Washington state LTCi updates: Processing solution as 11/1 deadline nears Thank you for your patience as we work diligently to process the significant influx of long-term care (LTC) application volume we’ve received as a result of the Washington Cares Fund. The surge in applications has put significant strain on carriers, underwriters and the vendors who support this business across the industry. We received triple the normal number of LTC applications throughout May, June and July. And while we have made meaningful progress, there are still a significant number of applications to process. Current projections indicate that we will return to
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Update: WA long-term care application process
Update: WA long-term care application process The rapid influx of applications in the state of Washington (WA) has put significant strain on carriers, underwriters, and the vendors who support this business across the industry. When we made the decision to temporarily suspend sales of our Asset Care and Annuity Care products in Washington state on Aug. 14, we indicated we were unable to guarantee applications would be fully processed with a policy in force prior to Nov. 1, 2021. The following is the current status on pending applications for the remainder of October: On WA applications requiring medical records it
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NGL EssentialLTC – Washington State underwriting update
Washington State Underwriting Update We have now completed the underwriting for over two-thirds of the Washington State business that has been submitted. The remaining applications require obtaining necessary sets of medical records to reach an underwriting decision. There are a small number of cases that have not yet completed telephone interviews or an age required LTC Exam. We do expect all of those to be done within the next two weeks. To facilitate the release of medical records, our vendor has been offering electronic transmission options as a time saver to the larger medical care providers. We have established an
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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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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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COVID-19, Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).
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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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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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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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Industry News, Life Insurance, and Mutual of Omaha (& Affiliates).
Income Advantage, Income Advantage IUL, Indexed UL, insurance, IUL, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, Mutual of Omaha Insurance Company, omaha, United of Omaha, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, and WA Trust Act.
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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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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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