Planning Tips and Carrier News for Advisors 

Securian- Pricing Changes Coming to IN, HI and NJ

Posted by LTCI Partners | Sep 14, 2020 4:46:31 PM
SecureCare product updates go into effect Oct. 10 in IN, HI and NJ
Insurance products issued by:
Minnesota Life Insurance Company
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 Indiana, Hawaii and New Jersey on October 10, 2020.1

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.
Ultimately, Securian Financial’s historical approach to smart growth and strong enterprise risk management keeps us well-positioned to manage these uncertain times and remain a top competitor in the linked-benefit space.
Key dates
  • Monday, September 28, 2020: illustration software will be updated to reflect new pricing.
  • Friday, October 9, 2020: applications must be signed, in good order and received by Securian Financial’s home office or submitted via eApp by 3 p.m. CST to receive the old rates.
  • Saturday, October 10, 2020: SecureCare Universal Life’s new pricing and extension of payments to age 80 will be implemented in Indiana, Hawaii and New Jersey.
Securian Financial




Connect with us
Facebook   Instagram   LinkedIn   Twitter   YouTube

1. These product changes have already been implemented in all states except CA, DC, FL, IN, MT, and NY.

2. Without COVID-19 guidelines in place, new issue age limit would be age 75.

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.

SecureCare may not be available in all states. Product features, including limitations and exclusions, may vary by 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.

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.

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


Securian Financial Group, Inc.

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

F87549-148 9-2020   DOFU 7-2020

Topics: Securian, hybrid life/Long-Term Care

Written by LTCI Partners

Leave a Comment