Ameriprise "financial Advisor" Have a Laugh

Discussion in 'Long Term Care Insurance Forum' started by ltcadviser, Apr 10, 2017.

  1. ltcadviser
    Offline

    ltcadviser Well-Known Member

    Posts:
    1,752
    Likes Received:
    0
    State:
     
    I received this email over the weekend. Thought I would share with everyone so we can see what actually goes on within our world of financial services. The below email exchange is with a female in her early 50's seeking LTCi and her Ameriprise agent. The agent referring to the colored pages of his illustration is priceless. It is also great when an agent tells a client that they can not qualify for a policy only because the agent does not want to write or can not offer the alternative policy. Yes, the bar of entry to become a life insurance agent is unfortunately very low. SMH.

    I am looking for a long term care policy for myself. I am a single 52 year old female, and a "standard smoker".
    I have had a variable universal life insurance policy with Riversource for years. I recently got accepted for the ltc rider with this life insurance.
    I still don't understand all I need to know about LTC coverage, but it seems I don't have inflation protection with this offer.


    I proposed these questions to my agent, and you will see the answers below. It seems as if I am being pushed to get this signed, which sends a red flag up for me.

    1) I think this policy include home health care, would there be a discount if I think, I wont need that?
    2) Does this policy have an inflation rider?
    3) If admitted for long term care, would I have to be reevaluated every 60 days?

    I have been doing some reading on various LTI websites.

    Is there a policy booklet with all the details and the fine print?

    RiverSource Agent:
    Thank You for getting back to me about the papers . Yes , I think they are due by middle of this month . Also : Sorry You cannot keep the colored copies that are pretty and look awesome but they actually need all pages back of the original illustration I sent out. If you can send them all back I would appreciate it. Then if you really want the pretty colored copies, I can mail you out a copy !

    Answers :
    1. Yes it includes home health care and it includes everything , all types of coverage . All the details are in the policy you received OR in the illustration (the pretty colored copy packet). There is no discount and I am really not sure exactly what you are asking in terms of a discount because actually what happens to be the case is that home health care is less expensive as it is not in a facility so what would happen is the total benefit amount that the policy offers would Not be used up or exhausted as quickly as if you were in a facility the whole time . So instead of the coverage ending after 33 months , it could last longer than that depending on how much coverage you use in a facility (more expensive ) or at home (less expensive ). I hope I answered your question. Some of these questions are much easier to answer with a quick phone call as email can be confusing sometimes but I hope that makes sense.

    2. Policy does not have an inflation rider , however , that is why I recommended you get a larger face amount so that I have already accounted for a lot of the inflation . Remember, this is not a traditional LTC policy. The Traditional LTC companies are either stopping the offering of coverage or they are pulling out of the business altogether because the premiums are too high . Currently you would not be insurable for a Traditional policy as you have a history of orthopedic treatment and your tobacco use would cause them to not offer you a policy which is why this is your only option to get LTC insurance coverage, with the added benefit of having life insurance too !

    3. The answer to this question is No

    Policy booklet would be the policy that I sent out to your address that you have and the illustration helps to make things clear as well. But everything is in the policy that I have mailed out that has all the fine print in it . Please verify you received that policy.



    Jack,
    Any advice or help that you can give me will help. I believe you are an insurance broker, and my advisor actually works for Riversource.


    It is just not easy out there for consumers.
     
  2. bluemarlin08
    Offline

    bluemarlin08 Well-Known Member

    Posts:
    1,894
    Likes Received:
    2
    State:
     
    The misinformation and ignorance of some that attempt discussing LTC options is crazy, and that includes most financial planners.
     
  3. pfg1
    Offline

    pfg1 Well-Known Member

    Posts:
    1,068
    Likes Received:
    0
    State:
    Virginia
    Currently you would not be insurable for a Traditional policy as you have a history of orthopedic treatment and your tobacco use would cause them to not offer you a policy which is why this is your only option to get LTC insurance coverage, with the added benefit of having life insurance too !

    That is awful. Glad you're helping her out LTC. I'm sure she will be too...
     
  4. ltcadviser
    Offline

    ltcadviser Well-Known Member

    Posts:
    1,752
    Likes Received:
    0
    State:
     
    The first sign of trouble is when an insurance agent/financial adviser uses exclamation points in written correspondence.
     
  5. ktmorgan
    Offline

    ktmorgan Well-Known Member

    Posts:
    92
    Likes Received:
    0
    State:
     
    Should be against some kind of law for a wirehouse guy to be "selling" LTC/DI.
     
  6. ltcadviser
    Offline

    ltcadviser Well-Known Member

    Posts:
    1,752
    Likes Received:
    0
    State:
     
    Yes, and wasn't even LTC insurance alrhough he tells her it is. $42000 exchange plus $5000 yearly premium for non guaranteed IUL. Death benefit might only have been $350000. Chrinic illness rider to accelerate 90 % of death benefit over 33 months. She is single, no need or desire for life insurance. Modest income, not wealthy.

    So the agent sells a tobacco user life insurance. Great idea.

    Need to still review her health hx but will not be surprised if she is perfectly insurable at Select rates.
     
  7. rayluk
    Offline

    rayluk Well-Known Member

    Posts:
    66
    Likes Received:
    0
    State:
     
    Ouch! My English ain't that great... but even I had a hard time reading his response.
     
Loading...

Share This Page