Genworth V Mutual of Omaha

[kstein]

Mutual of Omaha is $1,000 less for identical benefits than Genworth. Which carrier would suggest, assuming the client gets approved for both. I'm in Missouri.

 

[Mr_Ed]

Mutual of Omaha is $1,000 less for identical benefits than Genworth. Which carrier would suggest, assuming the client gets approved for both. I'm in Missouri.

Mutual of Omaha.
No brainer.

 

[Kellertax]

I'd like to change kstein's question and ask: if the premiums were identical, which of these companies would you prefer, and why?

 

[AlTheGud1sRtakn]

Look at their respective rate increases over the past several years. Genworth's have been crippling (especially for females), MOO's have been minor. I'm thinking Genworth's actuaries screwed up a bit in their initial calculations.

Also - Does Genworth have a product that offers a cash benefit (adds a lot of flexibility) or the use of a pool to spend down over an open time frame rather than a defined benefit period? I haven't had anything from Genworth that I've ever competed against that could help the clients for more than a 5 year period, but that could just be coincidence.

If you're appointed with MOO they have a handy little chart called "Competitive Comparison" that goes over the basic features of the most popular options with all of the big companies.

I generally go to the MOO Custom Care if a life policy with the equivalent of a LTC rider is too expensive. The life policy is often better though - guaranteed premiums, you know that the policy will eventually be used so you're not wasting money on something you may not need, generally more liberal underwriting, and much more flexibility in the way the LTC benefits can be spent than most LTC policies (Custom Care from MOO gives you pretty much the same flexibility but that's the only one I've seen). The only downside is the premiums are higher, how much higher is going to depend on the client.

 

[ltcadviser]

I'd like to change kstein's question and ask: if the premiums were identical, which of these companies would you prefer, and why?

If premiums are even, I would elect Genworth. Just my professional bias from working with both companies over the years. No right or wrong answer. Surely an adviser could make a case for Omaha based upon current ratings.

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Look at their respective rate increases over the past several years. Genworth's have been crippling (especially for females), MOO's have been minor. I'm thinking Genworth's actuaries screwed up a bit in their initial calculations.

Also - Does Genworth have a product that offers a cash benefit (adds a lot of flexibility) or the use of a pool to spend down over an open time frame rather than a defined benefit period? I haven't had anything from Genworth that I've ever competed against that could help the clients for more than a 5 year period, but that could just be coincidence.

I generally go to the MOO Custom Care if a life policy with the equivalent of a LTC rider is too expensive. The life policy is often better though - guaranteed premiums, you know that the policy will eventually be used so you're not wasting money on something you may not need, generally more liberal underwriting, and much more flexibility in the way the LTC benefits can be spent than most LTC policies (Custom Care from MOO gives you pretty much the same flexibility but that's the only one I've seen). The only downside is the premiums are higher, how much higher is going to depend on the client.

Just an ignorant post.

 

[Arthur Rudnick]

originally posted by ltcadviser

If premiums are even, I would elect Genworth. Just my professional bias from working with both companies over the years. No right or wrong answer. Surely an adviser could make a case for Omaha based upon current ratings.

If premiums were equal, wouldn't the cash-benefit push you towards MOO?

 

[AlTheGud1sRtakn]

If premiums are even, I would elect Genworth. Just my professional bias from working with both companies over the years. No right or wrong answer. Surely an adviser could make a case for Omaha based upon current ratings.

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Just an ignorant post.

What would make you prefer Genworth? I don't doubt that you've done more LTC business than I have even just based on your screen name and I'm curious what I'm missing. What did I say that was ignorant?

 

[Mr_Ed]

If premiums are even, I would elect Genworth. Just my professional bias from working with both companies over the years. No right or wrong answer. Surely an adviser could make a case for Omaha based upon current ratings.

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Just an ignorant post.

very ignorant.

 

[csalter]

I can't wait to see where this is going. :-)

 

[AlTheGud1sRtakn]

I can't help but post this http://youtu.be/BHqgHFcmAOc