Securian: Additional Updates in Response to COVID-19

04-13-2020

Securian Financial has been actively monitoring the rapidly changing current events and evaluating their underwriting and new business processes. Working closely with their reinsurance partners, Securian has decided to make temporary changes in response to challenges presented by the pandemic.  

The underwriting and new business participation guidelines have been updated as follows:

WriteFit

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 71 and older: new applications will not be accepted. Currently pending applicants rated standard or better will be issued. Currently pending applicants who are rated worse than standard will be postponed until at least June 15, 2020.
  • Insurance ages 61 through 70: offers for new and pending applicants who are rated Table B or worse will be postponed until at least June 15, 2020.
  • Insurance ages 51 through 60: offers for new and pending applicants who are rated Table C or worse will be postponed until at least June 15, 2020.
  • Insurance ages 50 and younger: offers for new and pending applicants who are rated Table G or worse will be postponed until at least June 15, 2020.
  • Money may not be submitted with new applications, and temporary insurance agreements will not be available until at least June 15, 2020. 

SecureCare Universal Life (UL)

  • Underwriting Insurance ages 71 and older: new applications will not be accepted. Currently pending applicants with mortality assessed at standard or better will continue to be underwritten. Currently pending applicants with mortality assessed worse than standard will be postponed until at least June 15, 2020.
  • Insurance ages 70 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 June 15, 2020.
  • Money may not be submitted with new applications, and temporary insurance agreements will not be available until at least June 15, 2020.

Premium Limitation for Eclipse Protector II Indexed Universal Life (IUL)

The maximum amount of premium for Eclipse Protector II IUL policies is being reduced to the greater of 5 times target premium or $250,000 in any year. This maximum is inclusive of both out-of-pocket premiums and 1035 proceeds. Please note that pending and new applications received on or before April 17, 2020, will be permitted to process and pay at our current guidelines until May 29, 2020.

 

Please give us a call at 1-800-792-6795 if you have any questions about these updates.