February 16, 2021 | Long-Term Care Newsletter
Long-Term Care Virtual Assessments

With Mutual of Omaha underwriting is temporarily allowing virtual assessments for applicants age 65 and over with favorable medical records. Assessment qualification parameters will be based on underwriter discretion. Click the link below for more information.

CLICK HERE for more information
Official Details Regarding Standalone LTCi Exit
 
Transamerica released an official announcement regarding the discontinuation of it's standalone LTCi product in 2021.
 
Transamerica also distributed a FAQ document which includes details about the transition. Click the links at the bottom of this alert to view Transamerica's announcement and FAQ.
 
Please note that policyholders, multi-life employer contacts, and writing agents of multi-life groups will receive direct communication from Transamerica regarding the transition.
 
A reminder about dates:
 
  • All individual applications must be signed and received by Transamerica no later than Wednesday, March 31, 2021

  • For new Multi-Life cases, 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
CLICK HERE for the FAQ document 
New Application & Disclosure Packages Available in Montana & South Dakota
 
Due to a regulation change, new application and disclosure packages are available in Montana & South Dakota. These changes are relatively minor; one specific item of note would be changes in asset suitability being changed to reflect a higher asset threshold of $50,000. Applications on the older paperwork must be signed no later than February 28, 2021, and received no later than March 5, 2021. Click the links below to download the new versions.
 
CLICK HERE to download the new Transcare II Application for Montana
CLICK HERE to download the new Transcare II Disclosure for Montana
CLICK HERE to download the new Transcare II Application for South Dakota
CLICK HERE to download the new Transcare II Disclosure for South Dakota
Carrier Covid-19 Reminders
CLICK HERE to see Transamerica's updated announcement regarding Grace Periods and policy mail outs
CLICK HERE to see National Guardian Life's announcement stating that they're accepting apps on those 66+
CLICK HERE to see Genworth's announcement about the extension of Grace Periods
CLICK HERE to see John Hancock's announcement about the extension of Grace Periods
Premium Rate Action
 
Effective February 8, 2021, Genworth implemented rate action on in-force business in Maine. Effective February 16, 2021, rate action was implemented in Minnesota. Click the links below for more info.

CLICK HERE for more info about rate action in Maine
CLICK HERE for more info about rate action in Minnesota



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