Deciding on Being a Genworth LTC Specialist

[Min]

I was not talking about a client who is compromised by underwriting - in these cases, it's a judgment call whether you want an issue from a lesser company or recommend they simply self-insure - the 93 is just one of the inputs I use - the Weiss rating which is part of the Comdex is of primary interest because Weiss is not paid by the company when doing their audits so have a higher credibility factor than the others - further, the track record of the other rating agencies is less than satisfactory for me - I stress for me - I look at ROI, ROE and profitability or the spread between premium income in a particular book of risk and the contribution to earnings - I do with insurance filings what I do with SEC filings and then make a call - Insurance is money and risk so whether I am analyzing currencies, commodities or otherwise, I review the data and then make a call...

Ask yourself what other companies are attrative and why - what are your goals - what makes this easy for me is I have a philosophy that serves me because it makes many decisions easy...plus I have a fair amount of education and experience in working with money...

Good luck,
Min

 

[Mr_Ed]

I was not talking about a client who is compromised by underwriting - in these cases, it's a judgment call whether you want an issue from a lesser company or recommend they simply self-insure - the 93 is just one of the inputs I use - the Weiss rating which is part of the Comdex is of primary interest because Weiss is not paid by the company when doing their audits so have a higher credibility factor than the others - further, the track record of the other rating agencies is less than satisfactory for me - I stress for me - I look at ROI, ROE and profitability or the spread between premium income in a particular book of risk and the contribution to earnings - I do with insurance filings what I do with SEC filings and then make a call - Insurance is money and risk so whether I am analyzing currencies, commodities or otherwise, I review the data and then make a call...

Ask yourself what other companies are attrative and why - what are your goals - what makes this easy for me is I have a philosophy that serves me because it makes many decisions easy...plus I have a fair amount of education and experience in working with money...

Good luck,
Min

I'm curious... how are you privy to this:



profitability or the spread between premium income in a particular book of risk

 

[CALTCAgent]

I was not talking about a client who is compromised by underwriting - in these cases, it's a judgment call whether you want an issue from a lesser company.

Is "compromised" where they can't get a preferred health rating with a comdex 93 or above company?

Then lets talk when 1 spouse is "compromised" and the other isn't.

If so you are talking about a large portion of people. To say you are doing a disservice paints with an awful broad brush, IMO.

 

[ltcadviser]

If your interest is how much money you can make, no comment but if you want to do what is best for a clients, I suggest you start with Vital Signs Analysis of the companies that interest you - Genworth's comdex is 76 - I will not use a company with a comdex lower than 93 and Genworth's invested assets total EOY 2011 was less than 39 billion and I will not use a company with less than 65 billion - also, check rate increase history, exclusion and limitations in the contract, etc if doing what is best is your objective

Min

To me, it sounds like you would have written just an absolute ton of John Hancock long term care insurance circa 1998-2002. It was A++ with a 98 comdex. Had great product; good rates. You know what you would be doing today? Fielding calls every day of clients receiving letters of 77% rate increases.

CNA have 77% rate increases? How about old GE Capital policies? How about Allianz? How about Prudental?

None of these companies were over 93 comdex?

You know what I think about you?

You are self-serving; not client serving.

For those of us that write a boatload of insurance we realize that getting our clients approved for this important coverage is what matters. By the way, I just wrote a check for $6400 for my LTC policy today. And my company does not have a 93 comdex. And I have no doubt my company will outlive me as well as pay every dollar of my claim. Other companies would have wanted $14000 a year for the benefits that cost me $6400.

So whatever. Stuff your arbitrariness. If thats how you justify your worthyness, go for it. Hope your clients google long term care insurance and find me.