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Life Insurance Information Library



Intro to Life Insurance


Life insurance is an important component of a sound financial plan. Buying insurance involves asking a variety of personal lifestyle and financial questions. As well as our online resources you may want to work in person with a licensed insurance agent. When you decide on what you want, there are many solid insurance companies to choose from. You may want to check out their financial strength by checking their ratings online. The three main ratings agencies are AM Best, Standard & Poor's, and Moody's.

Summary


  • Term insurance is basic, inexpensive coverage with premiums that increase over time and have no cash value.
  • Consider a term policy that is renewable and convertible to whole life should your needs change.
  • Whole life provides level coverage with level premiums. A portion of those premiums goes into tax-deferred savings.
  • Check rates on whole life policies and compare them to other investment opportunities.
  • Variable life offers control over your investments.
  • Premiums on variable policies are fixed, but face value and the value of your investments can fluctuate.
  • Universal life offers more investment options, but is highly sensitive to interest rate changes. Universal variable life is highly flexible, but offers no guarantees beyond the original face value.
  • Insurance needs are based on income replacement and personal preferences.

Buying Life Insurance: What Kind and How Much?


  • Think about which members of your household should be covered by life insurance. (It's typically a good idea to insure anyone who earns income.)
  • Use a Financial Needs Calculator to determine an adequate amount of insurance coverage for your needs
  • Review the various types of life insurance policies available (see below), the most common being Term and Universal Life. Decide which type of policy will meet your financial goals.

Buying Life Insurance


Conventional wisdom says that life insurance is sold, not purchased. In other words, some people are reluctant to discuss the importance of owning life insurance, and others are simply unaware of the need to have life insurance. Although many large companies provide life insurance as part of their benefits package, this coverage may be insufficient.

Who needs life insurance? If there are individuals who depend on you for financial support, or if you work at home providing your family with such services as child care, cooking, and cleaning, you need life insurance. Older couples also may need life insurance to protect a surviving spouse against the possibility of the couple's retirement savings being depleted by unexpected medical expenses. And individuals with substantial assets may need life insurance to help reduce the effects of estate taxes or to transfer wealth to future generations.

Types of Insurance


Term insurance is the most basic, and generally least expensive, form of life insurance for people under age 50. A term policy is written for a specific period of time, typically 1 to 10 years, and may be renewable at the end of each term. Also, the premiums increase at the end of each term and can become prohibitively expensive for older individuals. A level term policy locks in the annual premium for periods of up to 30 years.

Non-Medical Term insurance is the same thing as normal term insurance, but the application process and underwriting time are much different. Non-medical insurance only requires a short application and the underwriting decision is usually made within minutes. This avoids the hassle of a large application, medical exams, urine samples and weeks of waiting for a decision.

Declining Balance Term insurance, a variation on this theme, is often used as mortgage insurance since it can be written to match the amortization of your mortgage principal. While the premium stays constant over the term, the face value steadily declines. Once the mortgage is paid off, the insurance is no longer needed and the policy expires. Unlike many other policies, term insurance has no cash value. In this sense, it is "pure" insurance without any investment options. Benefits are paid only if you die during the policy's term. After the term ends, your coverage expires unless you choose to renew the policy. When buying term insurance, you might look for a policy that is renewable up to age 70 and convertible to permanent insurance without a medical exam.

Whole Life combines permanent protection with a savings component. As long as you continue to pay the premiums, you are able to lock in coverage at a level premium rate. Part of that premium accrues as cash value. As the policy gains value, you may be able to borrow up to 90% of your policy's cash value tax-free.

Universal Life is similar to whole life with the added benefit of potentially higher earnings on the savings component. Universal life policies are also highly flexible in regard to premiums and face value. Premiums can be increased, decreased or deferred, and cash values can be withdrawn. You may also have the option to change face values. Universal life policies typically offer a guaranteed return on cash value, usually at least 4%. You'll receive an annual statement that details cash value, total protection, earnings, and fees. Drawbacks to this type of insurance include higher fees and interest rate sensitivity. Universal policies include up-front fees as well as ongoing administrative fees totaling as high as 5% to 7% of your premiums. You may also find your premiums increasing when interest rates decline.

Variable Life generally offers fixed premiums and control over your policy's cash value. Your cash value is invested in your choice of stock, bond, or money market funding options. Cash values and death benefits can rise and fall based on the performance of your investment choices. Although death benefits usually have a floor, there is no guarantee on cash values. Fees for these policies may be higher than for universal life, and investment options can be volatile. On the plus side, capital gains and other investment earnings accrue tax deferred as long as the funds remain invested in the insurance contract.

Universal Variable Life insurance is the most aggressive type of policy. Like variable life, you control your investment in mutual funds. However, there are no guarantees on universal variable policies beyond the original face value death benefit. These policies are probably best suited to affluent buyers who can afford the risks involved.

Key Terms and Definitions


  • Face Value -- The original death benefit amount.
  • Convertibility -- Option to convert from one type of policy (term) to another (whole life), usually without a physical examination.
  • Cash Value -- The savings portion of a policy that can be borrowed against or cashed in.
  • Premiums -- Monthly, quarterly, or yearly payments required to maintain coverage.
  • Beneficiary -- The individual(s) or entity (e.g., trust) that is designated as benefit recipient.
  • Paid Up -- A policy requiring no further premium payments due to prepayment or earnings.

How Much Insurance Do I Need?


A popular approach to buying insurance is based on income replacement. In this approach, a formula of between five and ten times your annual salary is often used to calculate how much coverage you need. Another approach is to purchase insurance based on your individual needs and preferences. The first step is to determine your unique income replacement needs.

