LTCi Market Updates Q1 2023

Q1 2023

We’re seeing a greater willingness to innovate when it comes to product development and a desire from some important carriers to improve technology and enrollment processes. Much more exciting news to come on that in Q2.

Life Insurance + LTCi Hybrid

Nationwide

Hot off the presses! CareMatters II will be released in CA on 4/17. There are no materials or collateral yet, but watch the Facebook group for more information. 

Securian

A quick reminder that Securian underwent a 25% price decrease across the board in a large number of states. Speaks to a competitive Hybrid LTCi space that can result in new consumer advantages.

Brighthouse

This carrier just released their product in New York State in March. Check out our Brighthouse Carrier Call with Matt McCormack.

Guardian Life

Released SafeGuard360 - A unique and well-rounded and “holistic” insurance policy that offers whole life, LTCi, and disability income insurance in one. Read the press release for additional information from Guardian. We’re very excited about the innovation we’re seeing in the market.

Annuity + LTCi Hybrid

OneAmerica

Update on the Annuity Care II: This product now provides a 6-year COB benefit, essentially offering more LTC coverage.

• Product Announcement

Breakdown of Product Enhancements

• Persona: Age 40-69
• No current major health issues
• Own a non-qualified annuity with gains
• Have no LTC plan in place or have a need to supplement existing plan

Additional Annuity Care II Benefits

• Turn non-qualified annuities from tax-deferred to tax-free for long-term care
• 4x leveraging for ages 40-69 and 2.5x leveraging for ages 70 to 80
• True monthly LTC benefit versus pro-rated amount for days of care
• Client concierge assigned at claim time to work 1 on 1 with family
• A+ rated company (AM Best) with 95 Comdex score

EquiTrust

Still very new but very exciting product that's slowly but surely releasing in more states. The most recent releases were TX and WA as of mid-January. For more information on this up and coming product, watch the carrier call with David Hall, and the very informative Study Group with Phyllis and Erik. Also, check out the microsite for more info.

Worksite

Chubb

Coming soon to the BuddyIns product and technology suite is a new worksite enrollment platform and some exciting developments in worksite enrollments. Stay tuned as there are more opportunities to come in the worksite market. With California on the payroll tax track, this is a great time to plan for the future of this market.

Trustmark

Trustmark's group product is 7702(b) long-term care in New York! A great discovery, especially given future payroll tax considerations.

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