Decline rates rising for LTCI applicants under 70; stable (but high) for those over 70

[Mr_Ed]

You sound like health insurance agents did before Obamacare killed the individual health market.

You also sound the same way you did years ago when you said that rate increases were "under control" and would not be as bad in the future.

The writing is on the wall. Plenty of traditional policies are still being sold and I doubt it will go away entirely anytime in the next decade. But over the next decade, you will see the market get taken over by life insurance with long-term care Riders. The market is also moving towards insuring people at a younger age because of this. It allows people to effectively plan for long-term care in their 40s instead of in their 50s/60s. And people in their 40s love life insurance with long-term care Riders.

If life insurance with a long-term care rider was a good deal, you'd be right.

 

[scagnt83]

If life insurance with a long-term care rider was a good deal, you'd be right.

You are welcome to convince me otherwise. But the fact that you think it is not, imo, shows you are not well informed on the current options that exist. Or, you do not understand how to properly position the product. But I think you would be capable of understanding if you had taken the time to fully vet the options available.

 

[goillini52]

You are welcome to convince me otherwise. But the fact that you think it is not, imo, shows you are not well informed on the current options that exist. Or, you do not understand how to properly position the product. But I think you would be capable of understanding if you had taken the time to fully vet the options available.

This forum's starting to turn into the FE forum.

 

[scagnt83]

This forum's starting to turn into the FE forum.

Lets hope not! lol

Scott knows a lot about LTCI, I will give him that. A lot of health agents knew a lot about health insurance... they were still wrong about it's future. Vested financial interest can create a biased opinion.

 

[Life Hawk]

This forum's starting to turn into the FE forum.

Let the fun begin... let's slug it out until someone ends up in a coma, for the long term.

 

[goillini52]

Let the fun begin... let's slug it out until someone ends up in a coma, for the long term.

Maybe if you and I start hanging out in the LTCi forum, we can help stir up some sh*t in here too.

 

[Mr_Ed]

Lets hope not! lol

Scott knows a lot about LTCI, I will give him that. A lot of health agents knew a lot about health insurance... they were still wrong about it's future. Vested financial interest can create a biased opinion.

Here's a couple I'm working with right now:

both 57 years old.
both non-smokers.
both have family history of cognitive impairment.
she takes Rx for well-controlled asthma and anxiety.
he has no health issues.
h/w are ultra preferred for both.
They will retire within 5 years.
They do own a deferred annuity.
They want to receive care at home, if possible.
They are comfortable co-insuring up to $30,000 per year for the cost of their care.
Protecting assets for one another is very important to them.

they've got well over one million in invest-able assets.
their projected retirement income is well over $100,000 per year.

Why would a hybrid be better for them than a traditional LTCi policy?

 

[scagnt83]

Here's a couple I'm working with right now:

both 57 years old.
both non-smokers.
both have family history of cognitive impairment.
she takes Rx for well-controlled asthma and anxiety.
he has no health issues.
h/w are ultra preferred for both.
They will retire within 5 years.
They do own a deferred annuity.
They want to receive care at home, if possible.
They are comfortable co-insuring up to $30,000 per year for the cost of their care.
Protecting assets for one another is very important to them.

they've got well over one million in invest-able assets.
their projected retirement income is well over $100,000 per year.

Why would a hybrid be better for them than a traditional LTCi policy?

Sure, but you left out how much your recommendation is going to cost them per year and how much in benefits it will provide them.

And notice that I did not say Hybrid Policy. I said a Life Policy with a LTC Rider. (I think of a MoneyGuard type of policy when an agent says "hybrid ltci")

Also notice that I said the average age of becoming insured will drop from where it is at now.

 

[Life Hawk]

Maybe if you and I start hanging out in the LTCi forum, we can help stir up some sh*t in here too.

... gonna let them do their own stirring for now... I think they've got a good start, just a little push.

 

[Mr_Ed]

Sure, but you left out how much your recommendation is going to cost them per year and how much in benefits it will provide them.

And notice that I did not say Hybrid Policy. I said a Life Policy with a LTC Rider. (I think of a MoneyGuard type of policy when an agent says "hybrid ltci")

Also notice that I said the average age of becoming insured will drop from where it is at now.

$1.5 million of shared benefits.
One spouse can use no more than $1.0 million.
Combined annual premium is: $4,133.