Securian Life Insurance Company, St. Paul, Minn., has entered New York's individual life insurance market with Eclipse Indexed Universal Life Insurance. Securian Life's Eclipse design is based upon a product that last year helped boost individual life insurance sales of Securian Life's parent, Minnesota Life Insurance Company, by 57%.
Larry Cochrane, Securian Financial Group's national sales vice president, says Eclipse "provides a death benefit but also gives policyholders what they're looking for during uncertain economic times – opportunities for cash value growth with down-side protection."
Eclipse gives policy owners the choice of three death benefit payout options that can be raised or lowered, depending on client needs. Other important features include:
- Three index account choices;
- Optional death benefit guarantee rider;
- 3% cash accumulation guarantee upon death or contract termination.
Eclipse Indexed Universal Life is a flexible premium universal life product that credits interest on the basis of changes in a chosen index and is primarily designed to provide life insurance protection. While the interest crediting options available with indexed products are attractive for cash value accumulation, the purchaser's fundamental objective in buying an indexed product should be the peace of mind that the life insurance protection provides to the purchaser's family or business.
Securian Life previously was licensed in New York to sell group life insurance. The company now has the distribution opportunities to make a profitable entry into the New York individual market, despite the time and expense involved.
