Important Changes for Florida, Hawaii & Indiana – Individual and Multi-life LTC Business
LifeSecure Insurance Company will release its next-generation long term care insurance product, LTC II, this Monday, February 3. Click here to view product details, timelines and transition information for our new LTC product*.
On February 3, the following changes and enhancements will also go into effect for new LifeSecure LTC business in Florida, Hawaii and Indiana. Please Note: while the following changes will go into effect for new business, LifeSecure’s LTCi rates for new business in Florida, Hawaii and Indiana will only change once LTC II is approved.
Plan Design Modifications
- The minimum Benefit Bank amount will change from $75,000 to $100,000
- The maximum Issue Age will change from 84 to 79
- The “To-Age-65” Premium Payment Option will no longer be available for new applicants.
(Note: the 10-Pay Premium Payment Option will still be available.)
Underwriting Update
- Newly refined underwriting practices – such as modifications to our build table and a move to BMI measures, updates to our uninsurable medications list, and the use of paramedical examinations in certain situations. These updates help to create a more stable risk-to-pricing balance and also allow LifeSecure to be able to offer strong, comprehensive LTCi protection for years to come – at premiums that remain very competitive in today’s marketplace.
Multi-life Program Changes
- Two new distinct multi-life LTC programs – one for groups with fewer than 10 eligible employees and one for groups with 10 or more – allowing us to differentiate risk controls and underwriting parameters in order to create a more stable, competitive solution for different sized groups.
- Broader availability of simplified issue underwriting to spouses, K-1 business owners and board members who are actively-at-work on a full-time basis.
- Additional components of simplified issue underwriting to include consideration of uninsurable medications.
- Stricter participation requirements for access to simplified issue.
- Proof of actively-at-work full-time status requirements for certain employer groups and eligible applicants.
Click here for detailed information.
New Ways to Quote
Target Benefit Bank amount, Target Monthly Benefit Amount, and Target Monthly Premiums.
*Note: This announcement is not applicable for California. Please refer to our separate announcement specific to California.