Currently, a large portion of your income goes to taxes (insurance benefits are generally income tax free) and to support your own lifestyle. Start off by determining your net earnings after taxes. Then add up all your personal expenses such as food, clothing, magazine subscriptions, club memberships, transportation expenses, etc. The remainder represents annual income that your insurance will need to replace. You'll want a death benefit amount which, when invested, will provide income annually to cover this amount. Then, you should add to that the amounts needed to fund one-time expenses such as college tuition for your children or paying down mortgage or debt.

Income replacement for nonworking spouses is an important and often overlooked insurance need. Coverage should provide for your costs for day care, housekeeping, or nursing care. Add to this any net earnings from part-time employment.

Finally, estimate your own "final expenses" such as estate taxes, uninsured medical costs, and funeral costs.

Other Types of Life Insurance


Survivorship life insurance (also referred to as last-to-die or second-to-die) is a unique type of contract that insures the lives of two people. It pays a death benefit upon the death of the second insured. Therefore, it is typically less expensive than two individual policies. Survivorship life is often used for estate planning, where it may be possible to potentially leverage today's dollars -- via insurance premiums -- into a potentially significant death benefit that can be used to fund estate taxes, create wealth for future generations, or benefit a charity. These policies may be available if one insured is medically "uninsurable."

First-to-die life insurance insures the life of at least two people and pays a benefit upon the death of the first insured. This policy is useful for covering a mortgage or other large debt obligation where there is more than one debtor. In addition, it can be an ideal tool for funding a buy-sell agreement within a closely held business.

Fully Underwritten Life Insurance Information


Read below to learn more about fully underwritten term and permanent life insurance products, including commonly asked questions. If you have additional questions, please give us a call!

What are fully underwritten products?

With fully underwritten life insurance the available coverage amounts are higher compared to instant issue life insurance, plus the underwriting process can handle specific lifestyle situations, such as health issues, international travel or high face amounts that instant issue insurance cannot accommodate. You can purchase face amounts, which is how much would be paid in the event of your death, ranging from $50,000 all the way up to $10 million and coverage terms that range from 10 to 30 years. Fully underwritten life insurance requires a more thorough process to qualify than an instant issue product and may include some form of a medical exam.

Who am I dealing with?

We only offer products with well established, highly rated insurance companies.

How long is the application process?

We will work with you to make the process as quick and as painless as possible. The time it takes to issue a policy will depend on the type of policy you have requested and the degree to which you have medical or other issues that need to be discussed with the insurance company. The process can typically take 30 to 60 days.

What does the underwriting process consider?

The criteria that are analyzed by a life insurance underwriter can include the following:
  • Applicant’s current age
  • Applicant’s gender
  • Height and weight of the applicant
  • Health history (in addition to family health history of the applicant’s parents and siblings)
  • The purpose of the insurance policy (estate planning, business, or individual life insurance)
  • Applicant’s marital status
  • Applicant’s children, if any
  • The amount of life insurance already in force by the applicant, as well as any additional life insurance that the applicant intends to purchase
  • Applicant’s occupation
  • Applicant’s income as income can help determine the suitability of the amount of life insurance
  • Applicant’s smoking habits or tobacco use
  • Use of alcohol by the applicant
  • Hobbies that the applicant engages in. Some hobbies are considered hazardous, such as rock climbing or hang gliding and are considered high risk.
  • Amount of foreign travel that the applicant engages in as some types of foreign travel are considered risky

All of the above factors are considered to be elements of risk. Each is analyzed and factored in by the life insurance underwriters prior to an approval or rejection decision being made. Therefore, prior to applying for life insurance coverage, it is important to understand how underwriting works, as well as how different factors could affect the possibility of being accepted or rejected for coverage. Those applicants who have been rejected due to risk factors can still apply for high risk life insurance.

What kind of medical exam will I have to take?

The short answer is that it depends on your age and the type of coverage you are applying for. For lower face amounts it may well be the case that you will not have an actual exam. In other situations you may be required to have either a paramedical or full medical exam.

What is a Paramedical Exam?

A trained technician will complete the paramedical exam. The paramedic asks medical history questions and measures height, weight, blood pressure and pulse. Depending upon your age and the amount of insurance being applied for, the paramedic may also perform an oral fluid test or a blood and urine test and possibly an electrocardiogram as well. In most cases a paramedic will call you to find a convenient time to schedule the exam and come out to your house to perform it. You also have the option of going to a clinic for the exam. The exam takes approximately 30 minutes.

What is a Full Medical Exam?

A physician will complete the full medical exam. The exam consists of the same elements of the paramedical exam, plus listening to the heart, and a review of other bodily systems. Some companies specify that the physician must be a board certified internist or heart specialist rather than a general practitioner.

In addition to the exam, any of the following studies could be included with the exam: oral fluid test; blood test; urinalysis; EKG tracing; and Attending Physician’s Statement. If any of these exams or tests becomes required and they are not completed, the company will not accept your application for life insurance.

What do the underwriting tests show?

The insurance company wants to check for any unknown conditions that could adversely impact an individual’s normal life expectancy and could increase the company’s risk. The urinalysis screens for a number of things including diabetes, the presence of medication and nicotine and cocaine, as well as general kidney function. The blood profile can reveal the functioning of organs of the body and specific testing for things such as diabetes, liver impairments and kidney impairments as well as HIV testing. An oral fluid test can indicate the presence of HIV antibodies, as well as cocaine and nicotine.

What other information does an insurance company gather?

