Moneygaurd is my silver bullet right now. I just got contracted with OneAM/State for Assetcare - I'm anxious to see more.
Closing Leads for LTCi
- Thread starter ProsperWings
- Start date
Moneygaurd is my silver bullet right now. I just got contracted with OneAM/State for Assetcare - I'm anxious to see more.
Almost any traditional LTCi policy that offers a "single pay" will provide better benefits and a refund of premium, for less than the a life/ltc combo product.
Just crunch the numbers.
Most Life/LTC combo products will give you 2x to 3x the premium deposit in LTC benefits.
You can usually get 5x to 10x the LTC benefits with a single pay LTCi policy with a refund of premium rider.
Would you rather pay $50K and get $150K of LTC benefits?
or,
would you rather pay $25K and get $150K to $250K of LTCi benefits (with a full refund of premium.)
If they want more death benefit, then take the other $25K and put it in a single pay whole life policy. That's a guaranteed death benefit (whereas the death benefit on the Life/LTC products is NOT guaranteed.)
I didn't know that the benefits could be that much different! Although my recent sales averaged about a 4x benefit for the client, I still feel like an a-hole.
I guess we will be utilizing the lifetime free look after all!
What are your recommendations? and why are these companies not promoting/marketing this a little harder?
- 1,271
Underwriting, my friend, underwriting.
One big problem with LTCi is that you buy a policy and keep it for years and then they get a 50% rate increase. Hard for them with a fixed income to keep up with higher rates. I guess companies have to increase rates when too many people start filing too many claims.
Can you name one (just one) A or A+ rated LTC insurer that has had a 50% rate increase on any of their LTCi policies?
The consumers' source for Long-term care insurance information & resources.
FREE ONLINE LONG TERM CARE INSURANCE QUOTES Home | Contact Us | Sitemap
Can long term care insurance rates increase after you buy?
A long term care insurance company cannot increase rates for an individual policyholder. But with the approval of state insurance regulators, long term care insurance companies can raise the rates for all customers who purchased policies during a certain period of time. How to determine which companies will raise long term care insurance rates on their policies
When you are shopping for a long term care insurance policy, choose a insurance company with "billions" in assets. Be careful when buying long term care insurance from smaller companies. Smaller insurance companies have a greater tendency than larger companies to rising rates for existing policyholders. Premium can be raised by 30%, 50% or even 100%.
Reasons an insurance company would raise rates includes: pricing policies too low, overestimating how many people would let their policies lapse, selling policies to bad risks customers, low insurance-company reserves due to poor investment returns.
You can check insurance companies' ratings online. You should also ask your insurance agent if the particular long term care insurance company had a rate increase in the last eight years.
The consumers' source for Long-term care insurance information & resources.
FREE ONLINE LONG TERM CARE INSURANCE QUOTES Home | Contact Us | SitemapLong Term Care Insurance Rates
Can long term care insurance rates increase after you buy?
A long term care insurance company cannot increase rates for an individual policyholder. But with the approval of state insurance regulators, long term care insurance companies can raise the rates for all customers who purchased policies during a certain period of time. How to determine which companies will raise long term care insurance rates on their policies
When you are shopping for a long term care insurance policy, choose a insurance company with "billions" in assets. Be careful when buying long term care insurance from smaller companies. Smaller insurance companies have a greater tendency than larger companies to rising rates for existing policyholders. Premium can be raised by 30%, 50% or even 100%.
Reasons an insurance company would raise rates includes: pricing policies too low, overestimating how many people would let their policies lapse, selling policies to bad risks customers, low insurance-company reserves due to poor investment returns.
You can check insurance companies' ratings online. You should also ask your insurance agent if the particular long term care insurance company had a rate increase in the last eight years.
Mr. Mack,
Instead of copying and pasting a meaningless diatribe from a useless website, try to at least address the question.
Can you name one (JUST ONE) "A" or "A+" rated LTC insurer that has raised their premiums on their long-term care policyholders by 50%?
Obviously, you can't do it.
There have been very few premium increases, for those consumers who were smart enough to NOT buy a LTCi policy from a "B-rated" LTC insurer.
(Excluding those who bought from B-rated companies) Most long-term care policyholders have NEVER had a premium increase on their LTCi policies.
The two largest LTC insurers who underwrite about 40% of the LTCi policies have had ONE rate increase each--and that was on about half of their LTCi policyholders. And that one rate increase was no higher than 18% (lower than 18% for most of the policyholders.) An 18% rate increase on a policy that has been in-force for over 10 years is pretty darn good. And that was their highest increase.
Please refrain from posting myths and misconceptions.
