By: Cliff Marshall
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Secure SecureCare Updates Sept 11 2020.
Below is a note we received from Securian this morning. Effective September 16th 2020 they will now start accepting applications for individuals age 71 to 75 for the SecureCare Long Term Care Plan.
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Securian Financial continues to focus on delivering high levels of service, helping customers with their insurance needs and maintaining the company’s financial strength. Your support in delivering on this focus has provided valuable insights to best navigate the unpredictable nature of a pandemic while addressing the additional risks it presents
We are pleased to announce the following changes to the temporary COVID-19 participation guidelines effective September 16, 2020:
- Maximum issue age will increase to age 75 for all life products including SecureCare Universal Life (excluding Advantage Elite Select Term Life 15, 20, and 30);
- COVID-19-specific travel restrictions will be removed on all life products including SecureCare UL;
- Applicants ages 51-60 will now be accepted at table C (175%) or better rates on all life products except SecureCare UL; and
- Write Fit1 expansion to $3,000,000 for applicants ages 18-50 will continue.
All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until December 31, 2020. For a full list of the participation guidelines effective September 16 and continuing through December 31, 2020, please see below
Participation guidelines effective September 16 through December 31, 2020
The maximum face amount for WriteFit applicants ages 18 through 50 is being increased from $2 million to $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform. Eligibility for WriteFit is determined by answers to the tele-interview.
Traditional Life Underwriting (includes underwritten policy changes)
- Insurance ages 76 and older: new applications will not be accepted.
- Insurance ages 61 through 75: Applicants assessed at Standard or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Insurance ages 51 through 60: Applicants assessed at Table C (175%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Insurance ages 50 and younger: Applicants assessed at Table F (250%) or better rates will be issued. All others will be postponed until at least December 31, 2020.
- Money will not be accepted with new applications until at least December 31, 2020, and temporary insurance agreements will not be available during this time
SecureCare UL Underwriting
- Ages 76 and older: new applications will not be accepted.
- Ages 75 and younger: mortality evaluation will need to be standard or better for a SecureCare UL policy to be issued. Applicants who would be table rated for mortality purposes will be postponed until at least December 31, 2020.
- Money will not be accepted with new applications until at least December 31, 2020; and temporary insurance agreements will not be available during this time.
As a mutual holding company, we take a long-term approach that positions us strongly regardless of what happens in the economy. We will continue to actively monitor COVID-19 data and make decisions that enable us to continue to deliver high levels of service, help customers with insurance needs, and maintain the company’s financial strength.
During unprecedented times like these, we are grateful for strong relationships. Thank you for your business as we navigate these challenging times.
Here are some of my other product reviews Securian SecureCare, Lincoln MoneyGuard III, NationWide CareMatters II, Brighthouse SmartCare, MassMutual CareChoice One, One America Asset Care, Mutual of Omaha, American General Quality of Life.
Feel Free to Contact Us with Any Questions or Requests for a Personalized Proposal.