Yes — a Securian or Minnesota Life indexed universal life policy can be sold in a life settlement when the policyholder and the policy qualify, and the carrier’s permission plays no part in it. A policy is property. Owners may transfer property. When a settlement closes, the insurer records a new owner and beneficiary on its books and the matter ends there. Whether a sale is worth doing depends on the contract’s economics and on medical underwriting.
Indexed universal life is the least intuitive product in the life insurance catalogue. It credits interest linked to an index — usually the S&P 500 price return, which leaves out dividends — subject to a cap and participation rate, with a floor that is typically 0%. Against that credit the contract deducts monthly cost of insurance, per-thousand charges and rider fees. Carriers may lower current caps and raise current COI rates on in-force contracts within guaranteed limits. That combination is how a policy sold on a cheerful illustration ends up asking for money it never planned to ask for.
Securian Financial Group is the St. Paul, Minnesota holding company whose principal life insurance subsidiary is Minnesota Life Insurance Company, with origins dating to 1880. Securian operates under a mutual holding company structure. Indexed universal life has been issued under names in the Eclipse and Orion families; confirm your specific product and its current status with the carrier as of 2026. Pine Lake Life Solutions is not affiliated with Securian Financial or Minnesota Life.
In This Article
- Two Names, One Policy: Securian Versus Minnesota Life
- Why Mutual Structure Is Not a Guarantee
- The Slow-Motion Failure Mode of an Optimistic Illustration
- Get the In-Force Illustration — Both Versions, in Writing
- How Value Is Determined in the Secondary Market
- Options Ranked, Including Doing Nothing
- Starting the Review and What Follows
- Frequently Asked Questions
Two Names, One Policy: Securian Versus Minnesota Life
This is the single most common source of confusion for these policyholders. The brand on your statements and website login may say Securian Financial. The issuing company named in your contract is very often Minnesota Life Insurance Company, or Securian Life Insurance Company for certain products and states. They are related entities under one holding structure, but they are not interchangeable on paperwork.
It matters in three places: the in-force illustration request goes to the issuing company’s service center; the change-of-ownership form must name the correct issuer; and any verification of coverage must come from the entity that actually holds the contract. Check the issuing company on your policy cover page and use that name on everything. Our guide to what the cover page shows points to exactly where it appears.
Why Mutual Structure Is Not a Guarantee
Securian’s mutual holding company structure means there are no public shareholders demanding quarterly earnings growth, and long-tenured policyholders reasonably view that as a stability advantage. It is not, however, a promise about your crediting parameters or your charges.
Declared caps, participation rates and current cost-of-insurance rates on in-force IUL are contract variables at essentially every carrier. They move with the cost of the options that fund indexed crediting and with mortality experience. If you want to know whether yours have shifted, compare the declared cap on three consecutive annual statements and ask the service center for the current declaration in writing. Then read how cost of insurance is calculated to understand why the monthly charge rises even when nothing else changes.
The Slow-Motion Failure Mode of an Optimistic Illustration
Here is how a healthy-looking IUL goes wrong without anyone doing anything unusual. The policy is issued with a target premium tied to an illustrated rate near 7%. Several index years finish at or near the 0% floor. The declared cap drifts down over time. Cost of insurance rises annually with the insured’s attained age. Charges begin to exceed credits. Account value plateaus, then declines, then approaches zero, and the projected lapse year on the statement starts marching backward toward the present.
None of that is visible in a single year’s statement. It is obvious across ten. If you have kept your statements, lay them out; if not, ask the carrier for a values history. Then see what rising universal life costs mean.
| Term on Your Statement | Plain English | Why It Matters to a Buyer |
|---|---|---|
| Declared cap | Maximum indexed credit for the segment | Sets realistic future account growth |
| Participation rate | Share of index movement credited | Can cut effective crediting well below the cap |
| Floor | Minimum indexed credit, usually 0% | Protects the credit, not the account value |
| Monthly deduction | COI plus policy and rider charges | The drain that determines lapse timing |
| Net amount at risk | Death benefit minus account value | COI is charged on this amount |
| Projected lapse year | When the policy runs out of value | Defines the buyer’s carrying cost horizon |
Get the In-Force Illustration — Both Versions, in Writing
Ask Minnesota Life or Securian for an in-force illustration on current assumptions and a second on guaranteed assumptions. There is no charge to the owner. Everything downstream depends on it.
