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.
- Overview: How Securian Financial Life and Long-Term Care Plans Work
- Key Product Structures
- Traditional Life Insurance
- Stand-Alone Long-Term Care
- Hybrid Life/LTC Plans
- Coverage And Benefits Explained
- Benefit Types And Common Features
- Underwriting And Health Considerations
- Typical Underwriting Factors
- Pricing And Premium Structure
- Pricing Considerations
- How To Use Life Death Benefits For Long-Term Care
- Policy Management And Claims
- State Variations And Availability
- Summary And Next Steps
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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
| Attribute | Verified Detail | Source Type |
|---|---|---|
| Age at issue | Premiums and eligibility vary by age; younger applicants often qualify for lower rates | Securian product guidelines |
| Medical history | Conditions such as heart disease, diabetes, or Alzheimer's may affect eligibility or rating | Securian underwriting manual |
| Functional status | Ability to perform activities of daily living (ADLs) is a key LTC underwriting factor | Securian LTC policy guidelines |
| Impartial risk classification | Preferred, standard, or table ratings can apply; some hybrid plans have more lenient criteria | Securian underwriting practices |
| Pre-existing waiting periods | LTC coverage may include look-back reviews for conditions in the years before application | Securian 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.