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Carrier Updates

NGL / EssentialLTC Product Updates

December 4, 2018 By Broadtower Insurance

EssentialLTC’s Employer Group rate class launched in 38 additional states as of 11/30/18!

Visit the new Worksite Section of the Agent Resource Center at www.ngl-essentialltc.com

LTCi For Almost Any Business
Learn more about EssentialLTC’s program for the worksite. View PDF

2018 Tax Summary
Use this flyer to see the tax advantages of LTCi for individuals and businesses. View PDF

Recording Of EssentialLTCs Program For The Worksite
This session highlights EssentialLTC’s program for the worksite that is available to businesses with at least 5 employees, offers a streamlined group approval process, and features competitively priced comprehensive benefit options. View Recording

Worksite Process & Resources
Learn more about what to expect when you have an employer group prospect. This flyer will give you an idea of what to expect from start to finish and provides you with resources to help guide you through the process. View PDF

NGL Press Release
Employer Group rate class – View
ThinkAdvisor Article – View
Detailed Release Announcement – View

Website Self-Registration Now Available
Effective 11/30/18, you will be able to more easily access the EssentialLTC Agent Resource Center at www.ngl-essentialltc.com. Just click the “Request Access” button, follow the prompts, and you’ll have access to all things EssentialLTC.

Webinar Reminder
T
uesday, December 4th, 2018 at 11:00 AM PDT / 2PM EDT 

LTCi Funding Strategies for the Worksite
This episode of the Essential How-To’s Webinar Series will discuss some of the most popular strategies used to encourage funding LTCi in the workplace. Help businesses consider funding LTCi plans to get an additional 2018 tax deduction while they still can. Don’t miss this session! Register

Filed Under: Carrier Updates, Featured News

Tools To Help Build Your Business

December 4, 2018 By Broadtower Insurance

LTC Awareness Month may be over, but Mutual of Omaha is committed to helping you build your business all year long. Check out some of the tools that make it easy for you to sell their traditional LTCi products.

e-APP
Mutual of Omaha makes it fast and easy to submit your LTCi applications online. You’ll save time and effort because their e-App ensures you’re using the right forms. You can also be confident your app is completed in its entirety before you hit “submit”.
Use the LTC e-APP

Mobile Quotes
Get quotes on your smartphone or tablet wherever you are, whenever you want. Download Mutual of Omaha’s mobile app from the Apple Store or Google Play.
Get the Mobile Quotes App

Marketing Credits
Mutual of Omaha awards marketing credits for the LTCi applications you place with them. Use your credits for all types of business-building activities, including finding prospective clients so you can make more LTCi sales.
Learn about LTC Marketing Credits

Want More Tools?
Check out the Sales Tools page on Sales Professional Access, mutualofomaha.com/sales-professionals, for more tools that can help you build your LTCi business.
Get More Sales Tools

View a short presentation to see how Mutual of Omaha’s quoting software tool allows you to set a target premium based on your client’s budget. Set Target Premium Presentation

Filed Under: Carrier Updates, Featured News

Genworth News – Individual LTCi Incentive Campaign

September 25, 2018 By Broadtower Insurance

ANNOUNCING FALL INTO 10%!

Genworth is funding an incentive campaign for producers that submit qualifying applications for Genworth’s Long Term Care Insurance (LTCI) products, Privileged Choice Flex and Privileged Choice Flex 3 – Enhanced.

10% of annualized premium paid to producers for business submitted between 9/1 – 11/30/2018 and placed by 12/21/2018.

Click HERE to read the full bulletin.

Filed Under: Carrier Updates, Featured News

Important dates for next-generation Long Term Care Insurance from Life Secure

March 6, 2018 By Broadtower Insurance

In June, LifeSecure will release their next-generation Long Term Care Insurance to their existing worksite groups. Enrollment for new worksite groups will open in October with effective dates starting Jan. 1, 2019.

Please continue reading for more details.

Key Dates & Procedures

  • April 12: Agents may begin using the Group Proposal Tool in the Agent Portal to run proposals for new LTCi quotes. While proposals will be available for all worksite groups, enrollment timelines will differ for new and existing groups (see below).
  • June 28: Existing worksite groups that met simplified enrollment requirements during their initial launch may be reopened for enrollment of new hires and current employees, upon an agent’s request. Please contact your Worksite Sales Team to discuss your options.
  • June 28: All online tools will be available in the Agent and Worksite portals, including the Group Submission Form, Quote Calculator, and e-Applications.
  • October 4: Enrollment periods may begin for new worksite groups with an effective date of 1/1/19 and List Billing option only (maximum group size of 1,000).
  • Jan. 1, 2019: New worksite groups with enrollment dates starting on or after 1/1/19 may be set up with List Bill, EFT/Credit Card or direct bill options.

