Help with LTC policy

JDB

New Member
I write individual health & have recently had a client ask me to review a quote for LTC. I don't know the first thing about LTC, so any help is appreciated.

here's the info I have:

John Hancock Leading Edge
UW class: select
benefit type: monthly
daily benefit: n/a
monthly benefit: $1900
benefit period: 3 yrs
home care daily beneftit: 100%
elimination period: 100 days
inflation protection: auto cpi
nonforfeiture: contingent
waiver of HHC EP: yes
shared care: no
partner discount: none
family discount: no
group discount: 5%
paymnet option: lifetime

$98.37 per month
 
I write individual health & have recently had a client ask me to review a quote for LTC. I don't know the first thing about LTC, so any help is appreciated.

here's the info I have:

John Hancock Leading Edge
UW class: select
benefit type: monthly
daily benefit: n/a
monthly benefit: $1900
benefit period: 3 yrs
home care daily beneftit: 100%
elimination period: 100 days
inflation protection: auto cpi
nonforfeiture: contingent
waiver of HHC EP: yes
shared care: no
partner discount: none
family discount: no
group discount: 5%
paymnet option: lifetime

$98.37 per month

The monthly benefit is WAY low. You need to call a few nursing homes in your area to see what the current daily rates are. Should be around $175-$225 per day which would mean a monthly benefit of $5,000 would be the lowest unless they plan to only partially fund.

Auto cpi isn't clear to me. Is that automatic compounding inflation protection? It's good if it is. 5% is best. 3% is less desirable but OK if they are 65 or older when they buy the policy.

I would say the agent is lowballing them with the $1,900 monthly benefit. The benefit type:monthly is not as good as daily.

I would also make sure they know what 100-days elimination period means. It means if they qualified for LTC today, they will pay $17,500 before they will get any benefits paid. Long elimination is good if they understand it and do it to reduce premium costs (like large deductibles) but it is bad if the agent is just lowballing and not giving them the choices to make.

My advice would be for YOU to partner up with someone in your town who does LTC and split it with them and learn from this one. If your state has a Partnership Program, make sure that is offered also because it is a HUGE benefit that doesn't cost anything extra.
 
Thanks for the info.
Any ideas how to find an LTC agent? I am just thinking about finding a lead website, plug in some info & wait for an agent to call back.
Thoughts?
 
I write individual health & have recently had a client ask me to review a quote for LTC. I don't know the first thing about LTC, so any help is appreciated.

here's the info I have:

John Hancock Leading Edge
UW class: select
benefit type: monthly
daily benefit: n/a
monthly benefit: $1900
benefit period: 3 yrs
home care daily beneftit: 100%
elimination period: 100 days
inflation protection: auto cpi
nonforfeiture: contingent
waiver of HHC EP: yes
shared care: no
partner discount: none
family discount: no
group discount: 5%
paymnet option: lifetime

$98.37 per month

Are you appointed with John Hancock for LTCi?
 
I'm not contracted anywhere for LTC.

Many experts of LTCi is suggesting to stay with JH Custom Care II, better level of benefits, including 5% inflation protection and unlimited benefits unlike their new Leading Edge product.

Ps, I think Newby's advice to find an experience LTCi producer would be best.
 
Thanks for the info.
Any ideas how to find an LTC agent? I am just thinking about finding a lead website, plug in some info & wait for an agent to call back.
Thoughts?

I partner with a MetLife agent because they compare their plans with any plan with any other company. I just did that a month ago and the agent wrote a case with a commission of nearly three grand. Consider that approach.
Phoenix Life Insurance / Arizona Life Insurance / Arizona Long Term
Arizona Long Term Care Insurance
 
I partner with a MetLife agent because they compare their plans with any plan with any other company. I just did that a month ago and the agent wrote a case with a commission of nearly three grand. Consider that approach.
Phoenix Life Insurance / Arizona Life Insurance / Arizona Long Term
Arizona Long Term Care Insurance

Met Life is also very strong with % of claims that are approved and history of premium increases.

I also like all the information that prints out with their quote. It's easy o present all their options side by side.
 

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