LONG-TERM CARE OPTIONS FOR ADULTS 18 YEARS OF AGE & OVERMEETS WA STATE LONG-TERM CARE TRUST ACT
Pacific Life is now offering individuals who are 18 years of age and older a life insurance policy with an approved long-term care rider that meets the opt-out for the Washington State Long-Term Care Trust Act. In the event you don’t use LTC, your beneficiary would receive a death benefit.
For Pacific Life, Accelerated Underwriting is offered. In many cases, there are no medical records ordered and the turnaround time is 14 – 30 days unless underwriting is required. Please note that not all clients will qualify for the Accelerated Underwriting, as certain medical and non-medical conditions may trigger full underwriting. It is also important to double-check that the information on the application is accurate, or that may also impact Accelerated Underwriting.
See below for information about Pacific Life’s long-term care offerings.
WHAT IS THE WA STATE LTC TRUST ACT?
Washington State passed a law mandating public long-term care (LTC) benefits for Washington residents. Beginning January 1, 2022, Washington residents will fund the program via a payroll tax set at $0.58 per $100 of payroll. This tax is permanent and applies to all residents, even if your employer is located outside of the state. While this program may be appropriate for many Washington State residents, such as those with average income and/or health conditions that prohibit obtaining private coverage, it may not be advantageous for you based on your individual situation.
Under this current law, you have one opportunity to opt out of this tax by having a long-term care insurance (LTCi) policy in place by November 1st, 2021.
Travis or a member of his team will contact you to schedule a phone interview.
Current turnaround time is ~48-72 hours.
Important Update: Due to an overwhelming amount of applicants Nationwide is no longer an option for Long-Term Care Insurance. Please contact your AHT representative with any questions.