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If you are looking for a Securian life insurance review, you came to the right place! Securian, is a top rated no exam life insurance company and one of the few companies that offers no medical exam insurance in New York.
In this Securian life insurance review, we will explain why this company should be one of your top choices if you are looking to buy a life insurance policy without a medical exam. There is no denying, Securian is an impressive life insurance company. Keep reading to find out why.
Securian is one of our top life insurance choices because of the company’s dedication to innovation. Applications can be completed online and policies can be issued within 48 hours. Not many insurance companies, as a matter of fact, very few, have adopted this type of state of the art technology. In addition, Securian also ranks as one of the 8th largest insurance companies with more than $1.2 Trillion of life insurance in force.
Note: Insurance products are issued by Securian Life Insurance Company in New York and in all other states by Minnesota Life.
About Securian Life Insurance Company
Founded in 1880 by Russell Dorr as Bankers Association of Minnesota, the company became the first life insurance company located in the state of Minnesota. In the early 1900’s, the company changed its name to Minnesota Mutual Life insurance Company.
For the next 100 years, Minnesota Life continued to grow, acquire companies and innovate their product lines. In 2004, they officially adopted the name Securian Financial and is now the parent company of Minnesota Life.
Securian Financial Company Ratings
Securian and its company affiliates; Minnesota Life and Securian Life – the New York authorized insurer, receive high ratings from independent rating agencies that confirm the financial soundness and claims-paying ability of insurance companies.
Securian Financial Ratings
A.M Best: A+ (Superior)
Fitch: AA (Very Strong)
Moody’s: Aa3 (Excellent)
Standard & Poors: AA- (Very Strong)
The above ratings should give you confidence and peace of mind if you are thinking of working with Securian. Furthermore, the rating agencies reveal the company’s stability, integrity and commitment to maintaining a strong balance sheet.
Products Offered By Securian
Life Insurance:
Term Life
Whole Life
Universal Life
Long Term Care
Health Insurance
Accident & illness insurance
Accidental death
Accident insurance
Critical illness
Hospital indemnity
Annuities:
Fixed Deferred Annuities
Indexed Deferred Annuities
Variable Deferred Annuity
Single Premium Immediate Annuity
Financial:
Credit protection
Retirement annuities
Financial planning
Investments
Trust services
Securian Life Insurance Review
Securian offers a full range of life products. When deciding which product might be right for you it is important to understand the differences between temporary coverage vs permanent coverage. Term life is temporary coverage that provides a level premium and fixed death benefit for the length of the term. Permanent coverage will last the rest of your life, builds cash value and the death benefit increases over time.
Term Life Insurance
Advantage Elite Select Term Insurance offers competitive premiums for 10, 15, 20 and 30-year policy durations. Policies can be fully underwritten or Non-Medical Exam depending on your health.
No Medical Exam Life Insurance Programs
July 31st 2020 – Update to Securian’s WriteFit and WriteFit Express programs due to COVID 19.
While most insurance companies do not offer accelerated underwriting programs in New York due to its regulatory environment, Securian is still committed to offering a fast, simple and contact-free underwriting experience. However, due to the Worldwide Pandemic, changes to their accelerated underwriting program will become effective July 31, 2020.
1. WriteFit Program: Face amounts greater than $250,000 up to $2,000,000 of coverage customers will be eligible for preferred, non-tobacco plus or standard rates only. Preferred select or “top class”offers will not be available. Coverage amounts of $250,000 to $2,000,000 for ages: 18-50 / For ages 51 to 60 available coverage amounts are $250,000 to $1,000,000 remain the same.
2. Writefit Express Program: for coverage amounts of less than $250,000, policies will be eligible for standard rates only. Preferred select, preferred and non-tobacco plus offers will no longer be available. This program is available for ages 18 to 54.
Whole Life Insurance
Permanent insurance or whole life insurance as it is most commonly called, is different from term coverage in many ways. First, like term, whole life offers death benefit protection. Coverage remains in force for the policyholder’s entire life as long as premiums are paid.
Second, there is a cash value or savings component that is included with the policy. Part of the premium goes to support the death benefit in case you die and another part of the premium, called “excess” goes to a cash value account, in case you live.
Third, the cash that grows inside of the policy is tax-deferred, which means you will not pay taxes on the growth until you make withdrawals. Even in some instances, if you borrow from the policy – or from yourself – you could avoid paying any taxes whatsoever.
