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SecureCare III

So your clients can focus on what’s most important

Give long-term care (LTC) clients a boost with SecureCareTM III, a nonparticipating whole life insurance policy that combines the benefits of long-term care protection with the guarantees of life insurance.

Our state approvals list shows where you can use SecureCare III for your clients. 

View state approvals


Why choose SecureCare III


Clients can choose the protection that matters most to them.


Their care, their choice. Discover the power of cash indemnity.


From start to finish, clients know what they’re getting and how to use it.


Design the long-term care (LTC) plan that meets client needs

SecureCare III is a linked-benefit policy that offers a guaranteed death benefit, LTC benefit and three different return of premium (ROP) options so clients can focus on the benefits most important to them:

  • Maximize protection on their premium dollars
  • Maximize leverage on their premium dollars

See how three ROP options impact the LTC benefit pool

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ROP option: Vesting

For clients who prioritize long-term care protection and maintaining the full value of their original asset – no matter what1

Offers a 100% premium refund if policy is cancelled, subject to the vesting schedule.

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ROP option: 75%

For clients who want enhanced long-term care protection and the ability to get most of their money back if they ever need it

Offers a 75% return of the premium client has paid if they cancel their policy at any time and increases the LTC benefit above the vesting.

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ROP option: LTC Boost

For clients who want to purchase the most long-term care protection they can for the least amount of money

Provides a return of premium equivalent to the policy's guaranteed cash value at the time of surrender and maximizes the LTC benefit.

See how each ROP option impacts the LTC benefit pool for the same client

Sample client

  • 55-year-old male 
  • $100,000 single premium 
  • 3% compound inflation protection option 
  • 6-year benefit period 
  • Couples discount and non-tobacco
ROP option: Vesting ROP option: 75% ROP option: LTC Boost


Day 1 total LTC benefit


Day 1 total LTC benefit


Day 1 total LTC benefit


Age 85 total LTC benefit


Age 85 total LTC benefit


Age 85 total LTC benefit

This is a hypothetical example for illustrative purposes only. It assumes all other policy details are the same and is intended to help show the different LTC benefits available to a client depending upon the ROP option selected. 

The sample client in the example above could increase their total LTC benefit pool by 20 percent if they opted for an LTC Boost policy over a vesting policy.

It's important to keep in mind that the ROP option a client selects will impact the death benefit and surrender value of their policy, and the ROP option cannot be changed after the policy is issued. Make sure your clients fully understand each potential ROP option so they can select the policy design that best meets their needs.

SecureCare III also offers clients the flexibility to:

  • Select the benefit period (4-8 years) and premium schedule (single-pay, 5, 7, 10 or 15 years) that meets their needs. Plus, multi-pay policies now allow clients to pay a larger lump sum as their first premium payment, but the premium payments after that must be in fixed equal amounts.
  • Add optional LTC inflation protection to increase their LTC benefit by a set percentage (3% or 5%, simple or compound) each year to help protect them from rising costs.
  • Choose to add an optional premium waiver for additional protection. If the client goes on claim while they're still paying their policy's premiums, the optional Premium Waiver for LTC Agreement means we'll cover their entire premium payment once they're eligible for benefits. And we'll continue to waive them as long as they are eligible for benefits.


Whatever care clients need — wherever they need it

SecureCare III’s LTC cash indemnity benefit can be used however clients want2. Period. No fine print, no restrictions. Cash indemnity policies automatically send the policyowner a monthly cash benefit regardless of actual expenses incurred; no reimbursement or proof of expenses is required.

Whether their goal is to stay at home and receive care from a family member or explore group facilities, their cash indemnity benefit will support their care plan — not dictate it.

Additionally, SecureCare III’s coverage extends abroad. Clients traveling abroad will have access to 100% of their LTC benefit pool and can receive up to 50% of their maximum monthly cash indemnity benefit. If they return to the U.S., they are able to receive their full monthly benefit.

See the power of cash indemnity in action

This scenario shows how a client may have the same total benefit pool available to her but the amount of benefits she actually receives varies depending on the policy’s payment method — in this example, over twice as much with cash indemnity vs a reimbursement contract.