In addition, the company may want to review your medical records or obtain a phone interview with you. Medical records can be obtained for a few reasons, with one being a way to check how your personal physician is treating you or has treated you for a medical condition.

At times a phone interview is conducted to verify the information on the application and to obtain a few additional details to clarify this information.

Most life insurers are members of a non‐profit organization called MIB Inc. This organization maintains a database of applications submitted to companies in the industry. Once an application and signed authorization is received, insurers will check with MIB to see if there is a record of any other insurance applications you may have submitted in the past. The MIB provides a report to the insurance company and such reports are kept highly confidential. This report acts as a fraud deterrent for people who may not want to reveal prior insurance activity.

How are the results used?

The information gathered on the application and from the other requirements is used to classify the risk a person presents. Based on the level of risk, the proposed insured is approved, declined or assigned a rating level. Each company has its own rating and based on this your proposed premium is determined.

What if an exam reveals an unknown medical problem?

Remember most people that undergo medical exams qualify for insurance without any concerns. In the unlikely event a problem is discovered, we may postpone the application until the findings are evaluated by your personal physician.

What is the decision that will be made?

One of four things will happen:
  • Your coverage will be approved at the same rate for which you applied.
  • Your coverage will be approved at a cheaper rate than that for which you applied.
  • Additional premium will be required for the amount of insurance for which you applied.
  • Coverage will be denied.

In the event that coverage is denied or you are quoted a higher premium we will work with you to review alternatives.

What if I disagree with the decision?

If you disagree with the decision, you may put your concerns in writing and send them to the insurance company. We would work with you to find coverage that takes account of any issues that may exist. It may mean furnishing additional information from your physician. Also, a rating or declination is not always permanent. Quitting smoking, losing weight, lowering your cholesterol, among other things, can all help change your risk classification over time.

Why do I have to provide my email address?

As much of the process is internet based this application process requires that you enter your email address so that we can email you a link to e-sign your application.

Do I have to sign my application?

For most insurance company applications we use an electronic signature approach. This speeds up the whole process and allows us to complete the process in minutes, rather than days. This e-signature is 100% valid under Federal E-sign Law.

What if I withhold pertinent information?

If it sounds tempting to shortcut this process by withholding information or outright lying, don’t do it. Policies that were sold based on applications that contained misleading information can be voided at claim time. False information on insurance applications is fraud.

Insurers will likely report your medical exam results (reported as numbered codes) to MIB (formerly called the Medical Information Bureau), which maintains a database of those who have applied for life, health, disability and other insurance in the last seven years. If you've given different answers to medical questions in the past, it will raise a red flag with MIB. The goal of the MIB database is to reduce fraud.

Final Expense Insurance Product Information


Ensure your family has one less thing to worry about. When your family is dealing with your loss, the last thing you want to do is burden them with your final medical bills and funeral costs. Preparing now with Final Expense insurance lets you leave behind only fond memories.

Preparing for a funeral can be an exhausting event but making sure you have the financial resource to cover the cost of a burial and funeral are extremely important for personal estate planning. Whether you've been to a funeral before or you've experienced the loss of a loved one, it is important to know that final expense insurance can be depended on to provide a financial safety net to cover these costs. Final expense insurance is a superior product for seniors that removes the financial obligations of your family to celebrate your life with friends and family when a person dies.

Our 1Click Final Expense product is an outstanding value with affordable rates. Forget about physical exams or lengthy questionnaires. We guarantee that we won't turn you down. That's a promise! You automatically qualify if you're between the ages of 50 and 80 (varies by state). The premium you pay will never increase and the value of your insurance will never decrease. Plus, you build cash value at the same time. You can buy a $5,000, $10,000, $15,000 or $20,000 policy (issue limitations may vary by state) to restore the value of your existing insurance that has been eaten away by inflation, or to give as a gift for someone you love, or more practically, to help pay final bills and tax expenses. As long as you pay your premiums this product will protect you for life.

In the first and second year of the policy, the death benefit is limited to return of premiums (unless death is accidental). If death is accidental, full benefits would be payable.

What should I consider in Selecting Final Expense Insurance?


Final expense insurance is similar to life insurance, in that a policy may be issued on a term or whole life basis. Term life policies provide financial protection for a set period of time, often up to the age of 80. At that time, if no claim has been filed and the policyholder is still alive, the policy will expire. Whole life policies cover you for your entire lifetime once you've signed your contract, no matter when your death occurs. Age limits for purchasing a final expense policy may vary. Some insurers sell policies to qualified applicants up until the age of 75.

Although a standard term or whole life policy can cover your last expenses, traditional coverage is not the answer for everyone. If you do not qualify for a standard life policy because of a pre-existing medical condition, or if you have other means of providing for your loved ones after your death, final expense insurance may give you just as much protection as you need.

How Much Final Expense Insurance Do I Need?


When planning for final expenses, it is important to remember that funeral and burial costs are on the rise. Over the past 25 years, funeral costs have consistently increased. The average funeral cost today is $8,3431.00.

Additional fees for cemetery, monument, flowers, & obituaries can increase this cost to nearly $10,000. Considering the average costs over the past 40 years and projecting out at 5% inflation per year, by 2030 the cost would be $18,276.30.

The Social Security Death Benefit only provides a lump sum benefit of $255 for those who qualify.

