Another Major LTC Player Making Sweeping Changes

[2insureyou]

I'll be happy to provide a cogent argument when you provide some factual basis for your ludicrous statement

If the year after year rate increases, policy structure changes, and carriers dropping out of the market place (anybody remember Snoopy saying in 2009 that LTCi was a cornerstone of their company, only to quit selling a year later?) aren't factual basis enough for you, then I'm spitting in the wind.

 

[Mr_Ed]

If the year after year rate increases, policy structure changes, and carriers dropping out of the market place (anybody remember Snoopy saying in 2009 that LTCi was a cornerstone of their company, only to quit selling a year later?) aren't factual basis enough for you, then I'm spitting in the wind.

all you have is generalizations.

you don't have any specifics.

if you knew the specifics (e.g. facts) and really studied the matter, you'd realize your statements are ludicrous.

 

[2insureyou]

Okay, Mr. Ed... why don't you educate this brainwashed, kool-aid drinking NM agent who doesn't have a clue of what he's talking about?

What specifics are you even looking for? And, just because they are generalizations, does it make the statements any less true? In some cases, perhaps, but in this case, most of the companies facing problems with the product have very similar reasons. Do we really need to build a laundry list? (poor interest rate assumptions, lapse based pricing (with higher than expected persistency), the list goes on...

Would you disagree that these are some of the biggest factors challenging most companies? If so, then I must truly be an *** to have missed something else.

 

[Mr_Ed]

Okay, Mr. Ed... why don't you educate this brainwashed, kool-aid drinking NM agent who doesn't have a clue of what he's talking about?

What specifics are you even looking for? And, just because they are generalizations, does it make the statements any less true? In some cases, perhaps, but in this case, most of the companies facing problems with the product have very similar reasons. Do we really need to build a laundry list? (poor interest rate assumptions, lapse based pricing (with higher than expected persistency), the list goes on...

Would you disagree that these are some of the biggest factors challenging most companies? If so, then I must truly be an *** to have missed something else.

You're missing the point.
Everyone has miss-priced.
... even your company.

The question is, what type of miss-pricing is better?

Is it better for a policyholder if the insurer miss-priced too low by 50% OR is it better for the policyholder if the insurer miss-priced too HIGH by 50% and then pay a 10% dividend.

do the math... and it will surprise you.

it is the height of hypocrisy for an agent to suggest to someone to be "weary of a 90% rate increase" when the policy that agent is selling is ALREADY priced 90% higher than another leading company. Why buy a policy that has the 90% premium increase from day one?


mrsed

 

[Arthur Rudnick]

You're missing the point.
Everyone has miss-priced.
... even your company.

The question is, what type of miss-pricing is better?

Is it better for a policyholder if the insurer miss-priced too low by 50% OR is it better for the policyholder if the insurer miss-priced too HIGH by 50% and then pay a 10% dividend. do the math... and it will surprise you.

it is the height of hypocrisy for an agent to suggest to someone to be "weary of a 90% rate increase" when the policy that agent is selling is ALREADY priced 90% higher than another leading company. Why buy a policy that has the 90% premium increase from day one?
mrsed

Excellent response.............

 

[Mr_Ed]

Excellent response.............

Thank you. :

 

[billberry12]

Art and Ed, great to see you two agree on something.

 

[Arthur Rudnick]

Hey....
New Jersey & New York.
We need to be on the same page.

 

[ltcadviser]

You're missing the point.
Everyone has miss-priced.
... even your company.

The question is, what type of miss-pricing is better?

Is it better for a policyholder if the insurer miss-priced too low by 50% OR is it better for the policyholder if the insurer miss-priced too HIGH by 50% and then pay a 10% dividend.

do the math... and it will surprise you.

it is the height of hypocrisy for an agent to suggest to someone to be "weary of a 90% rate increase" when the policy that agent is selling is ALREADY priced 90% higher than another leading company. Why buy a policy that has the 90% premium increase from day one?


mrsed

First of all, I don't really think it matters that 2insureyou is working with his clients and his clients are paying a higher premium to work with him. Some companies will always be cheaper; some companies will always be more expensive. As long as 2insureyou is providing proper benefits, and proper inflation protection to his clients, that is all that matters. His clients are buying him. If they wanted to shop they are free to do so.

 

[Arthur Rudnick]

First of all, I don't really think it matters that 2insureyou is working with his clients and his clients are paying a higher premium to work with him. Some companies will always be cheaper some companies will always be more expensive.
As long as 2insureyoubis providing proper benefits, and proper inflation protection to his clients, that is all that matters. His clients are buying him. If they wanted to shop they are free to do so.

The points being made was that NWM clients generally do not shop & compare. They are in bed with NWM for life insurance, annuities, financial planning and other services. They are loyal to the company and will most likely stick with them for all financial products, including LTCi.

Personally I've been up against NWM many times for LTCi and in most cases have not closed the sale. The kool aid flows from the agent directly into the mouths of their clients.

Secondly, what kind of service is a NWM agent providing their clients if they're only showing a LTC policy at $10,000/yr. when other carriers offer a better policy at 40% or 50% less?

I take pride in the fact that I'm independent and have the ability to present to my prospects every available option and carrier.

Would you say the same thing if 2insureyou was captive with Bankers Life?