Broadtower Insurance

We are excited to announce AM Best has upgraded NGL’s Financial Strength Rating to A (Excellent) from A- (Excellent)! This rating reflects the excellent ability of National Guardian Life Insurance Company (NGL) to meet its ongoing insurance policy and contract obligations and further attests to its financial strength.

“Last year NGL finished with capital and surplus reaching historic records. Our strong financial position is the result of generations of employees consistently doing what is right and always putting our policyholders first. This rating both confirms our strength and stability, and gives us confidence to enter new markets so that we can expand our societal impact,” said Knut Olson, NGL President & CEO.

Click here to read the full news release.

Care Solutions Sales & Support Teams

Find your key sales contacts using our current territory map.

Level up with CSU in 2021

Join OneAmerica for Virtual Care Solutions University

Register for Virtual Care Solutions University on March 30, 12:30 – 4:30 p.m. ET.  Get an in-depth exploration into the benefits and features of the OneAmerica Care Solutions product suite and how it is different.  Whether you are looking for industry experience, protection that’s beyond the average, using qualified dollars to fund a policy or an industry-leading care benefits concierge experience, you can learn more about it all here!

Tools and Resources

Lead through philanthropy and earn CFP and CE credit

Join the American College of Financial Services for a webinar roundtable on March 31!  Hosted by American College President and CEO George Nichols III and OneAmerica Chairman, President and CEO Scott Davison, along with other thought leaders, the discussion will focus on why economic mobility in underserved communities is good for society and business.  Get inspired to lead through philanthropy and earn CFP and American College CE credit!

LTC Tax Guide

The 2021 Long-Term Care Tax Guide is now available, including updated information on the 2021 age-related table eligible premium amounts; a thorough discussion of the benefits of Asset Care when provided as an executive bonus; the benefits of IRC section 1035 exchanges into Care Solutions portfolio products; and much more!

Compliance Notices

Attention Arkansas, Michigan and Rhode Island: Best interest is here!

Arkansas, Michigan, and Rhode Island have updated the requirements around best interest and suitability in annuity transactions. A new training will be required to be able to submit applications for any annuity products, including annuities funding whole life.  The changes for Arkansas and Michigan went into effect Dec. 29, 2020, and for Rhode Island, the changes will take effect until April 1, 2021.  Information will be forthcoming on the new training requirements and the new forms to use in these states. Original forms can be submitted until updated ones are made available.  Note: States previously approved include Arizona and Iowa.

New Best Interest Annuity Suitability Policies and Procedures Producers’ Guide for Arkansas, Michigan and Rhode Island

A new version of the Producers’ Guide has been created to align with the 2020 Best Interest revisions of the NAIC Suitability in Annuity Transactions Model Regulation.  These changes go in effect Dec. 29, for Arkansas and Michigan and April 1, for Rhode Island.  The prior version of the Producers’ Guide will remain in effect for those states that have not yet adopted the revised Best Interest requirements.  Review the new Best Interest Annuity Suitability Policies and Procedures Producers’ Guide here .  All other states will continue using the original producers’ guide.  Note: States previously approved include Arizona and Iowa.

Operations Updates

Grace period in place to assist policyholders receiving late billing statements

OneAmerica has become aware that due to pandemic and weather mailing delays, some policyholders are receiving their premium notices very close to the payment due date.  If you receive calls from concerned policyholders, please keep the following in mind:

• Although we contractually grant 30 days grace to our clients, we actually provide up to 60 days of grace.  So, there is ample time for clients to get their payment to OneAmerica.  Policies are fully in force and active during a grace period.
• OneAmerica neither charges late fees nor assess any kind of penalties for late payments.
• OneAmerica provides no payment history reporting of any kind to credit agencies on client payment activities.

OneAmerica continues to monitor the USPS situation and are working on process improvements to mitigate some of these challenges.  Thank you for your support as we all work through this situation.

New for California: Updated asset-based LTC loan/withdrawal process

In an effort to help clients better understand the impact of taking a loan or withdrawal from their asset-based LTC policy, California will now require policy owners to sign a letter outlining this impact before OneAmerica can process a loan or withdrawal.  This will affect California Asset-Care, Annuity Care, Annuity Care II and Indexed Annuity Care policies and contracts issued on or after Jan. 1, 2021.  Learn more about this new regulation and review our FAQs.

