Another Major LTC Player Making Sweeping Changes

[Mr_Ed]

LTCAdvisor,

I know you like Clark Howard, here is his most recent honor roll of companies to buy LTC from:

Long Term Care Insurance Honor Roll | www.clarkhoward.com

Ikeman,
Clark Howard has made a mistake.

You know as well as I do that Northwestern Mutual Life does NOT sell long-term care insurance.


mrsed.


HONOR ROLL

State Farm Life Insurance Co. A++
USAA Life Insurance Co.* A++
Northwestern Mutual Life A++
New York Life A++
Berkshire Life** A++

 

[ikeman07]

WOW!

this leaves me speechless.

I don't get why everyone thinks that NML agents are all NML only kool aide drinkers. Does the kool aide taste good...yeah sure it does. Does it mean I sell NML when it doesn't make sense...no it doesn't. I am appointed with multiple carriers and use them when appropriate.
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Ikeman,
Clark Howard has made a mistake.

You know as well as I do that Northwestern Mutual Life does NOT sell long-term care insurance.


mrsed.


HONOR ROLL

State Farm Life Insurance Co. A++
USAA Life Insurance Co.* A++
Northwestern Mutual Life A++
New York Life A++
Berkshire Life** A++

This is Clark's honor roll, not mine. And our LTC company has the same ratings...nice try

 

[Norwayguy]

I don't get why everyone thinks that NML agents are all NML only kool aide drinkers. Does the kool aide taste good...yeah sure it does. Does it mean I sell NML when it doesn't make sense...no it doesn't. I am appointed with multiple carriers and use them when appropriate.

Ikeman07 please realize you will never satisfy everyone on the forum. If you like this back and forth then keep responding. If you prefer to spend your valuable time with your clients then do what you do, your clients are happy and the poking of other agents around the country only mean something if you let it.

 

[ikeman07]

Tell Mike, Marie and Jim I said hi! Are you in Marietta? Atlanta ?

I figured you would know Mike. I hope this eleviates your concerns that I let my marketing department cherry pick my quotes for me. I am in Atlanta. I also had dinner with Genworth's LTC regional rep a few months back when NIB hosted a dinner with them.

 

[howardseigle]

Never heard of a 10 pay only 10% more than lifetime pay for apples to apples coverage. I guess if they are age 80.
I believe in 10 pay for many reasons, but no way it's that close.
That's why the public doesn't trust us. We confuse them with numbers.

My doctor does not let me pick my diagnosis out of a medical book and then let me pick which medications I want. I trust him to diagnose, and make 1or 2 recommendations. That way, I do other things in my life, not keep up to date with all the new medical advances.

 

[ikeman07]

Ikeman07 please realize you will never satisfy everyone on the forum. If you like this back and forth then keep responding. If you prefer to spend your valuable time with your clients then do what you do, your clients are happy and the poking of other agents around the country only mean something if you let it.

Getting pretty over it at this point, but I have been laid up in bed with a pretty bad chest cold the last few days and can only handle so much hot tea and Netflix. By Tuesday I will probably be back to my sporadic responses.

 

[Mr_Ed]

Never heard of a 10 pay only 10% more than lifetime pay for apples to apples coverage. I guess if they are age 80.
I believe in 10 pay for many reasons, but no way it's that close.
That's why the public doesn't trust us. We confuse them with numbers.

My doctor does not let me pick my diagnosis out of a medical book and then let me pick which medications I want. I trust him to diagnose, and make 1or 2 recommendations. That way, I do other things in my life, not keep up to date with all the new medical advances.

state of pa
40 year old wife
50 year old husband
7kmb
5% compound
3 bp each spouse

the genworth 10pay is just a little bit more than the lifepay with one of the big mutuals.

 

[ltcadviser]

I figured you would know Mike. I hope this eleviates your concerns that I let my marketing department cherry pick my quotes for me. I am in Atlanta. I also had dinner with Genworth's LTC regional rep a few months back when NIB hosted a dinner with them.

"eleviates?"

Do you mean alleviates or elevates?!
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Never heard of a 10 pay only 10% more than lifetime pay for apples to apples coverage. I guess if they are age 80.
I believe in 10 pay for many reasons, but no way it's that close.
That's why the public doesn't trust us. We confuse them with numbers.

My doctor does not let me pick my diagnosis out of a medical book and then let me pick which medications I want. I trust him to diagnose, and make 1or 2 recommendations. That way, I do other things in my life, not keep up to date with all the new medical advances.

Yes, Genworth 10 Pay is often very close to Northwestern, John Hancock, or State Farm Lifepay when 5% compound inflation protection (recommended feature) is elected.

 

[Mr_Ed]

Your example on TVs is for the same product at different places, my example was for similar product but with different risk levels.

Holly crap, can you tell my GA that I can stop paying rent, phone, fax, copy, and mail expenses. Oh yeah...and please call my assistant and tell him that he needs to return the 40k I paid him last year, my GA was supposed to pay that!

The point is that higher premium does NOT imply less risk to your clients.

The company that has the highest reserves per policyholder is the one that has the less risk.

You're assuming that NML sets aside more in reserves because their premiums are higher.

I propose that the higher premiums go towards the higher cost of distribution (even though you pay some of your expenses and some of the cost of your benefits, you do not pay for all of your expenses.)


Unfortunately, we have no idea how much is set aside in reserves by your company because they don't publish it.

Other leading LTC insurers do publish the amount of their LTCi reserves.

Again, higher premium does not mean less risk.
Higher reserves does mean less risk.

 

[ikeman07]

"eleviates?"

Do you mean alleviates

Ha! Gotta love auto correct, great most of the time, but it can get you sometimes.