Securian SecureCare is a top-selling hybrid long term care insurance policy. Hybrid LTC insurance policies have become extremely popular over the past 10 years. With hybrid LTC insurance, you will receive:
The Securian SecureCare policy was initially introduced in 2017. It is underwritten by Minnesota Life Insurance Company (A+ rated AM Best).
The value proposition of Securian SecureCare is exceptional.
If you are seeking a flexible inflation-adjusted long term care policy, the Securian SecureCare policy will be on your very short list of long-term care insurance policies to consider.
June 24, 2022 update
The prior SecureCare policy reviewed below has been replaced. Read my review of the new Securian SecureCare III policy.
Issue ages: 40 - 75, Pricing at actual age. Backdating to save age rates apply with applications submitted within 30 days after a birthday.
Classes: Non-Tobacco Standard, Non-Tobacco Couples Discount; Tobacco Standard, Tobacco Couples Discount
Premiums: Securian SecureCare premiums are guaranteed. Premiums may be paid as a Single Pay, 5 Pay, 7 Pay, 10 Pay or 15 Pay
Amount of coverage: Minimum specified amount of life insurance is $50,000. Maximum specified amount of life insurance is $500,000
Inflation protection: You may help protect your retirement savings with optional compound inflation protection that will increase your long-term care benefits. Select an annual automatic increase of 3% compound, 5% simple or 5% compound for an additional cost. Your long term care benefits will continue to grow while you are on claim and receiving benefits.
Return of Premium: Your SecureCare policy will return a percentage of your premium to you should you change your mind and cancel your policy. The single pay vesting schedule is 80% Year 1, 84% Year 2, 88% Year 3, 92% Year 4, 96% Year 5, 100% after 5 years.
Elimination period - Once eligible for benefits, there is a 90 calendar day deductible or waiting period for long term care benefits to begin. This elimination period will only need to be satisfied once per lifetime.
International benefits - SecureCare provides coverage outside the United States. 100% of your pool of money is available paid out to you as a 50% cash indemnity benefit of your maximum monthly benefit
Home and community-based Services
Adult day care - Social and health-related services by a state or a licensed and certified program in a group setting.
Caregiver training - will cover the expenses to train an informal caregiver when part of an approved plan of care
Home and community health care - services provided within your home or community settings
Home modification - labor, equipment and supplies to your home to allow you to safely remain at home such as widening a doorway, or building a ramp for a wheelchair
Household services - necessary assistance with the instrumental activities of daily living such as meal preparation, light housekeeping, transportation to/from medical appointments included in a plan of care.
Informal care - care provided to you by unlicensed individuals i your home such as family or friends
Facility based services
Assisted living - a state licensed facility providing continuous room and board and personal care services to chronically ill individuals
Hospice-provides benefits for the terminal phase of life
Nursing home care- a licensed facility that provides 24 hour a day nursing care to chronically ill individuals
Respite care- care services in the insured's home to provide temporary relief for the primary caregiver
International benefits outside the United States - Secure Care provides benefits for care received outside of the United States. 50% of the monthly benefit and 100% of the Total Benefit Amount is available internationally.
You are eligible to receive SecureCare policy benefits once your licensed health care practitioner certifies that you are chronically ill and unable to perform at least two activities of daily living (bathing, eating, dressing, toileting, transferring, continence) for a period of least 90 days. You will also be considered chronically ill if you are certified by your licensed health care practitioner that you have a severe cognitive impairment such as Alzheimer's or senile dementia and you require substantial supervision to protect you from threats to your health and safety. Once you are eligible and with a submitted plan of care you will receive cash indemnity benefits equal to your monthly maximum long term care benefit. Proof of loss forms and receipts will not be required for you to receive your benefits.
Tax Deductibility of Securian SecureCare Premiums
SecureCare is structured to offer you long term care insurance tax deductions of its premiums. SecureCare separately identifies the premiums for the acceleration of long term care benefits rider; the extension of long term care benefits rider, and the inflation protection. These (3) contractual components are considered tax-qualified LTC insurance and are tax deductible subject to IRC guidelines.
Income Tax Free Benefits
Income tax-free life insurance benefits - If you never need long term care and all planned premiums are paid to keep your policy in-force, a death benefit is paid to your beneficiaries, income tax-free under Internal Revenue Code Section 101(a)(1).
