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Securian Financial Life / LTC Insurance Plan: What to Know

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Securian Financial Life / LTC Insurance Plan: What to Know

Overview: How Securian Financial Life and Long-Term Care Plans Work

Securian Financial offers life insurance and long-term care (LTC) solutions designed to address protection, care needs, and legacy goals. Their life/ltc plan options often combine life coverage with LTC benefits or allow policyholders to use life death benefits for long-term care. This overview explains core structures, typical underwriting, and how these products fit into broader financial planning. Coverage and features vary by state and policy form, so confirm specific benefits with your Securian agent or policy documents.

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Key Product Structures

Securian provides both stand-alone life and stand-alone LTC plans, along with hybrid products that combine life and long-term care into one policy. Hybrid plans may pay a death benefit if LTC benefits are not used, or allow accelerated access to LTC funds while living. Life-only policies focus on beneficiaries, while life/ltc plan hybrids aim to address care needs first and still leave a legacy. Choosing between these structures depends on health, budget, care preferences, and estate goals.

Traditional Life Insurance

Securian term and permanent life policies provide a tax-advantanced death benefit to named beneficiaries. Term life offers level coverage for a set period at fixed premiums, while whole life combines lifelong coverage with cash value growth. Life-only plans are typically straightforward to underwrite based on age, health, and coverage amount.

Stand-Alone Long-Term Care

Securian's traditional LTC coverage helps pay for home care, assisted living, and nursing home services. Policies usually include benefit caps, per-diem limits, elimination periods, and benefit periods. Underwriting for stand-alone LTC emphasizes medical history, functional status, and cognitive health, and applicants may be declined or rated based on risk factors.

Hybrid Life/LTC Plans

Hybrid policies pair life and long-term care into a single contract. If LTC benefits are used, the policy pays care costs up to selected limits; any remaining life death benefit may be reduced accordingly. Some hybrids offer accelerated LTC access or return-of-premium options. These plans can simplify planning by aligning care coverage with legacy goals, though premiums and rules vary by product and state.

Coverage And Benefits Explained

Securian life/ltc plan designs typically define maximum benefit pools, daily LTC benefits, and service settings. Understanding how benefits are structured helps set realistic expectations for care costs and death benefit preservation.

Benefit Types And Common Features

  • Death benefit: Lump-sum payment to beneficiaries for life-only and hybrid policies.
  • LTC benefit pool: Total dollars available for covered long-term care services.
  • Daily benefit: Maximum per-day payment for LTC care, often aligned with regional costs.
  • Elimination period: Waiting period before LTC benefits begin, similar to a deductible.
  • Benefit period: Length of time LTC payments are made (e.g., 2, 3, 5 years).
  • Inflation protection: Optional riders that increase benefits over time to match rising care costs.
  • Accelerated benefits: In select hybrids, access to LTC funds before death while preserving some legacy.

Underwriting And Health Considerations

Securian evaluates medical history, current conditions, medications, and functional status for both life and LTC coverage. Life/ltc plan applications often require detailed health disclosure; certain conditions may lead to declination, rating, or limited coverage. Some products offer simplified issue options for smaller face amounts or hybrid plans with more moderate underwriting.

Typical Underwriting Factors

AttributeVerified DetailSource Type
Age at issuePremiums and eligibility vary by age; younger applicants often qualify for lower ratesSecurian product guidelines
Medical historyConditions such as heart disease, diabetes, or Alzheimer's may affect eligibility or ratingSecurian underwriting manual
Functional statusAbility to perform activities of daily living (ADLs) is a key LTC underwriting factorSecurian LTC policy guidelines
Impartial risk classificationPreferred, standard, or table ratings can apply; some hybrid plans have more lenient criteriaSecurian underwriting practices
Pre-existing waiting periodsLTC coverage may include look-back reviews for conditions in the years before applicationSecurian policy provisions

Pricing And Premium Structure

Securian life/ltc plan pricing reflects age, health, coverage amounts, benefit periods, and optional riders. Life premiums may be level or flexible, while LTC and hybrid premiums can be step-rated or guaranteed issue within limits. Estimating long-term care costs and aligning them with death benefit preservation goals helps choose a sustainable plan.

Pricing Considerations

  • Life premiums: Level premiums for term and whole life; pricing based on mortality risk and cash value interest crediting.
  • LTC premiums: Typically higher at older ages; step-rating or guaranteed premiums vary by product.
  • Hybrid premiums: Generally higher than stand-alone LTC due to life coverage and benefit options.
  • Riders impact cost: Inflation protection, return-of-premium, and accelerated benefits add to premiums.
  • Quote basis: Personalized quotes require health details and should be compared across options.

How To Use Life Death Benefits For Long-Term Care

Some Securian life policies allow policyholders to access a portion of the death benefit for qualified long-term care expenses through accelerated benefits or LTC riders. This approach preserves legacy while funding care, but reduces the beneficiary payout. Review policy terms carefully to understand eligibility, limits, and tax implications of accessing life benefits for LTC needs.

Policy Management And Claims

Securian provides online account access, billing options, and claim filing for life and LTC policies. Reporting LTC claims promptly, maintaining accurate care documentation, and understanding required certifications help avoid delays. Policyowners can typically review riders, update beneficiaries, and explore options like surrender, loans, or exchanging plans during open periods.

State Variations And Availability

Securian life/ltc plan offerings, underwriting rules, and optional riders can differ by state. Some products may not be available in all jurisdictions, and benefit limits or standards can vary. Confirm availability and requirements with a Securian-licensed agent in your state before applying or making coverage decisions.

Summary And Next Steps

Securian Financial life and long-term care insurance plans provide flexible structures to address both protection and care funding. Whether you consider stand-alone life, stand-alone LTC, or hybrid life/ltc plan options, align choices with health, budget, care preferences, and legacy goals. Gather personalized quotes, review policy illustrations, and discuss state-specific rules with a Securian representative to determine the best fit.

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