Securian Hybrid Long Term Care
Issued by Minnesota Life
Securian Financial Group, owner of Minnesota Life, offers a hybrid LTC insurance product in almost ALL states which combines traditional benefits associated with a typical life insurance policy with LTC benefits.
These benefits can even help cater to those suffering from chronic illnesses or a situation where assistance is needed using a "2 of 6" Activity of Daily Living definition.
This type of product helps ensure that all policyholders will reap benefits regardless of whether or not they end up requiring long term care.
Securian's CEO has stated that this product is designed to cater to aging individuals who believe they may need care but are uncomfortable with the traditional ‘use-it-or-lose-it’ aspect associated with your typical long-term care insurance policies. Benefits are guaranteed in either the form of LTC benefits or a death benefit and the premiums for this product are set to never increase.
Securian Life + LTC Product Features
Minnesota Life-Secure Care offers a universal life insurance policy which also features accelerated death benefits for Long-Term Care costs. This ensures that if a policyholder should pass on, they will receive a tax-free death benefit given they never required Long Term Care.
Payment options include everything from "Single Premium" where you write a single check and are done to "15 Pay" where the premiums are broken out over 15 years. This provides lots of flexibility depending on your goals.
Additionally, policyholders will receive a full to partial refund for their premiums, should they chose to discontinue the policy.
This product essentially alleviates all major concerns LTC customers face such as:
- Purchasing a long-term care policy you never actually require.
- A policy with rising rates rendering you unable to afford.
- Purchasing a policy you no longer wish to keep.
With this product customers are able to choose how to use their policy, through living benefits for illnesses or as death benefits passed on to policy beneficiaries.
The face amount for Minnesota Life SecureCare ranges from $50,000 to $500,000.
You can find this company operating in all states with the exception of New York, under Minnesota Life. In New York, this product is sold by Securian Financial Group and you should note that this product may not be available in your state. As of this writing, 45+ states offer the product, with the big exceptions being NY and CA.
The Death benefit is a main reason why individuals may choose to purchase a life insurance policy, as the death benefit gets accelerated should the policyholder become terminally or chronically ill. The amount paid out to cover any LTC expenses will be reduced from the surrender value and death benefit.
Long-Term Care and Life Insurance benefits will generally be tax-free when it comes tax time. With any tax-related issue, it's a good idea to consult your tax advisor as your personal situation can affect taxability.
Since SecureCare and many other hybrid LTC plans are often offered as "MEC's" there are tax implications for things where you pull out cash either at surrender or as a policy loan. Both of those events will generate tax bills.
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