Urgent LTC Update for California Agents
For those of you active in the Long-Term Care insurance field and who have the CE required to sell policies endorsed by the California Partnership for Long-Term Care, please note that the minimum daily benefit is going up to $170 on January 1, 2011. This year, it is $160.
This means that you have just about one week to write Partnership applications if you want to tie down the $160 initial daily benefit. Since MetLife is leaving the LTC business entirely as of the end of this month and John Hancock has temporarily suspended its LTC business in CA, Genworth is currently our only CA LTC Partnership carrier. That’s not a problem, of course, since they have always had one of the industry’s best policies.
If you have a client or potential client with a December birthday, keep in mind that if an application is dated and signed within 30 days of that birthday, the policy will be issued at the client’s prior age. However, I have been advised by Genworth that, in order to qualify for the $160 initial daily benefit, the application must be dated and signed this month (December) even though it can be submitted with at least one month’s premium (dated the same date as the application) within 30 days of the application date.
To sum it up, if you want a $160 initial daily benefit on a CA LTC Partnership policy, immediate action is required.
Bob Burton LLB CLU ChFC AEP
Director of Advanced Planning