pistol_saf
New Member
- 10
I'm thinking of getting appointed to Genworth to sell Long Term Care. I've heard they are one of the big carriers in LTC. Any opinions on their products, underwriting, etc?
Genworth LTC
- Thread starter pistol_saf
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- long term care
- 152
LTC is their flagship. I think they are the LTC leader, but don't quote me on that. They are a better than average company as well.
- 202
fyi genwroth's premiums are about half the cost of nw mutual
Genworth is a ticking time bomb.......If you value your customers (which you should) and you don't want a bunch of trouble down the road, I would look elsewhere. I am not knocking Genworth, but the facts are that they are barely holding on to an "A" rating, and their book of business is way too large, and way too murky. (I used to work for them captive) Personally I would look at Hancock, or my personal favorite, Mass Mutual. I place all of my business with Mass, they have a nice policy and the rates are fair, and I don't have to worry about them having money problems. Don't worry about the premium for MW mutual (unless you are going to work for them) and the premium today really means nothing...what is the premium going to be in 20 years? That is what I am concerned with! Stock Insurance Co (genworth et al.) + rapidly aging book (boomers)+rising claim costs+decreased earnings+unhappy Wall Street=Rate increases. This model is going to have a major problem real soon( if they already don't!)
- 202
sluggo
theres so much crap in that post, i dont know where to begin to address it.
you must be a newbie in this biz
to believe such baloney.
it would be funny
if it wasn't so sad
kw
theres so much crap in that post, i dont know where to begin to address it.
you must be a newbie in this biz
to believe such baloney.
it would be funny
if it wasn't so sad
kw
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- 15,041
I think Sluggo had a good point, in all that rambling.
Several major LTC carriers have had to raise rates. Most of the stock companies did, but I'm sure some mutuals did as well. What Sluggo is referring to about Mass is that they have never raised rates on existing policyholders, they just release a new series with new features and the higher premium. That doesn't mean they can't or won't raise rates on existing policies, just that they haven't so far.
Also, MM's latest LTC is participating. Apparently the company feels very good about paying the illustrated dividends, but in a worse case scenario it can be used to offset any cost increase.
All that said, it again doesn't guaranteed no rate increases for MM. But, if they have to raise rates with all that to buffer against an increase, what kind of shape will the other companies be in?
Of course, MM isn't a major player in the LTC field yet, and traditionally MM has some very conservative underwriting. You'd be a fool to only have them in your bag of tricks.
Several major LTC carriers have had to raise rates. Most of the stock companies did, but I'm sure some mutuals did as well. What Sluggo is referring to about Mass is that they have never raised rates on existing policyholders, they just release a new series with new features and the higher premium. That doesn't mean they can't or won't raise rates on existing policies, just that they haven't so far.
Also, MM's latest LTC is participating. Apparently the company feels very good about paying the illustrated dividends, but in a worse case scenario it can be used to offset any cost increase.
All that said, it again doesn't guaranteed no rate increases for MM. But, if they have to raise rates with all that to buffer against an increase, what kind of shape will the other companies be in?
Of course, MM isn't a major player in the LTC field yet, and traditionally MM has some very conservative underwriting. You'd be a fool to only have them in your bag of tricks.
- 398
If I were forced to sell a Genworth LTC policy, I would have the client sign a waiver saying they knew this policy would have significant price increases in the future. For that matter, most any LTCi provider has that chance, given how new LTCi is. Companies don't know how to price it. That said, the mutuals (NML, MM, Gardeen, NYL) have the greatest chance of not seeing their premiums go up. The stock companies? It's a crapshoot, and I'd wager Genworth would be one of (if not the) first to increase premiums on a block of business.
- 15,041
What do you mean would be, try have.
Genworth, John Hancock, and MetLife have already handed down big LTC increases. I'm sure they are not alone, but these three are big players in the field.
Genworth, John Hancock, and MetLife have already handed down big LTC increases. I'm sure they are not alone, but these three are big players in the field.
- 202
what century are we living in?
i can't believe agents are still arguing mutual v. stock and non-par v par?
do the math guys, your arguments don't make any sense.
Deathcab, how many years will ltci need to be around before it's "not new" anymore? how many billions in claims will need to be paid before you consider ltci a legitimate insurance product?
i can't believe agents are still arguing mutual v. stock and non-par v par?
do the math guys, your arguments don't make any sense.
Deathcab, how many years will ltci need to be around before it's "not new" anymore? how many billions in claims will need to be paid before you consider ltci a legitimate insurance product?
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