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I met with a GA couple yesterday and after putting a pretty typical JH $150/day, 90 day elimination period $249k max benefit , $4359/yr for this very healthy , both 64, NT, well built ,husband on RX for HBP only Meds. Here are the notes after meeting. What would you offer?
1. They want LTC protection as a "stop loss" after some significant amount paid by them, with a much higher higher "Benefit Pool." I also discovered that a lower "stop loss " might be OK. He said the reason he used that number was because it was the "Maximum Benefit" on that JH policy, and it worried him more for cost above that $200K amount on up to $1M or so.
2. XXXX told me she had talked to a friend, who's LTC allows unused benefits form a spouse goes to the surviving spouse.
3. He he didn't really answer when I asked why he wanted that protection above that "stop loss". Legacy goals for family or charity I suppose; or maybe fear of living to long. I don't know. I pushed as far as I could, at the time, to discover that answer.
I just remembered, he said to me "It seems, if a insurance company has someone willing to pay, where the most risk usually is, why wouldn't they want to offer something at a reduced price for coverage over that amount?"
I don't do a lot of LTCi, and was wondering how more experienced brokers would handle this case.
Thanks in advance for all helpful suggestions.
1. They want LTC protection as a "stop loss" after some significant amount paid by them, with a much higher higher "Benefit Pool." I also discovered that a lower "stop loss " might be OK. He said the reason he used that number was because it was the "Maximum Benefit" on that JH policy, and it worried him more for cost above that $200K amount on up to $1M or so.
2. XXXX told me she had talked to a friend, who's LTC allows unused benefits form a spouse goes to the surviving spouse.
3. He he didn't really answer when I asked why he wanted that protection above that "stop loss". Legacy goals for family or charity I suppose; or maybe fear of living to long. I don't know. I pushed as far as I could, at the time, to discover that answer.
I just remembered, he said to me "It seems, if a insurance company has someone willing to pay, where the most risk usually is, why wouldn't they want to offer something at a reduced price for coverage over that amount?"
I don't do a lot of LTCi, and was wondering how more experienced brokers would handle this case.
Thanks in advance for all helpful suggestions.