“In GE Probe, Ex-Staffers Say Insurance Risks Were Ignored”

“In GE Probe, Ex-Staffers Say Insurance Risks Were Ignored,” by Thomas Gryta and David Benoit, Wall Street Journal (gated) “Federal investigators are questioning former employees of General Electric Co. GE 2.58% about intricate details in a legacy insurance business that led to accounting problems at the conglomerate in the past year. The insurance business failed to internally acknowledge worsening results over the years, according to several former GE employees who said they have been interviewed by government lawyers. They described in interviews for this article examples of what they call lax managerial oversight and buried risks that ultimately kept the company from booking bigger reserves.
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Categories: Clippings, Industry News, and Long-Term Care.

Guide to Selling Critical Advantage

Whether you need tips on selling Critical Advantage℠ or information on benefits, we have the tools you need to be successful. The Guide to Selling Critical Advantage shows you the materials that are available, such as sales ideas, information on quoting systems and an e-App to help your sales process go a little smoother. Download your Guide to Selling Critical Advantage here   If you have any questions, please contact Mutual of Omaha’s Sales Support at (800) 693-6083 or e-email sales.support@mutualofomaha.com.   Guide to Selling Critical Advantage   #goldencareagent #mutualofomaha
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Categories: Critical Illness, Industry News, and Mutual of Omaha (& Affiliates).

Legacy Rate Adjustments Effective February 1, 2019 (DE)

Long-Term Care insurance (LTCi) is a core product for Mutual of Omaha and we intend to remain a key player in this market for years to come. In order to fulfill this commitment, we actively monitor emerging industry trends as well as our own experience so we can make the adjustments necessary that will allow us to keep our promises to policyholders and remain competitive in the marketplace. For this reason, we will be implementing the following rate adjustments effective February 1, 2019: Block of Business Impacted States LT50, NH50, HCA, NHA, LTA Delaware     For a complete rate
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Categories: Industry News, Long-Term Care, and Mutual of Omaha (& Affiliates).

In-Force Rate Action Announcement: Oklahoma (Pre-PCS, PCS I, PCS II)

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. Oklahoma has now allowed the following increases: Oklahoma Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 10% 10% PCS I 10% 10% PCS II 10% 10%       This rate increase applies to non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Georgia (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. Georgia has now allowed the following increases: Georgia Product Series Increase Percentage Privileged Choice 18% Classic Select 18%     This rate increase applies to Non-AARP and AARP policies. 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 December 11, 2018 and will continue throughout the next
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Connecticut (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. Connecticut has now allowed the following increases: Connecticut Product Series Increase Percentage Privileged Choice 15% Classic Select 15%     This rate increase applies to Non-AARP and AARP policies. 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 December 11, 2018 and will continue throughout the next
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Categories: Genworth, Industry News, and Long-Term Care.

In-Force Rate Action Announcement: Arizona (PCS II, 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. Arizona has now allowed the following increases: Arizona Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods PCS II 4% 38% Choice 1 7% 12%       This rate increase applies to non-AARP, non-partnership policies only. Communications Timeline Servicing agents will receive a list of their impacted policyholders in this state one week prior to the start of
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Categories: Genworth, Industry News, and Long-Term Care.

New e-App Update | Hospital Indemnity Upgrade for Florida and Michigan!

GTL’s Hospital Indemnity Insurance upgrade for Florida and Michigan is now available on the e-App! Please update the e-App on your Apple or Android device. UPDATE APPLE DEVICE  UPDATE ANDROID DEVICE New Base Plan Options Up to $750 per day hospitalization benefit. Ambulance Rider Upgrade Choice from $50 – $400 daily usage benefit, up to 4 times per year, lifetime max of 12 trips, air ambulance coverage included, and no hospital confinement required. Skilled Nursing Rider Addition Choice of two coverage options of $100, $150, $200 per day for day 1-50 -OR- $120 per day for days 21-100. Lump Sum
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Categories: Guarantee Trust Life, Hospital Indemnity Plan, and Industry News.

Advantage Plus Checks All the Boxes!

Are you offering your clients the BEST hospital indemnity insurance on the market? ORDER SUPPLIES   ✓  Submission Options Instantly issue your applications with our e-App, Agent Portal or Paper ✓  Easy Rate Structure One rate for entire state – unisex rates ✓  Simplified Underwriting Guaranteed Issue for ages 64½ – 65½ ✓  Easy Application 5 short questions, 12 month look back only ✓  Quick Claims Fast simple claims process pays claims in 8 to 10 days on average ✓  Stable Rates Great, competitive first year and stable renewal commissions ✓  Observation Stays Observation covered at 100% of daily benefit,
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Categories: Guarantee Trust Life, Hospital Indemnity Plan, and Industry News.

“Paying for Long-Term Care: How It’s Changing”

“Paying for Long-Term Care: How It’s Changing,” by Amy Fontinelle, Investopedia “Insurance companies are trying to change that. ‘If I had to summarize a single technique being employed by all the major players, it’d be a convergence around smaller benefits,’ says Stephen D. Forman, CLTC, senior vice president of Long Term Care Associates, an insurance agency in Bellevue, Wash. Smaller policies are the way for insurers to reach the middle-market consumer, so insurers are offering policies with lower limits and more-flexible premium payment periods. Programs in the research and pilot stages include one that starts as a term life insurance
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Categories: Clippings, Industry News, and Long-Term Care.