Securian Financial has announced the following changes to their temporary COVID-19 participation guidelines, effective July 1, 2021:
- Removing rate class restrictions for applicants up to age 60
- Allowing up to table D for applicants age 61 – 70
- Expanding maximum issue age to 80 for standard or better risks
- Returning SecureCare Universal Life mortality to table D
WriteFit expansion to $3,000,000 for applicants age 18 – 50 will be permanent.
All other participation guidelines, including money not being accepted with new applications and temporary insurance agreements not being available, continue until September 30, 2021.
Participation guidelines, effective July 1 – September 30, 2021:
Traditional Life Underwriting (includes underwritten policy changes)
- Insurance age 81 and older: new applications will not be accepted.
- Insurance ages 76 – 80: Applicants assessed at standard or better rates will be issued. All others will be postponed until at least September 30, 2021.
- Insurance ages 71 – 75: Applicants assessed at Table B (150%) or better rates will be issued. All others will be postponed until at least September 30, 2021.
- Insurance ages 61 – 70: Applicants assessed at Table D (200%) or better rates will be issued. All others will be postponed until at least September 30, 2021.
- Second-to-die policies will require both lives meet the rate class requirement for their respective ages.
Money will not be accepted with new applications until at least September 30, 2021, and temporary insurance agreements will not be available during this time.
SecureCare Universal Life (UL) Underwriting
- Mortality evaluation is back to pre-pandemic target of Table D (200%) or better for a SecureCare UL policy to be issued.
- Money will not be accepted with new applications until at least September 30, 2021, and temporary insurance agreements will not be available during this time.
