- Thread starter
- #21
Do you even realize how much LTC some of us write each week?? You sound like a complete fool.
Holy Genworth Rates!
- Thread starter ltcadviser
- Start date
Do you even realize how much LTC some of us write each week?? You sound like a complete fool.
- 3,351
LTC I dont care how much LTC you sell in a decade. Have fun with it.
- Thread starter
- #23
Health Guy, thanks for trolling. Have fun with trolling. You troll.
- 4,716
Yeah what he said!..........TROLL........Selling LTC is the most fun you will ever have with your clothes on!
- Thread starter
- #25
Kevin the Troll just won't go away.
- 3,351
Hoogster isnt it kinda funny how some guys take themselves way serious? LTC boogey men boo haa haa....
- 4,716
Hey do you know why God invented LTC salesmen?
To prove that Annuity salesmen actually Have a personality
I have got to say that those Genworth increases are quite scary. If an agent were to come to my home today and try to sell that product to me now, I would most definitely look for another alternative. Even the comprehensiveness would not have helped because if I could get an insurance policy that would pay for those costs, then I would buy that instead.
Their are a group of customers who will care that those prices have increased so much. Those are the people who sat on the fence for a couple of years considering the purchase. They know what those prices were and will now know what the prices were 99% lower. That could either make them buy now before it goes up again or price them out of the market or induce more fear because they know that insurance companies to raise rates after they have bought their policies.
I would have been priced out of the market, not because I could not afford it, but because the iinital cost for the product is high compared to what you get for it. I think if these costs are going to be so high is that there should be policies where one can get just home hosital.
- Thread starter
- #29
Yeah, the agent won't try to sell you Genworth today. The agent will come to sell you with the alternatives of Mutual of Omaha, MedAmerica or Mass Mutual today.
I am a Genworth policyholder. I just want to get through my GNW 10 Pay with no rate increases.
- 10,806
I heard the same thing... we will see. But idk why... they have the best LTCI Rider on the market on their WL. You can even put it on the 10 and 20 pay WL... they need to push it more, no one in the industry seems to know about it other than career MM agents.
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That is because the majority of FAs do not understand insurance.
Also, there are so many subsects of FAs... but the vast majority concentrate on Asset Management (aka investing in the market).
But when you get into the guys who specialize more in the planning side and not the portfolio management side, they understand insurance a lot more. And are a lot more open to traditional LTCI.
The average FA would have no clue how to go over the features of a LTCI policy.
But MG is easy to sell. You basically have 2 columns to go over with a client... the accumulation column... and the LTC benefit column...
The positioning of the product is just more natural for their sales process. Positioning LTCI, or even more so, positioning LTCI & creating the cash flow to fund it, is not a natural thing for most FAs. Very few concentrate on cash flow management.
But think about the couple you mentioned in your first post. How much would they need to deposit in MG to get the same benefit? Im not on my laptop right now so I have no illustration software, but I would guess around $200k?
They could fund the $3500/y traditional policy with less than $150k via a fixed annuity... I would probably do the full $150k just to put some premium increase protection in there.
With that method they are basically doing the same thing as MG. Except they get:
1. A true traditional LTCI policy
2. The lump sum will actually grow until the premiums catch up to the interest earned (if they ever do).
3. Much better access to your money if you need it.
4. Much better flexibility
5. Ability to benefit from higher interest rates in the future (which MG locks the client into the current historically low rate environment)
FAs do not think of the above scenario because a LTCI sale to them is ancillary. It is not what they do. It is not what they think about. But when shown solutions like the one above you better believe they opt for it over MG any day....
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