SEE FULL BULLETIN HERE
Changes to COVID-19 participation guidelines
Securian Financial remains focused on delivering high levels of service, helping customers with their insurance needs and maintaining the company’s financial strength. Your support in delivering on this focus has provided valuable insights to best navigate the unpredictable nature of a pandemic while addressing the additional risks it presents.
Since these participation limits were implemented one year ago, our promise has been to actively review these guidelines. Along the way, we have delivered on a request for transparency to enable you to make the best decisions for your clients. While not yet at the final stage in our journey, we are taking another step forward and remain committed to an intentional and disciplined path to easing all restrictions
We are pleased to announce the following changes to the temporary COVID-19 participation guidelines effective April 1, 2021:
- Expanding the issuance of single life applicants at the following ages:
- Insurance ages 61–75, allow table B (150%) or better
- Insurance ages 51–60, allow table D (200%) or better
- Expanding the issuance of joint life applicants to allow up to table B (150%) for the better rated insured.
- Our Write Fit1 expansion to $3,000,000 for applicants ages 18-50 will continue.
All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until June 30, 2021.
Participation guidelines effective April 1 – June 30, 2021:
WriteFit
The maximum face amount for WriteFit applicants ages 18 through 50 is being continued at $3 million. Applicants ages 51 through 60 continue to be eligible for up to $1 million of coverage via the WriteFit platform. Eligibility for WriteFit is determined by answers to the tele-interview.
SecureCare Universal Life (UL) Underwriting
- Mortality evaluation will need to be Table B (150%) or better for a SecureCare UL policy to be issued. Applicants who would be rated Table C (175%) or worse will be postponed until at least June 30, 2021.
- Money will not be accepted with new applications until at least June 30, 2021; and temporary insurance agreements will not be available during this time.
As a mutual holding company, we take a long-term approach that positions us strongly regardless of what happens in the economy. We will continue to actively monitor COVID-19 data and make decisions that enable us to continue to deliver high levels of service, help customers with insurance needs and maintain the company’s financial strength.
During unprecedented times like these, we are grateful for strong relationships. Thank you for your business as we navigate these challenging times.