ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Group of St. Paul, Minnesota, has added new premium payment options and enhanced benefits to SecureCare Universal Life, a permanent life insurance contract with long-term care benefits.

Launched in 2017 as a single premium-only linked benefit product, the enhanced version of SecureCare, issued by MINNESOTA LIFE INSURANCE COMPANY, allows customers to choose a single or multi-year premium schedule of five, seven, 10 or 15 years. The new product also pays benefits using a cash indemnity-style model with improved flexibility and liberalized limitations when accessing the benefits.

Designed to help aging Americans protect their assets from the climbing costs of long-term care amidst rising premiums and uncertainty in the stand-alone long-term care insurance market, SecureCare offers customers four guarantees:

• If they become chronically ill and need long-term care, they will receive a tax-advantaged monthly cash benefit to help cover expenses.¹
• If they die, their beneficiaries will receive a death benefit, even if they exhaust their entire long-term care benefit.
• If they want their money back, they can receive a refund of their premium, subject to a vesting schedule.²
• If they stop paying premiums before the policy is paid in full, they will receive a reduced benefit based on what they paid into the policy.³

“SecureCare’s guarantees make it distinct from traditional long-term care policies,” said Kimberly Anderson, who manages individual life insurance product research and consulting for Securian. “As a permanent life insurance policy, a benefit payout is certain, even if the client never needs long-term care. And with SecureCare’s guaranteed premiums, regardless of how they choose to pay, clients never have to worry about their premiums going up—they are locked in upon purchase and will never increase.”

Other highlights of SecureCare include:

Cash Indemnity Benefits
Unlike some other hybrid life/long-term care policies, SecureCare pays out a monthly cash indemnity benefit regardless of expenses incurred and without requiring proof of costs—allowing customers to skip the burdensome process of submitting receipts to receive a reimbursement of expenditures.

Coverage Customization and Inflation Protection
SecureCare allows clients to customize their long-term care coverage duration from two to seven years.⁴ They can also choose between four inflation protection options to help their benefits keep up with rising long-term care costs.⁵

Multiple Care Options
SecureCare allows clients to choose how they receive care, which may include:

• Informal care provided in their home by a family member
• Respite care
• Nursing home care or memory care provided by professional staff

Clients have further freedom to use their benefits for long-term care outside the United States⁶, home modifications⁷ or training for family members to provide care.⁸

SecureCare is available to all Securian-approved distribution channels. Financial professionals interested in learning more can call Securian’s Life Sales Support Team at 1.888.900.1962.

About Securian Financial Group
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, Securian is the holding company parent of a group of companies that offer a broad range of financial services.

INSURANCE PRODUCTS ARE ISSUED BY MINNESOTA LIFE INSURANCE COMPANY OR SECURIAN LIFE INSURANCE COMPANY, A NEW YORK AUTHORIZED INSURER. MINNESOTA LIFE IS NOT A NEW YORK AUTHORIZED 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.

For use in Delaware, District of Columbia, and states where this product is available under the Interstate Insurance Product Regulation Commission (IIPRC).

1. Upon meeting the policy’s eligibility requirements.

2. Upon surrender, the policy owner will receive the surrender value proceeds. The surrender value proceeds may not equal the sum of premiums paid. Policies that are fully vested are eligible for a full return of all premiums paid.

3. Multi-year premium customers only. The reduced paid-up nonforfeiture benefit purchases paid-up insurance in the event of premium lapse.

4. Long-Term Care benefits are provided through the Accelerated Long-Term Care Agreement and the Extension of Long-Term Care Agreement.

5. The optional Long-Term Care Inflation Protection Agreement is available with 3% simple interest, 5% simple interest, 3% compound interest or 5% compound interest. If the Long-Term Care Inflation Protection Agreement is elected at time of policy application, you must take the maximum monthly long-term care benefit payment upon eligibility for benefits in order for benefits to be payable.

6. Benefits outside the United States, its territories or possessions allow the insured to receive 50% of his/her maximum monthly benefit provided the insured is receiving qualified long-term care services from a U.S. licensed health care professional. If the insured returns to the United States, the non-United States monthly benefit limit will no longer apply.

7. Home modification benefit allows the insured to pay for modifications to his/her home, enabling the insured to remain in his/her home longer. This benefit can be triggered prior to the elimination period. The maximum benefit is $5,000.

8. The caregiver training benefit can be used to pay for training of a friend or family member to provide care to the insured. This benefit can be triggered prior to the elimination period. The maximum benefit is $1,000. SecureCare may not be available in all states. Product features, including limitations and exclusions, may vary by state.

The Accelerated Long-Term Care Agreement and the Extension of Long-Term Care Agreement are tax qualified long-term care agreements that cover care such as nursing care, home and community based care, and informal care as defined in the agreements. These agreements provide for the payment of a monthly benefit for qualified long-term care services. These agreements are 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 these agreements may be taxable. Please consult your tax advisor regarding long-term care benefit payments, or when taking a loan or withdrawal from a life insurance contract.

The accumulation value, surrender value, loan value, and death benefit will be reduced by a long-term care or terminal illness benefit payment.

SecureCare may not cover all of the costs associated with long-term care or terminal illness that the insured incurs. This product 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 product is not a state-approved Partnership for Long Term Care Program product, and is not a Medicare Supplement policy. Receipt of a long-term care or terminal illness benefit payment under this product may adversely affect eligibility for Medicaid or other government benefits or entitlements.

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.

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.

EXCLUSIONS AND LIMITATIONS
Eligibility for long-term care benefits includes satisfying a 90-day elimination period. This is a period of time (90 days) during which no long-term care benefits are payable following the date the insured is determined to be eligible for benefits. You are not eligible to receive benefits if your long-term care service needs are caused directly or indirectly by, result in whole or in part, from or during, or there is contribution from: alcoholism or drug addiction; or war or any act of war, while the insured is serving in the military, naval or air forces of any country at war, whether declared or undeclared; or active service in the armed forces or units auxiliary thereto; or the insured’s active participation in a riot, insurrection or terrorist activity; or committing or attempting to commit a felony; or any attempt at suicide, or intentionally self-inflicted injury, while sane or insane.

PRE-EXISTING CONDITION LIMITATIONS
Pre-existing condition limitations refers to any condition or disease for which the insured received medical advice or treatment within six (6) months preceding the effective date of this policy for that same condition or disease or a related condition or disease. There does not need to be a specific diagnosis for the condition or disease for it to be considered a pre-existing condition. We will not pay benefits for qualified long-term care services needed in total or in part from a pre-existing condition or disease which is not disclosed in the application. Qualified long-term care services received by the insured for a pre-existing condition during the first six (6) months that this policy is in force will not be counted toward the satisfaction of the elimination period. The purpose of this material is the solicitation of insurance. An insurance agent or company may contact you.

POLICY FORM NUMBERS
ICC17-20103, 17-20103 and any state variations; ICC17-20111, 17-20111 and any state variations; ICC17-20112, 17-20112 and any state variations; ICC17-20113, 17-20113 and any state variations

DOFU 02-2018

ICC18-430103