Income tax-free LTC benefits - Benefits are generally paid income tax-free under Internal Revenue Code 104(a)(3). Choose between a minimum of 3-7 years of long term care benefits based on the duration of the long term care benefits rider option that you choose. Long term care coverage will continue as long as you remain eligible or until your entire long term care benefit is exhausted
Securian (Minnesota Life) Financial Ratings
Is Securian/Minnesota Life a strong financially stable company? Yes, Minnesota life is exceptionally strong. Minnesota Life is domiciled in St. Paul, MN and was first established in 1880. Minnesota Life has 56 Billion in assets. Minnesota Life has the following financial ratings from the major rating agencies:
Securian SecureCare is an exceptional value for hybrid long term care policies in 2022.
For example, let's take a quick look at single premium options for married 60 year old couples.
$100,000 premium deposit, 60 year old married female, 6 year benefit periods
$100,000 premium deposit, 60 year old married male, 6 year benefit periods
The Securian SecureCare policy provides you with strong LTC benefits, and the greatest policy flexibility for you.
Securian SecureCare is the most flexible policy for home care needs for you with its 100% cash indemnity model.
Securian SecureCare does not require you to submit receipts for reimbursement such as will New York Life Asset Flex and Lincoln Moneyguard III. Additionally, the Securian SecureCare policy will return 100% of your premium to you (5 year vesting schedule) if you change your mind and want to cancel your policy. NY Life will always have a 20% penalty for you, and Lincoln Moneyguard III will always have a 30% penalty.
If you are seeking an inflation adjusted LTC policy with a limited benefit period such as 6 years of coverage, the Securian SecureCare policy will be on your very short list, if you are healthy enough to qualify. Of course, if you want to receive Lifetime Unlimited LTC benefits you will need to apply to OneAmerica for its Asset Care policy with the Lifetime LTC rider.
Securian SecureCare has a streamlined underwriting process. Securian will require you to complete a telephone health interview only. Exams are not required. Your telephone health interview will last approximately 45 minutes and will consist of a cognitive screening exercise to test your short term memory. Securian will also electronically order a prescription drug report to view your prescribed medications. Once your interview is completed I will usually receive your underwriting decision within 3 business days. The Securian underwriting process is very quick. If your application is approved your policy will be issued and mailed to you for your acceptance and premium payment. If your application is declined you will receive written notification of the reasons for your decline.
You may appeal an unfavorable outcome.
For this reason alone your choice of insurance agent is critical. You will want to work with an experienced long term care insurance agent (like myself!). I have overturned numerous declined applications with appeals over the past 23 years. Most insurance agents do not know how to navigate unfavorable outcomes and will simply give up.
Timing is everything with LTC insurance applications. If you are currently receiving medical treatment or if you have a medical procedure pending you may want to wait to submit your application. Here are a few disqualifying conditions.
If you have received any joint injections in the past 6 months, you should review your injection history with myself to be pre-qualified.
If you are currently receiving any physical therapy or receiving more than 2x month chiropractic care, you should wait at last 30 days past your last physical therapy treatment and receive a release from care.
If you have any surgery scheduled in the next 6 months, you will need to complete your surgery, be fully recovered, and satisfy a 90 day stability period.
If you are currently being evaluated for a medical condition, you will need to complete all evaluations with a diagnosis.
These situations will often postpone an approval of your application.
Securian underwrites long term care applications conservatively as many LTC underwriters will today. Health conditions that will result in a declined application are alcohol use (such as admitted 3+ drinks per day, 3-4 x week) congestive heart failure, rheumatoid arthritis with steroid use or a prescribed biologic agent; Type I diabetes, organ transplant recipient, collecting disability payments, cardiomyopathy with the past 3 years, TIA within the past 6 month, stroke within the past 12 months, Parkinson's, muscular dystrophy, multiple sclerosis, memory impairment, oxygen use, BMI less than 17 or greater than 42; dialysis or chronic kidney disease; osteoporosis with fractures; history of falls due to dizziness, or multiple falls within past 36 months; implantable defibrillator; cancer within 3 years of completion of treatment (other than skin, breast, colon, prostate, or lung).
I have written more hybrid long term care insurance premium (by far) than any insurance agent in the entire United States. When you work together with myself you will receive the most comprehensive knowledge, expertise and recommendations in the marketplace today. Contact me today to start your long term care planning project. To receive customized illustrations of benefits of the leading available long term care insurance policies, please call me at (800) 891-5824 or complete my quote request form. I will respond promptly.