Securian offers several types of permanent insurance:
Secure Protector Whole Life offers a lifetime of guaranteed death protection with low premiums. Unlike term insurance, Secure Protector Whole Life gives you cash accumulation with a guaranteed fixed interest rate
Secure Accumulator Whole Life offers guaranteed cash value accumulation and lifetime death benefit protection. Multiple dividend options are available for cash value accumulation. Cash value can be used for wealth accumulation, estate planning and retirement funding. This Product is not available in New York.
Universal Life Insurance:
This is a flexible premium life insurance policy where the client can pay a minimum premium. The premium goes towards a death benefit and a cash value account.
The owner or client can decide how much of the premium will go to the death benefit and how much will fund the cash value account. Depending on the client’s needs, the death benefit can change over time by increasing or decreasing the premium deposits, within certain guidelines.
Securian Accumulator Universal Life (AUL): is designed for individuals and business owners who want predictable cash value growth and flexible premium payments. AUL is a great option for pre-retirement individuals who seek stability and flexibility for retirement. AUL is not available in New York.
CareShield Universal Life: combines a universal life insurance policy with built-in living benefits for chronic and terminal illness to allow clients to receive benefits regardless of whether they require care. These benefits, along with a built-in return of premium feature, offer distinct advantages for people who want a guaranteed death benefit with future return of premium features.
Bank Owned Life Insurance (BOLI Universal Life): was developed exclusively for bank-owned and credit union-owned life insurance. Banks and credit unions normally purchase BOLI policies on the lives of their key, highly compensated executives. Since the bank is the payer of the life insurance premium, the bank owns the policy and is the sole beneficiary.
BOLI policies offer a competitive minimum interest rate of 3% and applicants can be fully underwritten, guaranteed issue or simplified issue. BOLI policies offer a cost-efficient way to help offset the liabilities associated with executive benefit programs.
Indexed Universal Life
Indexed universal life insurance is universal life with an investment component that is linked to the performance of an underlying stock market index. Such as: the S&P 500, Nasdaq 1000, Russell 2000 and so on.
The cash value account has the opportunity to grow with the stock market within policy limits called “Caps.” The policyholder will rarely receive the full growth of the stock market because these accounts have contractual limits on how much can be credited to the cash value.
However, if there is a market downturn, the funds in the account will never lose their accumulated value. In other words, the account cannot go backwards unlike other investments directly invested in stocks or bonds.
Not losing value is appealing in this type of investment because the owner can grow their cash value account with virtually no risk. Since IUL it is deemed a life insurance product, the cash value grows tax-deferred. Meaning you won’t pay any taxes until you withdraw your funds.
Securian offers 3 types of Indexed Universal Life Products:
Value Protection Indexed Universal Life:
- Simple affordable protection for a lifetime
- Fixed account rate of 2%
- No-lapse guarantee to age 90
- Indexed Account Options: S&P 500, Russell 2000, Barclay’s Capital U.S. Bond, Euro Stoxx 50
Capped and uncapped investment crediting options - WriteFit eligible for non-medical approval
Orion Indexed Universal Life
- Uncapped investment options to maximize growth potential
- Optimized accumulation potential when max funded
- WriteFit Underwriting program for non-medical approval
- Fixed Account yields 2%
- 9 indexed investment account options
Orion Indexed UL is Not available in New York
Eclipse Protector Universal Life
- Performance Death Benefit Guarantee Agreement
- 5 index account options – 4 in New York
- More budget friendly than our accumulation IULs
- Tax-advantaged cash value growth allows for flexibility
- Chronic illness protection
- Fixed account rate of 2%
Is a Securian Life Insurance Policy Right For You?
If you are in relatively good health and you’re looking to avoid the medical exam for a life insurance policy, then Securian could be a good fit for you. Most noteworthy is the fact that if you have some health issues such as; elevated cholesterol, high blood pressure or you are slightly overweight, you can still be approved at standard rates. This would save time and money over other companies which might require a physical.
We work with more than 30 life insurers and are not beholden to any one company. Securian Life is becoming one of our top “go to” companies because of the ease of working with them and quick approval process.
Why not work with an expert? We provide a free, consultative, approach to life insurance. Through our short, informal interview, we can determine which insurance company could be right for you. Unlike many other insurance agents, we do not believe one company fits all. Call us today at: 914-633-1717
