As a leading long-term care insurance carrier, Thrivent has a responsibility to our contract holders and distribution partners to ensure that product offerings are being used in a manner consistent with their original intent around protecting clients against the risk of long-term care.
The Washington State Cares Fund announcement is prompting us to implement changes to ensure that sales of Thrivent LTC are the result of financial advice based on the client’s unique needs, rather than as an available (and temporary) option to avoid a payroll tax.
Thrivent will implement the following changes to our long-term care insurance product for sale in the state of Washington effective at 10 AM Pacific/ 12 PM Central on Friday, May 28th:
- We will increase our minimum issue age to 40.
- We will increase our minimum monthly benefit amount to $3,000.
- Paper or electronic applications for proposed insureds under age 40 or monthly benefit less than $3,000 (eApp or Paper) must be received at Thrivent by 10 AM Pacific/ 12 PM Central on Friday, May 28th.
- There will be no exceptions made to these deadlines.