Final Expense Insurance Product Features Include:

  • No Health Questions
  • Guaranteed Issue Life Insurance
  • Cannot Be Cancelled Because of Age
  • Accidental death covered in full during first two years. Full coverage after two years. (May vary by state)
  • 100% online process, no need to talk to an agent and no follow up telephone calls

Long Term Care Information

Long-term care is a range of services and supports you may need to meet your personal care needs. Most long-term care is not medical care, but rather assistance with the basic personal tasks of everyday life, sometimes called Activities of Daily Living (ADLs), such as:
  • Bathing
  • Dressing
  • Using the toilet
  • Transferring (to or from bed or chair)
  • Caring for incontinence
  • Eating

Other common long-term care services and supports are assistance with everyday tasks, sometimes called Instrumental Activities of Daily Living (IADLs) including:
  • Housework
  • Managing money
  • Taking medication
  • Preparing and cleaning up after meals
  • Shopping for groceries or clothes
  • Using the telephone or other communication devices
  • Caring for pets
  • Responding to emergency alerts such as fire alarms

Who Needs Care?

70% of people turning age 65 can expect to use some form of long-term care during their lives. There are a number of factors that affect the possibility that you will need care:

Age

The older you are, the more likely you will need long-term care

Gender

Women outlive men by about five years on average, so they are more likely to live at home alone when they are older

Disability

  • Having an accident or chronic illness that causes a disability is another reason for needing long-term care
  • Between ages 40 and 50, on average, eight percent of people have a disability that could require long-term care services
  • 69 percent of people age 90 or more have a disability

Health Status

  • Chronic conditions such as diabetes and high blood pressure make you more likely to need care
  • Your family history such as whether your parents or grandparents had chronic conditions, may increase your likelihood
  • Poor diet and exercise habits increase your chances of needing long-term care

Living Arrangements

If you live alone, you’re more likely to need paid care than if you’re married, or single, and living with a partner

Who Pays For Long Term Care?

The facts may surprise you.

Consumer surveys reveal common misunderstandings about which public programs pay for long-term care services. It is important to clearly understand what is and isn’t covered.

Medicare

  • Only pays for long-term care if you require skilled services or rehabilitative care:
    • In a nursing home for a maximum of 100 days, however, the average Medicare covered stay is much shorter (22 days).
    • At home if you are also receiving skilled home health or other skilled in-home services. Generally, long-term care services are provided only for a short period of time.
  • Does not pay for non-skilled assistance with Activities of Daily Living (ADL), which make up the majority of long-term care services
  • You will have to pay for long-term care services that are not covered by a public or private insurance program

Medicaid

  • Does pay for the largest share of long-term care services, but to qualify, your income must be below a certain level and you must meet minimum state eligibility requirements
  • Such requirements are based on the amount of assistance you need with ADL
  • Other federal programs such as the Older Americans Act and the Department of Veterans Affairs pay for long-term care services, but only for specific populations and in certain circumstances


Information provided by LongTermCare.gov

What is Whole Life Insurance?


Whole Life Insurance is a form of permanent life insurance, whole life insurance features guaranteed premiums, death benefits, and cash value.
You may want to purchase a whole life insurance policy if you want:

  • Protection for life
  • Payments that stay the same each year
  • Cash value you can use while you are living

Whole life insurance offers confidence through the guarantees it provides:

  • Guaranteed level premiums. The premiums you pay are guaranteed to remain the same for the life of the policy, regardless of age or health.
  • Guaranteed death benefits. Beneficiaries will receive at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.
  • Guaranteed cash value. Your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you’ll have access to your cash through loan and withdrawal options.

How much life insurance do I need?


Consider what your spouse and dependents would need in order to cover day-to-day bills and larger expenses, to live comfortably and to have financial stability. Don't forget to include savings for college and retirement. Also consider the effect of inflation over time; the amount needed for college, say, twenty years from now is likely to be significantly higher than today.

What if I already have insurance coverage?


If you already have a life insurance policy, it's a good idea to review it every few years to make sure it still meets your needs. Check to make sure all beneficiaries and other information are current. It might be time to speak with us if you:

  • Were recently married or divorced
  • Have a child or grandchild who was recently born or adopted
  • Provide care or financial help to a child or parent
  • Need to provide assistance or long-term care for a loved one
  • Purchased a new home recently
  • Have children or grandchildren who are about to enter college
  • Refinanced your home mortgage in the past six months
  • Received an inheritance
  • Retired or your spouse has retired
  • Started a business

Your dreams and goals may change over time, but protecting your family and loved ones will always be important. Individual Whole Life Insurance provides you a lifetime of protection as long as premiums are paid. Review the many benefits this product offers to help build a plan for your family if the unexpected happens.

Fixed premiums with a guaranteed death benefit


Individual Whole Life Insurance offers you a lifetime of protection with low premiums that will never increase. Even if you encounter health problems down the road coverage can never be rescinded.1
With the guaranteed death benefit you can rest assured that your family will be covered if you pass away.

Build tax-deferred cash value


Saving for the future can be a challenge. The cash value of a life insurance policy is a great source to help pay for your child's college tuition or a down payment on a new house. It can also be a safety net that provides financial flexibility when you or your family needs it most.

What is cash value?


Cash value is a portion of your premium payment (premium minus cost of insurance and expenses) that will grow tax-deferred over time and may be used throughout your lifetime.

Access your cash value when it's needed most


Whether it's to help pay your child's college tuition, make a down payment on a new house or pay for unexpected emergency expenses, Individual Whole Life Insurance can support you when you need it most.

You can receive the cash value at any time by taking a policy loan at a guaranteed interest rate of 5%. You have the option to repay the loan or simply have it deducted from the death benefit or from the policy's cash value if surrendered.2

How cash value accumulation can work for you


Cash Value Graph


1 Life insurance is issued based upon your answers to the questions on the application. Your policy may be rescinded if your answers on the application are not truthful.
2 Please keep in mind the primary purpose of life insurance is the death benefit.

