Securian Slashes SecureCare Hybrid LTC Rates By 25%!

In a recent move, Securian Financial has announced a significant reduction in the rates for their SecureCare Hybrid Long-Term Care (LTC) insurance plan. With a remarkable 25% decrease in premiums, this adjustment aims to make long-term care planning more accessible and affordable for individuals and families. In this blog post, we’ll delve into the details of this rate cut, its implications for policyholders and prospective buyers, and why now might be the perfect time to consider SecureCare Hybrid LTC insurance.

Understanding SecureCare Hybrid LTC Insurance

SecureCare Hybrid LTC insurance is designed to provide both long-term care coverage and a life insurance benefit. This hybrid product combines the benefits of traditional long-term care insurance with the security of a life insurance policy, offering a versatile solution for managing healthcare costs in later years. Unlike standalone LTC policies, hybrid products offer a death benefit if the insured does not require long-term care, ensuring that the policyholder's investment is not lost.

Why the Rate Cut Matters

Securian’s decision to cut SecureCare Hybrid LTC rates by 25% is a significant development in the insurance market. Here’s why this rate reduction is noteworthy:

1. Increased Affordability

The 25% reduction in rates makes SecureCare Hybrid LTC insurance more affordable for a broader range of individuals. With long-term care costs continuing to rise, finding a cost-effective way to cover these expenses is crucial. The lower premiums mean that more people can secure their financial future against the potentially high costs of long-term care without straining their budgets.

2. Enhanced Value

For current policyholders, this rate reduction enhances the value of their existing coverage. If you already have a SecureCare Hybrid LTC policy, you might be eligible for a lower premium, potentially reducing your ongoing costs while maintaining your benefits. It’s worth checking with Securian to see how this rate cut could impact your policy.

3. Attracting New Customers

For prospective buyers, this rate cut presents an opportunity to invest in a high-quality long-term care insurance product at a lower cost. The reduced premiums can make it easier for individuals to consider long-term care planning as part of their overall financial strategy.

How SecureCare Hybrid LTC Insurance Works

SecureCare Hybrid LTC insurance offers several key features that differentiate it from traditional long-term care policies:

1. Combination of Benefits

SecureCare Hybrid LTC insurance combines long-term care coverage with a life insurance component. This means that if you need long-term care, the policy will cover the associated costs. If you don’t require long-term care, your beneficiaries will receive a death benefit.

2. Flexible Premiums

The premiums for SecureCare Hybrid LTC insurance are designed to be flexible, allowing policyholders to adjust their payments based on their financial situation. This flexibility is particularly beneficial in times of economic uncertainty.

3. Asset Protection

By investing in a SecureCare Hybrid LTC policy, you’re protecting your assets from being depleted by long-term care expenses. This is especially important for individuals who want to preserve their wealth for future generations.

Benefits of the 25% Rate Reduction

1. Financial Savings

The most immediate benefit of the 25% rate reduction is the financial savings. Lower premiums mean that policyholders can save money while still enjoying comprehensive long-term care coverage. This reduction also makes it more feasible for individuals who previously found the cost prohibitive to consider this insurance option.

2. Greater Accessibility

By making long-term care insurance more affordable, Securian is helping to increase accessibility for a wider audience. This is crucial as long-term care costs continue to rise, and having access to affordable insurance can provide peace of mind and financial security.

3. Increased Market Competitiveness

This rate cut enhances Securian’s competitive position in the insurance market. As more insurance providers respond to the growing demand for affordable long-term care solutions, consumers can benefit from increased competition and potentially better options.

How to Take Advantage of the Rate Reduction

If you’re interested in taking advantage of the 25% rate reduction for SecureCare Hybrid LTC insurance, here are some steps to consider:

1. Contact Securian

Reach out to Securian Financial to inquire about the new rates and how they might impact your policy. They can provide detailed information about the rate reduction and guide you through the process of adjusting your policy or purchasing a new one.

2. Review Your Long-Term Care Needs

Assess your long-term care needs and financial situation to determine if SecureCare Hybrid LTC insurance is the right fit for you. Consider factors such as your health, family history, and financial goals.

3. Compare Options

While the rate reduction makes SecureCare Hybrid LTC insurance an attractive option, it’s always a good idea to compare different policies and providers. Evaluate the coverage, benefits, and costs to ensure you’re making an informed decision.

Securian’s 25% rate reduction for SecureCare Hybrid LTC insurance is a significant development that makes long-term care planning more accessible and affordable. By offering reduced premiums, Securian is helping individuals and families better prepare for the costs associated with long-term care while providing a valuable life insurance benefit. If you’re considering long-term care insurance, now is an excellent time to explore SecureCare Hybrid LTC insurance and take advantage of this reduced rate.

For more information, contact Securian Financial or consult with a financial advisor to discuss how SecureCare Hybrid LTC insurance can fit into your overall financial strategy.

FAQs

1. What is SecureCare Hybrid LTC insurance?

SecureCare Hybrid LTC insurance is a combination of long-term care insurance and life insurance. It provides coverage for long-term care expenses, such as nursing home or assisted living costs, while also offering a death benefit if the insured does not need long-term care. This hybrid approach ensures that the policyholder’s investment is not wasted and can benefit their beneficiaries if long-term care is not required.

2. Why did Securian reduce SecureCare Hybrid LTC rates by 25%?

Securian Financial reduced the rates by 25% to make their SecureCare Hybrid LTC insurance more affordable and accessible to a broader audience. This move is aimed at helping individuals better manage the costs of long-term care and improve the overall value of their insurance investments.

