Effective June 28, 2023, all OneAmerica Asset Care applications with a total to underwrite (TATU) of $500k or less will be eligible for expedited underwriting. Currently, the TATU limit is $250k for cases with lifetime COB and $500k for cases with limited COB. This change is applicable for all states OneAmerica does business in.
SecureCare III Reprice and Launch in Certain States
Effective June 28, 2023, Securian Financial has announced rates for SecureCare™ III will decrease by 25 percent across all case scenarios in Arizona and Indiana. All pending applications that have an effective date on or after June 28, 2023, will automatically be eligible for and receive the new pricing. SecureCare™ III will also launch in Washington, D.C., North Dakota, and South Dakota on this date with its reprice rates.
Mutual of Omaha to Integrate Medical Claims Data into Underwriting Process
Effective June 20, 2023, Mutual of Omaha will be ordering medical data for all LTC applications and review it prior to ordering any interviews or medical records. Updates to the process include:
There will no longer be auto-ordering of medical records, and records will be ordered at the underwriter’s discretion. | Phone health interviews will no longer be automatically ordered for clients aged 59 and younger. | For clients aged 60-64, after a review of medical claims data, a phone health interview with cognitive screening will be ordered. | For clients aged 65 and older, after a review of medical claims data, face-to-face assessments will be ordered.
EquiTrust Announces Higher LTC Benefits
EquiTrust just increased maximum coverage ratios on Bridge® to help clients turn premium dollars into more long-term care benefits. All Preferred risk classes can now choose LTC benefits of at least 3X premium, and Standard can choose at least 2X premium. Increased maximums allow all ages and underwriting classes to take advantage of boosted LTC benefits.
Bridge® contract issued on Form Series ICC12-ET-EIA-2000(01-12) or ET-EIA-2000(11-21). Long-Term Care Rider issued on ET-LTC(04-22). NeverStop℠ Wellness Rider issued on ET-WEL(11-21). EquiTrust does not offer investment advice to any individual or agent/producer and this material should not be construed as investment advice. Products underwritten, issued and distributed by EquiTrust Life Insurance Company, West Des Moines, Iowa. 0466-BRG-EM-EXT-06-23
LTCI In-Force Rate Adjustments Announced for Rhode Island and West Virginia
Mutual of Omaha has announced in-force rate adjustments for certain LTCI policies in Rhode Island and West Virginia. The changes for West Virginia will go into effect on Sept. 1, 2023, and the changes for Rhode Island will go into effect on Oct. 1, 2023.
Nationwide Launches CareMatters Together Product
On June 12, 2023, Nationwide is introducing Nationwide CareMatters Together, a new linked-benefit solution offering long-term care coverage to couples or two individuals with an insurable interest in each other.
Designed for couples ages 30 to 70, Nationwide CareMatters Together offers policy owners the flexibility to use their pool of LTC benefits entirely by one person or shared between the two insureds in any combination.
Price Improvement Announced for Nationwide CareMatters II
Beginning June 12, 2023, Nationwide is implementing a price improvement across all scenarios for the current CareMatters II product. There will be a price decrease for all scenarios, which varies by the characteristics of the case.
In addition, to make CareMatters II more accessible to more clients, Nationwide is lowering the current minimum LTC benefit from $2,500 a month to $1,500 a month. WI, SD, and VT require higher minimums.
Rate Class Update for Nationwide YourLife CareMatters in New York
Effective June 12, 2023, all CareMatters applicants in New York will receive Preferred rate classes. From that date, the Single rate classes will no longer be offered. Preferred rate classes are equal to the Couple rates, and all applicants will be eligible for these rates regardless of marital, civil union, or domestic partnership status. Policies issued on or after June 12, 2023, will receive Preferred rate classes.
The only available classes will be Preferred Nontobacco and Preferred Tobacco. You will continue to see the Couple rate classes referenced on the Life Pending Tracker, but customer-facing communications will display as Preferred.
New Personal Worksheets Available
Effective May 31, 2023, new personal worksheets will be available from Mutual of Omaha for all states except California, New York, and North Dakota. Updates include a rate increase history grid, two new questions, and rewording of questions and additional answer options. Previous worksheets will no longer be accepted after June 30, 2023.
LTCI In-Force Rate Adjustments Announced for Colorado
Mutual of Omaha has announced in-force rate adjustments for certain LTCI policies in Colorado. The changes will go into effect on Aug. 1, 2023.