Provide Your Family a Financially Sound Future

With Secure Promise Whole Life


You and your family have dreams and goals that may change over time, but protecting your family and loved ones will always be important. Minnesota Life's Modified Guaranteed Issue Whole Life Insurance, Secure Promise Whole Life, offers permanent life insurance with fixed premiums and guaranteed death benefit protection.

Protection for Adults


Protect your family while also saving for their future:

  • Less than a $1.50 a day for $50,000 coverage1
  • Quick, easy coverage – no medical exam2
  • Guaranteed death benefit
  • Builds tax-deferred cash value

Protection for Children


Take a step in the right direction – provide a financially sound future for your child:

  • Coverage is guaranteed and doubles at age 18
  • Premiums are locked in based on issue age and never increase
  • Less than 50 cents a day for $25,000 of coverage3
  • Provides a head start on college savings
  • Opportunities to increase coverage up to 10 times original amount without underwriting

Product Options


This permanent, Whole Life Insurance policy provides guaranteed protection for the life of the contract. The following features are automatically included in your policy at no additional cost:

  • Get early access to a portion of your death benefit coverage in the event of your terminal illness. The Accelerated Benefit for Terminal Illness Agreement (ABA) is included in your policy for no additional charge and with no effect on premium amount.
  • Ensure your protection remains in force even if you miss a payment. The Automatic Premium Loan (APL) Provision allows a policy loan to be taken from your policy to pay the premium due and guarantee the contract will not lapse. The Automatic Premium Loan can only be effective if your policy has available loan value.
You also have the flexibility to increase your coverage amount, without the need for underwriting, for an additional cost. Providing you are under the age of 32, the Guaranteed Insurability Option (GIO) Agreement allows you to add additional coverage by providing a new policy each time you exercise this feature. The new policy will have a new premium and your original premium will remain the same. This feature can be exercised at the ages 25, 28, 31, and 34, or upon your date of marriage, or the birth or adoption of a child.4

SECURE PROMISE WHOLE LIFE
Policy Non-participating whole life
Issue ages Adults: 18–65 years
Children: 14 days – 17 years
Coverage amounts Adults: $10,000 to $150,000 selected in $5,000 increments
Children: $10,000 to $75,000 selected in $5,000 increments
Guaranteed interest rate 4.0%
Issue classes Standard Non-Tobacco, Standard Tobacco
Premium mode Monthly
Payment method EFT Only
Minimum base premium Greater of $30 and the amount needed to support the requested face amount
Loans Fixed
Fixed loan rates 5.0% interest charged in arrears
Available agreements5 Accelerated Benefit Agreement, Automatic Premium Loan Provision Agreement, Guaranteed Insurability Option Agreement

1 For a 24-year-old female, Non-Tobacco. Rates vary by age, gender and tobacco status.
2 Decision is based on answers to health questions.
3 For an 8-year-old male, Non-Tobacco. Rates vary by age and gender.
4 There is a charge for this agreement for issue ages over 18.
5 Additional agreements may be available. Agreements may be subject to additional cost and restrictions. Agreements may not be available in all states or may exist under a different name in various states.

13653 DOFU 5-2015

What is Disability Income Insurance?


Think of disability income insurance as insurance for your paycheck. It allows you to protect your most valuable asset—your income—in the event you become too sick or hurt to work.

If you suddenly lost your ability to work and earn a living due to a sickness or injury, how would it impact your life?

Chart

The Chances of it Happening are Greater Than You Think


Chart

The Most Common Causes of Disability


Chart

Protecting Your Income Isn’t Out of Reach


Disability Income Insurance allows you to protect your income in the event you become too sick or hurt to work. And it can be more affordable than you think.

Chart

Think of Disability Insurance as Insurance for Your Paycheck


Chart

1LIMRA, U.S. Consumers Today, The Middle Market, 2014 Note: ages 25-64
2U.S. Social Security Administration, Fact Sheet February 7, 2013
3Commissioner’s Disability Insurance Tables A and C assuming equal weights by gender and occupation class
4Council for Disability Awareness, Long-Term Disability Claims Review, 2013

In approved states, DInamic Foundation (forms 4501NC, 4502GR and 4503NCBOE) and DInamic Fundamental® (form 4504LS) are issued by Ameritas Life Insurance Corp. In New York, DInamic Foundation (forms 5501-NC, 5502-GR and 5503-NCBOE) and DInamic Fundamental® (form 5504-LS) are issued by Ameritas Life Insurance Corp. of New York. Policy and riders may vary and may not be available in all states.

This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to, Ameritas Life Insurance Corp., located at 5900 O Street, Lincoln, NE 68510, Ameritas Life Insurance Corp. of New York, located at 1350 Broadway, Suite 2201, New York, New York 10018 and Ameritas Investment Corp, member FINRA/SIPC. Ameritas Life Insurance Corp. of New York is licensed in New York. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com.

Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® and DInamic Fundamental® are registered service marks of affiliate Ameritas Holding Company.

© 2015 Ameritas Mutual Holding Company

Disability Income Insurance

Ameritas DInamic Fundamental®


DInamic Fundamental from Ameritas Life Insurance Corp. allows you to protect your most valuable asset – your income – in the event you become too sick or hurt to work. The product is simple, priced to fit within your budget and offers a streamlined underwriting process.

Why should you consider DInamic Fundamental* for your income protection needs?


