Product updates to SecureCare Universal Life
Securian Financial is committed to building secure tomorrows by doing the right thing today. To deliver on this promise and in response to the historically low interest rate environment, Securian Financial will implement the following updates to SecureCare in Arizona, Connecticut, Delaware and North Dakota on September 5, 20201.
Please note: these changes impact new business only, there are no changes to in-force policies. There is no change to the product structure, contract language, forms, compensation or types of benefits provided.
Pricing update
Given the extremely low interest rate environment and historic volatility in the markets, increasing premiums is a necessary step to ensure policyholders are protected and to maintain the long-term vitality of the product. The pricing updates were carefully selected to ensure SecureCare remains highly competitive in the linked-benefit space.
For new business only, expect premiums to increase an average of.
- Single-pay: 13.5%
- 5- and 7-pay: 10.5%
- 10- and 15-pay: 7%
Payment durations extended to age 80
Securian Financial is dedicated to providing your business and the people we serve together with flexible and practical solutions for long-term care, which is why the maximum payment age is being increased from 75 to 80 years old. Please note: due to COVID-19, SecureCare policies are only being issued to applicants age 70 and younger until at least September 15, 2020.
|
Premium duration |
Current issue age limit |
New issue age limit |
|
Single |
702 |
702 |
|
5-pay |
70 |
702 |
|
7-pay |
68 |
703 |
|
10-pay |
65 |
70 |
|
15-pay |
60 |
65 |
Key dates
- Monday, August 24, 2020: illustration software will be updated to reflect new pricing.4
- Friday, September 4, 2020: applications must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CT to receive the old rates.
- Saturday, September 5, 2020: SecureCare Universal Life’s new pricing and extension of payments to age 80 will be implemented in Arizona, Connecticut, Delaware and North Dakota.
1. These product changes have already been implemented in all states except AZ, CA, CT, DE, DC, FL, HI, IN, MT, NJ, ND and NY.
2. Without COVID-19 guidelines in place, new issue age limit would be age 75
3. Without COVID-19 guidelines in place, new issue age limit would be age 73
4. Except in the state of North Dakota.
Contact Us
Questions?
Please call our SecureCare Sales Support Team at 1-888-900-1962.
Product updates to SecureCare in AZ, CT, DE and ND
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> Related: Administrative alert! Product updates to SecureCare Universal Life
