I Need to Ask a N. Georgia LTCi Expert....

[kennethbroyles]

I had a client that has given me her 10 Yr old JH LTCi policy for review. Looking for answer to some general questions.. and options. Like to set up a phone call.

Seasoned agent, not LTCi.

Thanks Ken

 

[Bob_The_Insurance_Guy]

Give me a call at the number below...

 

[Arthur Rudnick]

Ken,
If you're reviewing her policy just to give her an understanding of what she has, that's one thing. If she wants you to review for possible replacement, don't go there.

The bottom line is that she's 10 years older and her premiums were based on her age when she applied. In addition to MUCH higher rates due to age, Hancock has raised their premiums a number of times over the past 10 years.

Another point is that she purchased a policy with benefits that were (hopefully) appropriate 10 years ago. Today, she would have to purchase benefits equal to today's world. She may have bought $150/day and if she had an inflation rider, her benefits may be up to $250/day. So, to compare apples-to-apples, you'd have to show her costs at $250, not $150.

And, all of this assumes that she is presently healthy and insurable.

If she's looking to save money there's no chance. A policy today may cost her 3-4 times what she's presently paying.

If she's short on benefits, it might make sense to sell her another small policy in addition to what she has.

If you'd like to discuss her benefits on the forum, check page 2 or 3 of her policy and get back to us with her benefits, which are listed on her Policy Schedule.

 

[yankee466]

I would assume she got her 40%+ rate increase and wants to know what to do. Likely the plan, even at 40% more (maybe even at 90% more) is a bargain compared to what she can buy today.