Minnesota Life & Securian Life Update – Product and illustration changes
Home/Others/Minnesota Life & Securian Life Update – Product and illustration changes
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Product and Illustration Announcements
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| Thank you for your continued support of Minnesota Life and Securian Life, a New York authorized insurer. As a valued partner, you are receiving advanced notice of upcoming product and illustration changes taking place. |
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Actuarial Guideline 49 and participating loan illustration changes
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As a result of the new Actuarial Guideline 49 (AG49), and other strategic changes, Minnesota Life and Securian Life, a New York authorized insurer, are announcing the following updates to our Indexed Universal Life Insurance (IUL) illustrations.Effective September 1, 2015, all Minnesota Life/Securian Life, Indexed Universal Life Insurance illustrations will reflect the following changes:
- New Maximum Illustrated Rates for all Indexed Accounts
- Modified Alternative Illustrated Rate
The new maximum illustrated rate will apply to new sales illustrations only. It will not apply to inforce policies where the initial premium was applied to the contract prior to September 1, 2015. The modified Alternative Illustrated Rate will apply to both new, and inforce policies.
In addition, in an effort to demonstrate prudent and disciplined product management to support our high financial ratings¹, effective August 22, 2015, participating indexed or variable loans may no longer be illustrated within the first five policy years. This change will not affect inforce policies.
Please see the attached flyer for additional information and transition rules. |
| Click here to find more details |
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Accumulator UL guaranteed minimum crediting rate change
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| Our lifetime and fixed account minimum guaranteed crediting interest rates will be lowered to 2% (currently 3%) on newly issued Minnesota Life Accumulator UL policies. Existing policies will not be impacted. |
| Click here to find more details |
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Waiver of Charges added to VUL Defender
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| Effective August 22, the Waiver of Charges Agreement (WCA) will be available on VUL Defender™ – Minnesota Life’s newest product. The WCA waives monthly charges if the insured is totally and permanently disabled. |
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Corporate Enhanced Values Agreement Enhancement
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| In May 2015, Minnesota Life launched the Corporate Enhanced Values Agreement (CEVA) to support businesses’ executive benefit arrangements. Effective August 22, Minnesota Life will allow incoming 1035 exchanges and modified endowment contracts at policy issue on new sales that include CEVA. |
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