ST. PAUL, Minn.--(EON: Enhanced Online News)--Over half of America’s households have annual incomes between $35,000 - $124,000. Historically, this group’s individual life insurance protection needs have largely gone unmet.1
“Fifty eight percent of households in the $35,000 - $124,000 income range are uninsured or underinsured. We are excited about our partnership with Upromise because it can help make this important protection available to these households.”
To help provide coverage for these individuals and families, Securian Financial Group launched a simplified issue whole life insurance product in partnership with Upromise by Sallie Mae.
“Planning for the unexpected loss of a breadwinner is a factor that all families need to consider,” said Bill Gould, second vice president, Securian Financial Group. “Fifty eight percent of households in the $35,000 - $124,000 income range are uninsured or underinsured. We are excited about our partnership with Upromise because it can help make this important protection available to these households.”
Minnesota Life and Securian Life Insurance Companies underwrite the new, simplified issue whole life policy designed for children and adults that Upromise will market online. Securian also will use its extensive direct marketing capabilities to market the contract. Upromise members who buy the coverage will fill an important financial need and may also earn rewards that can accumulate and help pay for college expenses or be applied to eligible student loans. Coverage minimums are $10,000 for children and $25,000 for adults.
“The Securian-Upromise partnership opens a new channel to underserved households,” said Gould. “It provides easy online access to simplified issue, permanent whole life coverage for this large segment of the market.”
Since 1880, Securian Financial Group and its affiliates have provided financial security for individuals and businesses in the form of insurance, investments and retirement plans. Now one of the nation’s largest financial services providers, it is the holding company parent of a group of companies that include Minnesota Life Insurance Company and Securian Life Insurance Company, a New York admitted insurer.
DOFU – 10-2013
1 “Household Trends in US Life Insurance Ownership”, LIMRA 2010