Process Change to Illustration Requirements Effective 08/06/2024
Process changes impacting new business, conversions and more
Securian Financial has made the decision to strengthen due diligence with ensuring premium affordability risks, avoiding adverse customer experience, and reducing operational inefficiencies.
Effective August 6, 2024, Securian Financial will change the administrative illustration process on all permanent products.
- Field-provided illustrations will be required on all permanent products, this now includes variable products, before policy issuance.
- Securian Financial-produced illustrations that generated once a policy was issued, will no longer be included in the policy packet. The field-provided illustration will now be included in the policy packet.
- If there are changes during the underwriting process or the underwriter needs clarification on design of the contract, we may request an updated field-provided illustration prior to the underwriting decision being finalized.
- The field-provided illustration will be included in the policy delivery packet for review and signature collection.
Products affected:
| Product type | Impacted by change |
|---|---|
| Term products | No |
| SecureCare™ products | No |
| Indexed Universal Life products (Eclipse Accumulator, Eclipse Protector II, Balanced Growth Accumulator® II, Eclipse Indexed Life (NY), Eclipse Survivor II) | Yes |
| Variable Universal Life products (Survivor, Premier, VUL Defender®) | Yes |
| Conversions and Exchanges | Yes |
| Policy Change (underwriting required) | Yes |
| Reinstatements | No |
Any application received by Securian Financial prior to the process change effective date will follow the current process and not require an illustration at time of issue. Any application received by Securian Financial after the effective date will follow our new process.
We realize this is a change in how you may be doing business today and welcome the opportunity to assist you.
If you need support during the illustration process, your dedicated sales team is ready to help or view the FAQ for more information.