  • Just over one in four of today’s 20-year olds will become disabled before they retire.1
  • It is estimated that there are over 36 million disabled Americans–12% of the total population. More than 50% of those disabled Americans are in their working years, ages 18-64.2
  • Medical conditions contributed to 62%3 of all personal bankruptcies filed in the U.S. in 2007 - an estimate of over 500,000.4 A 49.6% increase over results from a similar study in 2001.
  • 65% of working Americans say they could not cover normal living expenses even for a year if their employment income was lost; 38% could not pay their bills for more than three months.5

How does DInamic Fundamental help protect your ability to earn an income?


It's Simple


  • You can purchase a benefit amount up to one times your annual earnings, not to exceed $100,000
  • Pays a single lump sum benefit for total disability that is expected to last at least one year, provided you survive the disability for at least 30 days
  • No additional benefit riders
  • Coverage period is to age 65
  • Policy terminates once claim payment is made

It's Affordable


  • Pricing compares well with other common bill payments (cable, internet, etc.)
  • Level premium structure, meaning you pay the same amount every month
  • Premium is based on percentage of manual duties performed in your occupation

It's Attainable


  • Simplified underwriting process
    • No blood or urine tests or paramedical exams
    • No Attending Physicians Statements (APS) or Personal History Interviews (PHI) required
    • No income documentation
    • Short and simple application
  • No extra premium charge for substandard risks
  • Limited exclusions, for certain medical conditions, may be used when needed

With DInamic Fundamental, we've made it easier and more affordable than ever to own individual Disability Income (DI) protection. For more information about Disability Income insurance or any other products for personal, family or business needs, contact your insurance representative.
* May not be available in all states. State variations may apply. Please refer to actual policy for details.

Sources:
  1. U.S. Social Security Administration, Fact Sheet February 7, 2013
  2. U.S. Census Bureau, American Community Survey, 2011
  3. The American Journal of Medicine, June 4, 2009 Medical Bankruptcy in the United States, 2007: Results of a National Study; David U. Himmelstein, MD, Deborah Thorne, PhD, Elizabeth Warren, JD, Steffie Woolhandler, MD, MPH
  4. U.S. Courts, Bankruptcy Statistics, 12-Month Period Ending December 2007
  5. Council for Disability Awareness, Disability Divide

In approved states, DInamic Fundamental® (form 4504LS) is issued by Ameritas Life Insurance Corp. In New York, DInamic Fundamental® (form 5504-LS) is issued by Ameritas Life Insurance Corp. of New York. Policy and riders may vary and may not be available in all states.

This information is provided by Ameritas®, which is a marketing name for subsidiaries of Ameritas Mutual Holding Company, including, but not limited to, Ameritas Life Insurance Corp., located at 5900 O Street, Lincoln, NE 68510, Ameritas Life Insurance Corp. of New York, located at 1350 Broadway, Suite 2201, New York, New York 10018 and Ameritas Investment Corp, member FINRA/SIPC. Ameritas Life Insurance Corp. of New York is licensed in New York. Each company is solely responsible for its own financial condition and contractual obligations. For more information about Ameritas®, visit ameritas.com.

Ameritas® and the bison design are registered service marks of Ameritas Life Insurance Corp. Fulfilling life® and DInamic Fundamental® are registered service marks of affiliate Ameritas Holding Company.

© 2014 Ameritas Mutual Holding Company

What is Term Life Insurance?


Term life insurance is designed to provide life insurance for a specified number of years referred to as the ‘term of the coverage’. Coverage expires at the end of the selected term and does not build cash value over time. As a result, premiums for term life coverage are typically lower than those of a permanent life insurance policy.


Term life insurance can provide:

  • A PLAN - An affordable means of protecting your family for a specific number of years.
  • SOLUTIONS - A simple and budget friendly plan to cover financial responsibilities in the event of your death.
  • PEACE OF MIND - Protection for the stability you have worked to provide for your family.

Why should I buy term life insurance?

In the event of your death, term life insurance could help your family pay short term expenses like funeral costs, medical bills, car loans and credit card debt. Additionally, it could help support long-term plans like sending your kids to college.

What are the features of the Individual Term Life Insurance plan?

  • Accelerated Death Benefit Agreement - You can request an early payment of 100% of your death benefit in the event of your terminal illness. If you receive an accelerated death benefit, your coverage under the policy will end.
  • Conversion Privilege - After your coverage has been in force for one year you may convert your policy during the next five years your policy is in force (up to the age of 65) to a non-participating whole life policy.
  • Renewal Provision - At the end of your policy term, you may choose to renew your policy in 1-year increments (up to age 85) - without undergoing additional underwriting. Premiums will increase annually.

Guaranteed coverage for the entire policy term that you select as long as premiums are paid.


Coverage is available at your fingertips. All you need to do is provide your name, address, health history and payment information to complete your application.


Select the coverage that is right for you, options include:

  • 5, 10, 15 or 20 year terms.
  • Up to $250,000 in coverage (up to $150,000 for applicants between ages 56–60).

Will my premiums increase during the term of coverage?

This plan, underwritten by Minnesota Life Insurance Company, provides rates that are guaranteed to not increase for the initial term of the policy. In addition, once you are approved your coverage cannot be rescinded, even if your health changes down the road.1


What are the premium rates based on?

Premiums are based on several different factors, including age, gender, tobacco use, and the term and amount of insurance coverage you choose.


When will my coverage begin?

Your coverage becomes effective after your application is approved and Minnesota Life receives your first premium payment. Once your application is approved, you will also receive your policy which will include information confirming the billing method, timing of the first premium due and all subsequent premium payment dates thereafter.


Who is eligible for coverage?

Applicants ages 18 to 60 years old are eligible to apply for coverage. This product may not be available in all states.


