Effective Dec. 16, 2024, Securian Financial has announced the age at which a cognitive assessment is required for its SecureCare™ product line has been increased. A cognitive assessment is now required for clients ages 60 and older. This change applies to both SecureCare Universal Life (available only in California) and SecureCare III, a long-term care and nonparticipating whole life insurance policy (available in all states except New York and California).
Effective Dec. 16, 2024, Global Atlantic is enhancing the suitability experience. Changes to the Consumer Profile Information and Replacement Comparison forms have been made. This includes replacing freeform answers with checkboxes, highlighting when a ceding carrier statement is required, and no longer needing to complete the financial inventory worksheet.
To help streamline the suitability review process, EquiTrust has made updates to a couple of its New Business forms — the Financial Needs Analysis (FNA) form and the Disclosure and Comparison (D&C) form. The new versions are available now at Agents.EquiTrust.com in the forms section, and have been updated in AppBuilder and in the E-App systems. The updated forms will be required starting January 1, 2025.
EquiTrust does not offer investment advice to any individual and this material should not be construed as investment advice. Products underwritten, issued and distributed by EquiTrust Life Insurance Company, West Des Moines, Iowa.
Effective Dec. 16, 2024, Global Atlantic is transitioning its ForeCare Fixed Annuity new business over to the same operational platform where the suite of Fixed and Fixed Index Annuities are currently being serviced. Small changes are also being made to the product’s Premium limits: Maximum (Single Life) will be updated to $600,000 and Maximum (Joint Life) will be updated to $900,000 effective Dec. 16.
A new 10-pay premium option is now available on applicable, newly issued Brighthouse SmartCare hybrid life insurance and long-term care policies. This new premium option joins its current choices of single-pay and 2- to 5-year payment plans, giving clients greater flexibility when planning to meet future financial needs, including a possible long-term care event.
Effective Nov. 18, 2024, Mutual of Omaha’s Long-Term Care Claims Department will be implementing a new claims management system. This shift will lead to improved efficiency, enhanced customer experience, greater control and consistency, and better support for agents. New contact information is available in the Customer Access FAQ document.
NGL has announced a new e-App called ClientConnect, powered by iCover, will replace its current e-App beginning Aug. 2, 2024, for a majority of states. It is recommended to finalize any unfinished or incomplete applications through the current e-App system before 4 p.m. PT on Aug. 1. The states of AZ, CA, CT, DC, DE, FL, HI, IN, MT, ND, NJ, SC, and SD will continue to use the current system.
Effective Jul. 22, 2024, Brighthouse Financial will introduce a 3% Compound LTC Option in certain states to Brighthouse SmartCare®, its hybrid life insurance and long-term care (LTC) policy. This new option offers clients the ability to grow their LTC benefit amount at a guaranteed fixed rate of 3% compounded annually. Additionally, two riders will be added at no additional charge: Return of Premium Surrender Benefit Rider and Return of Premium Death Benefit Rider.
Effective Jul. 15, 2024, Lincoln will be implementing pricing decreases to Lincoln MoneyGuard® II, which will improve competitive positioning. Pricing improvements range from 4% to 17% and are strategically focused on issue ages of 55 to 65, 3% compound inflation, and 6-year long-term care durations.
Effective June 3, 2024, Mutual of Omaha has announced the Maximum Monthly Benefit for its MutualCare Solutions long-term care products will increase from $10,000 to $15,000. With this change, the 60-month benefit multiplier on the Secure product will be removed, but the $500,000 policy limit cap on the Custom product is still in effect. Please also note the Maximum Monthly Benefit for Class I and Class II health risks will remain at $5,000. New applications reflecting these changes will be available June 3 and must be utilized no later than June 21.
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