Texas Long-Term Care Insurance Suitability Letter
Description
How to fill out Texas Long-Term Care Insurance Suitability Letter?
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FAQ
From a best practice perspective, we suggest issuing the report before your recommendations are implemented. This demonstrates that your clients are being treated fairly and have plenty of time to consider the advice and change their mind if they want to.
This document details to the client why the product selected is the most suitable for the client at that particular time, given their particular circumstances and their plans.
This document will explain why certain products have been recommended to you and point out the pros, cons, and risks associated with each option. The suitability letter should also contain details of the costs involved, including adviser charges, as well as the next steps.
To inform the applicant that the insurer is questioning the suitability of the applied-for policy, briefly explaining why, and asking the applicant to advise the insurer on whether it should proceed with the underwriting and issue process.
To receive long term care insurance benefits, you must be chronically ill. You're considered chronically ill if you're unable to do at least two activities of daily living without substantial assistance for at least 90 days, or you need substantial supervision because you have a severe cognitive impairment.
Suitability Report means the letter provided to a customer giving the reasons why the Partnership/LAB had concluded that the recommended transaction was suitable for that customer.