Blasts & News
There are many changes taking place in the Long Term Care and Disability Insurance industries these days. The information comes from many different sources, and it can be quite confusing at times to put all the pieces together and make sense of it all. At NJLTC we send out several email newsletters , "Blasts" as we call them, a month. We keep our clients, brokers, and producers informed of all the relevant news, topics, and product updates that take place in our industry. Feel free to browse our archive of Blasts and News articles.
August Underwriting Updates Aug 14, 2020
Principal Underwriting Updates, New TransAmerica Underwriting Guide, and MOO Lifts Age Restrictions in Additional States
As we make our way through this ever changing Pandemic world, underwriting rules from our various carriers continue to evolve. Here is an update from three of our preferred carriers – Principal, Mutual of Omaha, and TransAmerica.
PRINCIPAL
In April, Principal implemented temporary adjustments to their underwriting guidelines to help clients continue to get the coverage they need, while requiring less medical information during difficult times. The temporary guidelines will expire July 31, 2020. Principal is excited to now announce the traditional guidelines that go back into effect August 1 will feature new, more liberal limits for many of your clients. See their full statement below -
Higher lab and physical measurement limits
During the course of COVID-19, we did in-depth analysis of our limits. We feel these new limits strike a great balance of convenience for you and your clients, and a sufficient level of information for us to be able to make good underwriting decisions.
Effective August 1, your clients age 50 and younger will have no lab or physical measurement requirements for the following products and benefit amounts:
All other guidelines remain as they were pre-COVID-19.
Additional things to know
Transition guidelines
There will be a 30-day transition period for business quoted prior to August 1 and where the permanent guidelines are less favorable than the temporary guidelines. To be underwritten based on the temporary guidelines, a case must have an illustration dated prior to August 1 and an application received in the home office by August 31.
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Wrapping Up July Jul 27, 2020
What a long strange trip it has been. A little nod to Jerry Garcia as we forge our way through a COVID-19, incredibly hot July of 2020. At NJLTC we will continue to update you with the latest changes with both product and COVID-19 related news. The first item in this week’s blast is a fantastic article I think you can use on every sales call.
“Choosing the Best Long Term Care Coverage”
Next item is COVID/Post-COVID related. Principal announced today that the $10,000 per month no medical limit will remain going forward indefinitely. This is big news…no medicals (blood and urine as well) required for any individual applying for $10,000 per month of DI benefits. (see attached)
Several other articles:
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July Marketplace News Jul 23, 2020
It’s July, in what will certainly go down as the craziest year in our lifetimes. As we all come to grips with living life with COVID-19 and trying to live together in peach and harmony, the insurance world continues to trudge along. In this blast we will start out with a quote from the great UCLA men’s basketball coach:
“Don’t let what you cannot do interfere with what you can do.”
As we all try to figure out the world in June of 2020, these words are inspiring. Please find the latest updates from the LTC and Disability marketplace:
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