Continuation of Benefit Rider
-
Q&A – Apps Submitted Before June 28
Question: I submitted an Asset Care application before the deadline, what are my options now that I can see premiums for the “new” Asset Care? Answer: If an application is pending but not approved by underwriting … If an interview is ordered and/or scheduled for the “old” product, then A new Application Part 1 is… Continue reading
-
Asset Care for Qualified Money
One funding approach that has been unique to Asset Care is the “self contained” funding strategy for qualified money and non-qualified deferred annuities. In the original series product, these were know as Asset-Care II (non-qualified money) and Asset-Care III (qualified money). We have made some enhancements to this strategy which, in my humble opinion, are… Continue reading
-
Q&A – Premium Modes for Asset Care
Question: With the release of the “new” Asset Care, are the premium modes being changed? Answer: We have made changes to our funding options. As we have done in the past, we will offer single premium (cash or 1035 exchange), the use of non-qualified deferred annuities and qualified money, and recurring premiums. Recurring premiums are… Continue reading
-
Asset Care – Policy Changes
As with every product release, there are changes that come at the policy level. This is true with Asset Care. Here are a few changes that you MUST know. The Elimination Period to qualify for benefits has be altered to zero days for home care and 90 days for facility based care. Remember, those are… Continue reading
-
Asset Care Apps During Transition Period
For application submitted for “old” Asset Care who would like to change to the “new” Asset Care, here are the guidelines. If an application is pending but not approved by underwriting … If an interview is ordered and/or scheduled for the “old” product, then A new Application Part 1 is required, and you need to… Continue reading
-
Single Premium Drop In – NEW FEATURE
With the launch of the new Asset Care, a truly new feature is being introduced – the Single Premium Drop In Rider (SPDR). This rider will be available only with the new Asset Care when funded using recurring premiums. It will be available on July 1 when the product launches. For July 1 launch states,… Continue reading
-
Q&A – “New” Waiver of Premium
Question: With Asset Care, how does the “new” waiver of premium work? Answer: With the updated Asset Care, the way the waiver of premium (WOP) functions has changed. Simply, the WOP waives charges for both the base policy and Continuation of Benefit Rider when an insured is on claim. Once the claim ceases, the premium… Continue reading
-
Waiver or Premium / Elimination Period
Let’s take a look at two of the new features that you will find in the Asset Care product relaunch in July – waiver of premium and the elimination period. Frankly, this is a pretty significant upgrade. The revised waiver of premium waives the policy premium for BOTH the base and Continuation of Benefit Rider… Continue reading
-
Q&A -PA & MA
Question: Will the “new” Asset Care be approved in Pennsylvania and Massachusetts? Answer: Yes! The “full” product will be available. This means that on July 1, joint policies will be available for PA residents and the Continuation of Benefit will be available in MA. Continue reading
-
Asset Care Revisions Coming in July
This should come as no surprise. Noise about Asset Care changes has been swirling around for months. A couple weeks ago, we announced the changes that are targeted to roll out in July. Here are a few of the enhancements that you will see in the updated Asset Care. zero day elimination period for home… Continue reading
-
I’ve got this
A long term care claim does not need to be permanent for an insured to receive benefits from a policy. As noted in “Is it covered?”, life insurance with chronic illness riders will not provide coverage for services that are not permanent in nature. True LTC policies (traditional and asset-based), cover both permanent and recoverable maladies.… Continue reading
-
Q&A – Funding with SPIA
Question: Last week, you shared the funding sources. Am I correct to assume that a single premium immediate annuity is a viable funding strategy? Answer: The “LTC Protection at Your Fingertips” piece that you mention is an excellent source for high-level funding information. Now to your question, yes – a SPIA can be utilized as… Continue reading
Fridays with Fisher 