President’s Message At about this time last year I wrote: “We know how important our [AM Best] rating is to you and your clients and we are doing everything we can to gain back the security of being rated.” Well, it took a great deal of effort from our entire senior management team, but last June we were successful in having our rating reinstated with an improved (“stable”) outlook. We continue to work to improve our rating but the key to that seems to be increasing sales, so this is somewhat of a chicken and egg situation. (We need to
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In-Force Rate Action Announcement: New Mexico (Pre-PCS, PCS I, PCS II, Choice 1)
> PSC II with Stable Premium Option > Choice 1 with Stable Premium Option 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. New Mexico has now allowed the following increases: New Mexico Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 15% 15% PSC I 15% 15% PCS II 15% 15% Choice 1 15% 15% This rate increase applies to non-AARP, non-partnership policies
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Genworth, Industry News, and Long-Term Care.
In-Force Rate Action Announcement: California Partnership (PCS I, 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. California has now allowed the following increases: California Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods PCS I 40% phased 13.3%, 13.3%, 13.4% 40% phased 13.3%, 13.3%, 13.4% PCS II 40% phased 13.3%, 13.3%, 13.4% 40% phased 13.3%, 13.3%, 13.4% Choice 1 40% phased 13.3%, 13.3%, 13.4% 40% phased 13.3%, 13.3%, 13.4% This rate increase
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Genworth, Industry News, and Long-Term Care.
New EssentialLTC Worksite Tools & Resources
Group Quote Request Form: Use this new form to let NGL know the plan design(s) you would like to see quoted and the census information for your employer or association group prospects. Webinar: EssentialLTC’s Program for the Worksite: This session highlights EssentialLTC’s program for the worksite that is available to businesses with at least 5 employees, offers a streamlined group approval process, and features competitively priced comprehensive benefit options. View the Video > Webinar: Strategies to Encourage Employer-Funded LTCi: Learn more about some of the most popular strategies used to encourage funding LTCi in the workplace. View
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EssentialLTC’s 2019 Tax Summary Now Available
NGL’s 2019 Tax Summary piece is now available! See the tax advantages of LTCi for individuals and businesses, updated for 2019. Highlighted are the LTCi tax advantages for: Premiums paid by individuals Premiums paid by businesses 1035 exchanges Benefits for LTCi expenses Return of Premium / Surrender Benefits Use this easy easy-to-follow tax guide to begin the tax-related part of the LTC planning conversation. You’ll also have a list of applicable IRC codes to provide your clients’ tax advisors. Contact our Sales Support team at 888-505-2332 or status@ngl-essentialltc.com to be sure you’re well equipped to discuss the tax advantages of
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United Security Assurance – Reach More Clients
LTCi Plans Designed to Reach More of Your Clients United Security Assurance offers two Long-Term Care insurance plans that expand traditional underwriting guidelines to offer individuals who have previously been or who would otherwise be turned down for LTCi, the opportunity to obtain coverage. Our LifeStyle Solutions and LifeStyle Solutions Select insurance plans are good options for individuals with more severe health conditions, such as Cystic Fibrosis, Diabetes, Parkinson’s, Multiple Sclerosis, Osteoporosis and Multi Comorbid health conditions. We are pleased to offer these products to you for your hard-to-place clients. To help you better sell these plans, we’ve created a
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Enhancements to the New Amazon Connect Phone System
In late November, we announced our new implementation of our Amazon Connect phone system for Life and Health Service and Claims. The Call Experience visual depicts the new experience. Our producers and customers are very important to us, and we sincerely appreciate the feedback you have provided throughout the transition to our new phone system. We continue to make improvements based on your feedback and are working to correct issues as they arise. We are also reallocating resources and hiring additional associates in some areas to improve wait times. We are confident that as we work to smooth out the
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Good News | Our Priority Is Setting You Up For Sales Success
GoldenCare’s Exclusive Lineup Of Valued Added Tools & Services Did you know that as a GoldenCare agent, you have complementary access to several value-added tools and services, including: Perfect Portfolio of Products Superior, Personal Backend Support Product & Sales Training, Including Specials with LTC Industry Leaders LTC CEO Office, Home and Internet Selling Tools GoldenCare Rewards Program CSG Actuarial Comparison Tools StrateCision Comparison Tools Discounted E & O Coverage Exciting Promotions Featuring Different Products CareOptions Health and Wellness Hub GoldenCare has the tools, services and resources to support your efforts and
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“New York Approves China Oceanwide-Genworth Deal”
“New York Approves China Oceanwide-Genworth Deal,” by Allison Bell, ThinkAdvisor “Genworth Financial Inc. announced Monday that it has cleared a major obstacle toward selling itself to China Oceanwide Holdings Group Co. Ltd. The Richmond, Virginia-based insurer said it has received approval from the New York State Department of Financial Services to transfer control of a New York-based subsidiary, Genworth Life Insurance Company of New York, to China Oceanwide. Now that New York state regulators have approved the deal, ‘the transaction has received all required U.S. insurance regulatory approvals,’ Genworth said in the approval announcement.” LTC Comment (from Stephen A. Moses, President,
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Clippings, Industry News, and Long-Term Care.
“Long-Term Care Insurance Claims Rise 12%: AALTCI”
“Long-Term Care Insurance Claims Rise 12%: AALTCI,” by Allison Bell, ThinkAdvisor “Long-term care insurance (LTCI) providers paid about $10.3 billion in U.S. long-term care claims in 2018, or about 12% more than they paid in 2016, according to the American Association for Long Term Care Insurance. … The number of people on claim rose 2.7% between 2017 and 2018, to 303,000, according to AALTCI. The average claim per person on claim increased 9%, to an average of about $34,000 per person, according to ThinkAdvisor calculations based on AALTCI data. In 2017, the claim total was 6.4% higher than in 2016, the number of people on claim was
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Clippings, Industry News, and Long-Term Care.
