Securian Financial SecureCare III

Securian Financial SecureCare III Review – SecureCare Is A Good 2nd Option

Securian Financial’s SecureCare has been the gold-standard for hybrid long-term care insurance since its introduction in 2017. It was arguably the “go-to” product for hybrid long-term care insurance.

The reason being is SecureCare is a 100% cash indemnity product. That means SecureCare provides its long-term care benefits as a 100% cash benefit, not as a reimbursement.

In addition, SecureCare offered a built-in 100% return of premium option and a 5% compound inflation option that was less expensive than other hybrids.

So simply put, you got more “bang for your buck” with SecureCare compared to other products.

However, as the saying goes, all good things must come to an end. Back in May 2022, Securian’s SecureCare underwent some changes that were not for the better.

One change Securian made was the removal of their built-in 100% return of premium option.

The 100% return of premium option is still available, however, now with an added cost.

More importantly, Securian Financial decided to raise the premiums on their highly-favored SecureCare product.

Those were two major and noticeable changes that were made to SecureCare.

That being said, is Securian Financial’s SecureCare still the “gold-standard” today?

The answer to that question is “No.”

SecureCare has now become more of a secondary option due to these changes.

While Securian Financial was busy raising rates on their SecureCare product, one of their competitors, Nationwide CareMatters, actually lowered their rates.

Also, just like SecureCare, Nationwide CareMatters also offers a 100% cash indemnity option. This makes Nationwide CareMatters definitely worth taking a look at if you were considering a SecureCare policy.

Nevertheless, SecureCare is still a viable option for hybrid long-term care insurance. It’s just not the go-to product as it was for the last few years. It is possible to get better coverage elsewhere.

That being said, let’s examine this product more closely and see why SecureCare is still a good option long-term care.

We will also compare Securian Financial’s SecureCare to other products so we may determine how it fares against its competitors.

Now Securian’s SecureCare operates just like any other hybrid long-term care insurance policy. It offers:

• Long-term care benefits in the event you need services
• A death benefit if you pass without ever needing care
• A return of premium option in case you ever change your mind

Nevertheless, let’s take a detailed look and see how SecureCare works before we compare it to other hybrid long-term care insurance products.

How Does Securian Financial SecureCare Work?

Securian’s SecureCare is a whole life insurance policy with a qualified long-term care insurance rider. It offers you protection and coverage in three ways:

• It offers long-term care benefits in the event you need long-term care
• There is a death benefit in the event you never need long-term care &
• There is a return of premium option if you ever change your mind

What makes SecureCare great is your money will work for you in some way or the other. You don’t need to worry about “using or losing it” with a Securian SecureCare policy.

Your SecureCare policy always works towards providing you a benefit.

Now like all hybrid long-term care policies, Securian’s SecureCare accelerates the policy’s death benefit to pay for long-term care. This death benefit is paid out as a “living benefit” to cover your qualified long-term care expenses.

After the accelerated death benefit is exhausted, a long-term care extension of benefits rider takes effect. This rider extends your long-term care benefits once you’ve exhausted the policy’s death benefit.

With both the Acceleration of Death Benefit and the Extension of Benefits Riders, a SecureCare policy can provide up to 7 years of long-term care benefits & protection!

What Services Does Securian’s SecureCare Cover?

Well since SecureCare is a 100% cash benefit product, it pretty much covers all forms of long-term care services available. Examples of long-term care services covered by SecureCare include:

• Home Healthcare
• Adult day care
• Assisted living
• Nursing home care
• Alternative care services
• Informal care from immediate family members or relatives
• Any LTC service existing today or developed in the future

Again Securian’s SecureCare is a 100% cash benefit policy. When you qualify for care under your policy, Securian will send you monthly checks based on your policy’s benefits. Once received, you can use your monthly long-term care benefits however you see fit!

Securian Financial will never ask you for a receipt of how you use your benefits. This makes the claims and payment process seamless!

With such great benefits, let’s look at what are the qualifications needed to apply for a Securian SecureCare policy.

How Do I Qualify For A Securian Financial SecureCare Policy?

First, in order to qualify for a Securian SecureCare policy, you must be between the ages of 40-75. Applications for SecureCare are subject to underwriting and underwriting requirements.

