Hancock Closer To The Door

[Arthur Rudnick]

I don't know if buying LTCi is a good move when the industry is
imploding.

Let's see........
Within the last few months:
1) Genworth introduced a new policy with rates averaging 20% higher than the policy it replaced.
3) Prudential is introducing new rates going forward at a 40% increase for those choosing a 5% compound inflation rider
3) Transamerica is rolling out a new policy with rates 20% higher than the policiy it's replacing.


Now, if that's what Blue Marlin is referring to, then "imploding" might very well be the proper term.

And Scott, before you ask, I'm smoking crack cocaine.......

 

[bluemarlin08]

Arthur, thank goodness the dope has worn off and I can think clear. This is exactly what I am referring to. I'm curious, what are you telling prospects about the future costs of LTCi? The fact is that no one can know, it is all just guessing.

 

[Arthur Rudnick]

what are you telling prospects about the future costs of LTCi? The fact is that no one can know, it is all just guessing.

Being in the NY metro area, I have a unique problem because nursing homes are running about $350-$400/day. But, I don't recommend that anyone insure 100% of that amount. If I was looking to sell $400/day policies, I'd sell about 2 policies a year.

I focus on either $250 or $300/day, depending upon age.
Luckily income & assets are generally higher here, so a larger co-insurance is acceptable.

Future costs are not totally a guess. The medical index has been running about +3%/yr. for nursing homes and +5% for home care. Again, depending upon age, I've been suggesting 5% cmp or 5% Simple. Of course 5% cmp. should cover future costs.

At the end of the day, I need to keep premiums affordable, which in many situations is not easy to do.

 

[Mr_Ed]

Arthur, thank goodness the dope has worn off and I can think clear. This is exactly what I am referring to. I'm curious, what are you telling prospects about the future costs of LTCi? The fact is that no one can know, it is all just guessing.

the easiest solution is just ofr you to send me all your LTCi prospects...

nadm

 

[bluemarlin08]

I will send you ten and see how you do.

 

[billberry12]

Sounds like we got a deal working here boys and girls. Pass those LTCI prospects please!!

 

[Mr_Ed]

I will send you ten and see how you do.

deal

nadmnadmnadmnadmnadm

 

[Arthur Rudnick]

nadmnadmnadmnadmnadm

I think you spelled your name wrong..............

 

[billberry12]

Art, I think he's just super hyped up about his lead deal.

 

[Mr_Ed]

Art, I think he's just super hyped up about his lead deal.

i'm planning on giving the leads to you, Bill.

;-)