-
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
-
Q&A – Transition Rules for Asset Care
Question: What are the transition rules for Asset Care product launch in July? Answer: The transition rules for Asset Care are as follows: June 28, 2019 eApps must be locked (apps not yet signed but sent for signature) Interview must be ordered with LTCG Signed paper app must be received by Home Office by end… 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
-
Is it covered?
I have a few concerns about using life insurance as a funding strategy for long term care. I don’t mean in the sense of a true linked benefit / asset-based LTC product like Asset-Care. What I am referring to is the “add-on” coverage provided by a rider on the life insurance policy. “Oh, by the… Continue reading
-
Q&A – Indemnity v Reimbursement
Question: There are a couple companies who offer indemnity plans. Do you have any information how they compare to reimbursement plans? Answer: We certainly do. As a matter of fact, we also have a PowerPoint that can accompany this Indemnity v Reimbursement one pager. To get the PowerPoint, please contact Justin Fox. Continue reading
Fridays with Fisher 