Global Atlantic pulls ForeCare LTC in Washington

Global Atlantic Financial Group, one of the final carriers offering LTC coverage in the state of Washington, has announced their cutoff for cases to possibly be issued prior to the November 1st deadline for opt out of the Washington Cares Fund.

We encourage you to submit any Washington cases as soon as possible. While we cannot guarantee issuance by the November 1, 2021 deadline, the following guidelines and key dates should be followed to increase the likelihood of issuance before November 1.

• October 8th

  • Submit all applications by October 8, 2021 (underwriting approval must be completed prior to application submission).

• October 29th

  • 1035 exchange cases will be dependent on receipt of funds on in good order policies from the surrendering carrier no later than October 29, 2021. Surrendering carrier turnaround times vary, we highly recommend contacting the surrendering carrier for further details.

• November 1st

  • The state of Washington allows residents to apply for an exemption from the payroll tax for policies issued prior to November 1, 2021. Any business that is not issued by October 29, 2021 will continue to be processed by Global Atlantic, however it will not qualify for exemption from the payroll tax assessment.

  • Forethought Life Insurance Company cannot provide specific recommendations on legal requirements or exemptions from such legal requirements, however, so each individual must consult with his or her own legal counsel for specific recommendations.