The long-term care illustrations improvements you requested
We heard you, and an updated and improved long-term care illustration will be available on Nov. 20.
The updated illustration:
- Has a modern appearance.
- Was reorganized to provide a better flow of information.
- Focuses on what’s important to increase your client’s understanding of the product.
Note for advisors licensed in California: The updated illustration will be available once your state approves it.
Specific changes you’ll see
- Page order has been changed to bring the most relevant pages to the front. In general, the key terms and definitions will be printed at the end of the illustration.
- Benefit and Premium Outlay. This section now prints after the Summary of Coverage. It defaults to showing only the benefits and premiums requested. To include a comparison of premiums and benefits that includes a different Benefit Increase Option, select up to two additional options in the Custom Print Options before viewing. The page with graphs of the comparison has been eliminated, based on field feedback.
- What Care Costs. A new optional section will include the “What Care Costs” information on the illustration. It shows the average annual and monthly costs associated with different types of care, based on the issue state selected on the illustration. Use it to help guide the discussion for how much coverage the client may need in the event they need long-term care services. To request it, choose the “Submit to View (custom print options)” button at the bottom of the input screen and select “What Care Costs.”
- Plan Options Comparison. This section has been updated to compare premiums based on selection of Maximum Monthly Benefit Amount, Inflation Option and Benefit Multiplier, assuming all other illustrated selections remain the same (i.e., elimination period, selected riders). Additionally, the Plan Options comparison page now includes the Riders Cost Comparison grid.
- Benefit and Payment Options Comparisons are no longer available to illustrate, based on feedback from those using the illustrations.
For specific examples showing what’s changing, see the Quick Reference guide.
The Thrivent Long-Term Care New Business Illustration Guide includes:
- Full details on long-term care new business illustrations.
- Instructions for inputs.
- Descriptions of the illustration pages.