May 2024 Industry News and Updates
Lincoln MoneyGuard Market Advantage 2024 reflects pricing changes and the introduction of indemnity benefits, 5/13/24.
- Pricing impacts will occur as it relates to the amount of LTC Benefit the client would receive if comparing Age 85 LTC Maximum Monthly Benefits to the existing MoneyGuard Market Advantage product offering. The results will reflect up to 5% higher benefits at older ages with 3-5% lower benefits on average in the 45-60 age range.
- Introducing a receipt-free indemnity choice that can be elected at time of first claim. At the time of the first LTC Claim, the client will decide whether to receive LTC benefit payments through Reimbursement or Indemnity. Indemnity Maximum Monthly value will be 80% of the Total LTC Maximum Monthly. Choice of Claim Option (Indemnity or Reimbursement) is irrevocable and LTC Benefit Limit (Pool) is not impacted; both options have access to 100% of the LTC Pool amount.
Nationwide CareMatters II in California. 4/1/24
We are implementing a price improvement across all scenarios for CareMatters II in the state of CA. In addition, to make CM accessible to more clients, we have lowered the minimum LTC benefit from $2,500 a month to $1,550 a month.
OneAmerica Annuity Lightning-Fast Underwriting, May 2024
Improvements to both Annuity Care and Indexed Annuity Care products, effective immediately. OneAmerica’s BASE ONLY Annuity Care solutions are now allowing up to $1 million in premium with instant underwriting decision.
- Say hello to lightning-fast underwriting decisions with premiums soaring up to $1 million (previously $500,000) on base-only sales.
- Clients can now secure instant approval by answering just a few short questions.
- As our valued financial professional, you are now eligible to earn commission on the full premium (up to $1M)!
Mutual of Omaha, 6/3/24: The Maximum Monthly Benefit will increase from $10,000 to $15,000 on our MutualCare Solutions long-term care products!
This will allow clients access to additional benefits if needed and provide a greater sense of security if a long-term care event occurs. With this change we will be removing the 60-month benefit multiplier on our Secure product. New paper and e-applications will be available on June 3, 2024.
National Guardian Life, e-Policy Delivery, 4/1/24
Beginning April 01, 2024, all policies will now be issued through our new e-Delivery process. You as the agent will now have the ability to email your clients their policy documents and securely get their signatures electronically, all through the Agent Resource Center!