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  • State availability varies by agreement. Please see specific agreement pages for further information.

Chronic illness insurance agreements

Chronic illness insurance gives individuals flexibility when deciding when and how they would like to receive care, should they become chronically ill. In addition, it can help protect their assets from the costly expenses associated with care, particularly over long periods of time.1

Chronic Illness Access Agreement (CIAA)

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The CIAA provides a chronic illness benefit payment through an acceleration of death benefit when the insured is chronically ill.

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Chronic Illness Conversion Agreement (CICA)

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CICA guarantees your client the right to add the Accelerated Death Benefit for Chronic Illness Agreement (ADB-CIA) without providing evidence of insurability at the time of conversion.

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1. If owner/insured are different, benefits will be paid to the owner upon the insured being certified as a chronically ill individual.

Chronically Ill Individual: All states except NY: Insured has been certified by a licensed health care practitioner within the preceding 12-month period as: (1) being unable to perform, without substantial assistance, at least two Activities of Daily Living due to loss of functional capacity (activities that include eating, bathing, toileting, continence, dressing and transferring) for period of at least 90 days3 or (2) requiring substantial supervision to protect the insured from threats to health and safety due to severe cognitive impairment. (Confinement due to medical condition is required to be permanent in CT.) New York:  Insured has been certified by a licensed health care practitioner as: (1) being unable to perform, without substantial assistance from another person, at least two Activities of Daily Living due to a loss of functional capacity for at least 90 days; or (2) requiring substantial supervision to protect the person from threats to health and safety due to a severe cognitive impairment.

Please keep in mind that the primary reason to purchase a life insurance product is the death benefit.

Life insurance products contain fees, such as mortality and expense charges (which may increase over time), and may contain restrictions, such as surrender periods.

The Accelerated Death Benefit for Chronic Illness Agreement and Chronic Illness Access Agreement may not cover all of the costs associated with chronic illness. These Agreements are generally not subject to health insurance requirements and do not provide long-term care insurance subject to state long-term care insurance law. These Agreements are not state-approved Partnership for Long Term Care Program Agreements and are not Medicare supplement policies. Receipt of chronic illness benefit payments under these agreements may adversely affect eligibility for Medicaid or other government benefits or entitlements.

The Accelerated Death Benefit for Chronic Illness Agreement is a life insurance policy agreement that provides an option to accelerate the death benefit in the event that the insured becomes chronically ill. The accumulation value, surrender value, loan value, and death benefit will be reduced by a chronic illness benefit payment under this agreement.

The Chronic Illness Access Agreement is a life insurance policy agreement that provides an option to accelerate the death benefit in the event that the insured becomes chronically ill. The accumulation value, surrender value, loan value, and death proceeds will be reduced when a chronic illness benefit payment is made under this agreement. The death proceeds will be reduced by the accelerated death benefit amount.

Due to uncertainty in the tax law, chronic illness benefits paid from a life insurance contract may be taxable. Please ensure that your clients consult a tax advisor regarding chronic illness care benefit payments from a life insurance contract.

Additional agreements may be available. Agreements may be subject to additional costs and restrictions. Agreements may not be available in all states or may exist under a different name in various states and may not be available in combination with other agreements.

Insurance products issued by Minnesota Life Insurance Company / Securian Life Insurance Company

Policy form numbers:  16-20068 and any state variations; ICC16-20057, 16-20057 and any state variations; 15-20026; ICC16-20083, 16-20083 and any state variations.

The information presented above is solely intended for use by financial professionals. Such information is not intended for public consumption or dissemination.

For financial professional use only. Not for use with the public. This material may not be reproduced in any way where it would be accessible to the general public.

DOFU 8-2022
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