Securian goes big in New York with new products, new distribution
December 2, 2013 by IFAwebnews Staff
St. Paul, MN–In the past three months, Securian Financial Group launched four indexed universal life insurance products, a new term life product and added three distribution networks in the state of New York.
Valmark, Waddell & Reed and Capital Financial Group joined Securian’s New York distribution in August.
The new products include a refreshed version of Securian Life’s Eclipse Indexed Universal Life, which has been available in New York since 2010. The others are:
- Eclipse Protector Indexed Universal Life, life insurance with interest crediting tied to specified indexes;
- Eclipse Survivor Indexed Universal Life, with customizable survivorship benefits and the flexibility for a variety of uses over the years;
- Eclipse Survivor Pro Indexed Universal Life, a budget-friendly version of Eclipse Survivor plus a guaranteed death benefit.
This lineup is similar to Minnesota Life’s Eclipse IUL product suite that has been available for several years in all states except New York. Additionally, Securian Life will continue to offer its Legacy Protector Universal Life survivorship product in New York along with Advantage Elite Select, a new term product launched in August that replaces Advantage Elite.
“We will keep looking for opportunities to grow our product offerings and distribution in New York,” said Bob Ehren, senior vice president, Life Product Manufacturing. “These launches are guided by a carefully developed strategic plan that we started implementing with our successful 2010 launch and will carry us well into the future.” Securian’s expanded presence in New York state will boost sales of proprietary products, raise Securian brand awareness and provide access to distribution opportunities, he said.
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Co. and Securian Life Insurance Co.
Minnesota Life Insurance Co. is authorized to do business in all states except New York and it does not do business in that state. Securian Life Insurance Co. is authorized to do business in New York: Insurance policies are not available in all states.
The Eclipse Indexed Life product suite is designed first and foremost to provide life insurance protection. While its interest crediting options through index account(s) provide opportunity for cash accumulation, the product is designed to first meet the death benefit needs of families and businesses, with cash accumulation as a secondary benefit.
