New July 2018 versions of the Product Portfolio and Underwriting Guidelines booklets are available for ordering. The July 2018 versions have been updated with: The new Long-Term Care Rider — This new rider has been added to our Income Advantage IUL and Life Protection Advantage IUL products. It is designed to give clients an additional option to help prepare for their long-term care planning needs. The product portfolio and life underwriting guide have been updated to include the availability of the rider; however, it’s important to note that complete information on the LTC Rider can be found in our LTC
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LTC Rider Cost Per Thousand: Available on Winflex August 1st
The Long-Term Care Rider Personal Worksheet within the LTC Rider Supplemental Application Packet is a required form that must be submitted whenever a client is applying for the Long-Term Care Rider. On the Personal Worksheet, you must fill in the LTC rider cost per $1,000 of net amount at risk. The cost per $1,000 information was not included in the July 1 release of the Winflex illustration software, and in a previous article, we had asked that you leave this section of the application blank temporarily until the software could be updated. This has now been fixed and beginning August
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Department of Labor Fiduciary Rule Vacated
A Department of Labor Fiduciary Rule began phasing in on June 9, 2017. This Rule required all financial professionals who provide recommendations regarding investment transactions, retirement plans or retirement distributions in exchange for a fee or other compensation to act as a fiduciary. This DOL Fiduciary Ruling has now been vacated. As a result, we have made the following updates: Our suitability forms and product disclosures have been reversed to remove language that had been added due to the DOL Fiduciary Rule provisions. The new forms are available within the Forms and Materials Search on the Sales Professional Access (SPA)
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EssentialLTC Partnership Policy Available In 7 Additional States July 27
National Guardian Life Insurance Company (NGL) is pleased to announce that effective July 27, 2018, the EssentialLTC policy will now be available as a partnership policy in the following seven states: Iowa New Hampshire Rhode Islanda Wisconsin Kansas Oklahoma Texas Applications submitted in these states which are dated July 27, 2018 and after require additional application forms. The new application forms for each state will be available via the Agent Resource Center on July 27, 2018. The additional forms must be utilized for all applications received August 6th, 2018 and after. Determination of Partnership Eligibility EssentialLTC policies issued in one
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EssentialLTC Partnership Exchange Mailings in 7 States
With the recent approval of the Partnership policy in seven states, we are happy to announce that the exchange of eligible National Guardian Life EssentialLTC policies is scheduled to occur in the following seven states: Georgia Michigan South Carolina West Virginia Idaho Minnesota Washington Exchanges of eligible EssentialLTC policies in these states is scheduled to be completed by July 30, 2018. Eligibility for Exchange to a Partnership policy To be considered as eligible for an exchange to a partnership policy, the inforce EssentialLTC Long Term Care policy would need to meet all of the following LTC Partnership eligibility requirements.
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United Security Assurance – Producers’ Testimonials
Producers’ Testimonials We love hearing from our producers. Building long-standing relationships with our valued producers is the driving force behind everything we do. We go out of our way to see that each and every producer we work with is satisfied with the services our in-house staff provides. Here are a few examples of what some of our producers had to say about our expertise and their experiences with United Security Assurance. Vance M. “Since 1962, I have been an insurance salesman, and have represented a lot of companies in that time. About 27 years ago, I was introduced to
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First Look at 2019 plans! | 2019 Certification
In 2019, we’re going BIG — Get a first look at 2019 plans We’re pleased to provide you with a first look at our 2019 Individual Medicare (MA/MAPD, PDP) products and service areas, which are pending government approval.* 2019 will be our biggest expansion year ever, as we expand MA/MAPD plans into 358 new counties. Plus, we’re expanding dental, vision, hearing and traveler-friendly benefits to many plans. In addition, we’ve got a simplified PDP portfolio, with three plans in all 50 states plus Washington, D.C. Preview key themes and highlights of our 2019 plans. This year, 2019 First Look is
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In-Force Rate Action Announcement: Missouri (Privileged Choice® and Classic Select®)
As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Missouri has now allowed the following increases: Missouri Product Series Increase Percentage Privileged Choice 39.25% phased 25%, 11.4% cumulative Classic Select 39.25% phased 25%, 11.4% cumulative This rate increase applies to Non-AARP policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder notifications will begin July 31,
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Genworth, Industry News, and Long-Term Care.
In-Force Rate Action Announcement: Alaska (Choice 1)
As part of the strategy for our long-term care insurance business, we continue pursuing initiatives to improve the risk and profitability profile of our business, including premium increases on our in-force policies, as needed. Alaska has now allowed the following increase: Alaska Product Series Increase Percentage for Policies with Limited Benefit Periods Increase Percentage for Policies with Lifetime Benefit Periods Choice 1 55% 72% This rate increase applies to Non-AARP policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of policyholder notifications. Policyholder
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Genworth and Long-Term Care.
New Long Term Care (LTC) Customers to Receive Welcome Call
Beginning in July, LTC Customer Service is implementing a process of making an outbound call to new customers. The goals of this effort are the following: Welcome the new policyholder to Genworth — Help assist in answering any outstanding questions the customers may have about their policy. Set them up for processes such as Third Party Notifier (TPN), Electronic Funds Transfer (EFT), website registration, information them of HIPAA Authorizations, etc. — TPN and EFT setups can be done on Genworth.com. Registering on Genworth.com provides the customers with the opportunity to view policy values and other details right on the website
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Genworth, Industry News, and Long-Term Care.
