Securian Financial Group has launched CareShield™, a new product simplifying the combination of life insurance protection with living benefits for chronic and terminal illness. As an alternative to long-term care insurance, CareShield provides benefits to policyholders regardless of whether they need care.
“CareShield is for aging Americans concerned about developing and needing care for a chronic or terminal disease, but who are skeptical of the potential premium rate increases and ‘use-it or lose-it’ nature of some long term care insurance,” said Bob Ehren, Securian’s senior vice president of individual life insurance product manufacturing. “CareShield is an easy-to-understand and purchase product, its premiums will never increase and a benefit—for chronic illness, terminal illness or death—is guaranteed.”
A universal life insurance policy with accelerated death benefits, CareShield offers:
- a tax-free death benefit upon the death of the insured;
- a streamlined, online application and underwriting process with the living benefits built directly into the life insurance product (not added as separately purchased riders);
- ongoing premiums (as opposed to one large, upfront premium payment) that will never increase so long as they are paid on time;
- a built-in return of premium feature, allowing customers to receive a partial or full refund of premiums paid if they elect to discontinue coverage after a certain period of years;
- benefits aligned with changing needs. Customers can choose whether to use their policy for chronic or terminal illness benefits, or to preserve the death benefit for their beneficiaries.
- “We believe building the living benefits directly into the life insurance product—as opposed to having customers buy and add riders to a life policy to get the benefits they want—is a first for the industry,” said Ehren. “This simplification, along with the ongoing, never-increasing premiums, is what sets CareShield apart from competing products.”
CareShield is available in face amounts from $50,000 to $500,000. Financial professionals interested in learning more about the product can call Securian’s Life Sales Support Team at 1.888.413.7860, option 1.
About Securian Financial Group
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, Securian is the holding company parent of a group of companies that offer a broad range of financial services.