- Thread starter
- #11
Some of us here have a lot of fun, actually. Thanks for trolling.
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Holy Genworth Rates!
- Thread starter ltcadviser
- Start date
Some of us here have a lot of fun, actually. Thanks for trolling.
- 4,132
"Some of us here have a lot of fun, actually.
I mean on one side it does create a sense of urgency. Buy now as the components of this plan may not be available in 6 months.
That said, the heavy upward cost push will reduce the pool of prospects.
It may become another product (like disability) that every body pretty much needs, but for one reason or another (underwriting di, pricing ltc) will be limited as to whom can make it through to premium paying status. In other words who can afford and who is healthy enough to get.
I mean on one side it does create a sense of urgency. Buy now as the components of this plan may not be available in 6 months.
That said, the heavy upward cost push will reduce the pool of prospects.
It may become another product (like disability) that every body pretty much needs, but for one reason or another (underwriting di, pricing ltc) will be limited as to whom can make it through to premium paying status. In other words who can afford and who is healthy enough to get.
- 10,806
Good to know.
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In todays rate environment it is hard for me to get behind those products. TLC is better than Moneyguard. But either way you are putting your money to sleep!
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I think it will help MM more than anyone else (but all will benefit for a while), but that is beside the point.
If GNW is forced to raise rates that high, who is next? How long will that be the exception and how soon will it become the norm?
People care about the price now and what it gets them. Watered down benefits will make more people think that "self insuring" is the way to go. And at the end of the day the average upper-middle class couple can only afford so much. I would be interested to know what average % LTCI premiums have increased over the past 5 years, and what that number will look like in another 2 years...
Im not saying its an industry killer, but it does not help. And it certainly will lessen the pool of prospects. Any increase lessens the prospect pool to some extent.
People who want it will want it, and most will get it. That is true for any product. But for people who's main LTCI business is based on cross-selling, we hear first hand from the ones who dont want it or have never even thought about getting it before the agent asked.
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A lot of times, their money is already asleep...they're using checks from their bank account to buy these products.
Like Jack said, this won't have any negative impact on most, independent, LTCI specialists like him and me. In fact, this type of change usually helps me and the guys on my team.
Since most f.a.'s only sell gnw ltci, we will be able to find a better LTCi product for their clients. Instead of losing business to f.a.'s they'll be generating interest for business we will eventually win.
- 10,806
Very true. But that doesnt mean those funds wouldnt be better served elsewhere. For not too much more than MG they could cash flow via interest earned on a MYGA.
If they really want to self insure they should just go with a UL from LFG/NA/Midland or a WL from MM.
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- Thread starter
- #18
Well, MM is rolling out a hybrid WL/LTC policy next month to compete with Lincoln Moneyguard.
We will see how it does. I hope it is good.
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I tend to see that most financial advisors only sell Lincoln Moneyguard. The majority sell against traditional LTCI.
- 3,351
Ill continue to troll and repeat: LTC selling blows. Glad you wonks love trying to sell it, great product, impossible to sell...
