Securian Wins Contract for Administering Total and Permanent Disability Claims on Private Student Loans.
Securian Financial Group announced today that it has been selected to administer claims for a new total and permanent disability (TPD) provision on private education loans offered by Sallie Mae, the nation's largest education lender.
The TPD program removes the primary borrower's and cosigner's obligation to repay the Smart Option Student Loan in the event the primary borrower becomes totally and permanently disabled. In addition, Sallie Mae will now forgive any unpaid balance in the event of a primary borrower's death. Securian and Sallie Mae are the first financial services companies to offer these protections for private student loans, which will be incorporated into existing and new Smart Option Student Loans.
"Our long experience and eClaims paperless process enables us to accelerate assistance to families," said Gregg Hammerly, second vice president, Claims, Securian Financial Group. "This gives customers the peace of mind that, in the rare event of a tragedy, their families and cosigners will receive prompt and fair claim reviews."
Electronic claims processing has long been a standard practice for Minnesota Life Insurance Company, Securian's largest subsidiary. Hundreds of financial institutions and the Fortune 1000-sized group life clients that purchase Minnesota Life group insurance for employees benefit from the company's high-tech policy and claims administration.
Founded in 1972, Sallie Mae manages $176 billion in education loans and serves 10 million student and parent customers. Through its Upromise affiliates, the company also manages more than $23 billion in 529 college-savings plans, and is a major private source of college funding contributions in America with 11 million members and more than $525 million in member rewards.
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.
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