Sample client

  • Purchases policy on herself at age 60 with $5,000 monthly maximum LTC benefit on day 1
  • 6-year benefit period, 5% compound inflation protection option
  • Initiates claim at age 80, begins receiving care from an informal caregiver at home
  • Switches to in-home professional caregiver at age 82
  • Switches to an assisted living facility at age 84
  Sample reimbursement contract Sample cash indemnity contract
Day 1 long-term care total $408,115 $408,115
Day 1 monthly max $5,000 $5,000
Age 80 long-term care total $1,082,850 $1,082,850
Age 80 monthly max $13,266 $13,266
Ages 80-81: informal care • Projected cost: $0
Covered No Yes
Total benefits paid $0 $326,356
Ages 82-83: Home health care • Projected cost (for 20 hrs/week): $110,355
Covered Yes Yes
Total benefits paid $110,355 $359,807
Ages 84-85: Assisted living • Projected cost: $210,142
Covered Yes Yes
Total benefits paid $210,142 $396,687
Total benefits paid for all types of care $320,497 $1,082,850

$762,353 more benefits paid over 6 years

with cash indemnity vs a reimbursement contract

This is a hypothetical example for illustrative purposes only. Projected costs are calculated using 2021 national medians of costs of care ($27.82 per hour for home health aide and $50,924 per year for assisted living facility) and assuming 3% annual inflation. Source: Calculate the cost of long-term care. 2021.

Unlike reimbursement policies, the cash indemnity model doesn’t limit your client's monthly maximum benefit to actual expenses incurred, which means they can fully leverage their policy and not leave any benefit unused.


We believe in benefits, not hassle

Securian Financial’s Care Management Program™

Our Care Management team makes the transition from needing care to getting care as smooth and simple as possible.

Our team is available whenever clients need us, not just when they’re on claim. We can help clients understand their policy and its benefits, guide them through the claims process and discover care resources in their area. Our program is designed to help clients put their SecureCare III policy into action so they can get the care they choose — when they need it most. With us, clients are in control, but not alone.

The power of cash indemnity

Your client’s benefit is theirs to use however they want. They never need to wonder whether an expense is covered or submit receipts to show how their benefit is being used.

Premiums and benefits are guaranteed

Premiums will never increase and benefit amounts are guaranteed, so clients know what they are getting right from the start.

Product details

SecureCare III product details

Policy type

  • Nonparticipating whole life insurance policy with cash indemnity long-term care benefits. This policy is considered a qualified long-term care contract.

Issue ages & premium payment options

  • Payment options (can be made online, direct, EFT/ACH or 1035 exchange). For multi-year policies, all premium modes available with no modal factor.
Payment Single-pay 5-pay 7-pay 10-pay 15-pay
Age 40-75 40-75 40-73 40-70 40-65

Minimum face amount

  • $50,000

Death benefit test & option

  • CVAT & level

LTC benefit payment type

  • Cash indemnity

Underwriting classes

  • Simplified Issue, Sex Distinct: Non-tobacco Single, Non-tobacco Couples, Tobacco Single, Tobacco Couples
  • Couple’s discount is available through a special underwriting class; only one need apply to receive this benefit

Agreements available

  • Acceleration for Long-Term Care Agreement — automatically included
  • Extension of Long-Term Care Agreement — automatically included
  • Long-Term Care Inflation Protection Agreement — optional
  • Premium Waiver for LTC Agreement — optional

LTC benefit period options

  • 4-8 years

Return of premium options

  • Vesting: Offers 100% premium refund if policy is cancelled, subject to the vesting schedule
  • 75%: Offers a 75% return of the premium client has paid if they cancel their policy at any time and increases the LTC benefit above the vesting
  • LTC Boost: Provides a return of premium equivalent to policy's guaranteed cash value at the time of surrender and maximizes the LTC benefit

LTC Inflation Protection Agreement

  • Increases monthly long-term care benefit at a set percentage annually — even after client goes on claim; options include: 3% or 5%, simple or compound interest

Reduced paid-up benefit

  • Should the insured fail to complete the premium payment schedule, the policy will provide a reduced paid-up nonforfeiture benefit based on the total premiums paid. If the policy included the LTC Inflation Protection Agreement, the reduced paid-up benefit would continue to annually increase by the selected inflation option.

Guaranteed minimum death benefit

  • 10% of the base face amount or $10,000, whichever is less

Maximum monthly LTC benefit payment

  • Equal to the maximum LTC benefit, not subject to IRS per diem limitations. Client may choose an amount less than the maximum benefit at any time extending the duration that benefits would be available.

Elimination period

  • Elimination period is 90 calendar days from the date the insured is certified as chronically ill by a licensed health care professional. Home modification (up to $5,000) and caregiver training (up to $1,000) are accessible during the elimination period.

Examples of qualified long-term care services

  • Adult daycare
  • Assisted living
  • Bed reservation
  • Caregiver training3
  • Home health care
  • Home modification4
  • Hospice
  • Household services
  • Informal care
  • Nursing home care
  • Respite care

Benefits outside the United States

  • Total LTC benefit pool remains unchanged and insured can receive 50% of maximum monthly benefit for all qualified services, including informal care, outside the United States, its territories or possessions. Benefits are paid in the United States currency. If the insured returns to the United States, the non-United States monthly benefit limit will no longer apply.

