Nassau Personal Protection Choice’s Care Protection Benefit now available in AK, CT, HI, IL, LA, MO, NC, NH, NJ, PA, OR, TX, UT, VA, VT, WA, WY
Effective May 1, 2020, Personal Protection Choice’s (PPC) Care Protection Benefit will become available in all states where PPC is sold (except CA). We’re excited to expand access to this optional rider which providesenhanced guaranteed income should your client become confined to a nursing home or require nursing care.
PPC’s Care Protection Benefit increases the amount of guaranteed income payable from the rider for up to five years if he or she is confined to a nursing home and/or is unable to perform 2 of 6 activities of daily living (ADLs). This benefit is available after your client’s second contract anniversary and ranges from 125% to 250% of the lifetime income benefit based on age and qualification level. The Care Protection Benefit must be elected in combination with an Income Protection rider¹ (Income Strategy: Today or Income Strategy: Tomorrow).
Effective May 1, 2020, Texas and Hawaii will undergo the following updates to surrender charge schedules, premium bonus, and/or crediting rates for new business for Personal Income Annuity, Personal Protection Choice, and Personal Retirement Choice:
Texas – Will transition to Group B*
Hawaii – Will transition to Group A
To add the Care Protection Benefit to old applications submitted during the transition period, a new Rider election/Allocation form and Rider disclosure will be required.
Applications signed on or before April 30th and received on or before May 1st will receive the old product version. All transfer funds must be received by June 30th.
Applications that are signed or received after May 1st will receive the new product version.
New rider/allocation forms and rider disclosures will be required on applications signed or received after May 1st where the client has chosen a rider but used the older rider/allocation form and rider disclosure.
Please ensure you are using the most recent versions of these forms when meeting with your clients.
For Producer Use Only. Not for use in solicitation or advertising to the Public.
1. Rider fees apply and are calculated as a percentage of the benefit base and deducted from the contract value. This is not a qualified Long Term Care benefit under the Internal Revenue Code and does not qualify for preferential tax treatment. Must be certified by a physician as impaired and unable to perform at least two of the six activities of daily living (ADLs) – eating, bathing, dressing, transferring, toileting, and continence. The Enhanced Benefit Amount is based on the issue age of the oldest living Covered Person. Enhanced income payments are withdrawals and will reduce the Accumulation Value, Cash Surrender Value and any death benefit. View the contract and rider disclosures for complete details, conditions and exclusions.
Product features, rider options and availability may vary by state. Actual product details, including all terms and conditions that apply, are contained in the annuity contract. Lifetime payments and guarantees are based on the claims-paying ability of Nassau Life and Annuity Company. Annuities are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to conduct business in MA, ME, MN, and NY. Nassau Life and Annuity Company is a subsidiary of Nassau Financial Group. Nassau Re® is a registered trademark by Nassau Reinsurance LLC. BPD40115 | 04-20
Insurance Products: NOT FDIC or NCUAA Insured | NO Bank or Credit Union Guarantee.
As the COVID-19 pandemic progresses, we are carefully assessing its impact on our business. As a result, the following temporary changes are effective on April 20, 2020. We will continue to monitor this developing situation and communicate any additional underwriting changes that may become necessary.
Q: How has the pandemic impacted life new business and underwriting processes?
As of now, our exam company partners report that there are some delays in obtaining medical records and that several facilities are temporarily closed. Given these potential impediments, we will hold any Safe Harbor Term application requiring medical records open for up to 30 days. However, if the medical records have not been received within that period, we may offer proposed insureds who qualify the opportunity to instead apply for a Safe Harbor Term Express policy (a new application will be required).
Until further notice, our underwriting guidelines will be updated effective April 20th as follows:
For Safe Harbor Term, Safe Harbor Term Express, and Remembrance Life, applications for proposed insureds who:
Are age 71 or older will NOT be accepted. Please do not submit these cases; and
Have tested positive for or been diagnosed as having had and fully recovered from COVID-19 will be postponed for at least 30 days following recovery, and applicant must submit a signed statement from their health care provider affirming full recovery and absence of symptoms.
For Safe Harbor Term, decisions on applications received from proposed insureds who are age 50 or older and rated Table E (5) or higher will be postponed and reassessed in 30 days.
Any applications received on or after April 20th will be subject to these postponement criteria. In process, pending applications will be reviewed based on underwriting guidelines in effect when received, including underwriter review.
Q: What’s the status of the Underwriting area? Should we expect service impacts?
The Underwriting department is fully operational. Producers and staff should continue to use normal communication processes with the Underwriting team.
Q: What about applications once they have been submitted? Will they be impacted?
Most of our business is submitted electronically and is very unlikely to be impacted. Once applications are in the system, underwriting itself is not affected other than for the reasons described above.
Good Health Statement
We expect the timely return of all policy delivery receipts regardless of whether the policy was delivered to the agent or directly to the applicant. The importance of and contractual requirement for the return of the signed Good Health Statement that is included in the receipt should be clearly communicated and emphasized.
For Existing Policyholders
Nassau Re recognizes that the economic consequences of COVID-19 will create challenging financial burdens for many of our policyholders, and we will extend relief to our customers in accordance with guidelines as prescribed by each state’s Department of Insurance. This may include additional time to make life insurance premium payments to prevent a lapse in coverage.
For Producer Use Only. Not for distribution to the public.
Products, rider options and other features are subject to state availability. Actual product details, including all terms and conditions that apply, are contained in the contract.
Guarantees are based on the claims-paying ability of Nassau Life and Annuity Company. Nassau Remembrance Life (ICC18FEWL and 18FEWL), Nassau Safe Harbor Term and Nassau Safe Harbor Term Express (ICC18NPTL or 18NPTL) are issued by Nassau Life and Annuity Company (Hartford, CT). In California, Nassau Life and Annuity Company does business as “Nassau Life and Annuity Insurance Company.” Nassau Life and Annuity Company is not authorized to do business in MA, ME, MN, and NY, but that is subject to change. Please visit the State/Product Availability page on salesnet.nsre.com for current state-specific issuing company information. Nassau Life and Annuity Company is a subsidiary of Nassau Financial Group.
Nassau Re® is a registered trademark by Nassau Reinsurance LLC. BPD40105