The rate classes offered for Securian’s SecureCare are Single Non-Tobacco, Single Tobacco, Couples Non-Tobacco, & Couples Tobacco.

If you are married, you qualify for a Couples rate class. The Couples rate class also offers a Couples Discount even if your spouse does not apply for a policy!

Now let’s look at payment options for Securian Financial’s SecureCare.

What Are The Funding Options For Securian SecureCare?

Securian Financial offers multiple funding options for their SecureCare product. They offer a single premium option as well as a 5, 7, 10, or 15 year premium payment option.

Multi-pay options are available based on your age at application.

With SecureCare, you can also use your HSA (Health Savings Account) to pay a portion of your premium. The portion of your premium related to long-term care benefits can be paid using your HSA.

Securian’s SecureCare offers great flexibility in how you fund your policy!

Key Features of Securian Financial’s SecureCare

Cash Indemnity Benefits

Again, Securian’s SecureCare is the one of two long-term care insurance policies that offer 100% cash benefits. Cash Indemnity Policies do not require you to submit bills or receipts of your long-term care expenses in order to receive benefits.

This makes the claims filing process much easier for you and your loved ones if you ever needed care.

Now here’s how it works –

First, you must meet the policy’s long-term care claims requirements. This typically involves being certified as “chronically ill” by a licensed health practitioner

Afterwards, a 90-day elimination period must be satisfied before you can receive your first monthly benefit.

Your monthly benefits are paid to you at a set dollar amount based on the maximum LTC benefit you qualify for in your policy.

This is a really desirable feature in a long-term care policy as it allows you to use your benefit payments however you would like!

Flexible Premium Payments

With SecureCare, you can pay a large upfront premium amount followed pay fixed level payments afterwards. Not everyone would like to pay a single lump-sum premium. Therefore, this flexibility offers you a solution. You can pay a sizable portion followed by smaller monthly premiums thereafter.

International Benefits

Securian Financial’s SecureCare offers one of the most robust international benefits in the industry. Unlike other carriers, your long-term care benefit pool remains unchanged with SecureCare if you receive benefits overseas.

The only caveat is your monthly benefit is distributed at 50% of the maximum benefit. So for example, if your maximum monthly benefit is $6,000, you will receive a $3,000 monthly benefit if care is received internationally. However, once again, your benefit pool remains the same. So if your benefit pool is $1,000,000, it will remain $1,000,000 even if care is received outside the U.S.

In order to receive benefits, an individual must first be seen by a doctor licensed to practice in the U.S. even if they plan to receive care internationally.

How Does Securian’s SecureCare Compare to Other Hybrid Products?

Now this is the million dollar question – “How good is SecureCare compared to other hybrid long-term care policies?” Well, I can tell you that SecureCare is competitive in 4 out of the 5 following categories:

1. Long-Term Care Benefits – ✔
2. Benefit Periods – ✔
3. Inflation Protection Options – ✔
4. Elimination Period
5. Premium Payment Options – ✔

My only hiccup with Securian Financial’s SecureCare is their elimination period. SecureCare still has the standard 90-day elimination period.

However, most carriers in the hybrid long-term care insurance space offer some sort of benefit in regards to the elimination period – no elimination period, retroactive benefits for the elimination period, etc.

Nevertheless after reviewing SecureCare, I find it to be a decent option as a long-term care option.

Let me show you what I mean. We will look at SecureCare illustrations and Nationwide CareMatters illustrations for married individuals followed by a product comparison.

For our examples, we will use a reasonably common age of 55.

Now again, Nationwide CareMatters is a 100% cash indemnity product just like SecureCare. It is also a highly rated hybrid long-term care insurance policy as well.

Therefore, it will make for a good comparison product.

SecureCare Illustration Married Male Age 55

Here is a SecureCare illustration for a married male:

• Age 55
• For $65,000 in premium
• 6-year benefit period
• 3% compound inflation option

Now here is what we gather from this illustration:

Initial Benefits	Benefits at Age 80 (3% compound inflation option)
Monthly benefits: $3,482	Monthly Benefits: $7,292
Total Benefit Pool: $270,350	Total Benefit Pool: $566,053

In this illustration, we see the level of coverage SecureCare will provide. The 3% compound inflation option grows the policy’s benefit pool over time.