Can I extend the length of my policy?

At the end of your policy term, you may choose to renew your policy in one-year increments (up to age 85) — without undergoing additional underwriting. Premiums will increase annually.


What benefit do I receive if I become terminally ill?

If you are diagnosed with a terminal illness with a life expectancy of 12 months or less, the Accelerated Death Benefit Agreement allows you to receive 100% of the death benefit amount in advance. If you receive an accelerated death benefit, your coverage under the policy will end. This option is included on your policy at no additional charge.


Can I change my term life policy into a whole life policy?

Yes, after your coverage has been in force for one year you may convert your policy during the next five years your policy is in force (up to age 65) to a non-participating whole life policy. Conversion Privilege details are provided with the insurance documents issued once your application has been approved.


Who is Minnesota Life?

This coverage is underwritten by Minnesota Life Insurance Company, an affiliate of Securian Financial Group, Inc. Founded in 1880, Minnesota Life’s record of financial strength and claims-paying ability positions them as one of America's most highly rated companies. Minnesota Life is highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies (A.M. Best, Fitch, Moody's and Standard & Poor's). Visit www.securian.com/ratings for more information.


1Life insurance is issued based upon your answers to application questions. Your policy may be rescinded within the first two years if your answers on the application are not truthful.

This individual term life insurance is not available in New York. Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098.

What is Accidental Death Insurance?

Accidental Death Insurance pays a benefit to the beneficiary in the event of the insured's covered accidental death.

Accidental Death Insurance may be a smart addition to your current coverage because:
  • The benefit is paid in addition to any other insurance policies you have.
  • Acceptance is guaranteed.
  • Coverage is affordable and can help protect you or your family financially.

What is considered an Accidental Death?

Some possible causes of an accidental death could be car accident, drowning, or unforeseen fatalities due to an accidental injury. Your death must be the direct result of an accidental bodily injury. Please keep in mind this is a limited benefit plan, subject to exclusions that are listed in the insurance documents. Each claim is unique and all facts related to the claim will be reviewed by Minnesota Life to determine if the claim is payable.

Which coverage option should I choose?

Accidental Death insurance is an affordable insurance option. When choosing your coverage amount, review your monthly expenses to determine what monthly premium amount will work for you and your family. Flexible coverage options are available - premiums range from $6.50 per month for $50,000 of single coverage to $65 per month for $500,000 of single coverage.

Why should I consider Accidental Death insurance?

Consider how your household income would be impacted if you or a member of your family were to pass away unexpectedly from an accidental injury. Any benefits payable under the plan can be used however you or your beneficiary see fit – for example, to help cover expenses such as funeral costs and hospital bills. Take time to plan now so that your family is protected if the worst should happen.

Product Features

Protect Your Family From the Unexpected With Securian's Accidental Death Insurance Issued by Minnesota Life Insurance Company, a Securian Company
Click Here to review the disclosures and important information about plan benefits, limitations, and exclusions.

Guaranteed acceptance

As long as you are over the age of 18, you cannot be turned down for this protection.

Select the coverage that is right for you

  • Single coverage protects you while the family plan covers you, your spouse or domestic partner, and dependent children.1
  • Various coverage options are available - choose up to $500,000 of AD protection.
  • For $6.50 per month you can have $50,000 of single Accidental Death insurance coverage.

Coverage available at your fingertips

All you need to do is provide your name, address and payment information to complete your enrollment. With just a few clicks you can be protected in minutes!

No medical exam–apply from the privacy of your home

Applying for insurance does not need to be invasive and time consuming. There is no medical exam required to apply.

Frequently Asked Questions


How much does coverage cost?

Accidental Death Insurance coverage is available for monthly rates of $1.30 per $10,000 of single coverage, and $1.95 per $10,0002 of family coverage. Premium rates will never increase based on age.

When will coverage be effective?

Coverage begins on the date your application is submitted and it will remain active as long as premiums are paid and received by Minnesota Life.

Who is eligible for coverage?

Acceptance is guaranteed provided you are over the age of 18. No medical exam or health information is required for acceptance. All benefit amounts reduce by 50% at age 70, regardless of age at enrollment. Coverage will not terminate based on age, provided premium is paid.

What does family coverage provide?

If you elect family coverage, a benefit equal to 60 percent of your coverage amount will be paid in the event of your spouse’s or domestic partner’s covered loss if you do not have dependent children or 50 percent if you have dependent children. A benefit in the amount of 25 percent will be paid in the event of a dependent child's covered loss. Eligibility for family coverage may vary by state.

Who is Minnesota Life?

This coverage is underwritten by Minnesota Life Insurance Company, a member of Securian Financial Group. Founded in 1880, Minnesota Life’s record of financial strength and claims-paying ability positions them as one of America's most highly rated companies. Securian and Minnesota Life are highly rated by the major independent rating agencies that analyze the financial soundness and claims-paying ability of insurance companies (A.M. Best, Fitch, Moody's and Standard & Poor's). Visit minnesotalife.com/ratings for more information.

1Eligibility for family coverage may vary by state.
2Premium rates may vary by state.
This accidental death insurance plan is not available in New York.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098.

What is Term Life Insurance?


Term life insurance is a simple, affordable way to protect your loved ones as well as your business. It provides coverage for a specific period of time and pays a benefit to your beneficiaries if the insured person passes during the term coverage is active.

Term insurance may be a good choice, for example, if you want to make sure a large debt is paid off when you pass away. This can alleviate the burden of that debt from your family. And what’s more, the premiums – or regular payments you make– don’t change throughout the guaranteed time period.