3. How will the 25% rate reduction impact existing policyholders?

Existing policyholders may benefit from the rate reduction in several ways. Depending on their policy terms, they might be eligible for lower premiums, which could reduce their ongoing costs. It’s advisable for current policyholders to contact Securian to understand how this rate cut affects their specific policy.

4. What benefits does SecureCare Hybrid LTC insurance provide?

SecureCare Hybrid LTC insurance offers two main benefits: coverage for long-term care expenses and a life insurance benefit. If the policyholder requires long-term care, the policy will cover the associated costs. If long-term care is not needed, beneficiaries receive a death benefit, ensuring that the policyholder’s investment is preserved.

5. How does SecureCare Hybrid LTC insurance compare to traditional LTC insurance?

Unlike traditional LTC insurance, which provides coverage solely for long-term care expenses, SecureCare Hybrid LTC insurance includes a life insurance component. This means that if the policyholder does not need long-term care, the policy will still pay out a death benefit, making it a more versatile and valuable option.

6. Are there any eligibility requirements for purchasing SecureCare Hybrid LTC insurance?

Eligibility requirements for SecureCare Hybrid LTC insurance typically include age restrictions and health assessments. Prospective policyholders may need to undergo a medical evaluation to determine their suitability for coverage. It’s important to check with Securian for specific eligibility criteria.

7. What factors contribute to the cost of SecureCare Hybrid LTC insurance?

The cost of SecureCare Hybrid LTC insurance is influenced by several factors, including the policyholder’s age, health, coverage amount, and the selected premium payment options. Premiums may also vary based on the coverage level and the length of the benefit period.

8. How can I determine if SecureCare Hybrid LTC insurance is right for me?

To determine if SecureCare Hybrid LTC insurance is right for you, consider your long-term care needs, financial situation, and overall health. Assess your ability to pay for long-term care expenses and whether you want a policy that also offers a death benefit. Consulting with a financial advisor can also help you make an informed decision.

9. Can I adjust my SecureCare Hybrid LTC policy if my needs change?

Yes, SecureCare Hybrid LTC policies often allow for adjustments based on changing needs. You can modify coverage amounts, premium payment options, and other aspects of the policy as your situation evolves. It’s recommended to discuss any changes with Securian to ensure that your policy continues to meet your needs.

10. How does the rate reduction affect new policyholders?

New policyholders will benefit from the reduced premiums, making SecureCare Hybrid LTC insurance more affordable from the outset. This rate cut provides an opportunity for individuals who might have previously found the insurance cost-prohibitive to secure valuable long-term care and life insurance coverage.

11. What should I do if I am interested in purchasing SecureCare Hybrid LTC insurance now?

If you’re interested in purchasing SecureCare Hybrid LTC insurance, start by contacting Securian Financial to get detailed information about the current rates and policy options. You may also want to consult with a financial advisor to ensure that the policy aligns with your long-term care and financial planning goals.

12. Are there any additional benefits or features included with SecureCare Hybrid LTC insurance?

In addition to providing long-term care coverage and a death benefit, SecureCare Hybrid LTC insurance may include features such as inflation protection, flexible premium payments, and options to increase coverage over time. Check with Securian for a comprehensive list of benefits and features included in their policies.

13. How do I file a claim for long-term care expenses with SecureCare Hybrid LTC insurance?

To file a claim for long-term care expenses, you will need to contact Securian Financial and provide the necessary documentation, such as medical records and care facility invoices. Securian’s claims department will guide you through the process and help ensure that your claim is processed efficiently.

14. Can SecureCare Hybrid LTC insurance be used to cover care provided at home?

Yes, SecureCare Hybrid LTC insurance can typically be used to cover long-term care provided at home, as well as care in nursing homes or assisted living facilities. Review the policy details to understand the specific types of care and settings covered by your plan.

15. How often can SecureCare Hybrid LTC insurance rates be adjusted?

Insurance rates can be adjusted periodically based on factors such as changes in medical costs and policyholder demographics. Securian Financial will notify policyholders of any rate adjustments and provide information on how these changes might affect their premiums.

16. What happens if I stop paying premiums for my SecureCare Hybrid LTC insurance?

If you stop paying premiums, your policy may lapse, meaning you will lose coverage and any benefits associated with the policy. Securian may offer a grace period during which you can make overdue payments to reinstate your policy. It’s important to stay current on premiums to maintain coverage.

17. Can I transfer my SecureCare Hybrid LTC insurance to another insurance provider?

Transferring an insurance policy to another provider is generally not possible. However, you may have options to surrender your policy or convert it into a different type of coverage. Consult with Securian Financial for guidance on how to handle policy changes or transfers.

18. How can I find out more about SecureCare Hybrid LTC insurance?

To find out more about SecureCare Hybrid LTC insurance, visit Securian Financial’s website or contact their customer service team. They can provide detailed information about policy options, rates, and benefits. Additionally, speaking with a licensed insurance agent or financial advisor can help you understand how the policy fits into your overall financial plan.

19. What are the tax implications of SecureCare Hybrid LTC insurance?

SecureCare Hybrid LTC insurance may have tax implications, depending on how the policy is structured and used. Long-term care benefits may be tax-free, but premiums might not always be deductible. Consult with a tax professional to understand how this insurance may impact your taxes.

20. How can I stay updated on changes to SecureCare Hybrid LTC insurance rates and policies?

To stay updated on changes to SecureCare Hybrid LTC insurance rates and policies, regularly check Securian Financial’s website for announcements and updates. You can also sign up for their newsletters or contact their customer service for the latest information regarding policy changes and rate adjustments.