Best LTC carriers to contract with...

[Franki52]

Hello!

I currently have a successful Medicare agency in AZ but want to contract and learn as much as possible about LTC (as well as sign my husband and I up For it) which 2-4 carriers do you recommend, I know of a lot of them but would like to hear from agents that write LTC policies

 

[ltcadviser]

Hello!

I currently have a successful Medicare agency in AZ but want to contract and learn as much as possible about LTC (as well as sign my husband and I up For it) which 2-4 carriers do you recommend, I know of a lot of them but would like to hear from agents that write LTC policies

Mutual of Omaha, OneAmerica, Lincoln, Securian, National Guardian Life

 

[jcorr]

I'm with New York Life. I haven't looked at other LTC carriers but I was wondering if someone would be willing to share how NYL stacks up against other carriers?

 

[ltcadviser]

I'm with New York Life. I haven't looked at other LTC carriers but I was wondering if someone would be willing to share how NYL stacks up against other carriers?

Unfortunately for your clients, New York Life does not stack up very well against other policies.

Expensive New York Life long term care insurance is bad buy-Review - LTC Partner

New York Life Asset Flex Falls Short With Long Term Care Insurance Benefits - LTC Partner

 

[jcorr]

Thanks for the reply. I realize that I get to see one side of it and that's why I asked. I just got finished with the AARP training for NYL and one of the things I found interesting is that it stressed was that when we meet with an AARP client that we may have to offer a product other than NYL if it's in the best interest of the client. It's too bad that the author of the articles had that experience with NYL.

 

[ltcadviser]

Thanks for the reply. I realize that I get to see one side of it and that's why I asked. I just got finished with the AARP training for NYL and one of the things I found interesting is that it stressed was that when we meet with an AARP client that we may have to offer a product other than NYL if it's in the best interest of the client. It's too bad that the author of the articles had that experience with NYL.

Today it will always be in your client’s best interest to buy an LTC policy with another company.

This is not in NY Life’s best interest or AARP’s best interest.

And you are not being trained to know what the best LTC policies are.

So, how exactly will you offer something else?

Either you are a NY Life agent, or you become independent. That will be for you to decide one day.

Good luck to you.

 

[jcorr]

It will always be in your client’s best interest to buy an LTC policy with another company.

You need to be careful about using the word "always" Years ago I sold a NYL LTC policy to a client and there is nothing on the market that can touch it now. Premium is $50 a month, for a $240 a day benefit, unlimited duration, with the daily benefit increasing at 5% compounded rate, and 90 day waiting period. As a New York Life agent I can broker. So it's easy enough for me to use other companies if necessary. NYL has plenty of other products it can offer in addition to LTC.

 

[ltcadviser]

You need to be careful about using the word "always" Years ago I sold a NYL LTC policy to a client and there is nothing on the market that can touch it now. Premium is $50 a month, for a $240 a day benefit, unlimited duration, with the daily benefit increasing at 5% compounded rate, and 90 day waiting period. As a New York Life agent I can broker. So it's easy enough for me to use other companies if necessary. NYL has plenty of other products it can offer in addition to LTC.

Years ago I sold NY Life also.
It was priced well years ago.
You can’t sell yesterday’s policy today.

Let’s stick with the present day.

Today it is not priced well.
It is generally priced awful today.
What is your point?

 

[Mike H]

The 5% compound rider alone on a $240/day unlimited duration would cost $50/mo.

 

[ltcadviser]

The 5% compound rider alone on a $240/day unlimited duration would cost $50/mo.

$50 month would be amazingly inexpensive! Which policy are you referring to Mike? The cost of 5% compound inflation for $240 day should be closer to $500 month depending upon age, and gender.