April 28, 2020 | Long-Term Care Newsletter
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How Carriers are Handling Covid-19: What's New in this Issue
A number of new updates to carrier processes have been made since our last newsletter. Here are some of the highlights from this issue:
- Mutual of Omaha
- Policies are being mailed directly to clients for the foreseeable future
- John Hancock
- Grace Periods are being extended by 61 days for all policyholders
- Genworth
- Grace Periods are being extended by one month for those with 31-day Grace Periods
There are quite a few non-Covid updates this week as well, so make sure that you read to the bottom of this newsletter!
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Policies to be Mailed Directly to Client
Effective
April 21, 2020
, Mutual of Omaha is mailing policies directly to clients. Agents will not be receiving a copy of the policy nor any of the delivery requirements. Please see below for more info.
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Grace Period & Rate Action Election Deadline Extensions
Due to current circumstances, John Hancock is extending the long-term care premium due date
61 days
beyond the policy grade period. If payment is received within the extended time frame, coverage will automatically reinstated.
John Hancock is also extending clients' election deadline period
61 days
past the dates indicated in rate action notification packages, allowing them more time to make a decision in response to a premium rate increase.
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Premium Rate Action
In late May, John Hancock will begin policyholder notifications on the next round of John Hancock and Fortis policy in-force rate actions, which will have an effective date beginning with anniversaries on or after
September 1, 2020
. John Hancock policies issued in
Missouri
,
Iowa
,
Georgia
,
Minnesota
,
New York
, and
Massachusetts
are affected. Fortis policies issued in
Iowa
,
New Hampshire
,
New York
,
Massachusetts
, and
Missouri
are affected. Click the link below for more information.
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New Partnership Eligible States
Effective
April 17, 2020
, National Guardian Life's EssentialLTC is now available as a partnership policy in
Maryland
,
New Mexico
,
Pennsylvania
, and
Virginia
. Click the link below for more information.
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Updated Marketing Materials
Newly updated marketing materials are now available on National Guardian Life's Agent Resource Center. Click the links below to view the new documents.
CLICK HERE
for the updated Product Introduction Guide
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In light of the current situation with Covid-19, ARM employees are currently working remotely. However, we can assure you that we are working at full functionality despite the disruption.
Our phone system is live and you can still call the main office line during our normal business hours of 8:30 AM EST - 5 PM EST.
Applications can still be sent to ARM for processing, however, we'd recommend that you do so via secure email (to [email protected]) or fax (617-783-5168).
Paper applications will still be accepted, but may take an additional day to process. Consequently, we'd recommend that you use EFT for initial premium payments in lieu of checks whenever possible.
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Carrier Covid-19 Reminders
CLICK HERE
to see Transamerica's updated announcement regarding Grace Periods and policy mail outs
CLICK HERE
to see Mutual of Omaha's FAQ regarding no longer accepting applications for those age 65 and older
CLICK HERE
to see National Guardian Life's announcement, which includes a recommendation to hold off on applications for those who are required to complete a face-to-face interview
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If there is something that you need to mail to ARM, please contact us as we may give you an alternative address to send it to, depending on what the item is, to ensure more expeditious processing.
We thank you for your cooperation during this time, and hope that everyone is staying safe and well!
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Updated Tax Guide
Transamerica has updated its Tax Guide for 2020. Click the link below to download the updated piece.
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Extension for Those with 31-Day Grace Periods
In light of current circumstances, Genworth is giving those with 31-day grace periods an additional month to pay premiums. Click the link below for more information.
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Policy Notifications to be Available via Genworth PRO
Effective
May 11, 2020
, producers registered on Genworth PRO will begin receiving an email to alert them of new policy notifications on LTCi policies that they are currently servicing. The email will simply be an alert - the actual details will have to be found on Genworth PRO. Notifications will include pending lapse notifications, plan change letters, and more. Click the link below for more information.
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Class Mailing Notification
A Class Notice was sent on
April 14, 2020
to policyholders who are members of a settlement class in a lawsuit brought against Genworth Life Insurance Company and Genworth Life Insurance Company of New York. Certain Choice 1 policyholders will receive the mailing. Click the link below for more information.
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Premium Rate Action
Effective
April 20, 2020
, Genworth implemented rate action on in-force business in
Arkansas, Connecticut
, and
Oklahoma
. Effective
April 27, 2020,
rate action was implemented on in-force business in
Washington, DC
. Click the links below for more information.
CLICK HERE
for more information about rate action in Arkansas
CLICK HERE
for more information about rate action in Connecticut
CLICK HERE
for more information about rate action in Oklahoma
CLICK HERE
for more information about rate action in Washington, DC
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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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