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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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).
Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, omaha, Term Life Answers, TLA, United of Omaha, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, WA Trust Act, Washington, Washington state, and Washingtonians.
Income Advantage, Income Advantage IUL, indexed universal life, insurance, IUL, Life Insurance, Life Protection Advantage, Life Protection Advantage IUL, mutual of omaha, omaha, Term Life Answers, TLA, United of Omaha, WA Cares Act, WA Cares Fund, WA LTSS Trust Act, WA State, WA Trust Act, Washington, Washington state, and Washingtonians.
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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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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