|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.
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:
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.|
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.