Has Anybody Worked for LTC Financial Partners?

[scagnt83]

I agree, Scott. In fact, if an insurer determines an agent is unfit to sell its policies I would say it is a fairly big indictment on the ethical nature of the agent.

I would have to agree. It is a huge red flag about that person or organization.

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Today, a woman called me and asked me to settle a choice she had between 2 agents: 1 agent applied her to Genworth PC Flex in NY; the 2nd agent subsequently applied her to Transamerica, did not disclose replacement on the application, and asked her not to accept her Genworth policy in free look period, because she would make more if it was not a replacement. (How big of an *** does an agent have to be to tell a consumer this!)

Genworth policy $2500; Transamerica policy $3900,

She told me Transamerica agent implied Genworth would raise her rate and had weak financials.

I told her to fire the Transamerica agent immediately. Completely unethical agent.

I am trying to get agent's name. Sure hope it is not an LTCFP agent

Obviously the lying is completely unethical. And obviously she should stay clear of that agent.


But, Transamerica does have much better financial ratings than Genworth.
Transamerica- 95 Comdex
Genworth- 74 Comdex

So comparatively, Genworth does have weak financials vs. Transamerica.

But at the same time they have better financial than 73% of all rated insurance companies.



But as far as rate increases go, I dont see how you could say that Transamerica would not raise rates in the future as well.... history claims otherwise.

Although I know that trans did used to offer a 2 or 3 year rate lock. But that is nothing.

 

[Tahoe Ray]

I agree, Scott. In fact, if an insurer determines an agent is unfit to sell its policies I would say it is a fairly big indictment on the ethical nature of the agent.

Today, a woman called me and asked me to settle a choice she had between 2 agents: 1 agent applied her to Genworth PC Flex in NY; the 2nd agent subsequently applied her to Transamerica, did not disclose replacement on the application, and asked her not to accept her Genworth policy in free look period, because she would make more if it was not a replacement. (How big of an *** does an agent have to be to tell a consumer this!)

Genworth policy $2500; Transamerica policy $3900,

She told me Transamerica agent implied Genworth would raise her rate and had weak financials.

I told her to fire the Transamerica agent immediately. Completely unethical agent.

I am trying to get agent's name. Sure hope it is not an LTCFP agent

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No.

And your name is? And your agency is?

The section in bold is definitely my favorite (most disturbing)...don't do this as a replacement so I can get a first year commission (on a premium that is >50% more)...

Unreal.

 

[ltcadviser]

I would have to agree. It is a huge red flag about that person or organization.

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Obviously the lying is completely unethical. And obviously she should stay clear of that agent.


But, Transamerica does have much better financial ratings than Genworth.
Transamerica- 95 Comdex
Genworth- 74 Comdex

So comparatively, Genworth does have weak financials vs. Transamerica.
.

Transamerica is a 93 comdex. Genworth is a 73.

Anyway, I told her to buy the Genworth policy with the Genworth agent. And if she is truly concerned about financial ratings and rate increases she could buy a policy with Mass Mutual for $3000, only 20% more than Genworth.

 

[ltci4sure]

Are you serious?

We are talking about the LTCFP system and the pros and cons. Lets stick to the details, facts and math.

My point exactly! Let's stick to facts, not the made-up stuff that has been showing up here.

The client comes first anyway.

Indeed, can't agree more.

Do they still charge agents for training?

As far as I know - this was the case in the past (we are talking like 4 years ago), but has not been the case since. Ask their recruiters for more info if you are so interested.
Even if they had charged for training back then... think about it - at some point I was talking to one of their Sales Leaders - the amount was not covering even 1/4 of the cost of bringing a person onboard (all with the leads, hotel, trainer's time, etc).

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Sure hope it is not an LTCFP agent

Why don't you find out who the agent is, and promptly report it to Irena if this in fact is LTCFP agent. As far as I know LTCFP folks won't stand for this sort of behavior. You were saying?

 

[scagnt83]

Transamerica is a 93 comdex. Genworth is a 73.

Anyway, I told her to buy the Genworth policy with the Genworth agent. And if she is truly concerned about financial ratings and rate increases she could buy a policy with Mass Mutual for $3000, only 20% more than Genworth.

You are correct about Trans. I was going from memory.
Genworth was 74 last time I checked at the first of the year. Have they changed since then???


Mass is becoming more and more competitive.

 

[Tahoe Ray]

You are correct about Trans. I was going from memory.
Genworth was 74 last time I checked at the first of the year. Have they changed since then???


Mass is becoming more and more competitive.

Not just on the LTC side...their single pay GUL in NY is very competitive.

 

[ltcadviser]

Why don't you find out who the agent is, and promptly report it to Irena if this in fact is LTCFP agent. As far as I know LTCFP folks won't stand for this sort of behavior.

No GA or BGA or insurance company or state insurance commissioner will stand for it. I would love to find out the name.

 

[CALTCAgent]

Even if they had charged for training back then... think about it - at some point I was talking to one of their Sales Leaders - the amount was not covering even 1/4 of the cost of bringing a person onboard (all with the leads, hotel, trainer's time, etc).

Wouldn't the commission sharing and override pay for the cost for bringing someone onboard?

Just curious why they have now stopped a practice they had in the past.

The policies sure change a lot, IMO.

 

[ltci4sure]

Wouldn't the commission sharing and override pay for the cost for bringing someone onboard?

They would, assuming that you only hire people who turn out to be somewhat successful. In reality vast majority does not submit enough business before bailing out - remember as far as i know ltcfp was hiring people outside of the industry and training them to sell ltci.

Just curious why they have now stopped a practice they had in the past.

You'd have to ask ltcfp what rationale they have or had in the past.

The policies sure change a lot, IMO.

Did you mean to say their policies change a lot? You think in 5 years a change from paid to unpaid is representative of "a lot of changes"? IMO it shows that they're looking at the business at hand, what works and what does not and making changes accordingly.

 

[ltcadviser]

So, I just received a call from an individual wanting to compare options with his JH group plan. He told me he was approached by a "pushy saleswoman" trying to sell him a MedAmerica policy. Hmm, interesting.

Then he asks me why John Hancock is no longer writing any individual policies in his state. Says the independent agent told him this. Hmm, interesting.

So, I ask him if the agent is with LTCFP. He says he does not know. I ask him if the pushy saleswoman provided Genworth rates, by chance. He looks through his quotes. "No." I ask for the name. He gives me the name. Google confirmation. LTCFP agent.

I mean, really? Telling someone John Hancock isn't selling LTC insurance anymore.