Securian Financial’s Newest IUL Has No-Lapse Guarantee
ST. PAUL, Minn.–(BUSINESS WIRE)– Securian Financial has launched Value Protection Indexed Universal Life (IUL), a low-cost, protection-focused indexed universal life insurance policy with a built-in no-lapse guarantee.
A leading accumulation-focused IUL carrier since it entered the market in 20061, Securian Financial is expanding its IUL portfolio and planting a flag in the protection space with the introduction of Value Protection, issued by Minnesota Life Insurance Company. The product offers affordable, permanent coverage at a competitive price—paying a death benefit even if the policy does not have enough cash value to cover monthly policy charges. The no-lapse guarantee provides coverage for the earlier of 40 years or a specific age based on underwriting class at issue.2
“Value Protection IUL offers clients simple, affordable protection that could last a lifetime—a must-have for all financial professionals’ product portfolios,” said Ben Roth, Securian Financial’s national sales vice president for retail product distribution. “We are excited to introduce this protection-focused IUL to distributors who know us well for our popular accumulation-focused products.”
Optional living benefits available for an additional fee with Value Protection IUL include an Accelerated Death Benefit for Chronic Illness Agreement. The agreement gives clients access to their death benefit if they are not able to perform two of six activities of daily living (ADLs) and meet other eligibility requirements.3
Additional key features of Value Protection IUL include:
- Multiple indexed account options, including both capped and uncapped options, and a fixed account that credits a minimum of two percent growth annually
- Policy reminder emails to help financial professionals service client contracts
- Face amounts from $100,000 (minimum) to $5 million (maximum)
- Securian Financial’s strength and ratings*
Value Protection IUL is available to all Securian Financial-approved distribution channels. Financial professionals interested in learning more can call the Securian Financial Sales Desk at 1-866-335-7355.
*All ratings information as of March 7, 2018. These ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company. To learn more about Securian Financial’s strength and ratings, visit securian.com/ratings.
ABOUT SECURIAN FINANCIAL
At Securian Financial, we’re here for family. And we’re here because of it. We’re guided by our purpose: helping customers build secure tomorrows. Since 1880, we’ve been building a uniquely diversified company that has outlasted economic ups and downs while staying true to our customers. We’re committed to the markets we serve, providing insurance, investment and retirement solutions that give families the confidence to focus on what’s truly valuable: banking memories with those who matter most.
1. Minnesota Life competitive research.
2. As long as the monthly benchmark premium is paid. The no-lapse guarantee value could be negative if monthly premium payments are not made on time. This may require you to pay a larger monthly premium in order to restore the no-lapse guarantee value to zero or greater. The no-lapse guarantee value has no impact on your policy’s cash value and cannot be surrendered or loaned against. Policy loans could cause the no-lapse guarantee value to be less than zero, which would require the repayment of the loan or the payment of additional premiums to restore the no-lapse guarantee value to zero or greater.
3. May be subject to other restrictions. Please ask an advisor or refer to the agreement for more information.
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.
Product features and availability may vary by state.
The Indexed Universal Life Series is designed first and foremost to provide life insurance protection. While the indexed crediting options are attractive for cash accumulation, your fundamental objective in buying this product should be the life insurance protection provided to you and your family or business.
Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender charges. One could lose money in these products.
The no-lapse guarantee is subject to the terms and conditions contained in the policy and may not be in effect even if premium payments are made. Please review the policy carefully.
Uncapped indexed account participation rates are subject to change and may be less than 100%. This could have the impact of the indexed account credit being less than the change in the reference index.
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.
The Accelerated Death Benefit for Chronic Illness Agreement is a life insurance policy agreement that provides an option to accelerate the death benefit in the event that the insured becomes chronically ill. The accumulation value, surrender value, loan value, and death benefit will be reduced by a chronic illness benefit payment under this agreement.
The Accelerated Death Benefit for Chronic Illness Agreement may not cover all of the costs associated with chronic illness. The Agreement is generally not subject to health insurance requirements and does not provide long-term care insurance subject to state long-term care insurance law. This Agreement is not a state-approved Partnership for Long Term Care Program Agreement, and is not a Medicare supplement policy. Receipt of Chronic Illness Benefit payments under this agreement may adversely affect eligibility for Medicaid or other government benefits or entitlements.
Based on current federal tax law, there is uncertainty as to whether some or all benefit payments from life insurance Chronic Illness Agreements are taxed when received. We cannot assure you that Chronic Illness Agreement benefit payments will be treated as tax-free death benefits. Please consult a tax advisor before purchasing a Chronic Illness Agreement.
Policy loans and withdrawals may create an adverse tax result in the event of a lapse or policy surrender, and will reduce both the surrender value and death benefit. Withdrawals may be subject to taxation within the first fifteen years of the contract. You should consult your tax advisor when considering taking a policy loan or withdrawal.
Guarantees are based on the claims paying ability of the issuing insurance company.
You should consult your tax advisor regarding your own tax situation.
This is a general communication for informational and educational purposes. The materials and the information 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. If you are seeking investment advice or recommendations, please contact your financial professional.
Securian Financial is the marketing name for Securian Financial Group, Inc. and affiliates. Minnesota Life Insurance Company and Securian Life Insurance Company are affiliates of Securian Financial Group, Inc.
Policy form numbers: ICC18-20153, 18-20153 and any state variations; ICC16-20057, 16-20057 and any state variations
Jeff Bakken, Media Relations
Source: Securian Financial
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