Genworth LTC

[GonnaFlyNow]

deathcab told me

"Genworth's product has the greatest chance of seeing a premium increase?"

does everyone agree with this?
can someone give me any reasons why an educated insurance agent would make such a statement?


kw

 

[Freddie]

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

Are you capable of having a discussion without insulting people? You had a rant on another thread about Zig Ziglar who I do not listen to. People should try to be civil.

Considering Genworth's common stock went from about $37 in Jan 2007 to as low as 0.84 cents on March 6, 2009 leads me to believe it is a less than solid company. The stock has recovered a bit but Genworth would not be my first choice in LTC.

 

[Death Cab For Tootie]

deathcab told me

"Genworth's product has the greatest chance of seeing a premium increase?"

does everyone agree with this?
can someone give me any reasons why an educated insurance agent would make such a statement?


kw

*Sigh*

Ummm...because they've done it before, they undercharge relative to a risk, and they're all about pleasing stockholders versus pleasing policyholders?

Your turn.
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fyi genwroth's premiums are about half the cost of nw mutual

You work for the company and you can't manage to spell their name correctly?

Moron.

 

[bluemarlin08]

pleasing stockholders versus pleasing policyholders?

Can't do one without the other!

 

[VolAgent]

pleasing stockholders versus pleasing policyholders?

Can't do one without the other!

Sure you can, if you are willing to limit yourself to a short term basis.

 

[GonnaFlyNow]

deathcab told me:

"Genworth's product has the greatest chance of seeing a premium increase?"

Ummm...because they've done it before, they undercharge relative to a risk, and they're all about pleasing stockholders versus pleasing policyholders?

Your turn.

Deathcab,

How much was this huge rate increase that you claim Genworth had?

kw

 

[Death Cab For Tootie]

Deathcab,

How much was this huge rate increase that you claim Genworth had?

kw

Here you go GonnaCryNow:

http://www.plusonweb.com/news/wiser/docs/gen27.pdf

Check. Mate.

 

[GonnaFlyNow]

deathcab,

i'm trying to understand your argument here.
you're saying that since genw had an 11% rate increase a couple years ago on policies that were 10 to 15 years old, that means that their policies are underpriced?

quoting you "they undercharge relative to a risk, and they're all about pleasing stockholders versus pleasing policyholders."

just out of curiosity, do you know how much higher the mutuals that you sell are in cost?

everytime i've run a comparison, the mutuals youve referenced are usually priced about 40% (in some cases even 90%) higher than genw.

how do you justify telling your clients to buy a policy that is already 40% higher than other leading long term care insurers?

is it better to pay 40% more year after year after year (with the hopes of getting a small dividend back. dividends which are usually about 1% of premium paid?) how do you justify that?

you probably don't jsutify it. no reasonable person could justify spending that much more every year.

you probably just have no idea tyat the premiums are that much higher when compared to jh, genw, alz, pru, and other leading ltc cos.
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A professional understands why one buys a Benz rather than a Yugo.

Do you understand the difference, GFN? I'd wager any sum of money you don't.

that is an absurd comparison.
a better analogy would be comparing a porsche cayenne with a vw touareg or comparing the economy lexus with the high-end Camry.

nearly identical cars---
significantly higher price tags!

i'd rather sell a lot of camrys than the few lexus' you sell.

 

[Death Cab For Tootie]

deathcab,

i'm trying to understand your argument here.
you're saying that since genw had an 11% rate increase a couple years ago on policies that were 10 to 15 years old, that means that their policies are underpriced?

That's exactly what I am saying. That, or the powers that be are greedy and see the policy holders as an easy target to rape. You stated Genworth hasn't raised prices on existing policies, which was either a blatant lie or you're ignorant. Either way, you're a piker.

quoting you "they undercharge relative to a risk, and they're all about pleasing stockholders versus pleasing policyholders."

just out of curiosity, do you know how much higher the mutuals that you sell are in cost?

Yes.
everytime i've run a comparison, the mutuals youve referenced are usually priced about 40% (in some cases even 90%) higher than genw.

You're correct.

how do you justify telling your clients to buy a policy that is already 40% higher than other leading long term care insurers?

I don't "justify" it. I show them a mutual LTCi policy side-by-side with a stock policy. I let them know why the mutual policy has a higher premium. I ask them if they would rather pay a lower premium but have a greater chance of seeing a premium increase. They choose, not me.

is it better to pay 40% more year after year after year (with the hopes of getting a small dividend back. dividends which are usually about 1% of premium paid?) how do you justify that?

I spend about two seconds discussing the dividend. I say, "This policy will eventually be eligible for a dividend. Just thought you'd like to know."

you probably don't jsutify it. no reasonable person could justify spending that much more every year.

Wrong. Just because you're so weak you have to compete on price doesn't mean I have to.

you probably just have no idea tyat the premiums are that much higher when compared to jh, genw, alz, pru, and other leading ltc cos.
- - - - - - - - - - - - - - - - - -

that is an absurd comparison.
a better analogy would be comparing a porsche cayenne with a vw touareg or comparing the economy lexus with the high-end Camry.

nearly identical cars---
significantly higher price tags!

i'd rather sell a lot of camrys than the few lexus' you sell.

When I can point out that Mass Mutual hasn't raised prices on existing policyholders but Genworth has, it's hardly a Lexus/Camry comparison. I would equate it to a Benz/Yugo comparison. Sleek, high performance vs. gasping and wheezing to get from A to B.

Look, all you've managed to do is focus on price when comparing policies. I wonder - did you decide to buy a house with good schools, low crime and lots of extras? Or did you decide to move to the ghetto? Remember: cost is only an issue when there is an absense of value. I've proven that, and you haven't proven me wrong. Belive me, I can go toe-to-toe with you, just be prepared to embarassed.

 

[VolAgent]

Admittedly, I don't sell much LTCi. But the few times I've had someone run several competing quotes for me versus a mutual, there isn't much difference. Maybe 10 dollars a month on a 300-500 a month premium. I'd gladly pay an extra 10 dollars a month knowing there is little chance I'd see a rate increase next year.