Securian Financial Group has introduced a new Value Protection Indexed Universal Life policy.
The St. Paul, Minnesota-based company says the new, indexed universal life (IUL) policy will come with a built-in no-lapse guarantee.
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Securian has been selling IUL products since 2006.
In the past, the company says, it has sold IUL products that emphasize opportunities for the holders to accumulate cash.
The new product is aimed at people who are primarily interested in low-cost protection, the company says.
Securian will issue the IUL policy through its Minnesota Life Insurance Company unit.
The no-lapse guarantee provision can provide coverage for 40 years, for some insureds, or for a specified period that’s shorter than 40 years for other insureds.
Purchasers can get death benefits ranging from $100,000 to $5 million.
The list of indexed account options includes capped and uncapped options, along with a fixed account with a minimum annual crediting rate of 2%.
Consumers interested in using the policy for long-term care planning purposes can get an accelerated death benefit for chronic illness agreement. The agreement may give a client early access to the death benefit if the client is unable to perform two of six activities of daily living (ADLs), according to Securian.
Securian notes that the no-lapse guarantee provision and the chronic illness agreement come with eligibility requirements.
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