Vesting policy’s vesting schedule

Single-pay or 5-pay 7-pay 10-pay 15-pay
Year(s) 1 80% Years 1-3 80% Years 1-6 80% Years 1-11 80%
Year 2 84% Year 4 84% Year 7 84% Year 12 84%
Year 3 88% Year 5 88% Year 8 88% Year 13 88%
Year 4 92% Year 6 92% Year 9 92% Year 14 92%
Year 5 96% Year 7 96% Year 10 96% Year 15 96%
Year 6+ 100% Years 8+ 100% Years 11+ 100% Year 16+ 100%
Insurance products issued by MINNESOTA LIFE INSURANCE COMPANY

Next steps

Additional product resources available on our secured site

Get access to these and other tools on our secured website for financial professionals.

1. This assumes all premium payments have been made as scheduled at policy issue and no loans or surrenders are taken.

2. Under certain circumstances, benefits may be taxable. Clients should consult with a tax advisor.

3. The caregiver training benefit can be used to pay for training of a friend or family member to provide care to the insured. This benefit can be triggered prior to the elimination period. The maximum benefit is $1,000.

4. Home modification benefit allows the insured to pay for modifications to his/her home, enabling the insured to remain in his/her home longer. This benefit can be triggered prior to the elimination period. The maximum benefit is $5,000.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit. SecureCare III is a life insurance policy that provides long-term care benefits and an accelerated death benefit for terminal illness. Other terms and conditions apply.

Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods.

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

SecureCare III may not be available in all states. Product features, including limitations and exclusions, may vary by state.

SecureCare III includes the Acceleration for Long-Term Care Agreement and Extension of Long-Term Care Agreement. These two agreements are tax qualified long-term care agreements that cover care such as nursing care, home and community-based care, and informal care as defined in the agreement. These agreements provide for the payment of a monthly benefit for qualified long-term care services. These agreements are intended to provide federally tax qualified long-term care insurance benefits under Section 7702B of the Internal Revenue Code, as amended. However, due to uncertainty in the tax law, benefits paid under these agreements may be taxable. Please ensure that your clients consult a tax advisor regarding long-term care benefit payments, or when taking a loan or withdrawal from a life insurance contract may not be available in all states. Product features, including limitations and exclusions, may vary by state.

The optional Long-Term Care Inflation Protection Agreement is available with 3% simple interest, 3% compound interest, 5% simple interest or 5% compound interest.

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.

Qualified long-term care services received outside the United States, its territories or possessions are limited to the non-United States monthly benefit limit. If the insured returns to the United States, the non-United States monthly benefit limit will no longer apply.

Exclusions and limitations

Eligibility for long-term care benefits includes satisfying a 90-day elimination period. This is a period of time (90 days) during which no long-term care benefits are payable following the date the insured is determined to be eligible for benefits. You are not eligible to receive benefits if your long-term care service needs are caused directly or indirectly by, result in whole or in part, from or during, or there is contribution from:

  • alcoholism or drug addiction; or

  • war or any act of war, while the insured is serving in the military, naval or air forces of any country at war, whether declared or undeclared; or

  • active service in the armed forces or units auxiliary thereto; or

  • the insured's active participation in a riot, insurrection or terrorist activity; or

  • committing or attempting to commit a felony; or

  • any attempt at suicide, or intentionally self-inflicted injury, while sane or insane.

Pre-existing condition limitations

Pre-existing condition limitations refer to any condition or disease for which the insured received medical advice or treatment within six months preceding the effective date of the Acceleration for Long-Term Care Agreement for that same condition or disease or a related condition or disease. There does not need to be a specific diagnosis for the condition or disease for it to be considered a pre-existing condition. We will not pay benefits for a pre-existing condition or disease that is not disclosed in the application for a period of six months from the effective date of this agreement. A pre-existing condition during the first six months that the agreement is in force will not be counted toward the satisfaction of the long-term care elimination period.

The purpose of this material is a solicitation of insurance. An insurance agent or company may contact you.

For use in states where this product is available under the Interstate Insurance Product Regulation Commission (IIPRC).

ICC20-20212, 20-20212 and any state variations; Acceleration for Long-Term Care Agreement ICC21-20220, 21-20220 and any state variations; Extension of Long-Term Care Agreement ICC21-20221, 21-20221 and any state variations; Long-Term Care Inflation Protection Agreement ICC21-20222, 21-20222 and any state variations.

Insurance products are issued by Minnesota Life Insurance Company in all states except New York. In New York, products are issued by 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. Securities offered through Securian Financial Services, Inc., member FINRA/SIPC, 400 Robert Street North, St. Paul, MN 55101-2098, 1-800-820-4205.

Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Minnesota Life Insurance Company and Securian Life Insurance Company are subsidiaries of Securian Financial Group, Inc.

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 subsidiaries, have a financial interest in the sale of their products.

The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination. 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 7-2021