segment may range from a minimum (0% or 1%) up to the maximum (which may be unlimited for some accounts) for that segment. These policies guarantee that the total interest credited over the life of the policies will not be less than a 2.00% effective annual interest rate.

This information is a general discussion of the relevant federal tax laws provided to promote ideas that may benefit a taxpayer. It is not intended for, nor can it be used by any taxpayer for the purpose of avoiding federal tax penalties. Taxpayers should seek the advice of their own advisors regarding any tax and legal issues specific to their situation.

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

This is for financial professional use only. Not for use with the general public. This material may not be reproduced in any form where it is accessible to the general public. 

DOFU 12-2019
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