Access March interest rates

Review new business interest rates for OneAmerica company products that took effect on March 15, as well as changes to the Guaranteed Interest Rate for new issues of Annuity Care that took effect on March 15 in certain states.

Beyond Care Solutions

Beyond Care Solutions products, OneAmerica helps Americans secure their financial future through their Retirement Services and Employee Benefits products and services.  Read more below and reach out to your OneAmerica regional sales director to learn more. 

ComboPlan: Revolutionizing the tax-exempt market

Retirement plan offerings for tax-exempt organizations can be complicated.  But OneAmerica Retirement Services’ cutting-edge new ComboPlan solution offers simplicity, flexibility and sophisticated plan administration.  As organizations deal with the impacts of COVID-19, the RS team continues to look for ways to move the needle on retirement planning and improve employee decision-making abilities.  Read more about ComboPlan and OneAmerica’s innovative approach in the tax-exempt market in this recent 401(k) Specialist feature with Retirement Services President Sandy McCarthy.

Learn and Earn

Join us in Madrid for the 2020 Chairman’s Trip

As one of the world’s great capital cities, Madrid is the perfect place to celebrate outstanding achievement for the 2022 Chairman’s Trip.  Qualifiers will join OneAmerica from April 5 – 10 and enjoy a luxurious stay at the historic Westin Palace, Madrid.  Find out how to qualify.

Get away to Aruba for the 2022 Independent Leaders’ Conference

There’s nothing like a little sun, surf and celebration to recognize your success.  That’s why OneAmerica is excited to invite you to Aruba, their destination for the 2022 Independent Leaders’ Conference.  Qualifiers will join OneAmerica for a relaxing getaway from June 7 – 11 and enjoy a luxurious beachfront stay at the Ritz-Carlton, Aruba.  See the qualification rules here.

Webinar

Dig into Care Solutions with free webinars

Learn the basics of OneAmerica Care Solutions products with suite and concept training webinars every other Friday.  Want to go deeper?  Join a Care Solutions Live Deep Dive webinar for in-depth modules on key asset-based LTC topics.

Introducing an Enhanced EssentialLTC

A product that can now do more.

NGL has been listening to your feedback and are excited to announce your suggestions were used to enhance EssentialLTC! The changes are geared toward making it easier to sell, and the new features will allow you to offer your clients a product that can do more.

NGL enhanced its features, options, underwriting classes and the rider selection has been streamlined! These changes will be effective for all new business applications received on or after April 1, 2021, in the following 38 states: AK, AL, AR, CO, GA, IA, ID, IL, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NE, NH, NM, NV, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY.

This information will be distributed in a field communication on March 19, 2021. Please see below for the details on these enhancements.

New Features

• For joint policies, when one insured passes away the premium will now decrease to an amount specified on the illustration and Policy Schedule for each person.
• The Waiver of Premium Rider for Home and Community Care Services is now built into the policy and premium when Comprehensive Coverage is selected.
• The 10-Year Premium Payment Option is now fully guaranteed and will never be subject to a rate increase.
• The underwriting rate classes will be consolidated into single gender-distinct rate class called “Premier”. It is a simplified competitive offering with clearer underwriting expectations.
  • The Employer Group rate class will still be available to approved employer groups in the states where it is available.

Streamlined Rider Selection

• Removed: The Step-Rated Compound Inflation Protection Rider
  • Still Available: The Compound Inflation Protection Rider with 3% and 5% options

• Removed: The Full Return of Premium Rider
  • Still Available: The Limited Return of Premium Rider

• Removed: The Full Return of Premium with Optional Policy Surrender Rider
  • Still Available: The Limited Return of Premium with Optional Policy Surrender Rider

• Removed: The 0-Day Elimination Period
  • Still Available: The 30, 90 and 180-Day Elimination Periods and the First Day HCCS Benefit Rider

All available riders can be found in NGL’s EssentialLTC Product Summary.

Adjustments

Due to pricing for the new features and historically low interest rates, the premium for the product has changed. EssentialLTC’s rates will remain very competitive compared to the other Long-Term Care insurance products on the market. See the chart below or Click here to see how National Guardian Life Insurance Company’s (NGL) EssentialLTC stacks up against some of those products.

Updated Materials

Updated materials will available on the Agent Resource Center beginning April 1, 2021.

