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. Washington has now allowed the following increases: Washington Product Series Increase for Policies with Limited Benefit Periods Increase for Policies with Lifetime Benefit Periods Pre-PCS 27.2% 27.2% PCS I 30% 30% PCS II 30% 30% 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
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Video Interview with Chief LTC Underwriter Carol Carville
Go behind the scenes with Carol Carville. We hope the video interview with Demerri Bond was helpful and insightful. We’re excited to bring you the next in the series, a candid interview with underwriter Carol Carville. Carol has worked in group medical, life, disability and now long-term care, so her perspective is unique and varied. In the video, she talks about common application mistakes and why the relationships she has with producers in the field is so important to her and our business. Don’t miss it! Video Interview with Chief LTC Underwriter Carol Carville #goldencareagent #mutualofomaha
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Updated E-App Quick Start Guide and FAQs
The long-term care E-App Quick Start Guide and E-App FAQs have been updated with more helpful information. Download the materials below: LTC E-App FAQ LTC E-App Quick Start Guide These materials are also available to order through normal ordering channels. If you have questions, please contact your Account Executive or Sales Director. Updated E-App Quick Start Guide and FAQs #goldencareagent #mutualofomaha
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EssentialLTC E-APP Enhancements
E-APP Enhancements Effective 8/29, the following enhancements were made to the EssentialLTC E-APP: Additional clarity on where to enter the Primary Care Physician’s name and phone number The premium mode selection will only have to be made one time and will carry through to other sections of the E-APP You can now access PDF copies of submitted E-APPS in the Agent Resource Center in YOUR E-APP SUMMARY REPORTS in addition to accessing a PDF copy in the email sent once all required signatures are received More changes to continue to improve our E-APP experience are coming soon! Uploaded Paper Applications
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LTC Post-Issue Requirements: Outstanding Premium
Over the past few weeks you’ve learned the basics about long-term care post issue requirements (PIRs), including an overview of the types, as well as different amendment scenarios. Today we will discuss outstanding premium. If there is any outstanding premium due, below are things to note to meet the post-issue requirements as quickly as possible. Post-Issue Benefit Changes If a benefit change is made post-issue, the original premium is still due by day 60 from issue. The new Premium Statement sent in the new policy kit will list the date the premium is due as “Upon Receipt.” Completed Checks When
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August 22nd Underwriting Teleconference Recording Now Available
We appreciate your attendance and enjoyed answering all your questions at the third LTC underwriting teleconference. During the call you heard from Aaron Smallwood, Supervisor Underwriting Support for LTC, Demerri Bond, LTC Underwriting Manager, and Allen Gregoire, our Director of Underwriting for all individual health. Didn’t make it? That’s OK! We recorded it for you. All teleconferences are available for download on Sales Professional Access under Sales Tools > Product Education. Listen to last week’s teleconference now. Make sure to add the remaining bi-monthly teleconferences to your calendar. Please email us suggestions on topics or questions you’d like
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The LTC Rider is Now Approved in the District of Columbia
On September 1, agents selling in the District of Columbia will now have an additional option to help meet clients’ long-term care planning needs. The new Long-Term Care Rider will be available for you on our Income Advantage and Life Protection Advantage Indexed Universal Life (IUL) insurance policies. The LTC Rider provides: Benefits for Nursing Home, Assisted Living, Home Health Care and Adult Day Care Maximum total benefits up to 100% of the initial specified death benefit 1%, 2% or 4% monthly acceleration percentages One-time, 90 calendar-day elimination period Automatic issue of the Chronic Illness Rider if the client doesn’t
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Asset Care Campaign: Meet Michael
Using Michael’s Story Michael learned about long-term care the way many people in middle age do; he saw the effects his father’s lengthy illness had on his mother when she became a caregiver. His outlook for his own retirement changed as he watched his mother dip into her financial assets to pay for his dad’s illness. This story will help you connect with younger people who have aging parents. It shows the value of starting early to avoid the challenges paying for long-term care in retirement can create. For Michael, we highlight how Asset Care Recurring Premium Whole Life can
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Industry News, Linked Benefit/Hybrids, and OneAmerica.
annuity, Asset Care, hybrid, insurance, Long-Term Care, LTC, LTCi, OneAmeica, and State Life.
annuity, Asset Care, hybrid, insurance, Long-Term Care, LTC, LTCi, OneAmeica, and State Life.
REMINDER: Genworth’s 2019 Commission Pay Schedule
Genworth is changing the timing of the end of year paydown. October 4, 2019 will be the payout for commission payments that have not previously met the minimum payment requirement. Genworth will process all commissions due on October 4, 2019. The $50 minimum payment requirement will resume after October 4, 2019 and will continue through the next commission pay down in 2020. Therefore, there will not be an “end of year” pay down as in previous years. All commission payments, for all products, will be distributed on October 7, 2019. Genworth will resume normal commission payments that have met the
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LTC Post-Issue Requirements: Amendment Scenarios
Last week you read the overview of the three types of post issue requirements for LTC policies: amendments, outstanding premiums and Policy Delivery Acknowledgments. Amendments must be returned to Mutual of Omaha within 60 days of your client’s policy being issued. Changes made within the first sixty days from issue will also require a returned amendment. The Benefit Change form found in the issue kit may be used to request a benefit change but is not required, nor is it a replacement for an amendment. Amendments are required for a variety of situations, including: Missing Application Requirements When an application
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