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Securian Financial

COVID-19: We are here for you

As we all continue to navigate these times of uncertainty, the health and safety of our customers, partners and employees is our top priority.

We are open for business and maintaining business operations. As the situation continues to evolve, know that we are committed and prepared to serve you through this disruptive time. We will continue to update this page with any new developments.

What we’re doing

We are continually monitoring developments surrounding COVID-19 and are working with state and local governments to support business continuity and resilience.

We maintain a business continuity program that is designed to support critical operations during times of uncertainty. Cross-functional teams of Securian Financial professionals proactively assess our readiness to provide uninterrupted service through a variety of potential situations, including pandemics.

Our employees have primarily transitioned to remote work arrangements and we are prepared to continue all critical business functions. We have suspended all business travel and events, and are encouraging our employees to practice social distancing to help contain the spread of the virus and do our part to flatten the curve.

We’re here to serve you

Our team is working hard to meet your needs in a timely manner — we will continue to pay claims and benefits, and deliver the excellent service you expect.

Due to a high volume of inquiries, you may experience delays when contacting us. We are evaluating and prioritizing calls as they come in and we appreciate your patience as we all navigate this situation together.

Remember that you can access most of your account or policy information online 24/7 and many requests or changes can be made using our online tools.

Strength you can count on

Securian Financial has weathered economic ups and downs while staying true to our customers for 140 years.

As a mutual holding company, we’ve always focused on our customers. We take a long-term approach that positions us strongly regardless of what happens in the economy.

Securian Financial is in a position of strength as we navigate this situation, and we are one of the highest rated insurance groups in the nation by the independent rating agencies that evaluate the financial strength of insurance companies.1 Our strong balance sheet, well-diversified investment portfolio and capital strength enable us to weather market volatility and economic turmoil. We will be here when you need us.

Securian Financial has provided reassurance during times of uncertainty for 140 years. We are here for families. We are here for you.

Christopher M. Hilger

Chairman, President and Chief Executive Officer

FAQs for customers

What’s going on with the markets?

COVID-19 and related economic and political factors are causing significant volatility in the equity markets, and it is possible this could continue throughout 2020.

A volatile market can push the most experienced investors into making emotional decisions. If you are saving for retirement, remember that your retirement plan is a long-term investment and you should keep a long-term perspective through this period of volatility and uncertainty.

Investors with a well-diversified portfolio that is sensible for their investment goals and risk tolerance generally avoid making changes to their investment approach due to short-term market events. Learn more about keeping your perspective during times of volatility.

How do I check on my 401(k)?

If you have registered for online retirement account access, you can view your balances on our retirement participant website.

If you haven’t set up an online account yet, click on “New user - register now” on the main page to create a username and password.

After logging in, you can view your account balance, review and make changes to your investment allocations, and review your retirement plan details. There are also calculators and educational resources on variety of topics.

FAQs for financial professionals

How can Securian Financial help me serve my clients during this time?

We can help you with some of the critical conversations and challenges you might be facing:

  • Discussing market volatility with your clients and prospects
  • Tips and best practices for conducting remote meetings
  • Helping your clients understand Securian Financial’s ratings and financial strength
  • Staying on top of any product or rate changes

To get these tools, and to discuss any unique situations you might be facing, contact our sales teams.

FAQs for employers

How does the Coronavirus Aid, Relief, and Economic Security (CARES) Act impact my organization’s retirement plan?

Our CARES Act impacts to retirement plans summary offers an overview of key retirement plan provisions employers may choose to adopt that offer relief to participants in qualified retirement plans.

How is Securian Financial supporting the CARES Act legislation and clients?

Securian Financial is waiving all COVID-19 related 401(k) distribution fees for the retirement plans for which we serve as recordkeeper. And, moving forward, will permanently make all hardship distributions fee-free to customers — regardless of the triggering event.

Securian Financial will act as an ERISA 3(16) fiduciary for participant distributions and loans under the CARES Act, at no additional cost, for existing full-service 401(k) employer customers. Additionally, we will provide these customers with a suite of wellness services to make available to employees, free of charge, through the end of 2020.

Are there any exclusions in Securian Financial’s group policies related to pandemics, coronavirus or COVID-19?

How insurance proceeds are distributed depends on the type of insurance elected and the details of the claim. We review all claims on a case-by-case basis.

  • Our term and universal group life insurance products generally do not contain any exclusions related to pandemics.
  • Accidental death and dismemberment related benefits are designed to cover losses resulting from an accidental injury. Claims for these benefits are reviewed on a case-by-case basis.
  • If someone is hospitalized due to coronavirus or COVID-19, it is covered under our hospital indemnity product and payments are determined based on factors such as length of stay.

FAQs for financial institutions

Is there any leniency for premium payments collected by our insured financial institution clients?

Yes. Based on guidance and mandates from state departments of insurance, during the COVID-19 pandemic, Securian Financial member insurance companies Securian Casualty Company, Minnesota Life Insurance Company and Securian Life Insurance Company are accommodating their insured financial institutions by implementing a moratorium on the cancellation of policies and certificates of insurance for non-payment, waiving of any late fees associated with such premium payments and providing for extended grace periods. Such accommodations will remain in effect until further notice.

Will Securian Financial’s credit protection policies and programs continue to provide consumers with financial protection during the pandemic?

Our lending protection solutions were designed to prevent borrowers or their loved ones from becoming delinquent on loan payments when faced with unexpected life events such as death, disability or the loss of a job.

Our credit insurance and debt protection products generally do not contain an exclusion related to pandemics. Pre-existing exclusion provisions will still apply. Claims initiated during this challenging time will continue to be addressed and adjudicated in the same manner, and reviewed on a case-by-case basis. 

Can we accommodate skip payments or other modifications approved by you on existing loans with credit protection?

We can help to make sure coverage can continue for your borrowers during any skip period or other loan modification you have approved. To talk through the options you are considering or have put in place, please contact your sales or account management representative today. 

1. Securian Financial Group, Inc., is a part of an insurance company holding group. These ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company. For more information about the rating agencies and to see where our ratings rank compared to other ratings, please see our website at securian.com/ratings.

DOFU 3-2020