(The list is updated in real time) The amount of long-term care insurance in Huazhou has increased sharply, and many insurance companies have suspended Huazhou applications

/ Washington State Long-Term Care Market Report /

(American Life Insurance Guide Net 08/10/2021 News) According toAmerican Life Insurance GuideIn 2019News report, Washington State plans to pass the Washington State Nursing Fund Act, which will take effect on January 2022, 1, adding a 1% long-term care tax to the payroll tax of Washington residents.

The pros and cons of this new "wage tax" bill have aroused widespread concern from all walks of life.It is worth noting that the new bill was passed recently and provides a time window for residents of Washington State to exempt and withdraw from the tax before it officially takes effect.

The Washington State Nursing Fund Act allowed a large number of Washington residents to rush into the privately paid long-term care insurance market, hoping to apply for privateLong-term care insurance, To exempt the new "payroll tax" that is about to be imposed.

focus onLong-term care insuranceThe life insurance company NGL said that in the past few months, the continuous influx of applications received by the company from the State of Washington has exceeded the capacity of insurance companies.

In the first 8 days of August, only those from HuazhouLong-term care insuranceThe number of applications is equivalent to the number of applications for the entire US market in 3 months.

As there is no guarantee that the application of Huazhou policyholders will be approved before November 2021, 11,Life insurance companies of various sizes in the United States have successively announced adjustments and suspension of long-term care application business in Washington State.

The following is an update on the announcement of well-known life insurance companies that provide services to residents of Huazhou:

2021/6/14  Lincoln (Lincoln Life) Announced that applications for residents of the State of Washington need to meet the minimum initial premium of $7,500.
2021/6/16  Mutual Of Omaha (Omaha Life) Announced that it has suspended Washington State residents’ application for insurance. Applications after June 2021, 6 will no longer be processed.

2021/7/30  John Hancock (Hengkang Life) Announced that it will not accept applications for whole life insurance (with long-term care additional clauses) for residents of Washington State with an insured amount of less than $250,000.
2021/7/30  Nationwide (National Life) Announced that applications made by residents of Huazhou after August 8 may not be approved by the insurance company before November 6.

2021/8/6  Securian (Mingzhou Life Insurance) Suspended the insurance application of Washington State residents.
2021/8/9  NGL suspended the application for insurance for residents of Washington State.
2021/8/10 ONEAMERICA Announced that starting August 8th, the application for insurance for residents of Washington State will be suspended.

Update: August 2021, 8 Nationwide (National Life) Announced that it will temporarily suspend the acceptance of all personal life insurance applications from Washington State.

Update: Securian (Mingzhou Life Insurance）確認，不再接受自2021年8月6日後的華州居民的相關申請，預計在11月1日後恢復 。

Update: Pacific Life ( Pacific Life ) Announced that it will no longer accept applications from residents of the State of Washington after August 2021, 8.

>>>Click here for the list of long-term care product types and life insurance companies approved by the State of Washington

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