1. If owner/insured are different, the death benefit will be paid upon death of the insured.
2. Upon surrender, the policy owner will receive the surrender value proceeds. The surrender value proceeds may not equal the sum of premiums paid. Surrenders are subject to a return of premium vesting schedule. Policies that are fully vested are eligible for a full return of all premiums paid.
3. If the policy owner can no longer afford the premium, they may choose to receive reduced paid-up benefits. This refers to the reduced paid-up nonforfeiture benefit that purchases paid-up insurance in the event of premium lapse.
4. The optional Long-Term Care Inflation Protection Agreement is available with 3% simple interest, 3% compound interest, 5% simple interest or 5% compound interest.
5. If owner/insured are different, benefits will be paid to the owner upon the insured being certified by a licensed health care practitioner as a chronically ill individual.
The purpose of this material is the solicitation of insurance. A financial professional may contact you.
SecureCare may not be available in all states. For costs and further details of coverage, including the terms and conditions under which the policy may be continued in force, contact your agent/representative.
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, and may contain restrictions, such as surrender periods.
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.
This information is meant to help you understand the SecureCare policy, not as a means to compare with other products. The amount of benefits provided will depend upon the benefits selected and the charges will vary as such. Some provisions may not apply or may vary depending on the state in which you live at the time of policy issue. Please refer to your state’s Outline of Coverage for the exact language in your state.
SecureCare Universal Life Insurance includes the Acceleration for Long-Term Care Agreement. The Acceleration for Long-Term Care Agreement is a tax qualified long-term care agreement that covers care such as nursing care, home and community-based care, and informal care as defined in this agreement. This agreement provides for the payment of a monthly benefit for qualified long-term care services. This agreement is 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 this agreement may be taxable.
To be eligible for benefits, the insured must be a chronically ill individual and have been prescribed qualified long-term care services pursuant to a plan of care prescribed by a licensed health care practitioner.
The death proceeds will be reduced by a long-term care or terminal illness benefit payment under this policy. Please consult a tax advisor regarding long-term care benefit payments, terminal illness benefit payments, or when taking a loan or withdrawal from a life insurance contract.
This policy has exclusions, limitations and reduction of benefits, under which the policy may be continued inforce or discontinued. For costs and complete details of the coverage, call or write your producer or Minnesota Life Insurance Company.
SecureCare may not cover all of the costs associated with long-term care or terminal illness that the insured incurs. This product is generally not subject to health insurance requirements. This product is not a state-approved Partnership for Long Term Care Program product and is not a Medicare Supplement policy. Receipt of a long-term care or terminal illness benefit payment under this product may adversely affect eligibility for Medicaid or other government benefits or entitlements.
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.
POLICY FORM NUMBERS
ICC17-20103, 17-20103 and any state variations; ICC17-20111, 17-20111 and any state variations; ICC17-20112, 17-20112, and any state variations; ICC17-20113, 17-20113 and any state variations.
Not a deposit – Not FDIC/NCUA insured – Not insured by any federal government agency – Not guaranteed by any bank or credit union – May go down in value
