LTCI Bits: Newman, OneAmerica, AALTCI
By National Underwriter
By Allison Bell and Michael K. Stanley
Modern Woodmen of America, a fraternal organization, has picked Newman Long Term Care to offer long-term care (LTC) planning services to its 770,000 members.
Newman will provide education, policyholder services and other services for members who want to protect themselves against the possibility that they might need to pay for LTC services, according to Newman LTC.
Newman also will be supporting Moodern Woodmen of America agents who want to help make members of the fraternal aware of their LTC planning needs and planning options.
Modern Woodmen of America was founded in 1883. It does not write LTC insurance itself, but it runs a subsidiary, MWAGIA Inc., that helps members get LTC insurance from other organizations.
In other LTC planning community news:
- The State Life Insurance Company, a OneAmerica company, has adjusted its asset-based long-term care (LTC) annuity product to buffer holders against some of the effects of the current low interest rate environment.
Holders of the State Life Annuity Care II single-premium annuity who need LTC services can start by tapping the annuity contract value. If they deplete the contract value, they can then use a continuation-of-benefits fund.
The contract change ensures that a holder can collect a stable stream of LTC benefits for at least five years, no matter what happens to interest rates or insurance charges, State Life said.
- The American Association for Long-Term Care Insurance (AALTCI) has published "The Long-Term Care Insurance Planning Guide for Women On Their Own."
In the guide, AALTCI warns women about the recent move by long-term care insurance (LTCI) companies to charge gender-based LTCI rates, rather than lumping men and women into a single risk pool.
The change could lead to a significant increase in premiums for women in about 30 states starting at the end of April, AALTCI said.
Married women who buy coverage with their husbands could find that the change has little effect on the overall cost of coverage for couples, but the change could lead to a noticeable increase in premiums for single women, AALTCI said.
Originally published on LifeHealthPro.com