JH has a new LTC coming...

Discussion in 'Long Term Care Insurance Forum' started by James, Sep 15, 2006.

  1. James
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    As soon as I feel confident with a company and their Plans they go and change it up! Now they have the "John Hancock Leading Edge", according to JH easy to sell! Oh well we shall see. Anyone have opinions of JH and the new plan?
     
  2. midwestbroker
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    I know that John Hancock is a major player in the LTC world.

    I like their family plan, where several people can be on the same plan (Grandmother, Daughter and grandchild).

    I have not really done anything with LTC insurance as the Medicare market is about to open its gates again.

    However, I am starting to learn it for when Medicare shuts the gates again (March 2007).

    Have you looked into the Leading Edge product any further?
     
  3. James
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    Yes I have, not a bad idea. They seem to be attempting to streamline the decision making or limiting the choices to make it easier or simpler for the consumer.

    I can find limiting the choices of design can be a great thing. Yet I'm hard press to figure out a full comparison between this and their Custom Care esp. in price. I thought they updated their quote system so I downloaded the update and it doesn't really represent what they are saying about the features such as the new 5 year and Million coverage instead of the costly For Life coverage.
     
  4. midwestbroker
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    Is anyone selling this product?

    Most of my clients are Medicare beneficiaries. I have had quite a few of them ask me about LTC. This product looks like it would be a good one for my client base.

    Any other companies out there that have easier underwriting for the senior market?
     
  5. senior-advisor-indiana
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    Its hard to believe no one in this forum sells LTC.
     
  6. Guest
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    Here are some reasons why I've not gotten into this... although it is what got me interested in the insurance business in the first place:

    I've yet to find an LTC product that I would buy... thus I don't sell the product.

    Everyone wants LTC... but not after they see what it costs.

    I understand that it is a harder 'underwrite' than life and health put together such that the decline rate is huge.

    I understand that the underwriting time can be upwards to 8 weeks. (Life is what? 3? 4?, 6 tops.)

    These products are still evolving... and I think a lot of people are waiting for the market to standardize so that they don't throw out their money 'renting' protection.

    There needs to be some kind of ROP or other provision should the insured pass away a month after LTC is activated.

    There have been some high-profile media exposes of companies not paying their claims. No sales rep wants to have to wade through that sewage to make a sale.

    Al
     
  7. senior-advisor-indiana
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    Thanks for the reply Al. I think lTC is affordable especially if you look at what it costs to be in the nursing home, and if you buy it before you are 65. I have sold 2 in my 4yr career so I don't have much behind my opinions.

    Have you heard that they will be standardizing the plans? I thought I have heard of a product that has ROP. I plan on buying LTC when I am 40. HOpe thats not too late.
     
  8. salpro22
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  9. James
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    A full blown LTCi policy is quite expensive, in fact so expensive most carriers are dropping them (the risk is even greater for them). Some suggest that if you don't get a Unlimited Life Benefit than you are just putting off the obvious short fall of Nursing Home Care. They have a point, while I sell limited plans usually around 3-4 years, lets face it if you are confined in a NH for more than 3-4 years you aint doing real great. The fact is I don't see how most can prepare for more than 3-4 years of full blown NH care, so hopefully we see more Partnership Plans being drafted as new legislation is permitting States to do. Even TN has a plan being drawn up, don't know how long it'll take to get it pass though.

    If you live in one of the 5 or so States that have a Partnership Program you have to use that to sell the 3-5 year policy. It is a win win for everyone involved. The client purchases a limited plan, generally affordable and if they need more care they go straight on Medicaid with no spend down required.
     
  10. Crabcake Johnny
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