Posted by (American Life Insurance Guide 05/05/2022 News)American general insurance giantNationwide Insurance(China Life) recently issued an announcement that after May 2022, 5,Nationwide has restarted accepting all life insurance applications from Washington State residents.
Nationwide Insurance Restarts Washington State Market
Nationwide InsuranceSince August last year,Announcement to stop accepting applications for life insurance related to Washington residents.
After nearly nine months, Nationwide announced this week that it has reopened applications for Washington state residents.This also includes Riot, which will be released in February 9.Long-term care insuranceProduct - CareMatters®️.
Lincoln Lincoln Insurance Reopens Washington Governor's License Market
In June last year, another American life insurance giantLincoln Life Insurance(Lincoln National) has successively introduced measures such as restricting the application of minimum initial premiums for residents of Washington state and stopping accepting applications for related types of life insurance policies.
Recently,Lincoln Life InsuranceAnnounced,After May 2022, 5, the Long Term Care Rider (LTC Rider) will be reintroduced to Washington State residents.
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American Life Insurance Guide©️It is predicted that major mainstream insurance companies will successively relax and restart the relevant life insurance application business for residents of Washington State, and the American Life Insurance Guide website ©️ will also maintain further follow-up reports.
Insurance stop sale event background
American Life Insurance Guide ©️ (TheLifeTank.com) in April 2019, reported on Washington State's introduction of universal long-term care (LTC) coverageLegislative situation.The bill proposes to impose an additional premium on insurance in the form of an additional payroll tax.
In August 2021, a follow-up report from American Life Insurance Guide Network ©️ (TheLifeTank.com) noted that due to Washington StateNational Nursing Insurance Fund ActThe official passage has led to an influx of Washington state residents into the privately-paid long-term care insurance market, hoping to buy insurance on their own rather than participating in government insurance plans.
According to application data statistics, in the three days in early August, the number of insurance applications from Washington State alone was equivalent to the number of applications in the entire US market for three months.
Due to the huge number of applications, the insurance company cannot process the application of the policyholder in time,In mid-2021, various life insurance companies in the United States announced the adjustment and suspension of related businesses in Washington State one after another.(End of the article)
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