Now let’s look at a Nationwide CareMatters illustration using the same variables.

Nationwide CareMatters Illustration Married Male Age 55

Here is a Nationwide illustration using the same variables. However, with Nationwide CareMatters, a 55 year old married male can afford a 5% compound inflation option with $65,000 in premium.

• Married Male Age 55
• $65,000 in premium
• 6-year benefit period
• 5% compound inflation

Here is what we gather from the Nationwide CareMatters illustration.

Initial Benefits	Benefits at Age 80 (5% compound inflation option)
Monthly benefits: $2,559	Monthly Benefits: $8,665
Total Benefit Pool: $208,852	Total Benefit Pool: $707,427

Now that we see what Nationwide CareMatters will offer, let’s do our comparison.

Comparison – SecureCare vs. Nationwide CareMatters for Married Male Age 55

Based on the above illustrations, SecureCare and Nationwide CareMatters are not even close!

While both products are 100% cash indemnity benefits, Nationwide CareMatters clearly offers more coverage based on the above illustrations.

Nationwide CareMatters offers $140,000 more in benefits in our example.

Therefore it looks like a married male looking at SecureCare should definitely consider Nationwide CareMatters before they buy any policy!

Now Nationwide CareMatter has other benefits that make it standout agains SecureCare. However, before we discuss those benefits, lets look at the same example but this time we’ll use a married female.

SecureCare Illustration Married Female Age 55

Here is a SecureCare illustration for a married female:

• Age 55
• For $65,000 in premium
• 3% compound inflation option

Now here is what we gather from this illustration:

Initial Benefits	Benefits at Age 80 (3% compound inflation option)
Monthly benefits: $2,985.79	Monthly Benefits: $6,251.58
Total Benefit Pool: $231,759.96	Total Benefit Pool: $485,253.72

In this illustration, we see the level of coverage SecureCare will provide. The 3% compound inflation option grows the policy’s benefit pool over time.

Now let’s look at a Nationwide CareMatters illustration using the same variables.

Nationwide CareMatters Illustration Married Female Age 55

Here is a Nationwide illustration using the same variables:

• Married Female Age 55
• $65,000 in premium
• 3% compound inflation

Here is what we gather from the Nationwide CareMatters illustration.

Initial Benefits	Benefits at Age 80 (3% compound inflation option)
Monthly benefits: $3,008	Monthly Benefits: $6,298
Total Benefit Pool: $233,498	Total Benefit Pool: $488,892

Now that we see what Nationwide CareMatters will offer, let’s do our comparison.

Comparison – SecureCare vs. Nationwide CareMatters for Married Female Age 55

Based on the above illustrations, SecureCare and Nationwide CareMatters are neck-and-neck in the level of coverage they provide for the married female.

However, Nationwide CareMatters offers slightly more benefits:

While both policies are 100% cash indemnity products, Nationwide CareMatters edges out SecureCare based on the above illustrations.

In addition, while both products have a 90-day elimination period, Nationwide CareMatters offers retroactive payments after the waiting period. SecureCare does not.

Also SecureCare has more stringent underwriting. They may order an APS (medical records) and when they do, only about 60% of those applicants get approved.

Nationwide CareMatters generally has the highest guaranteed minimum death benefits in the industry. This is the benefit your loved ones receive after you have exhausted your policy and you pass away.

SecureCare offered a guaranteed minimum death benefit of $7,166 while Nationwide CareMatters offered a benefit twice that amount at $14,439.

Therefore, Nationwide CareMatters is the clear winner in our example using the married female age 55.

If you are a married female, considering SecureCare, it definitely would be wise to consider Nationwide CareMatters as well.

So what can conclude from all of this?

Securian Financial’s SecureCare Is A Good 2nd Option – Nationwide CareMatters Is Better

As we can see from our review and comparison of Securian’s SecureCare, SecureCare’s recent changes has caused the product to lose some of its luster. Nationwide CareMatters, with its recently reduced premiums, has stepped up and taken its place.

Therefore, if you are interested in a cash indemnity feature with high long-term care benefit amounts, I would start with Nationwide CareMatters first, then Securian Financial’s SecureCare.

This goes for both male and female individuals shopping for a hybrid long-term care insurance policy.

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