Chronic illness insurance agreements
Chronic illness insurance gives individuals flexibility when deciding when and how they would like to receive care, should they become chronically ill. In addition, it can help protect their assets from the costly expenses associated with care, particularly over long periods of time.
Securian Financial offers tax-advantaged, long-term care (LTC) and chronic illness (CI) solutions to address a wide range of client needs. Help your clients secure their care, their assets and their future – for the long-term.
Life policy agreements
Chronic Illness Conversion Agreement (CICA)
Availability1
- Available with fully underwritten term policies with face amounts of $100,000 – $5 million
- Must have the Extended Conversion Agreement (ECA)
Ideal client
- Individuals who plan to convert their term policy to permanent coverage in the future
- Want to lock in their insurability for chronic illness protection
Benefits
- Guarantees the right to convert to an available individual life policy that offers chronic illness benefits
- Does not require evidence of insurability at the time of conversion
How it works
- Underwritten at issue; premium based on factors including age, underwriting class and coverage amounts
- Upon adding the CICA to an Advantage Elite Select Term policy, the policyholder chooses the maximum chronic illness death benefit amount that will be available upon conversion
- Owner may convert any percentage of this amount for chronic illness benefits with the addition of the Accelerated Death Benefit for Chronic Illness Agreement on the policy.2
Accelerated Death Benefit for Chronic Illness Agreement (ADB-CIA)3, 4
Availability1
- Available with any of our currently available individual universal life (IUL) insurance policies
Ideal client
- Protection-focused individuals
Benefits
- Provides a chronic illness benefit payment through an acceleration of death benefit when the insured is chronically ill
- Cash indemnity benefits can pay for care or anything clients choose
How it works
- Underwritten at issue; charge based on factors including age, underwriting class and coverage amounts
- 2% or 4% monthly chronic illness benefit payments reduce the policy’s death benefit dollar-for-dollar
Chronic Illness Access Agreement (CIAA)3, 5
Availability1
- Available with Eclipse Accumulator IUL
Ideal client
- Accumulation-focused individuals
Benefits
- Provides a chronic illness benefit payment through an acceleration of death benefit when the insured is chronically ill
How it works
- No underwriting or charge for this agreement
- When an annual chronic illness benefit payment is made, the amount of death benefit accelerated will be greater than the chronic illness benefit payment