Key Takeaways
- Arkansas requires a 10-day free look period for disability insurance policies
- Long-term care insurance has a 30-day free look period in Arkansas
- Arkansas participates in the Long-Term Care Partnership Program for Medicaid asset protection
- LTC policies must offer inflation protection options
- Producers must complete 8 hours of LTC-specific training before selling
Arkansas Disability and Long-Term Care Insurance
Arkansas has specific regulations for disability income insurance and long-term care insurance.
Disability Income Insurance
Free Look Period
Arkansas requires a 10-day free look period for individual disability insurance:
- Policyholder can return for full premium refund
- Begins when policy is delivered
- Applies to individual policies
Required Policy Provisions
Arkansas disability policies must include:
| Provision | Requirement |
|---|---|
| Grace Period | Minimum 31 days for annual premium |
| Reinstatement | Must allow reinstatement |
| Notice of Claim | 20 days after loss begins |
| Time to Pay Claims | 30 days after proof of loss |
Arkansas Does Not Have State Disability Insurance
Unlike California, Arkansas does not have a mandatory state disability insurance program. Disability coverage is through private insurance, employer-sponsored plans, or Social Security.
Long-Term Care Insurance
Free Look Period
- 30-day free look for LTC policies
- Applies to all individual LTC policies
- Policyholder can return for full refund
Required Provisions
| Provision | Requirement |
|---|---|
| Renewability | Must be guaranteed renewable |
| Pre-existing Conditions | Max 6-month look-back |
| Inflation Protection | Must offer option |
| Nonforfeiture | Must offer option |
Arkansas Partnership Program
Arkansas participates in the Long-Term Care Partnership Program:
- Purchase a Partnership-qualified LTC policy
- Use benefits for care
- If benefits exhaust, apply for Medicaid
- Asset protection - Keep assets equal to benefits received
Producer Requirements
To sell LTC insurance in Arkansas:
- Complete 8 hours of initial LTC-specific training
- Complete 4 hours ongoing training each licensing period
What is the free look period for long-term care insurance policies in Arkansas?
How many hours of initial training must producers complete to sell LTC insurance in Arkansas?
What is the primary benefit of purchasing an Arkansas Partnership-qualified long-term care policy?