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Survivorship life insurance

Survivorship policies cover two people with one death benefit payable after the death of the second insured. These policies are ideal for couples wishing to leave a legacy for their heirs and include estate-planning solutions to help them protect their legacies.

Our survivorship product is an indexed universal life (IUL) policy, allowing for higher crediting potential than fixed interest products, providing more flexibility for your client’s changing needs.

Eclipse Survivor II IUL

Provides couples death benefit protection and potential for strong cash value accumulation through multiple indexed account options.

Issue ages: 20-85 based on age at “nearest” birthday

Minimum face: $200,000 for all ages

Death benefit options: Level or Increasing

Indexed account options:

  • S&P 500®i with 100% participation
  • S&P 500® Low Volatilityi, guaranteed participation1 and uncapped
  • EURO STOXX 50®ii with 100% participation

Indexed crediting method: Annual point-to-point, except where noted

Surrender charge: Applies for the first 10 years after issue or face increase

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

Fixed interest rate loans2, 3:

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

Variable interest rate loans3, 4:

  • Loan charge rate: 3% minimum; varies based on Moody’s Corporate Bond Yield Average
  • Loan crediting rate: Directly tied to performance of client’s account allocations
  • Net variable loan cost could be positive or negative

Indexed loans3, 5:

  • Loan charge rate: 5%
  • Loan crediting rate: Directly tied to the performance of the Indexed Loan Account

Optional agreements: Early Values Agreement6, Estate Preservation Agreement, Indexed Loan Agreement, No-Lapse Guarantee Agreement, Overloan Protection Agreement, Policy Split Agreement, Premium Deposit Account Agreement, Surrender Value Enhancement Agreement6, Term Insurance Agreement5

1. Guaranteed participation rate for S&P 500 Low Volatility indexed account is 30%. For current rate, please log into our Financial Professional site.

2. 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.

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

4. Because of the risk involved with variable interest rate loans, use caution when considering variable rate loans.

5. Indexed loans are only available with the Indexed Loan Agreement. The Indexed Loan Agreement may be added to in-force Eclipse Survivor II IUL policies for no charge.

6. Not available with the No-Lapse Guarantee Agreement

Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states, may exist under a different name in various states and may not be available in combination with other agreements. 

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The Indexed Universal Life Series is designed first and foremost to provide life insurance protection. While the index crediting options are attractive for cash accumulation, the product should always be promoted to first meet the death benefit needs of families and businesses with cash accumulation as a secondary 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. One could lose money in these products. 

Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the surrender value and death benefit. Withdrawals may be subject to taxation within the first 15 years of the contract. Clients should consult their tax advisor when considering taking a policy loan or withdrawal.

Guarantees are based on the claims-paying ability of the issuing insurance company.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.

All indexed accounts available with the Indexed Universal Life Series employ a point-to-point crediting method with one-year index segments — except where noted — established monthly. Credits for any index segment may range from 0% up to the maximum for that segment. These policies guarantee that the total interest credited over the life of the policies will not be less than a 2% effective annual interest rate.

The underlying indices only recognize the changes in stock prices and do not include any dividend returns. While the policy and the Indexed Accounts do not actually participate in the stock market or the S&P 500® Index, and one cannot invest directly in an Index, the performance of the underlying index may exceed the offered indexed growth caps. Index crediting within these accounts will vary based on the movement of the investments within the underlying index. Should the index have 0% growth or decline, policy owners bear the risk that no Index credit will be given to the account.

These materials are for informational and educational purposes only and 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. Securian Financial Group, and its affiliates, have a financial interest in the sale of their products.

i. The “S&P 500 Index” and “S&P 500 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) and Securian Life Insurance Company (Securian 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 and Securian 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.

ii. 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.

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

DOFU 9-2020