Thrivent deadlines announced: The new product will launch on 3/3/16 in all states except for CA, CT, DE, HI, MT and NY.
Deadlines:
- March 2 – Last day to sign applications for current product in affected states
- March 3 – New product launches
- March 8 – Applications with sign date prior to March 3 must be received by Newman Long Term Care by 5:00 pm Central to be processed
- March 9 – Deadline for NewmanLTC to have all business into Thrivent’s Home Office
For a quick 15 minute video refresher on Thrivent’s differentiators, click here.
Changes:
- Enhancements: They will be adding options for 1% and 2% Compounding Annual Increase Benefit. They will keep the 3% and 5% Annual Increase Benefit and Flexible Increase Benefit.
- Premiums: Base premiums for the new product will be priced between 6% and 44% higher. Increases will vary and depend on age, health and product design. They will reduce the couples discount from 25% to 20% and one-person spousal discount from 10% to 5%.
- Other changes:
- Removing: Restoration of Benefits rider, Pay to Age 65 payment option, and 120-month (10 Year) benefit multiplier.
- Renaming substandard classes to Class 1 and Class 2.
- Key features not changing: 5-year rate guarantee; 10-pay premium option (with prior approval); and Shared Care, Waiver of Home Care, Cash Benefit and Return of Premium riders.