Effective January 1, 2023, ELCO Mutual Life & Annuity has added a seven-year term for its Multi-Year Guaranteed Deferred Annuity (MYGA) product. The one- and four-year terms have been discontinued.
Effective Jan. 23, 2023, Lincoln Financial will be implementing pricing decreases to its MoneyGuard Fixed Advantage® product. The pricing improvements range from 0% to 14%.
Mutual of Omaha has announced in-force rate adjustments for certain LTCI policies in Maine, New Hampshire, New Mexico, and Ohio. The changes will go into effect on Apr. 1, 2023, with the exception of Maine, which will go into effect on May 1, 2023.
Effective Jan. 23, 2023, Securian Financial has announced rates for SecureCare™ III will be reduced by 25 percent across all case scenarios in all states except AZ, CA, CT, DE, DC, FL, IN, MT, NJ, ND, NY, SC, and SD. SecureCare III is a long-term care (LTC) and nonparticipating whole life insurance policy.
In order to comply with new requirements for Fraud Notice language, National Guardian Life (NGL) has announced an updated form required for all California EssentialLTC applications dated Jan. 1, 2023, and after. The new application will be available via the EssentialLTC Agent Resource Center starting Dec. 30, 2022.
Genworth Financial has announced that the minimum Partnership program benefits in four states (California, Connecticut, Indiana, and New York) will be changing for 2023. The changes go into effect on Jan. 1, 2023.
Genworth Financial has announced in-force rate increases in Pennsylvania for its Privileged Choice® Flex long-term care insurance products, effective Dec. 19, 2022. Policyholders will begin being notified of these changes starting Dec. 27, 2022.
Mutual of Omaha has announced in-force rate adjustments for certain LTCI policies in the District of Columbia, Kansas, Montana, Ohio, and Virginia. The changes will go into effect on Mar. 1, 2023, with the exception of Virginia, which will go into effect on Apr. 1, 2023.
Genworth Financial would like to share a reminder that Form 1099-NEC will be filed for anyone who is paid at least $600 in commissions in 2022; this includes all product lines. For producers not receiving electronic versions, forms will be mailed directly to resident addresses no later than Jan. 31, 2023.
Genworth Financial has announced in-force rate increases in North Carolina for its Pre-PCS, PCS I, Privileged Choice®, and Classic Select long-term care insurance products, effective Dec. 12, 2022. Policyholders will begin being notified of these changes starting Dec. 20, 2022.