Securian Life Insurance Company has entered New York’s individual life insurance market with Eclipse Indexed Universal Life Insurance. Securian Life’s Eclipse design is based upon a product that last year helped boost individual life insurance sales of Securian Life’s parent, Minnesota Life Insurance Company, by 57 percent.
“Eclipse is the right product at the right time,” said Larry Cochrane, national sales vice president, Securian Financial Group Inc. “It provides a death benefit but also gives policyholders what they’re looking for during uncertain economic times – opportunities for cash value growth with down side protection.”
Eclipse gives policy owners the choice of three death benefit payout options that can be raised or lowered, depending on client needs. Other features include:
- Three index account choices
- Optional death benefit guarantee rider
- Three percent cash accumulation guarantee upon death or contract termination
Securian Life previously was licensed in New York to sell group life insurance. The company now has the distribution opportunities to make a profitable entry into the New York individual market, despite the time and expense involved.
“Our career advisors in the Securian Financial Network embraced our other indexed life products because of the value for their clients in good times and bad,” said Cochrane. “In New York, we see many opportunities for growing our Independent Distribution Group, which also generated substantial premium through Minnesota Life’s Eclipse product in other states.”