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Securian Financial

Optional death benefits

Preserving assets for loved ones

Optional death benefits provide greater protection, flexibility, and enhanced death benefits, helping your clients to preserve assets for the people they care about.

HAV II

Highest Anniversary Value II death benefit

Benefit highlights

  • Locks in market gains for beneficiaries

Benefit details

Annual cost

0.30% of death benefit value

Availability

  • Available to age 75 and under at contract issue
  • Available with MultiOption Guide B Series
  • Not available with optional living benefits
  • May not be cancelled

Details

Death benefit is the greater of:

  • Standard contract death benefit, or
  • Highest Anniversary Value — Highest value achieved on any contract anniversary through age 80 (increased by purchase payments and reduced pro-rata for amounts withdrawn since last value determined).

Spousal continuation

A spouse sole beneficiary or joint owner can continue the contract and optional benefit upon 1st death. Contract value is adjusted to the death benefit value, if higher. Death benefit guarantees continue based on age of surviving spouse.

If the Highest Anniversary Value II is added to a jointly owned contract, age is based on the age of the oldest owner.

Premier II

Premier II death benefit

Benefit highlights

  • Ensures guaranteed growth of the death benefit every year
  • Lock in market gains for beneficiaries

Benefit details

Annual cost

0.80% of death benefit value

Availability

  • Available to age 75 and under at contract issue
  • Available with MultiOption Guide B Series
  • Not available with optional living benefits
  • May not be cancelled

Details

Death benefit is the greater of:

  • Standard contract death benefit, or
  • Highest Anniversary Value — highest value achieved on any contract anniversary through age 80 (increased by purchase payments and reduced pro-rata for amounts withdrawn since last value determined).
  • 5% Increase Value — variable purchase payments (increased by transfers in and reduced by withdrawals or transfers out of variable investments) compounded at 5% annually up to the contract anniversary on or following the 80th birthday, plus the value of the DCA Fixed Account (if applicable). Maximum 5% Increase Value is 200% of purchase payments, adjusted pro-rata for withdrawals.

Spousal continuation

A spouse sole beneficiary or joint owner can continue the contract and optional benefit upon 1st death. Contract value is adjusted to the death benefit value, if higher. Death benefit guarantees continue based on age of surviving spouse.

If Premier II is added to a jointly owned contract, age is based on the age of the oldest owner

Premier Protector

Premier Protector death benefit

Product highlights

  • Ensures guaranteed growth every year
  • Lock in market gains for beneficiaries
  • Provides flexibility to accelerate the benefit for qualifying events (certified by a Licensed Health Care Practitioner)
  • The death benefit is the greater of Highest Anniversary Value, or
  • 4% increase — variable purchase payments compounded at 4% annually up to the contract anniversary on or following the 85th birthday

Product details

Annual cost

0.90% of Premier Protector Death Benefit value

Availability

  • Available to age 70 and under at contract issue
  • Not available with optional living benefits
  • May not be cancelled
  • Available with MultiOption Guide B Series

Details

Death benefit is the greater of (prior to Benefit Acceleration):

  • Highest Anniversary Value — highest value achieved on any contract anniversary (increased by purchase payments since last value determined) through age 85.
  • 4% Increase Value — purchase payments compounded at 4% annually up to the contract anniversary on or following the 85th birthday.

Withdrawals reduce both Highest Anniversary Value and Increase Value on a pro rata basis.

Accelerated Death Benefit

After the 1st contract anniversary (or one year following an ownership change if later), the Premier Protector Death Benefit value may be available for withdrawal/surrender based on certification by a Licensed Health Care Practitioner for one of the following permanent qualifying events (90-day Elimination Period):

  • Chronic illness:
    • Unable to perform 2 of 6 Activities of Daily Living (ADLs), or
    • Severe cognitive impairment.
  • Terminal illness (life expectancy of 12 months or less).

Upon benefit acceleration, the contract value is increased to the Premier Protector Death Benefit value (if greater) and transferred to the Fixed Account where it becomes available for withdrawal/surrender without deferred sales charge.

Once acceleration is elected, it cannot be cancelled and no other purchase payments will be accepted. Following benefit acceleration, the annual cost ceases and the death benefit is equal to the contract value.

Spousal continuation

Not available. The Premier Protector Death Benefit value is available upon the earlier of 1st death or the election of benefit acceleration.

Withdrawals or surrender of contract value during the acceleration period of Premier Protector will be subject to taxation in the same manner as any other withdrawal. You may wish to consult your tax advisor before electing to accelerate your benefit.

The Premier Protector Death Benefit is not long term care or nursing home insurance. Individuals may not elect this benefit if they are currently in a nursing home, skilled nursing facility or unable to perform any one of the six ADLs. Please review the prospectus for additional information on the ADLs.

EEB II

Estate Enhancement Benefit II

Benefit highlights

  • Provides up to a 40% increase in value of contract to offset taxes or other expenses beneficiaries may face upon death of contract owner.

Benefit details

Annual cost

0.25% of contract value

Availability

  • Available at contract issue through age 75
  • Available with MultiOption Guide B Series
  • Not available with the Premier Protector optional death benefit

Details

  • At death, increases the value of the contract by up to 40% of the contract’s earnings (25% if age at issue was 70–75). Earnings defined as contract value less purchase payments not previously withdrawn.
  • Maximum Benefit: Earnings capped at 200% of purchase payments (adjusted pro-rata for withdrawals).

Spousal continuation

A spouse sole beneficiary or joint owner upon 1st death has a choice on whether to continue the benefit. Spouse can either keep the EEB II in place (at % determined at issue) and have benefit paid upon the death of surviving spouse, or elect to have benefit paid immediately (increasing contract value by amount of benefit) resulting in benefit termination.

For purposes of calculating EEB II, withdrawals from the contract are considered to be made first from earnings. For contracts part of a 1035 exchange, note that the cost basis can be different than total purchase payments, so what is considered earnings under the benefit may differ from taxable gains. If elected, EEB II will reduce the interest rate for guaranteed interest options by 0.25%, but the rate will never be less than the guaranteed minimum interest rate.

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An annuity is intended to be a long-term, tax-deferred retirement vehicle. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10% federal tax penalty. If the annuity will fund an IRA or other tax qualified plan, the tax deferral feature offers no additional value. Qualified distributions from a Roth IRA are generally excluded from gross income, but taxes and penalties may apply to nonqualified distributions. Please consult a tax advisor for specific information. There are charges and expenses associated with annuities, such as surrender charges (deferred sales charges) for early withdrawals. Variable annuities have additional expenses such as mortality and expense risk, administrative charge, investment management fees and rider fees. Variable sub-accounts of annuities are subject to market fluctuation, investment risk and loss of principal.

We reserve the right to limit or discontinue acceptance of future purchase payments after the contract is issued. This may limit the ability to increase the contract value through additional purchase payments. If an optional benefit is elected in the contract, this may also limit the ability to increase the value used to calculate the optional benefit.

Optional death benefits are available at an additional cost.

Some products and optional features may not be available in all states and features may vary by state. Variable products are not available in New York. Not all products, features and optional benefits are available from all selling broker-dealers and certain products may not be sold in combination. Please consult with your firm before providing any products/services or materials listed here.

Guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. The guarantees have no bearing on the variable investment performance.

Variable annuities are sold by prospectus. Your clients should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information.

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