Best LTC Companies

[scagnt83]

Never_a_dull_moment,

Good post, you do bring up some very valid points. And you have an interesting website as well.

But price will never be the main factor in my recommendations as long as what im proposing is in the clients budget.
And I think I illustrated in the other thread that I dont tout the highest priced plans that are out there either. An above average Comdex rating is key in my opinion...for any product.

The point I was trying to make in the other thread is that LTC shouldnt be purchased on price alone.
And that you can get really burned going with some of the cheapo policies/companies out there.

I guess some of the past rate increases have scared me off a bit from some of the lower priced LTC carriers. Maybe I shouldnt be so cynical considering most have revised lapse assumptions.

However, I still feel that some of the lower priced/lower rated companies do not hedge their risk as much as they should with LTC, which could lead to steeper rate increases than others.
Maybe I should stop dodging some of those companies LTC wholesalers, and sit down with them and talk about their products and where they stand ...... but only if they buy me lunch.... lol

But again, good post. You have certainly given me some food for thought

 

[Mr_Ed]

Never_a_dull_moment,

Good post, you do bring up some very valid points. And you have an interesting website as well.

But price will never be the main factor in my recommendations as long as what im proposing is in the clients budget.
And I think I illustrated in the other thread that I dont tout the highest priced plans that are out there either. An above average Comdex rating is key in my opinion...for any product.

The point I was trying to make in the other thread is that LTC shouldnt be purchased on price alone.
And that you can get really burned going with some of the cheapo policies/companies out there.

I guess some of the past rate increases have scared me off a bit from some of the lower priced LTC carriers. Maybe I shouldnt be so cynical considering most have revised lapse assumptions.

However, I still feel that some of the lower priced/lower rated companies do not hedge their risk as much as they should with LTC, which could lead to steeper rate increases than others.
Maybe I should stop dodging some of those companies LTC wholesalers, and sit down with them and talk about their products and where they stand ...... but only if they buy me lunch.... lol

But again, good post. You have certainly given me some food for thought

I'm glad you got something out of my posts.

There's a myth in our industry. There's a myth that there are "lower priced carriers".

I can run quotes for someone and one carrier might have extremely competitive quotes. I can run quotes for someone else and that same carrier might be the most expensive.

There's no such thing as a "low priced carrier". They all use different risk assumptions based upon health, marital status, choice of benefits, etc...

One carrier might be "the low priced carrier" for one client.
And another carrier might be "the low priced carrier" for another client.

The point is this: Which well-rated carrier will give the client I'm working with right now the benefits they want for a reasonable premium.

For one client it will be one company.
For another client it will be another company.
For a 3rd client it will probably be a different company.

Recently, I knew of one person who applied for LTCi with one of my producers. She was declined by one company so she contacted this producer to see if he could help. He ran her health history passed me and I recommended that she apply with 2 different companies.

She was declined by Company A, which is the first company she'd applied with.
Company B rated her class 1 and decreased her benefits.
Company C approved her with their best rate class.

I'm not joking.

I've had other cases where Company C declined someone and Company B or Company A approved that same person.

Every company has a different prism they look through to determine risk.

The key is knowing which company will be best for each client.