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.
• Florida now has a 10-Year payment option!*
• The underwriting rate classes will be consolidated into a 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.
• The 5% employer group discount for Arizona and Florida is being replaced by the Employer Group rate class.

*Florida does not have a Single-Pay option​​​​​​

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 our EssentialLTC Product Summary.

Enhanced EssentialLTC for DE, HI, ND, NJ, and SD

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 a 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 our 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.

New Business

Applications are written in DE, HI, ND, NJ, and SD must be dated and received in good order by the LTC Administrative Office by the close of the business day at 5 p.m. PST on February 3, 2022, 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 LTC Administrative Office on or after February 4, 2022, must use the updated forms applicable to the client’s resident state and must follow the guidelines from the Premier Underwriting Guide. No exceptions will be made.

E-APP

E-APP, the illustration program, and the quick quote calculator will be updated with the enhancements on the evening of February 3, 2022.

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 February 4, 2022. For BGAs using the E-APP stopover feature, E-APPs must be reviewed and submitted prior to February 4, 2022, to be considered received before the deadline.

Any E-APP where signatures are not complete and/or not submitted prior to February 4, 2022 will need to be rewritten using the updated forms, premium structure and rate class. No exceptions will be made.

 The enhanced EssentialLTC is currently available 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.

California rate refresh

On February 4, 2022, California will receive a new business rate refresh that is similar to the pricing of the enhanced EssentialLTC. The refresh is to combat the historically low-interest rates and to maximize the product’s viability.

EssentialLTC’s rates will remain very competitive compared to the other Long Term Care insurance products on the market. Adjustments to the most commonly sold features are small. Please note, the pricing changes below will generally receive the stated adjustment as there are factors that could create variations to the final result.

Pricing changes

• Base pricing changes:

• Single male pricing will be lower by 4%
• Single female pricing will  increase by 4%
• Joint pricing will increase by 14%

• Features that will generally receive a single-digit increase:

• Four and five benefit periods
• Shorter elimination period options
• Shared Benefit Amount Rider
• First Day HCCS Rider

• Features that will receive a 15% increase:

• Lifetime Benefit Period Extension Rider
• 10-Year Premium Payment Option

New Business

Applications written in California must be dated and received in good order by the LTC Administrative Office by the close of the business day at 5 p.m. PST on February 3, 2022, to use the current premium structure.

This is applicable to the E-APP, mailed paper applications, and uploaded PDF applications. Applications dated or received by the LTC Administrative Office on or after February 4, 2022, must use the refreshed rates.

E-APP

E-APP, the illustration program, and the quick quote calculator will be updated with the rate refresh on the evening of February 3, 2022.

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 February 4, 2022. For BGAs using the E-APP stopover feature, E-APPs must be reviewed and submitted prior to February 4, 2022, to be considered received before the deadline.

Any E-APP where signatures are not complete and/or not submitted prior to February 4, 2022, will need to be rewritten using the updated forms, premium structure, and rate class. No exceptions will be made.