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Securian-Max Issue Age to Increase to 75 on 9/16

Posted by LTCI Partners | Sep 2, 2020 11:34:51 AM
Changes to guidelines effective Sept. 16
Securian
Insurance products issued by:
Minnesota Life Insurance Company
Securian Life Insurance Company
Changes to COVID-19 participation guidelines to be implemented September 16, 2020
Securian Financial continues to focus on delivering high levels of service, helping customers with their insurance needs and maintaining the company’s financial strength. Your support in delivering on this focus has provided valuable insights to best navigate the unpredictable nature of a pandemic while addressing the additional risks it presents.
We are pleased to announce the following changes to the temporary COVID-19 participation guidelines effective September 16, 2020:
  1. Maximum issue age will increase to age 75 for all life products including SecureCare Universal Life (excluding Advantage Elite Select Term Life 15, 20, and 30);
  2. COVID-19-specific travel restrictions will be removed on all life products including SecureCare UL;
  3. Applicants ages 51-60 will now be accepted at table C (175%) or better rates on all life products except SecureCare UL; and
  4. Write Fit1 expansion to $3,000,000 for applicants ages 18-50 will continue.

All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until December 31, 2020. For a full list of the participation guidelines effective September 16 and continuing through December 31, 2020, please see below.

Participation guidelines effective September 16 through December 31, 2020:

WriteFit

  • The maximum face amount for WriteFit applicants ages 18 through 50 is being increased from $2 million to $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform. Eligibility for WriteFit is determined by answers to the tele-interview.

Traditional Life Underwriting (includes underwritten policy changes)

  • Insurance ages 76 and older: new applications will not be accepted.
  • Insurance ages 61 through 75: Applicants assessed at Standard or better rates will be issued. All others will be postponed until at least December 31, 2020.
  • Insurance ages 51 through 60: Applicants assessed at Table C (175%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
  • Insurance ages 50 and younger: Applicants assessed at Table F (250%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
  • Money will not be accepted with new applications until at least December 31, 2020, and temporary insurance agreements will not be available during this time.

SecureCare UL Underwriting

  • Ages 76 and older: new applications will not be accepted.
  • Ages 75 and younger: mortality evaluation will need to be standard or better for a SecureCare UL policy to be issued. Applicants who would be table rated for mortality purposes will be postponed until at least December 31, 2020.
  • Money will not be accepted with new applications until at least December 31, 2020; and temporary insurance agreements will not be available during this time.

As a mutual holding company, we take a long-term approach that positions us strongly regardless of what happens in the economy. We will continue to actively monitor COVID-19 data and make decisions that enable us to continue to deliver high levels of service, help customers with insurance needs, and maintain the company’s financial strength.

During unprecedented times like these, we are grateful for strong relationships. Thank you for your business as we navigate these challenging times.

Contact us
Questions?
Please call our Life Sales Support Team at 1-888-413-7860, option 1
 
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1 WriteFit and WriteFit Express are available under our WriteFit Underwriting™ program. These guidelines apply only to WriteFit.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.

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

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.

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

For financial professional use only. Not for use with the public. This material may not be reproduced in any form where it would be accessible to the general public.

  

Securian Financial Group, Inc.

securian.com

400 Robert Street North, St. Paul, MN 55101-2098
©2020 Securian Financial Group, Inc. All rights reserved.

F-94726 9-2020   DOFU 9-2020
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Topics: Securian

Written by LTCI Partners

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