You may want to purchase term life insurance if you’re looking for:
  • A way to ensure debt is paid off when you pass away
  • Simple and straightforward protection for your loved ones
  • Less expensive coverage than permanent products
  • Ability to convert to permanent protection

It’s important to note that Term policies don’t grow in cash value. When your policy term ends and you do not renew, your coverage expires; but you may have the option to convert your term policy to permanent life insurance.

Your family and your business are covered with Securian's Advantage Elite Select

Issued by Minnesota Life Insurance Comapny


As a business owner, you know how important it is to prepare for the unexpected. With Advantage Elite Select Term Life insurance, you can have peace of mind knowing your family's financial security is protected and your Small Business Administration (SBA) loan will be paid off in the event of your premature death.


Benefits of Advantage Elite Select

  • Death Benefit Can be used as collateral for a small business loan
  • Fast coverage means faster funding for your business
  • Death benefit can help loved ones pay off outstanding debt or provide income replacement
  • Guaranteed protection for 10 or 20 years
  • Affordable premium payments that will never increase during the specified term
  • Flexibility to renew or convert to a permanent policy*

Product Options

This Term Life Insurance policy provides guaranteed protection for the life of the contract as long as you pay your premiums. You can also customize your Advantage Elite Select policy with following options:

  • Get early access to a portion of your death benefit coverage in the event of your terminal illness. The Accelerated Benefit Agreement (ABA) is included in your policy for no additional charge and with no effect on premium amount.
  • Safeguard your life insurance policy against disability with the Waiver of Premium Agreement. In the event of total and permanent disability before age 60, Minnesota Life will pay premiums due. This feature is optional with your policy for an additional cost.


Advantage Elite Select
Policy Term life insurance for SBA loans
Options for coverage duration (term) 10 year term
20 year term
Ages 18-80 years
Coverage available $50,000-$5 million up to age 55; $250,000 minimum for ages 55-80
Premium mode Monthly
Payment method EFT only
Underwriting $50,000–$249,999 with express issue underwriting: completed application plus telephone interview
$250,000–$750,000 with streamlined underwriting: completed application plus paramedical exam
$750,000–$5,000,000 with full underwriting
Agreements Accelerated Benefit Agreement, Waiver of Premium Agreement

*May be subject to other restrictions. May renew through the anniversary nearest the insured’s age 95.
Advantage Elite Select is not available in New York.
Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098.


What is Single Premium Whole Life Insurance?


Single Premium life insurance is a type of whole life insurance that offers reliable coverage and growth potential. This type of policy may be a good choice if you want:

  • To protect and leave a legacy for loved ones – beneficiaries will receive a death benefit of at least the face amount of the policy upon the death of the insured, assuming you do not have outstanding policy loans and that the policy premiums are paid on time.
  • One payment up front – one single payment provides a lifetime of protection.
  • Cash value you can use while you are living – your cash value will grow each year, tax-deferred, until it matches the face value of your policy. When you need it most, you’ll have access to your cash through loan and withdrawal options.

Single Premium Whole Life Insurance

Leverage your dollars and transfer assets to the ones you love with Securian's Secure Legacy Whole Life

Issued by Minnesota Life Insurance Company, a Securian Company


Your family is your top priority – and it’s important to make sure they’re taken care of after you’re gone. Secure Legacy whole life insurance can help you create a legacy for the next generation. This single-premium whole life product grows cash value immediately and allows you to transfer your wealth, tax advantaged to beneficiaries without probate1.

  • Single premium payment provides leveraged death benefit for beneficiaries
  • Cash Value grows tax deferred and can be accessed throughout the life of the policy
  • 100% return of premium guarantee2
  • Guaranteed death benefit
  • Quick and easy coverage – no medical exam3

Product Options

The Accelerated Benefit Agreement (ABA) is included in your policy at no additional cost and with no effect on premium amount. It allows you to get early access to a portion of death benefit coverage in the event of your terminal illness.


Secure Legacy Whole Life
Policy Interest-Sensitive Whole Life
Issue ages 50-85
Premium mode Single premium (no additional premiums accepted)
Issue classes Standard Non-Tobacco, Standard Tobacco
Minimum initial premium $5,000
Maximum premium Ages 50-59 $100,000
Ages 60-64 $175,000
Ages 65-80 $250,000
Ages 81-85 $50,000
Minimum face amount $10,000
Surrender charge Year 1: 6%, Year 2: 6%, Year 3: 5%, Year 4: 4%, Year 5: 3%, Year 6: 2%, Year 7: 1%
Account value guaranteed interest rate 3%
Loans Fixed loan interest charge: 5% Fixed loan interest credit: 3%
Return of premium Upon full surrender 100% of principal, less withdrawals, outstanding loans and loan interest, is guaranteed
Available agreements Accelerated Benefit Agreement

1Provided estate is not the beneficiary of the contract

2Allows for 100% guaranteed return of premium, less withdrawals and loans, upon full surrender

3Decision is based on answers to the health questions in the application


Guarantees are based on the claims paying ability of the issuing company.

Not FDIC/NCUA Insured; Not Bank Or Credit Union Guaranteed; Not A Deposit; Not Insured By Any Federal Government Agency.

Secure Legacy is not available in New York.

Insurance products are issued by Minnesota Life Insurance Company or Securian Life Insurance Company, a New York authorized insurer. Minnesota Life is not an authorized New York insurer and does not do insurance business in New York. Both companies are headquartered in Saint Paul, MN. Product availability and features may vary by state. Each insurer is solely responsible for the financial obligations under the policies or contracts it issues. 400 Robert Street North, St. Paul, MN 55101-2098.



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