Genworth - AARP Vs Non-AARP

[oozo]

I am making app soon and do understand basic LTC and the (brochures) plan diffs.

Question 1: Do you think that going thru AARP Genworth plan is better in general than having non-AARP Genworth plan? How can / will AARP benefit me should I choose the AARP plan? I also undertand AARP plan to be a group plan...is that good or bad?

Question 2: Is there a difference in premium between AARP plan and same type plan options on non-AARP same plan?

Question 3: How do hobbies affect insurability? I have been riding motorcycles for 20 years (and bicycles for 10 before that) and have owned a 2009 HD Street Glide (touring bike) for past 2 years....am I considered a "risk taker" and will this hurt my application? (female or male)

Question 4: When I make a claim, is there a diff on how to make a claim for AARP plan vs non-AARP plan? Is there any more "paperwork" due to AARP in the middle?

Question 5: Do agents get less commission on AARP plans sold vs non-AARP plan? I notice that my agent was reluctant to offer the AARP plan initially and offered me same plan benefits non-AARP...except that there was no rate guarantee....but agent tells me not to worry...rates will not go up and Genworth is very good at this.

Question 6: on the 10 yr survivor benefit, can this option be dropped after 10 yrs. and survivor still be paid up upon death of spouse?

I am just a bit confused in general as to the real diffs and benefits of AARP plan - beyond a few diffs - that AARP plan is really that much better than non-AARP plan. I prefer to not have another layer of confusion / work between me and a claim, or between me and paying my premium.

Thank you for shared thoughts.

OOZO

 

[Mr_Ed]

I am making app soon and do understand basic LTC and the (brochures) plan diffs.

Question 1: Do you think that going thru AARP Genworth plan is better in general than having non-AARP Genworth plan?

no.


How can / will AARP benefit me should I choose the AARP plan?

there is no significant advantage.


I also undertand AARP plan to be a group plan...is that good or bad?

in most cases, individual policies offer better consumer protection features, especially if you live in a state that has a long term care partnership program.


Question 2: Is there a difference in premium between AARP plan and same type plan options on non-AARP same plan?

in some cases yes. in some cases no.


Question 3: How do hobbies affect insurability? I have been riding motorcycles for 20 years (and bicycles for 10 before that) and have owned a 2009 HD Street Glide (touring bike) for past 2 years....am I considered a "risk taker" and will this hurt my application? (female or male)

hobbies generally have no impact on insurability for long term care insurance.



Question 4: When I make a claim, is there a diff on how to make a claim for AARP plan vs non-AARP plan? Is there any more "paperwork" due to AARP in the middle?

There is no difference.



Question 5: Do agents get less commission on AARP plans sold vs non-AARP plan?

I do not know. It does not matter. The commissions have zero impact on the premium that you pay.


I notice that my agent was reluctant to offer the AARP plan initially and offered me same plan benefits non-AARP...except that there was no rate guarantee....but agent tells me not to worry...rates will not go up and Genworth is very good at this.

A 5-year rate guarantee should not be a significant factor in choosing which LTCi policy to own. Rarely do LTCi policies have any increases within the first 5 years of owning a policy.



Question 6: on the 10 yr survivor benefit, can this option be dropped after 10 yrs. and survivor still be paid up upon death of spouse?


No. If you drop that rider and then die the surviving spouse will have to continue to pay the premium.


I am just a bit confused in general as to the real diffs and benefits of AARP plan - beyond a few diffs - that AARP plan is really that much better than non-AARP plan. I prefer to not have another layer of confusion / work between me and a claim, or between me and paying my premium.

Thank you for shared thoughts.

OOZO

I hope this helps.
YMMV

 

[oozo]

Thank you very much!

Do you know if any of the consumer plans will be affected for state of NC? I was told huryy up to apply prior to 7/31....due to changes...then was told that NC is not an affected state.

Also, AARP tells me that I can apply for AARP plan and be considered my prior age up to 30 days beyond my prior age
eg. 8/19/55 is b-day, so with AARP, I am considered 56 yrs old until 30 days beyond this date (for application receipt)....this isnice, yes?

and we do have a partnership available with NC state...

you seem knowledgeable...any more input, please?

Thank you !

OOZO

 

[ltcadviser]

The answers Scott provided you above are 100% accurate.

Regarding North Carolina,
The Preferred health discount is going away on July 30th for Privileged Choice Flex.

Regarding which Policy you should buy, the premiums in North Carolina are identical. Genworth will save your age on every policy you apply for within 30 days of your birthday.

There is zero advantage to AARP. It is just a marketing angle. It means nothing at claim time. A 5 year rate guarantee means nothing either.

I just finished working with 2 couples that were also speaking with an AARP rep.

My advice to you will be the same advice I gave to them. It is simply this: buy the policy through and reward the agent you wish to have your relationship with over the next 20-30 years. Maybe this matters to you; maybe it does not.

But it should.

The benefits and the premiums are the same today. Choose the agent you really like.

If you are working with one agent for AARP or Privileged Choice Flex, then it really does not matter.

Good luck with underwriting.

 

[Newby]

AARP is just another middleman mouth to feed. They add additional cost with no benefit.

I would assume that if one version had worse rate increases it would be the one with the higher overhead which would be the one branded AARP since they don't allow that brand to be used on products without paying a lot of money for it.

 

[oozo]

Thank you all. I do understand marketing and come ons. I don't want extra layers of xxxxx between me and my goals. Thank you all!

 

[secretagentcharlie]

Hey guys,

Is there a difference between the AARP and non-AARP in TN? I had a prospect mention the AARP product today. Do they offer any features/benefits the non-AARP doesn't? Do they offer a discount for being an AARP member? Are there any lesser benefits with the AARP product?

Any feedback would be greatly appreciated. Just trying to get my ducks in a row should I encounter any objections to going with the non-AARP product. Thanks!

 

[oozo]

SecretAgentCharlie, call AARP if you are a member...they will answer any questions.

New questions...
Also, can we apply to more than one company at same time - in case one turns us down and the other does not? I don't want to wait 6-8 weeks and be "older" - my b-day will have passed...then it will cost me even more to have waited on a denial to begin with another company again.

Is it generally less expensive to have two separate policies instead of shared? One of us in the couple has some issues that may cause denial.

Thank you.

G

 

[Newby]

SecretAgentCharlie, call AARP if you are a member...they will answer any questions.


G

Do you really believe that AARP would ever in a million years advise someone to buy the non- AARP branded version?

They aren't consumer reports. They are a marketing company. Nothing more. Nothing less.

 

[CALTCAgent]

New questions...
Also, can we apply to more than one company at same time - in case one turns us down and the other does not? I don't want to wait 6-8 weeks and be "older" - my b-day will have passed...then it will cost me even more to have waited on a denial to begin with another company again.

Yes you can. An independent agent can help you with that. AARP agents are captive and can only offer 1 plan.

Is it generally less expensive to have two separate policies instead of shared? One of us in the couple has some issues that may cause denial.

Not sure exactly what you are asking here?

If one isn't accepted, then of course the premium will be less than if both are accepted.