New Products

Securian Financial Enhances SecureCare Hybrid Life/Long-term Care Product

Adds Return of Premium Options and Premium Waiver

May 3, 2022 — ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has added three return of premium options1, an optional premium waiver agreement and other enhancements to the latest version of SecureCare™, the St. Paul, Minnesota-based insurer’s hybrid life/long-term care insurance product.

SecureCare III, issued by MINNESOTA LIFE INSURANCE COMPANY, has the key feature of its predecessors—a cash indemnity benefit for long-term care that consumers can use however they want without the need to submit receipts for reimbursement2—plus more flexibility.

First, SecureCare III is a nonparticipating whole life insurance policy with long-term care benefits. Previous versions of SecureCare were universal life policies. Changing the chassis helps simplify the product, satisfying a key industry-wide request from financial professionals and consumers alike.

Second, in addition to offering a long-term care benefit, a guaranteed death benefit and reduced paid-up benefits3, SecureCare III offers three different return of premium options—allowing consumers to choose the level of protection that best fits their needs4:

The Vesting option is for consumers whose priority is long-term care protection and maintaining the full value of their premium dollars. It offers a 100% premium refund to consumers who cancel their policies, subject to a vesting schedule.
The 75% option is for consumers who want enhanced long-term care protection and the ability to get most of their money back if needed. It offers a 75% return of premium for consumers who cancel their policies, while providing a long-term care benefit greater than the Vesting option.

LTC Boosts Option

The LTC Boost option is for consumers who want the most long-term care protection possible for the least amount of money. It offers a return of premium equivalent to a policy’s guaranteed cash value at the time of policy cancellation and maximizes the long-term care benefit.

Third, SecureCare III offers multiple premium payment options. Consumers can choose a single-pay option—paying their entire premium up front in a single lump payment—or they can choose a multi-pay option, spreading their premium payments out over 5, 7, 10 or 15 years. SecureCare III affords consumers enhanced premium payment flexibility by allowing them to pay a larger lump sum as the initial premium payment and then paying fixed level premiums thereafter. As with its predecessors, SecureCare III premiums are guaranteed to never increase and benefits are guaranteed to never decrease.

Consumers choose to receive long-term care benefits for a minimum of 4 years or a maximum of 8 years. Consumers who take less than the maximum monthly benefit while on claim can extend their benefit’s duration.

Finally, in addition to an optional inflation protection agreement that helps the long-term care benefit keep up with rising costs5, consumers can choose an optional premium waiver. With this optional feature, if a consumer goes on claim while still paying their premiums, Securian Financial will cover the full cost of the consumer’s premium payments as long as the consumer is eligible to receive benefits.

Most Competitive Cash Indemnity Product

We believe SecureCare III is the most competitive cash indemnity product in the care insurance market today,...

“We believe SecureCare III is the most competitive cash indemnity product in the hybrid life/long-term care insurance market today,” said Brandon Heskett, national sales vice president and spokesperson for SecureCare III at Securian Financial. “It has what financial professionals and consumers loved about the product’s predecessors with added enhancements and flexibility to make it stand out from the competition.”

Securian Financial first introduced SecureCare in 2017. SecureCare’s year-over-year sales have increased by double digits annually, making it one of the industry’s top-selling hybrid life/long-term care insurance products.6

SecureCare III is available to all Securian Financial-approved distribution channels in states that are part of the Interstate Insurance Product Regulation Compact, plus Florida and New Jersey. Financial professionals interested in learning more can do so by visiting the product’s website or by calling the SecureCare sales team at 1-888-900-1962.

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 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.  Upon surrender, the policy owner will receive the surrender value proceeds. The surrender value proceeds may not equal the sum of premiums paid. Surrenders are subject to the return of premium option selected and the premium vesting schedule (if applicable). For more information regarding return of premium options, please consult with your financial professional.
2. If owner/insured are different, benefits will be paid to the owner upon the insured being certified as a chronically ill individual. Under certain circumstances, benefits may be taxable. Please consult with your tax advisor.
3. Reduced paid-up benefits refers to the reduced paid-up nonforfeiture benefit that purchases paid-up insurance in the event of premium lapse.
4. The death benefit proceeds, return of premium amount and long-term care benefit amounts depend, in part, on the return of premium option you select on your policy application. For more information regarding return of premium options, please consult with your financial professional.
5. The optional Long-Term Care Inflation Protection Agreement is available with 3% simple interest, 3% compound interest, 5% simple interest or 5% compound interest.
6. LIMRA U.S. Linked Benefit Sales Reports – 2017-2020 Fourth Quarter Year-to-Date. Securian Financial and its subsidiaries are basing this claim on figures shown in the 2017-2020 Linked Benefit Sales reports showing year-over-year growth.