NGL EssenitalLTC – Washington State Sales Announcement

Washington State Sales Announcement As stated in previous communications, the Washington Cares Fund has generated an influx of business that has reached levels beyond NGL’s processing capacity. In order to continue to accept business for other states, restrictions were put into place only allowing certain 10-Year and Single Payment applications to be submitted. Even with these restrictions, NGL has continued to see an increased volume of Washington State applications. Due to this, NGL has made the difficult decision to stop all sales of EssentialLTC in Washington State effective immediately. There is an exception for pre-approved multi-life executive carves outs with
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Categories: Industry News, Long-Term Care, and National Guardian Life.

Important State of Washington Long-Term Care Rider Announcement

From the Desk of Tess Grace & Marty Johnson We have been closely monitoring the sales volumes and regulatory environment with the Washington Cares Fund. Earlier this month, we announced the preferred deadline to submit applications with the Long-Term Care Rider for our Income Advantage and Life Protection Advantage IUL policies in the state of Washington. After further review, we have made the decision to suspend sales of the Long-Term Care Rider effective immediately in the state of Washington. We will continue to accept applications for the Income Advantage and Life Protection Advantage IUL policies that do not include the
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Categories: COVID-19, Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).

Suspension of Asset Care Sales in Washington State, effective Aug. 14

Suspension of Asset Care Sales in Washington State, effective Aug. 14 We have been monitoring the sales and regulatory environment created by the WA Cares Fund. It’s important for OneAmerica® to regularly assess risk to protect our ability to deliver on promises made today and long into the future. Accordingly, we have decided to temporarily suspend sales of our Asset Care product in Washington state effective Aug. 14, 2021.   New Business Submission Rules Beginning Aug. 14, 2021, Asset Care applications in Washington will no longer be accepted. All eApp or paper applications must be received in the Home Office
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

NGL EssentialLTC – Important Washington State Announcement

Important Washington State Announcement The Washington Cares Fund has created widespread interest in private-pay LTC as a planning option. Since NGL is committed to the LTC marketplace, we took actions so we could continue to accept Washington State business. The influx of Washington State business we have received has continued to grow and has reached a point that is beyond our processing capacity. In the last three days, from Washington alone, we have received the equivalent of three months’ worth of submissions from the entire U.S. UPDATES Effective today, August 9, 2021, at 6 p.m. EST (3 p.m. PST), we
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Categories: Industry News, Long-Term Care, and National Guardian Life.

Important update regarding IUL policies with the Long-Term Care rider in the state of Washington

On July 21st, 2021, we announced an increase to the minimum face amount on all Income Advantage and Life Protection Advantage IUL policies with the LTC Rider to $250,000 in the state of Washington. Your business is important to us and we will make every effort possible to issue policies as soon as possible. However, we cannot guarantee policies will be issued by the Washington deadline. To give your applications the best opportunity of being processed before Washington’s November 1st, 2021 deadline, all applications should be received in the home office no later than Friday, August 6th, 2021. Thank you
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Categories: Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).

Important change to SecureCare UL sales in Washington state

Administrative change to SecureCare UL sales in Washington state In response to new long-term care legislation in the state of Washington, effective August 6, 2021, we are suspending sales of our SecureCare Universal Life (UL) product to residents of Washington state. Here’s what you need to know: Applications received by end of business day August 6, 2021, will be processed as normal. All currently pending SecureCare applications will be processed as normal. Any new applications received from residents of the state of Washington after August 6, 2021, will not be accepted. No exceptions will be made. We anticipate resuming sales
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Categories: Industry News, Linked Benefit/Hybrids, and Securian.

NGL EssentialLTC – Important Washington State Update

Important Washington State Update NGL is currently processing the influx of business created by the Washington State Cares Fund as efficiently as possible; however, due to the high volume of applications, it is recommended you submit Washington State applications on or before September 3, 2021. Applications submitted on or before this date will have a greater likelihood of being issued by November 1, 2021. We will continue to accept and process business from Washington State after September 3, 2021, but those applications are less likely to be issued before November 1, 2021. Updated Premium Minimum – Applications submitted for less
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Categories: Industry News, Long-Term Care, and National Guardian Life.

Temporary Asset Care product changes for WA, effective July 31

Temporary Asset Care product changes for Washington state, effective July 31 The WA Cares Fund in Washington state has opened the door to important conversations about the potential impact of a long-term care (LTC) event, resulting in increased demand for our asset-based strategies. OneAmerica® is committed to ensuring those seeking alternative or additional coverage to the Washington plan have options. Therefore, to help meet the LTC protection needs for policyholders, as well as the needs of our distribution partners, we are implementing the following temporary changes effective Saturday, July 31: Return of premium: Return of premium (ROP) option will be
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Categories: Industry News, Linked Benefit/Hybrids, and OneAmerica.

NGL EssentialLTC – WA Annual Premium Clarification

Washington Annual Premium Minimum As a reminder, there is a new annual premium minimum of $2,000 in effect for Washington state. To clarify what this means for different payment options, please see below for a breakdown of this minimum based on payment mode: $2,000 – Annual Premium $1,040 – Semi-Annual Premium $540 – Quarterly Premium $175 – Monthly Premium Please note, the minimum annual premium for a joint application is only $2,000 total, not $2,000 per applicant. These minimums are only applicable to Washington applications and are only in place through November 1, 2021. New Business NGL is processing the
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Categories: Industry News, Long-Term Care, and National Guardian Life.

SecureCare and the WA Cares Fund exemption

SecureCare likely qualifies for WA Cares Fund exemption The state of Washington created the WA Cares FundSM to address the future long-term care (LTC) crisis. The fund provides an LTC benefit for all eligible workers, which will be funded by a payroll tax that begins in January 2022. Benefits will be paid in $100 stackable units, with a lifetime maximum of $36,500 (adjusted for inflation). The benefit will be funded by a payroll tax that begins in January 2022. However, Washington residents who have a personal LTC insurance policy issued before November 1, 2021 can apply for an exemption from
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Categories: Industry News, Linked Benefit/Hybrids, and Securian.