New Business

Applications written in the 38 states listed above, must be dated and received in good order by the NGL LTC Administrative Office on or before March 31, 2021 to use the current features and premium structure.

This is applicable to the E-APP, mailed paper applications and uploaded PDF applications. Applications dated or received by the NGL LTC Administrative Office on or after April 1, 2021 must use the updated forms applicable to the client’s resident state. No exceptions will be made.

E-APP

E-APP, the illustration program and the quick quote calculator will reflect the enhancements beginning April 1, 2021.

To use the current version of the product, all parties must complete their signatures in DocuSign and the E-APP must be submitted, in good order prior to April 1, 2021. For BGAs using the E-APP stopover feature, E-APPs must be reviewed and submitted prior to April 1, 2021 to be considered received before the deadline.

Please note, any E-APP where signatures are not complete and/or not submitted prior to April 1, 2021 will need to be rewritten using the updated forms, premium structure and rate class. No exceptions will be made.

REMINDER! TRANSAMERICA TO DISCONTINUE SELLING STANDALONE LONG-TERM CARE ON MARCH 31, 2021

As a reminder, Transamerica will discontinue the sale of individual, standalone long term care insurance (LTCI) products on March 31, 2021. Also, acceptance of applications under approved multi-life cases (worksite and association) will end on June 30, 2021. The impacted products are TransCare® II and TransCare® III.

These changes will not affect any LTCI policies previously issued to existing customers. The administration and service of in force policies will stay the same, and customers shouldn’t see a change in their experience. LTCG, a trusted leader in the LTCI business, will remain the administrator of Transamerica LTCI business handling all policyholder services, including claims.

As a part of this change, Transamerica is modifying your Agent’s Agreement (the “Agreement”) to remove your authority to sell LTCI policies and solicit applications after the dates below, at which point you will be a servicing-only agent. This will not affect any other rights and obligations under the Agreement, including your right to receive commissions in accordance with the terms of your Agreement.

IMPORTANT DATES

• The last day to submit an individual, standalone application (paper or eApp) is on 3/31/21.
• The last day to submit an application under an approved multi-life case is on 6/30/21.
• Illustrations, forms, and sales collateral removed from ARC on 7/1/21.
• Transamerica previously stated that commission statements would be removed from ARC on 12/31. However, at this time, they have no plans to remove commission statements from ARC.

FREQUENTLY ASKED QUESTIONS

Take a look at Transamerica’s FAQs for other details about the transition, mailing addresses, and fax number.

A message from Mutual of Omaha’s new National Sales Director

As you may have heard, Mutual of Omaha has a new National Sales Director, Corri Campbell. An insurance professional of 24 years, Corri brings enthusiasm, experience across multiple distribution channels and a passion for helping marketers like you build their business. Check out her note to learn more. Let’s work together!

Updated LTCi 2021 tax advantages flyers

As you know, an LTCi policy brings many benefits … from helping people remain in their homes as long as possible to offering protection for a retirement nest egg. But there’s another important advantage — the potential to save on federal and state income taxes.

The LTCi tax advantages flyers are now updated with the 2021 eligible deduction amounts. Download the flyers now:

• Agent Tax Guide
• Tax Advantages for Individuals
• Tax Advantages for Business Owners

COVID tax questions

The Consolidated Appropriations Act (“CAA”) provided coronavirus relief as well as other tax related extensions that will affect your clients. Here are some highlights that relate to individuals.

• Stimulus checks are back. The amount is $600 per taxpayer and $1,200 for married persons filing jointly along with $600 for each qualifying child. Income limits vary upon marital status.
• Teachers and instructors who teach grades K-12 are allowed a $250/$500 (Single/MFJ) above the line deduction to allow for the purchase of personal protection equipment and disinfectant.
• The above the line deduction for $300 of charitable gifts is extended into 2021.
• There are two provisions related to your client’s health care expenses.
  • First, taxpayers that itemize their deduction may continue to expense unreimbursed health care expenses that exceed 7.5% of adjusted gross income.
  • Additionally, taxpayers that use a flexible spending account (FSA) as part of a cafeteria plan to reimburse medical care expenses may continue to carry over unused amounts in the FSA.
  • For taxpayers that have deducted tuition and related expenses as an above-the-line deduction should be aware that this is no longer an eligible deduction in 2021.

For more information, review the press release at IRS.gov.