Securian offers one long-term care insurance policy: SecureCare III. The original SecureCare policy was released in 2017 and updated to the SecureCare III in the first quarter of 2022.
SecureCare III is a hybrid long-term care insurance product that combines life insurance with long-term care insurance to give the policy’s long-term care benefits the same tax-favored treatment that life insurance enjoys.
Unlike many LTC policies, SecureCare III pays an indemnity benefit if you receive long-term care instead of a monthly benefit. The indemnity benefit is a cash benefit paid in a lump sum to the policyholder.
To learn more about Securian Financial's long-term care insurance offering, read our complete review below.
SecureCare III LTC policy features
In addition to standard long-term care policy benefits (home health care, assisted living care, nursing home care, hospice care, adult day care, etc.), SecureCare III offers:
- A guaranteed long-term care cash indemnity benefit you can spend however you choose
- A paid-up policy if you can no longer afford the premiums
- Guarantee not to increase in cost or decrease in benefits
- 5, 7, 10, and 15-year premium payment options
- Optional inflation protection of 3% or 5%
- Premiums can be paid in a single-premium payment or over five, seven, 10, or 15 years
- Optional waiver of premium if you have an LTC claim before your policy is paid up
- Your beneficiaries will receive a guaranteed death benefit even if you’ve used your long-term care benefit
One feature of SecureCare III that makes it unique is its return of premium option that comes in three forms the policyholder can choose from:
- Vesting: Offers a 100% premium refund if you cancel your policy, subject to the vesting schedule. This option may be best if your top priority is to get long-term care protection and receive all of your premiums back if you’re concerned about other future financial needs.
- 75%: Offers a 75% return of the premiums you have paid if you cancel your policy at any time and increases your LTC benefit above the vesting. This option may be best if you want enhanced long-term care protection and the ability to get most of your money back if you need it.
- LTC Boost: Provides a return of premium equivalent to your policy's guaranteed cash value at the time of surrender and maximizes your LTC benefit. This option may be best if your main goal is to purchase the most long-term care protection you can for the least amount of money.
What does Securian SecureCare III cover?
SecureCare III offers the standard benefits most long-term care policies provide, including:
- Home health care
- Assisted living care
- Nursing home care
- Hospice care
- Adult daycare
- Family caregiver training
Securian SecureCare III pros & cons
Pros
- Pays an indemnity benefit that you can spend how you wish
- Many policy options can be added for customization
- Three return of premium options
Cons
- Insurance is underwritten by a different company than Securian
- Hybrid long-term care policies can be more expensive than a traditional long-term care policy
Learn More: Pros & Cons of Long-Term Care Insurance
About Securian Financial
Headquartered in St. Paul, Minnesota, since 1880, Securian Financial is the 9th largest life insurance company in the United States, with $1.4 trillion of life insurance in force and more than 21 million customers in North America. Minnesota Life underwrites its insurance products.
In addition to being ranked number 464 on the 2022 Fortune 500 list, Securian has excellent financial ratings:
- A+ by A.M. Best
- Aa3 by Moody’s
- AA- by Standard and Poor’s.
Is SecureCare III right for you?
If you prefer to have your long-term care insurance benefits paid in a lump sum if you ever need long-term care, the SecureCare III policy is an excellent choice. It is underwritten by Minnesota Life, a top-life insurance company since 1880, and backed by its strong financial position.
The information and content provided herein is for educational purposes only, and should not be considered legal, tax, investment, or financial advice, recommendation, or endorsement. Breeze does not guarantee the accuracy, completeness, reliability or usefulness of any testimonials, opinions, advice, product or service offers, or other information provided here by third parties. Individuals are encouraged to seek advice from their own tax or legal counsel.
