Genworth LTC

[Death Cab For Tootie]

Death Cab,
Lets try one final time, disregarding premium, just looking at policy features, what do you show clients are the advantages? I don't know how to make it clearer.

There isn't anything materially different regarding the features and riders of the two policies. The difference is the strength of the companies, potential rate increases, and their ability to pay claims. I hope this clarifies things.

And I just took a quick look at the Comdex Ratings for MM, JH, Met, and Genworth. Mass is 99, JH and Met are 96. Genworth is 79. That is a huge difference in strength. And if there is anything we should have learned about insurance companies over the last few years, it's that strength matters.
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deathcab,

don't you realize that by selling them the more expensive policy now that you are selling them a premium increase from day one?

why is a premium increase now OK.
but a possible premium increase 20 years from now is bad.

plus, you're in florida. don't you know the fl state laws regarding rate increases were changed for policies issued after 4/1/2003?






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whatever happened to doing the best thing for your clients?

the implication of your statement is that you are not personally convinced that the mutual policy is the best choice.

I am not a LTCi candidate, but if I were, I would buy a mutual LTCi policy over a stock policy 100 times out of 100. I am quick to point out to my clients that my life and disability insurance are through a mutual company, even though they have higher premiums than comparable policies from stock companies. I practice what I preach. However, ultimately it is their decision. If they choose to buy the policy from the stock company, that's their decision. I gave up fighting clients a long time ago, and practice with the mantra "Give them a bit of what they want and a bit of what they need."

 

[bluemarlin08]

There isn't anything materially different regarding the features and riders of the two policies


Are you serious? I assume you have read policies from both and you are telling us there are no differences? How many policies do you sell annually? There are big differences!

 

[Death Cab For Tootie]

Since you're the expert, please explain the differences.

 

[GonnaFlyNow]

now this is gonna get boring.
i'm gone.
kw

 

[fjman]

If there is that much price difference, offer a limited pay option on the stock company policy so they dont ever need to worry about rates increasing at retirement age........ esp. with younger clients


Ultimately, the financial strength of the company is the most important thing imo. Not really sure Genworth is nec. in the best interest of my clients, alhtough an easier sale.

 

[maksim]

I have sold many ltc policies, and when running rates, hate to say it, but Genworth is not that much cheaper over a MassMutual. 90% of the time, they go with the Mass policies.

its not only about the premium. its the total package.

other way of presenting it...

if you own a policy by a stock company.... you were sold a policy to pay a shareholder a dividend.

if you own a policy issued by a mutual company... you are an owner of the mutual company.

which would you rather be?

but yes, if you are all about the price... you are missing the boat. if all you base yourself is on price, your clients will leave you when the market goes down, or someone else promises a better return or cheaper policy. your clients are less likely to leave you if you provide great service.

 

[Graham]

If you want to hear the Genworth “Kool Aid” speech on the financial stability of their LTC product line dial in to this…
GENWORTH FINANCIAL 2009 NATIONAL TELECONFERENCE
“Delivering on the Promise” Claims, Reserves, and Genworth's Unique Strengths in the Long Term Care Industry

Date: Wednesday, September 30, 2009 @ 1:00PM ET

Our guest speakers will be:
• Ty Wooldridge – Chief Actuary
• Mike Heard – Senior Vice-President, Claims Operations

Participation requires registering for these calls:

1. Visit >> Multiple LTC Solutions <<
2. Register by midnight, September 28th, 2009
3. Dial-in & presentation info will be emailed to your registered email address approximately 24 hours prior to the call.

 

[hardwork]

One thing that has not been mentioned:

(Most agents know this)

There are No Commission's on "rate increases"

Ltc/Med Supp's

 

[ABC]

This is a great debate or argument.

I sell maybe 2 or 3 LTC policies a year and never even thought about Mutual or Stock.

Great Information and good reasoning on both sides mutual vs stock.

Good stuff

 

[JoeyRock58]

Yes they are one of the bigger ones.