Read the projected lapse year in each column, and the annual premium required to carry the policy to maturity. That premium is exactly the figure a settlement buyer treats as their carrying cost, so the smaller it is relative to the death benefit, the better the pricing. If the guaranteed column shows the policy failing a decade earlier than the current column, that gap is the non-guaranteed risk you have been carrying without being told. See why the in-force illustration matters.
How Value Is Determined in the Secondary Market
A buyer’s price is the expected net death benefit, minus the projected premiums required to keep the policy in force, discounted to present value at their required rate of return. Life expectancy comes from independent medical underwriters working from records you authorize under a HIPAA release. Nothing about your premium history enters the model.
Because indexed crediting is not guaranteed, buyers price IUL conservatively — frequently near the guaranteed floor. Two policies with identical face amounts can therefore be worth entirely different sums depending on health and on how expensive the contract is to sustain. See how buyers price a policy and what affects an offer.
Options Ranked, Including Doing Nothing
Start with the cheapest fix and work up. Reduce the face amount to cut the monthly insurance charge. Restructure premium payments if the policy has cash value to absorb a pause, understanding the lapse risk. Consider a 1035 exchange into a guaranteed contract if you still need coverage. Explore a retained death benefit structure to end premiums while keeping a slice of coverage. Surrender if the face amount is small and the market has no appetite.
A settlement makes sense when the coverage is no longer needed and the money is. For qualifying policies the GAO’s market study (GAO-10-775) reported typical proceeds of roughly 10% to 35% of face value, several times cash surrender value. And when the family still needs the death benefit and the premium is affordable, keeping it is the correct answer — see when keeping the policy wins and surrender vs. sell.
Starting the Review and What Follows
Send the policy cover page — issuing company, policy number, face amount, issue date — and request a free policy review. That single page is enough to learn whether the policy is a realistic candidate, at no cost and with no obligation to continue. Call (305) 209-7183 if you would rather begin with a conversation.
A full transaction typically runs 60 to 120 days. HIPAA-authorized medical record retrieval and independent life-expectancy reports take the longest; offers and closing move faster. Proceeds should be held by an independent escrow agent until the carrier confirms the ownership change, and most states provide a rescission window after funding — confirm the rule that applies where you live. Nothing on this page is legal, tax, or investment advice.
Frequently Asked Questions
Is my policy from Securian or from Minnesota Life?
Check the issuing company printed on your policy cover page. Securian Financial is the holding company brand; Minnesota Life Insurance Company issues many of the policies, and Securian Life Insurance Company issues others. Use the issuing company’s name on all forms and illustration requests.
Do I need the carrier’s permission to sell?
No. The policy is your property and you may transfer it. The insurer’s role is to record the new owner and beneficiary after closing; it does not approve or block a settlement.
Is Pine Lake affiliated with Securian or Minnesota Life?
No. Pine Lake Life Solutions is not affiliated with, endorsed by, or acting on behalf of Securian Financial Group or Minnesota Life Insurance Company. The names appear here only to describe the policy type.
Does Securian still offer indexed universal life in 2026?
Indexed universal life has been offered under the Eclipse and Orion product families, but carriers regularly revise or retire product lines. Confirm the current status of your specific product with the carrier. In-force policies from closed products can still be reviewed for a settlement.
Does mutual ownership protect my caps and charges?
No. Mutual holding company structure is a governance difference, not a contractual guarantee about declared caps, participation rates or current cost-of-insurance rates. Those remain non-guaranteed elements within the limits stated in your contract.
How much can a qualifying policy sell for?
The federal GAO market study found sellers typically received roughly 10% to 35% of face value, often several times cash surrender value. Your number depends on the insured’s life expectancy, the death benefit net of any loan, and the premium needed to sustain the contract.
Can I sell only part of the death benefit?
Some transactions are structured with a retained death benefit, where premiums end and a portion of coverage stays in place for your beneficiaries. Availability depends on the buyer and the policy. Ask about it during the review rather than assuming it is on the table.
What is the first step and what does it cost?
Send the policy cover page and request a free policy review. There is no cost and no obligation to proceed. If you prefer to ask questions first, call (305) 209-7183.
Find out what your policy is worth — free, confidential, no obligation.
A 15-minute educational review covers your eligibility, every alternative, and a realistic view of what each path would net you.
Related Reading
- What Is Indexed Universal Life
- Policy Cover Page What To Send
- What Is Cost Of Insurance
- Universal Life Cost Increases
- In Force Illustration Why It Matters
- How Life Settlement Buyers Price A Policy
- What Affects A Life Settlement Offer
- Keeping The Policy Is The Right Answer
- Surrender Vs Sell Policy
- What Is A Retained Death Benefit
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.