If you have any questions, please contact the Worksite Sales Team: Cori Mooberry cmooberry@yourlifesecure.com at 810-220-4620 and Sue Root sroot@yourlifesecure.com at 810-220-4655.

Product Availability

Thei new LTCi product will initially be available in the states listed below, with additional states to follow.

Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming

Filed Under: Carrier Updates, Featured News

Nationwide YourLife CareMatters “Cash Indemnity” LTC Product Now Approved in CA

September 26, 2017 By Broadtower Insurance

Nationwide is proud to announce Nationwide YourLife CareMatters®, a fixed premium linked benefit product that bundles LTC coverage and life insurance in the same policy. This allows clients to better address LTC expenses while remaining in control of their assets.

YourLife CareMatters’ cash indemnity benefits offer:

  • A guaranteed full monthly cash benefit1 to be used however the policy owner sees fit
  • No monthly bills or receipts to submit—meaning less paperwork and simpler administration for you and your clients
  • Family and friends as caregiver – 100% of the benefit can be used for informal care by unlicensed providers2

Important YourLife CareMatters® dates for California launch:

  • Illustrations available October 9th
  • Policies can be issued November 6th

Click here to read more about Care Matters – then contact your LTC Sales & Marketing Associate for more information.

 1 Source  http://www.aarp.org/home-garden/housing/info-11-2011/assisted-living-databank.html
2 2015 Medicare & You, Centers for Medicare and Medicaid Services
Guarantees are subject to the claims-paying ability of Nationwide Insurance.

 

 

Filed Under: Carrier Updates, Featured News

TransCare® III Updates

June 20, 2017 By Broadtower Insurance

Important Updates Direct from Transamerica…

“Transamerica remains committed to you and to the long term care insurance market. As such, it’s important that we modify our premium rates for new TransCare® III business to remain competitive within the marketplace. These rate changes will also maintain consistency in our pricing across our product portfolio.

Revised rates for new sales of TransCare III will become effective July 3, 2017. To receive old rates, applications must be received in good order by close of business June 30, 2017. Previously saved quotes on TransQuote® will no longer be available starting July 3, 2017.

This change applies to the following states: Alabama, Alaska, Arkansas, Colorado, Georgia, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming. We will inform you as approvals are received for the remaining states.

New application and disclosure packages will be required. To access the new packages, please visit www.taltc.com. Old versions of the application and disclosure packages will no longer be accepted after June 30, 2017.

Thank you for your business and your trust in Transamerica.”

Filed Under: Carrier Updates, Featured News

GENWORTH Compliance with Department of Labor Fiduciary Rule – ACTION REQUIRED

June 13, 2017 By Broadtower Insurance

NOTE: For New Genworth Income Assurance Sales funded with qualified money.

On June 9, 2017, certain provisions of the Department of Labor’s Fiduciary Rule (the “Rule”) and amendments to Prohibited Transaction Exemption 84-24 (“PTE 84-24”) will become effective and applicable. The Rule and, in particular, PTE 84-24 will ONLY apply to transactions involving fixed annuities that use qualified assets from an employee benefit plan under Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974 (“ERISA”), Individual Retirement Account (“IRA”) or Roth IRA, or will be purchased within an IRA or Roth IRA.

Attestation Required

Effective on June 9, 2017, Genworth will require all agents/producers that effect a purchase, sale or other transaction in a fixed annuity that is covered under the Rule to provide Genworth with a written attestation that such covered transaction conforms to all applicable provisions of the Rule and PTE 84-24. Applications that are received by Genworth without the executed attestation, including applications for the Income Assurance Immediate Need Annuity, will be considered “Not In Good Order.”

A copy of the required attestation can be found HERE.

Template PTE 84-24 Disclosure

Among other things, PTE 84-24 requires the agent/producer to provide his or her client with certain disclosures related to the covered transaction. The PTE 84-24 disclosure document (the “Disclosure”) must be completed by the agent/producer and signed by his or her client.

Genworth has created a template for the Disclosure that can be used in the sale of its Income Assurance Immediate Need Annuity. An agent/producer may use the template or any other form that satisfies the requirements of the Rule and PTE 84-24. Genworth WILL NOT require the submission of the completed and signed Disclosure. If the agent/producer submits the Disclosure to Genworth, Genworth will review the information and, if inaccurate, will consider the application “Not In Good Order.”

