Editor’s Note:
Please see the announcement below for important details about LifeSecure’s multi-life LTCI program.
While we are disappointed to hear that LifeSecure is temporarily suspending most multi-life sales for 2017, we are glad to hear that they have met their initial quotas for this product and are not taking on additional unplanned risk that could affect them negatively down the road. That’s a good sign that they are acting in their policyholders’ best interests, and also that there was a healthier appetite for worksite LTCI than they had initially anticipated. We eagerly await hearing more about their 2018 re-launch, and will share details with you as soon as we know more.
In the meantime, Newman Long Term Care does offer other multi-life solutions ranging from association and affinity group discounts to multi-life discounts coupled with simplified underwriting. To learn more about the other worksite solutions available to you and your clients, please contact our Wholesaling Team at 800-625-9267.
Thank you!
The NewmanLTC Team
_______________________________________________________________
To our Agents and Distribution Partners,
Thank you for your business and your continued support of LifeSecure.
Because of you, LifeSecure experienced a very successful 2016 – and is still going strong year-to-date in 2017. As we often reiterate, we remain committed to the long term care insurance industry, but we are also constantly monitoring our business and the ever changing LTC industry. After a recent analysis of our LTC sales year-to-date, we have made the difficult decision to discontinue sales of our current Multi-life LTC offering in all states for the remainder of 2017 through such time when our new LTC offering becomes available in 2018.
IMPORTANT EXCEPTION: In December 2016, our top-10 MGAs were given LTC sales quotas (caps) for 2017 based proportionally on historical sales volumes. Those quotas are being honored; those MGAs will have the opportunity to continue to submit business in 2017 until their respective quota maximum is reached. Please note that LifeSecure will no longer accept applications for its current generation LTC product once the 2017 quota is reached. (NOTE: Newman Long Term Care is not one of the exempted MGAs).
A new generation LTC product for the multi-life market will be filed during 2017 for anticipated launch in early 2018. We will keep you up-to-date on our progress.
In order for LifeSecure to maintain a strong and stable presence in the insurance industry, it is also important that we diversify our product portfolio. As you are aware, we have been focusing additional energies in growing the sales of our ancillary, supplemental health products. To date, we are very close to having nationwide availability of our accident and hospital indemnity products. We will also be adding other ancillary products to our portfolio over time.
Worksite solutions will continue to be a strong focus across our whole product portfolio. While we regret the temporary disruption of our LTC availability, we are excited about the new offerings we are bringing to market and what the future holds!