See this notice from Transamerica regarding their decision to once again exit the individual LTC marketplace.
Long Term Care
Phase 2 of Mutual of Omaha’s rate refresh will be taking effect on November 1st in 5 states – Kansas, Maryland, Massachusetts, Pennsylvania and Wisconsin.
Please note the following important dates for both paper and eApplications:
• All applications must be signed by October 31st and received at Mutual of Omaha’s Home Office no later than November 13th to receive the old rates and benefits.
• Applications signed November 1st or later will receive the new rates and benefits and will require new applications completed on the new application version
• Older application versions received in Mutual of Omaha’s Home Office after November 13th will be closed and will require new applications completed on the new application version to be processed
• Applications for the new rates will be made available on November 1st on Sales Professional Access (SPA).
• Backdating of applications is not allowed and will not be accepted
There will be no exceptions to the rules as outlined above and in the formal communication.
The original announcement can be found HERE.
See notice from Genworth for additional information.
Given the industry’s historically low interest rate environment, Lincoln is making prudent and responsible pricing adjustments.
Effective June 15, 2020, Lincoln Financial will implement pricing increases to all products in the Lincoln MoneyGuard solutions suite. Adjustments on flex-pay designs will see a pricing increase of approximately 15%. Single-pay designs will see a pricing increase of approximately 20%.
Additionally, Return of Premium (ROP) on Lincoln MoneyGuard® II in California is being updated to bring consistency across the MoneyGuard product suite. The Basic ROP option will be 70%. The Vested ROP option will begin at 70% and grade up to 100% over six years.
It is important to note that no changes will be made to the contract language, forms, compensation or benefits provided.
For applications to qualify for the current pricing, a projection of values and the completed application Part 1 must be signed, dates and received in good order by Lincoln’s home office by Friday, June 26, 2020.
All pending business must be issued, or 1035 exchanges initiated (where applicable), on or before August 28, 2020.
Additional information is available HERE.
As a leader in the market, Lincoln has a long-standing commitment of helping protect client wealth from the risk of long-term care expenses, while improving the overall financial professional and client experiences. To offer you greater control of your Lincoln MoneyGuard Solutions experience — while continuing to reduce overall turnaround times — the Lincoln MoneyGuard® III application Part I will be accessible on the iPipeline iGO® platform or through your Lincoln producer website. This process will provide an added convenience and enable a more streamlined, customized experience.
More information on the process available HERE.
Effective January 13, 2020, the Lincoln Life & Annuity Company of New York is pleased to announce the newest linked-benefit product in the Lincoln MoneyGuard® Solutions suite, Lincoln MoneyGuard® II NY. Lincoln MoneyGuard® II NY is a single or flexible premium, universal life insurance product that provides a death benefit and long-term care (LTC) coverage through policy riders.
Below are just SOME of the highlights of the new product:
• 0-day deductible for ALL services (previously 90 day facility wait)
• Couples Discount added to LTC Extension of Benefits Rider (not available on previous version)
• Eliminated tobacco classes—tobacco users now get the same non-tobacco rates
• No age restriction on single-premium business (previously restricted to age 69)
• Return of Premium added for flex-pay cases (previously on single pay only)
• Pay to 65 option added in addition to 1-10 year designs
• More competitive plan designs for clients under 50
• Benefits now available internationally
• Enhanced Submission Process to align with MG offerings in other states
Additional information can be found HERE.
On Feb. 1, MassMutual will introduce SignatureCare 600, the company’s newest stand-alone long term care insurance (LTCi) product. Available to brokerage, it will feature gender distinct pricing and a new submission process. Join us on February 6th at 1 pm ET for a introductory webinar that will look at the product’s new enhancements and features.
Trouble Joining? Try Skype Web App
Join by phone:
1-857-327-8503, 17640851# (Dial-in Number)
1-844-567-1320, 17640851# (Dial-in Number)
From OneAmerica: “Beginning Jan. 1, 2019, the option of joint life with 4% acceleration will no longer be available on any Asset-Care product. This change allows us to maintain a healthy, robust product portfolio and continue providing products for consumers that are more life and LTC balanced.”
For more information, including transition rules, please click here.