A copy of Genworth’s template PTE 84-24 disclosure can be found HERE.

Requirements of the Rule and PTE 84-24

The agent/producer must comply with certain provisions and requirements under the Rule and PTE 84-24, including, but not limited to, the following:

The Impartial Conduct Standards

  • The agent/producer must act as a fiduciary and in the best interest of the client;
  • The agent/producer must not make any materially misleading statements; and
  • The agent/producer must disclose all material conflicts of interest.

General Conditions

  • The combined total of all fees and compensation received by the agent/producer, the Brokerage General Agent (“BGA”) or Insurance Agency and, if applicable, the Independent Marketing Organization (“IMO”), must be reasonable within the meaning of ERISA Section 408(b)(2) and Internal Revenue Code Section 4975(d)(2).

Conditions for Transactions

  • The agent/producer must disclose in writing to the client that he or she is an agent of, but not an affiliate of, the insurance company issuing the annuity;
  • The agent/producer must itemize and disclose in writing to the client the percentages or dollar amounts of compensation that will be received by the agent/producer, the BGA and, if applicable, the IMO for the first year and for any renewal periods;
  • The agent/producer has disclosed in writing a description of any charges, fees, discounts, penalties or adjustments that may be imposed under the annuity contract; and
  • The client must acknowledge in writing that he or she has received these written disclosures.

Recordkeeping

  • The agent/producer must maintain, in a manner reasonably accessible for audit and examination, the records regarding the transaction for a period of no less than six years from the date the annuity contract is issued.

We encourage all agents/producers to consult with their firm’s legal and compliance contacts to ensure compliance with the Rule and PTE 84-24. More information about the Rule and PTE 84-24 can be found on the Department of Labor’s website. The Department of Labor has established a page dedicated to the Rule, which can be found HERE.

Filed Under: Carrier Updates, Featured News

Transamerica Employee Benefits News

June 6, 2017 By Broadtower Insurance

Express Designs: Simple for Small Business

Transamerica Express Designs are streamlined product designs based on what we’ve learned small businesses need most. Based on research into which claims are filed most often, we created paperless, hassle-free benefit enrollment solutions.

Express Designs are designed to be easy to use with electronic enrollment and administration through our in-house TransApp system and other approved platforms. Prepackaged designs mean faster policy issue (and faster commissions).

We offer dedicated client relationship managers, customized marketing, employer-friendly enrollment, multiple billing options, online claims, and competitive commissions.

Critical Illness Insurance that’s easy to get, pay for, and keep.

In an era of high deductible health plans, families may be walking a financial tightrope. Critical Illness Insurance can make up part of a safety net for when life delivers the unexpected, like a heart attack, stroke, or even cancer.

Struggling to cover housing, transportation costs, and the expenses of daily living can be hard enough. But add the stress of a critical illness, high deductibles, copays, and coinsurance, and that delicate balancing act can quickly fall apart. By providing extra insurance to cover potential costs arising from a covered illness, critical Illness insurance can help employees feel confident their health and their finances can bounce back.

Did you know?

According to a survey released by the U.S. Federal Reserve in 2016, nearly half of Americans said they couldn’t cover a $400 emergency expense, or they would have to sell something or borrow to cover it.

Contact Broadtower Today

We value our relationship with your firm and look forward to sharing new and innovative ways to serve your clients. Any questions? Please don’t hesitate to reach out.

Ronald R. Hagelman, Jr.
rhagelman@broadtowerinsurance.com

Kathy Brooks
kbrooks@broadtowerinsurance.com

Barry J. Fisher
bfisher@broadtowerinsurance.com

Matt Anderson
manderson@broadtowerinsurance.com

Filed Under: Carrier Updates, Featured News

OneAmerica Announces Several Changes Suspended Due To Fiduciary Update

April 6, 2017 By Broadtower Insurance

Click here for additional information and important dates relating to this announcement.

Filed Under: Carrier Updates, Featured News

John Hancock Announces Discontinuance Of Individual LTCI Sales

November 15, 2016 By Broadtower Insurance

John Hancock announced the discontinuation of their Individual LTCi policies in all states. Please review the below PDF for additional information and important dates relating to this announcement.

John Hancock Announces Discontinuance Of Individual LTCI Sales PDF

Filed Under: Carrier Updates, Featured News

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Broadtower Insurance Solutions, Inc.

Contact Info:
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