Any Experience Applying for LTC with 2 Carriers at Same?

[CALTCAgent]

Hello,

Has anyone had any experience applying with 2 LTC carriers at the same time?

If so what are the pros and cons if any?

Or would you hold 1 application until you see the outcome from the first carrier?

I have found its very hard to go back after 1 company rejects, not too mention the time, effort and energy involved.

You can send me an e-mail if you prefer.

Thanks in advance!

 

[yankee466]

I do it only when the pre-screens with UW still leaves me with questions. The advantage is that you will get to a final resolution quicker, and your client knows that you are trying to get them the best value possible. Starting over after the first decline can be an issue. The disadvantage is that you have to fill out two sets of forms, maybe taking two checks, and possibly tell one carrier "sorry". If you do enough business with a carrier, it is not an issue to have an occasional "not taken".

Keep in mind that a good pre-screen will go a long way to helping you avoid this situation.

 

[CALTCAgent]

Hello Yankee,

Thanks for the info.

I always do good pre-screens, but that just isn't enough many times.

As well as that many companies say one thing when you talk to them, to look at more business apparently, then you get suprised at a rate up or decline.

Thanks!

 

[yankee466]

yes....we have likely all had "perfectly healthy" people get declined after they pull their medical records. Then its a scramble to figure out what, if anything, to do.

I find it most annoying when you apply the husband and wife on a shared plan with one carrier....and then one of them gets declined...and the other gets upset and does not want to try again and you wind up with nothing.

Applying to multiple carriers at once(assuming someone will take them) could have saved the case.

 

[CALTCAgent]

Hello,

I totally agree with you, have run into the husband and wife thing where they only want it if both of them get it too many times, so frustrating.

Although doing 4 applications for husband and wife seems incredible as well.

I was also thinking that maybe one company takes an extra month to make a decision could cause problems as well. Also was wondering if it gets complicated with all the face to face and telephone interviews going on and possibly a company finding out they are shopping another carrier and not liking that. Doesn't seem fair if they do as its a persons right to shop.

Thanks!

 

[yankee466]

Unless they are older or less healthy, a face to face is a rarity. They will do multiple phone interviews.

On the forms, the information requested is all basically the same from one carrier to the next...so I guess its up to you if you physically want to fill them all in completely while together. I'll leave it at that.

The applications ask if you have other policies in place or applied for....so you just answer yes and in agent comments I will write "let the best offer win". No problem. I do that with life insurance as well when required.

 

[CALTCAgent]

Hello,

I like that, "let the best offer win"!

I would be afraid to put that, lol.

Is it me or has Hancock been very picky lately?

I have been getting higher than usual declines plus they seem to be extremely picky on the paperwork.

Are they getting too much business and tightening their belts?

Most of the people I would do 2 app's with would have health problems, so most likely they would get 2 face to face assesments. I guess thats not a big deal.

Thanks!

 

[hardwork]

Hello,

I like that, "let the best offer win"!

I would be afraid to put that, lol.

Is it me or has Hancock been very picky lately?

I have been getting higher than usual declines plus they seem to be extremely picky on the paperwork.

Are they getting too much business and tightening their belts?

Most of the people I would do 2 app's with would have health problems, so most likely they would get 2 face to face assesments. I guess thats not a big deal.

Thanks!

Hancock has always been picky!

 

[yankee466]

Hello,

I like that, "let the best offer win"!

I would be afraid to put that, lol.

Is it me or has Hancock been very picky lately?

I have been getting higher than usual declines plus they seem to be extremely picky on the paperwork.

Are they getting too much business and tightening their belts?

Most of the people I would do 2 app's with would have health problems, so most likely they would get 2 face to face assesments. I guess thats not a big deal.

Thanks!

In my experience, people with health issues rarely have face to face interviews. I can not think of hardly any persons I applied under the age of 65 who were ultimately declined that ever saw an assessor. They tend to have enough medical records for the treatment of their issues for insurance companies to make decisions. On the other hand, old people have face to face interviews....because they are old........more so than because they are unhealthy. So if you apply a 75 year old for more than one company, then you need worry about multiple face to face.

 

[CALTCAgent]

Hello,

Thanks for the info.

I haven't been paying too close of attention lately to whether they were doing face to faces, but it seemed like if their was a health issue they did do the face to face to check it out better even when not required because of age.

Checking on underwriting guides lately I notice many not even requiring it until they "get older", around 70 on average.

Thanks again!