From the full LifeSecure announcement (click here to read)
After careful analysis of their LTCI business and continuous review of their product offerings and overall business strategy, LifeSecure has made the decision to discontinue sales of their long term care insurance product in the individual markets, effective Nov. 1, 2016. They will continue to offer their Multi-life LTCi product in the worksite markets. As one of the top-ranked carriers for worksite LTCi sales, LifeSecure has experienced great success and continued growth in the worksite space. This decision allows them to focus even greater attention, energy and resources on what they do best: offering innovative, flexible and simple solutions at the worksite. This decision does not impact existing individual LTCi policyholders. LifeSecure will continue providing service to their existing individual LTCi policyholders. Important Dates:
- Oct. 31, 2016: Last valid day for LifeSecure’s individual LTCi applications to be fully data-entered and submitted online – no later than 11:59 p.m. ET (8:59 p.m. PT). LifeSecure prefers e-apps, so any paper apps must be completed and into NewmanLTC no later than 12:00 PM Central on Friday, October 28th in order for them to be entered, scrubbed and submitted.
- Nov. 1, 2016: Sales of LifeSecure’s LTCi product in the individual LTCi markets will cease and no further individual applications will be accepted.
Additional Notes:
- Effective Nov. 1, 2016, LifeSecure will no longer accept individual LTCi applications for policy series LS-LTC-0004 with gender-based pricing, including applications for members of existing association groups. They will continue to accept Multi-life LTCi applications for policy series LS-LTC-0005 and policy series LS-0002 in California with unisex pricing for new and previously approved employer groups.
- Individual LTCi applications submitted prior to Nov. 1, 2016, will be processed according to LifeSecure’s underwriting guidelines. Applications will be closed as incomplete if outstanding requirements are not received within the allotted time frame, per current procedures, and will not be re-opened.
- Any individual LTCi application in a postponed policy status as of Nov. 1, 2016, will not have the opportunity to be written.
- Any individual LTCi application closed as incomplete prior to or after Oct. 31, 2016, will not be re-opened if missing outstanding requirements are received after Oct. 31, 2016
Please contact us immediately to help get LifeSecure business in before these deadlines, or to discuss other options for your clients.