Once again, we have a fire sale this year.
Effective January 11th, 2021 one of the very best long term care policies will be increasing its premiums by 8% -11% across the board for the most commonly designed plans. Nationwide Financial has announced its stellar CareMatters II cash indemnity hybrid long term care policy will be making this pricing change due to the historically low interest rate environment.
The Nationwide CareMatters II policy which is available for sale in all states other than NY and CA is one of the 2-3 very best overall long term care insurance policies in the marketplace today (Securian SecureCare and OneAmerica Asset Care are terrific in their own right, as well).
We have seen significant pricing pressure this year on all interest rate sensitive products such as life and long term care insurance. In the past 12 months, Lincoln Moneyguard III increased its pricing by 43%, for example. This 8%-11% increase is not entirely unexpected considering the low price point where the Nationwide Policy is positioned today. Even after this 8%-11% rate refresh the CareMatters II policy will still be ultra competitively priced.
Still, if you have been considering obtaining long term care insurance, you may want to accelerate your planning. These pricing changes will not be slowing down any time soon due to the low interest rates. The benefit of the hybrid long term care policies is once you buy your policy, your rates are fixed and guaranteed for life. Your rate can not be changed as it can with stand-alone long term care insurance policies.
A few of the highlights of the Nationwide CareMatters II policy are:
- CareMatters II is a 100% cash indemnity policy. You are not required to submit receipts to receive your maximum monthly long term care benefit. You may elect anyone to be your caregiver, including informal care by family and friends.
- Nationwide will retroactively pay 3 months of benefits to you once you satisfy the 90 day elimination period.
- 20% residual death benefit, highest guaranteed minimum death benefit with all hybrid LTC plans
- Flexible Payment Schedules such as 10 Pay, Pay to 65, and Pay to 100 are available.
- Highly competitive pricing for applicants ages 30-65.
The application process is streamlined and very easy. I can usually complete applications by phone in 10 minutes. Generally, your only underwriting requirement is a telephone health interview lasting approximately 45 minutes. I usually will receive approvals for my clients within 10 days of application. Physical exams are not required.
To receive customized illustrations and advice please call me at (800) 891-5824 or use my quote request form. Or you may schedule a call with me through my online calendar. I look forward to working together with you.