- 11,280
So who do you guys feel is the best player in the LTC market?
Genworth
- Thread starter policy doctor
- Start date
- 1,926
I still like GE and Hancock. Most of the differences in policies are related to home care:
1. Can benefits begin from day one or must you wait for the elimination period
2. Are benefits paid daily or can you use a monthly pool of money system
3. Are you required to use certified health care providers or can you use independent care givers
These are some of the issues I look at.
1. Can benefits begin from day one or must you wait for the elimination period
2. Are benefits paid daily or can you use a monthly pool of money system
3. Are you required to use certified health care providers or can you use independent care givers
These are some of the issues I look at.
- 2,152
Older one gets the less need for the "Inflation Rider". A 40 yr old needs inflation rider far more than a 65 yr old.
Hancock or Met for LTCi.
Hancock or Met for LTCi.
- Thread starter
- #14
- 1,704
If you take any financial instrument, and compound interest of 5% goes to work, after 20-30 years it takes on a life of its own, especially without taxation. In other words, you have accumulated some serious capital....even at modest amounts of money.
This is why the actuaries are freaking out....those unltd benefits, with 5% compound, or even 5/10 yr.plans....do start accumulating serious money that they owe those clients in the future, at time of claim. And now, you start selling those 40 year olds, and let's say they hold for 40 years..... can you say "FREAK OUT"
This is why the actuaries are freaking out....those unltd benefits, with 5% compound, or even 5/10 yr.plans....do start accumulating serious money that they owe those clients in the future, at time of claim. And now, you start selling those 40 year olds, and let's say they hold for 40 years..... can you say "FREAK OUT"
- 2,152
If you take any financial instrument, and compound interest of 5% goes to work, after 20-30 years it takes on a life of its own, especially without taxation. In other words, you have accumulated some serious capital....even at modest amounts of money.
This is why the actuaries are freaking out....those unltd benefits, with 5% compound, or even 5/10 yr.plans....do start accumulating serious money that they owe those clients in the future, at time of claim. And now, you start selling those 40 year olds, and let's say they hold for 40 years..... can you say "FREAK OUT"
No doubt, and why most are trying to get out of writing those policies. Yet medical treatment is growing at a much greater rate! That is worth a "FREAK OUT" also.
- 11,280
Anyone using Allianz for LTC?
rocky top buzz
Expert
- 62
The 3 best players in the current LTC market are Genworth, Hancock, and Met. We don't offer Met, but we do offer Pru and Mutual of Omaha. Pru and Omaha don't have great products, but they do have great underwriting if you've got a hard to place case.
Allianz's LTC product isn't that great IMO because they only need it to keep their agents happy. Allianz makes their money on annuities. I can get you a list of the biggest LTCi carriers sorted by volume if you would like.
Allianz's LTC product isn't that great IMO because they only need it to keep their agents happy. Allianz makes their money on annuities. I can get you a list of the biggest LTCi carriers sorted by volume if you would like.
rocky top buzz
Expert
- 62
Also, reagrding the current policies using COLI, I agree this is still VERY important. You can't bank on being insurable in 3,5,7, or 10 years down the road. You should buy the coverage you can afford today. If you're concerned about your client wasting money and not needing the coverage, you might want to look at moneygaurd
- Thread starter
- #19
- 1,704
I think for tough underwriting Penn Treaty is the place.
So many players have exited this field, that besides the 5 big carriers, (GE, JH, Met, MOA, and PTNA) and Allianz, I can't think of anyone else.
I know Great American/Legacy is one, perhaps Bankers/Conseco, and does State Farm have one too?
when my favorite carriers exited, my heart exited too.
So many players have exited this field, that besides the 5 big carriers, (GE, JH, Met, MOA, and PTNA) and Allianz, I can't think of anyone else.
I know Great American/Legacy is one, perhaps Bankers/Conseco, and does State Farm have one too?
when my favorite carriers exited, my heart exited too.
rocky top buzz
Expert
- 62
yeah, if you want to ensure your clients premiums shoot through the roof later down the road, sell them Penn Treaty!
Let's face it, they are the worst when it comes to increasing premiums. Hancock has never raised rates, and the modest increase announced by Genworth on a small number of older policies is nothing compared to Penn Treaty.
Sorry if I sound vindictive, I just know some people who were personally impacted by their rate increases.
Let's face it, they are the worst when it comes to increasing premiums. Hancock has never raised rates, and the modest increase announced by Genworth on a small number of older policies is nothing compared to Penn Treaty.
Sorry if I sound vindictive, I just know some people who were personally impacted by their rate increases.
