March 3, 2021 | Long-Term Care Newsletter |
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Rate Refresh in 4 Additional States Effective March 1, 2021
Effective March 1, 2021, Mutual of Omaha refreshed rates for the MutualCare Solutions portfolio in 4 additional states - Arizona, Connecticut, Indiana, and Vermont. Updated quoting software and marketing materials is available for order and download. The new application pack cover series ends in _0321.
CLICK HERE to view the full announcement from Mutual of Omaha
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Rate Refresh Partner Allowance Guidelines
Mutual of Omaha is allowing a six-month period for policyholders to receive the “Partner – Both Issued” allowance when partners are issued policies with two different rates (one issued pre rate refresh, one issued post rate refresh). The rule will only apply if the second partner’s policy is issued within 6 months of the rate refresh effective date.
CLICK HERE to view the full announcement from Mutual of Omaha
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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:
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All individual applications must be signed and received by Transamerica no later than Wednesday, March 31, 2021
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For new Multi-Life cases, all Service Group Request forms must submitted to Transamerica Transamerica no later than Wednesday, March 31, 2021
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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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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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Premium Rate Action
LifeSecure is issuance a rate increase in its second-generation LTCi policies in the following states: Alabama, Alaska, Arkansas, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
The policy series was issued from February 2014 through October 2018. A notification letter describing the rate increase will be mailed to each affected policyholder beginning Monday, March 8. For impacted multi-life groups, LifeSecure will also contact group administrators to assist them with the process. Click the links below for more info.
CLICK HERE to view the announcement from LifeSecure
CLICK HERE to view a sample Policyholder Letter, Selection Option Form, and FAQ document
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Premium Rate Action
Effective February 22, 2021, Genworth implemented rate action on in-force business in Alabama and Missouri. Effective March 1, 2021, rate action was implemented in Utah. Click the links below for more info.
CLICK HERE for more info about rate action in Alabama
CLICK HERE for more info about rate action in Missouri
CLICK HERE for more info about rate action in Utah
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Premium Rate Action
In late March, 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 July 1, 2021. John Hancock policies issued in Alaska, Maryland, Minnesota, Missouri, New Jersey, North Carolina, North Dakota, South Carolina, Tennessee, and Texas are affected. Fortis policies issued in Kentucky, Maryland, Minnesota, North Dakota, Oklahoma, and Tennessee are affected. Click the link below for more information.
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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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