AARP and LTC

AARP and Metlife had a contract for this ltc. Basically it was a 3 yr plan w/o inflation, no restoration of benefits, a 60 or 90 day waiting period, and some other details I can't remember. They really blitzed this for a while to their senior mkt, but I don't see the mktg like I used to.

This isn't accurate. The MetLife AARP plan had benefit periods of 2,3,4,5,7, and unlimited benefit periods; compound inflation or future purchase benefit; and 30, 60, or 90-day elimination periods; restoration of benefits; survivorship; joint waiver of premium, and shared benefit riders. It was/is a very good plan. I don't know any details about the GE product that will replace it in October.
 
I actually called into AARP for a quote......and that was the plan they sent out to me. Nothing was mentioned about different options.....unfortunately.....that was over 3 years ago and I;m sure i threw that out. I also remember seeing a prospect, who had one of these outlines, show me her quote and it was similar. That was what prompted me to call in for a quote....

There were no shared benefit plans, or survivorship.....

Maybe we can find a specimen policy offered at that time and analyze it. That would be best
 
Trust me on this one: I was the MetLife AARP enrollment consultant for the Wash DC area from Sep 2005 until Mar 2007. I was part of a salaried team of agents MetLife/AARP put together to provide face-to-face consultations. There were only 18 of us in this nationwide pilot program. We sold the same products that people had been buying through the mail for years. It was a good product, and is a good product for those who have them (and I've sold products from just about all of the major carriers over the years). The full range of options and features were available, including informal home care by a relative who lives with the insured...even a spouse! I don't have a clue what GENWORTH's AARP plan is going to look like or how it will be delivered.

I actually called into AARP for a quote......and that was the plan they sent out to me. Nothing was mentioned about different options.....unfortunately.....that was over 3 years ago and I;m sure i threw that out. I also remember seeing a prospect, who had one of these outlines, show me her quote and it was similar. That was what prompted me to call in for a quote....

There were no shared benefit plans, or survivorship.....

Maybe we can find a specimen policy offered at that time and analyze it. That would be best
 
Just caught your reply. If the plan you sold was the same one they had been selling for the last 5 years, you would have better recall than I far as details. I'm still sticking to my story, because that was the only plan I saw....but that doesn't mean there were no other choices. And I believe you since selling reinforces memory.
 
Finally, the AARP says its products will cost nearly half of what typical LTCI products cost — with 5-year rate guarantees.


I just compared a quote for AARP 10 pay apple-to-apple with Berkshire 10 pay. Berkshire was surprisingly close to half the AP!

Joint policy. Clients in their late 40s
 
I am looking for an update on this info. Has anyone seen the "new" AARP LTC plan or the specifics on how it will be implemented?

I have been trying to get contracted with AARP/UHC since the first of October and they are so fouled up, I can't get certified because they can't complete processing of my agent contract. I wonder how they are going to get anything else done?

I suppose the case may be different with co-branding with Genworth than with UHC. However, who knows? I just have not seen any more info about this, and I am contracted with Genworth, too.
 
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Earlier in the year I talked to some Genworth people and IIRC their field agents will be selling the Cornerstone plan.
 
Thanks for the info. I did a little research myself, and you are right. The Cornerstone Advantage that came out in April will be the AARP offering. Unfortunately it is not available in KS, but is in MO. In the meantime, Genworth has two plans they sell in KS as well as MO. I wonder how long it will be for AARP to rectify this?

In regard to the Cornerstone Advantage product, I think this is a great offering to seniors, if the advertising is true to its claims.... "as low as $75 per month" makes it affordable to a great number of folks. Does someone have a commentary on this?
 
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Thanks for the info. I did a little research myself, and you are right. The Cornerstone Advantage that came out in April will be the AARP offering. Unfortunately it is not available in KS, but is in MO. In the meantime, Genworth has two plans they sell in KS as well as MO. I wonder how long it will be for AARP to rectify this?

In regard to the Cornerstone Advantage product, I think this is a great offering to seniors, if the advertising is true to its claims.... "as low as $75 per month" makes it affordable to a great number of folks. Does someone have a commentary on this?

How much coverage does $75 buy? Plus, if I'm reading it right there is no coverage for Assisted Living, a big minus. The Co Pays, okay the average stay in a NH around here is around 4 (6 grand plus for better NH's) grand a month for an average NH, so the person who can only afford $75 for premiums will now be expected to pay $800 monthly, as in the 20% Co Pay. The Cornerstone Advantage is not yet approved in Tennessee, and I haven't seen much about it except the brochure on the website. Plus, the amount of coverage seems low, as you can buy up too 1 Million dollars in coverage, I'm guessing that $75 doesn't buy the 1 million dollar benefit?

Yet though if paired up with other sources of LTC funding it might be worth a look. On its own, I don't see why one would participate in such a plan?
 
Yesterday, National Underwriters re-announced the release of Genworth AARP branded, Cornerstone Advantage, which uses deductibles and coinsurance features to help keep premiums lower. Genworth will start off offering the product to AARP members in 27 states. NU is so old news!!!

Does anyone have any new news about distribution through independent agents / brokers?
 

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