Hancock UL W/ LTCi Rider- Good/Bad?

Discussion in 'Long Term Care Insurance Forum' started by Medigap Bill, Jun 1, 2017.

  1. Medigap Bill
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    Medigap Bill Well-Known Member

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    I was reading on this thread that Hancock pulled out of LTCi but ran into a client that was offered a UL with LTCi rider.

    Anyone have experience with this product and what are the pros/cons?

    Clients are in mid 40's. A $1m UL with a LTCi rider that looks like it will pay up to $20k/month for 50 months for LTC benefits. Sounds almost to good to be true.

    Thoughts?

    Female, 42, Premium is $4,600/ annual, Florida, got the policy last year. Husband didn't get a policy yet.

    Goal= Find a better alternative to win the business for husband and maybe the wife.
     
    Last edited: Jun 2, 2017
  2. Mr_Ed
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    Mr_Ed Well-Known Member

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    they'd be better off with oneamerica's assetcare4
     
  3. AOKING
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    AOKING Well-Known Member

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    I bet he would like your opinion on why........

    My guess would be more leverage and the guarantees of whole life(Asset Care 4) vs UL, but I could be wrong.

    What's the kill shot Mr. Ed?
     
  4. yankee466
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    yankee466 Well-Known Member

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    The $20K/month seems too high...as most as I have seen will pay a cap based on govt limits. Never looked at JH plans...else most accelerated riders will pay a % or specified amount if diagnosed with chronic illness. Protective has a nice one with their Extendcare rider
     
  5. Lifeandhealth2005
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    Lifeandhealth2005 Member

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    I'm a big fan of their UL policy. You can still get preferred rate classes and choose 1, 2, or 4% for the Ltc rider. I like the One America product for clients that aren't as healthy and you need sub standard u/w.

    ----------

    JH is by far the best LTC rider approved in CA. The 20k is just 2% on the 1M db. It's legit.
     
  6. Mr_Ed
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    Mr_Ed Well-Known Member

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    many reasons:
    1) it's a second to die policy, which reduces the mortality expenses
    2) a very affordable 20 year pay is available
    3) lifetime/unlimited benefit period
    4) tax deduction for the LTCi rider premium
    5) every value in the policy is 100% guaranteed. Most UL/LTC policies do not have those same guarantees. What's going to happen to all those people who buy UL/LTC policies and their policy lapses at age 85 and they need LTC a year later.



    Just curious, do you guys understand how the chronic illness riders first decrease the death benefit before calculating how much the policy will pay for "long term care"?
     
  7. CALTCAgent
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    CALTCAgent Well-Known Member

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    What is the premium ?
     
  8. Mr_Ed
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    Mr_Ed Well-Known Member

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    I predict the premium is at least twice as high as the OneAmerica policy.
     
  9. Medigap Bill
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    Medigap Bill Well-Known Member

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    $4,600 /year. Also see my original post...added info.
     
  10. Mr_Ed
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    Mr_Ed Well-Known Member

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    Through what age is the death benefit guaranteed?
    Is it an LTC rider or is it a chronic illness rider?
     
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