March 23, 2021 | Long-Term Care Newsletter |
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REMINDER: Individual Application Deadline is March 31, 2021
All individual applications must be signed and received by Transamerica no later than Wednesday, March 31, 2021. No individual applications will be accepted after this date.
Additionally, for new Multi-Life cases and re-enrollments, all Service Group Request forms must submitted to Transamerica Transamerica no later than Wednesday, March 31, 2021. Multi-Life and approved Association applications must be signed and submitted no later than Wednesday, June 30, 2021.
CLICK HERE for the official announcement from Transamerica
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EssentialLTC Product Enhancements in 38 States Effective April 1, 2021
Effective April 1, 2021, National Guardian Life is enhancing product features and refreshing rates for EssentialLTC in the following 38 states:
Alaska, Alabama, Arkansas, Colorado, Georgia, Iowa, Idaho, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Maryland, Maine, Michigan, Minnesota, Missouri, Mississippi, North Carolina, Nebraska, New Hampshire, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconsin, West Virginia, and Wyoming.
New Features Include:
- Reduction in premium on join policies when one insured passes away
- Built-in Waiver of Premium for Home and Community Care when Comprehensive Coverage is selected
- Full Rate Guarantee for 10-Year Premium Payment Option policies
- Streamlining of rate classes for non-employer group policies into a single gender-distinct rate class called "Premier"
- Streamlined rider selection, which includes the removal of Step-Rated Inflation Protection, Full Return of Premium Options, and the 0-Day Elimination Period
Applications for policies using the existing product offering and rates must be signed, dated, and received by National Guardian Life no later than Wednesday, March 31, 2021. Any application, paper or electronic, received on or after Thursday, April 1, 2021 will receive the new product features and rates.
Updated quoting software and marketing materials will be available for order and download on April 1, 2021.
CLICK HERE to view the full announcement from National Guardian Life
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Carrier Covid-19 Reminders |
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CLICK HERE to see Transamerica's updated announcement regarding Grace Periods and policy mail outs
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CLICK HERE to see National Guardian Life's announcement stating that they're accepting apps on those 66+
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CLICK HERE to see Genworth's announcement about the extension of Grace Periods
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CLICK HERE to see John Hancock's announcement about the extension of Grace Periods
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Updated "Other Than Applied" Processes for Couples
Effective March 1, 2021, Mutual of Omaha updated its processes for policy issuance for situations in which an adverse underwriting decision is involved.
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Declined Spouse: When both spouses apply and one is declined, underwriting will issue the approved spouse with a reduction in partner allowance percentage and remove Shared Care, if applicable. No hold will occur.
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Rate Class or Benefit Selection with Shared Care: When one or both spouses are approved other than applied due to rate class or benefit selection, a communication is sent to the application designated contact notifying them of the required changes. Mutual of Omaha will hold issue for 7 days.
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Underwriting Evidence: When an application is approved other than applied due to underwriting evidence, a communication is sent to the application designated contact notifying them of the required changes. Mutual of Omaha will hold issue for 7 days.
CLICK HERE to view the full announcement from Mutual of Omaha
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Premium Rate Action
Effective June 1, 2021, Mutual of Omaha will implement rate action on in-force business in Idaho and Massachusetts. Click the link below for more info.
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Premium Rate Action
Effective March 8, 2021, Genworth implemented rate action on in-force business in Washington DC, Illinois, and Minnesota. Effective March 15, 2021, rate action was implemented in Missouri. Effective March 22, 2021, rate action was implemented in Connecticut. Click the links below for more info.
CLICK HERE for more info about rate action in Washington DC
CLICK HERE for more info about rate action in Illinois
CLICK HERE for more info about rate action in Minnesota
CLICK HERE for more info about rate action in Missouri
CLICK HERE for more info about rate action in Connecticut
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Advanced Resources Marketing
Pioneering Long-Term Care Insurance Strategies
313 Washington Street, Suite 225 Newton, MA 02458
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