....and why might that be?
Genworth on Review
- Thread starter Arthur Rudnick
- Start date
....and why might that be?
I would not state PC Flex 3 is "very" expensive in comparison; it is "more" expensive, which is all that is needed to not send GNW applications. Now State Farm and Northwestern Mutual....."very" expensive.
very true, jack.
sf, nwm, and nyl are wait out there.
in most cases, gnw is much higher than mass, moo, or transam.
why spend more for a- when you can get better benefits from a+ for less premium.
Or A++ in MM's case.
(NYL snd GNW are dirt cheap in California though)
Nobody will apply to GNW unless there is a price break.
But I have seen agents push LifeSecure and MedAmerica, 2 companies nowhere near the GNW financial ratings ----so who knows.
Agents write the companies they are comfortable with writing.
And some agents may have been C students, so to them B+ or A- might sound very good.
- 10,806
If you want a 10 or 20 pay policy you have no choice but to go with those two.
Also, they both are owned by non-profit BlueCross/Blue Shield parent companies. To me that is a huge difference vs. GW being a publicly held company. Meda and LS do not have to worry about stockholders who are demanding a return on their investment.
Currently, I see those 2 as overall more stable than GW.
And MedAmerica basically has the same ratings as GW, just opposite.
They have an A- from S&P and a B++ from AM.
GW has a BBB- from S&P and an A- from AM.
So how is GW more stable than MedAmerica Jack?
(and I agree about them not being competitive. Here in SC they are often in the top 4 most expensive since the newest policy line)
Well, people usually do not do 20 pays.
10 Pays, yes. And I would use MedAmerica for a 10 Pay.
Is the fact that a parent company owns a bcbs of michigan or a bcbs of ny even relevant? MedAmerica and LifeSecure have zero relationship to the BCBS companies; i think agents simply refer to the BCBS name of sibling companies for marketing purposes to give a consumer a warm fuzzy feeling.
LifeSecure is D rated (weak) by weiss.
MedAmerica has a comdex of 47 I think.
Genworth is still a company with 35 Billion in assets, so even though it is having issues today I can give you 35 Billion reasons why I would buy a GNW policy before some other smaller less diversified insurance companies.
- 10,806
In the comdex rankings there is not too much difference when you get into the 70-30 range. And Genworth is only 1 off from that range I believe.
Since Comdex is a composite of all the rankings given to a company, MedAmerica's choice to not be rated by Moody's or Fitch I believe hurts its Comdex score vs. others who have those 2 ratings.
I hear you on the assets... but they obviously are having some difficulty managing those assets in relation to the risk they have assumed.
As you pointed out, premium alone is a reason not to sell them. So at the end of the day the rest is just academic. I actually like the fact that MedAmerica is mainly just in the LTCI business. And if they go under Im sure that Genworth will buyout their blocks of biz
try getting an approval from NYL.
all I've ever seen from them are declines or a special risk 3 or 4.
I once got an "ultra preferred" rating for a guy who was issued special risk 4 with nyl.
no joke.
I got approvals from NYL last year. Had no surprises.
