John Hancock Long Term Care is a Scam!

[Mr_Ed]

This is the reason JH and other LTCi sellers are scammers, not paying the claims but keep the premium for themselved as pure profit while keep increasing the rates. This is a wonderful business for them.

hotpepper,
you don't know what you're talking about.
if they've not paid your claim, then you can sue them and make millions. there are lawyers looking for denied claims all the time--they would LOVE to find one.
the reality is the LTCi claims are paid.
the top ten LTC insurers are paying over $20,000,000 EVERYDAY in claims--over $6 billion a year.

Here's a link to a story about a recent study that was commissioned by the dept. of hhs regarding ltci claims practices:

Federal audit reveals LTC insurance claims practices « LTCShop.com



nadm

 

[Chuckles21]

It's OK to ask for 50% more premium to begin with.... but there's nothing worse than asking for more later on?

That doesn't make any sense.

I'd much rather have a client pay 30% to 70% less NOW and risk a potential premium increase 10 to 20 years from now, than having them pay substantially more now and forever.

NADM,

I don't want to start a pissing match but where are you getting these 30-70% less #'s from? I ask this because I truly am interested. Lets do a general husband wife case, good health and all and then post premiums and benefits for them. You can choose the ages. Again, I am honestly interested.

Also not sure where you are getting your 10-20 years from. I could be wrong but haven't the increases been on newer books of business as well as older?

 

[billberry12]

Chuckles21,

I'll use myself as an example. My wife and I purchased policies about 7 years ago from Great American. Great American no longer even sells LTCI. Since she was a member of an association, we received a discount of 5-10%, don't remember which.

I got preferred rates because of simplified underwriting ( her association), in addition to the discounts.

We have a lifetime benefit on each of us for $3000 a month, with a 5% inflation rider, and a 20 day elimination period. We pay $1800 a year in premiums no rate increases.

I am now unisurable with most carriers, but if I were insurable, that same policy would cost me 3 times as much with Genworth, and Genworth is very competitive for couples. It would be more with other companies, if we could get it.

Here is my point. If Great American were to have a 25% rate increase every few years, my policy has been and will continue to be a bargain in my eyes.

And, as NADM said, tell your scam story to all the folks that are getting claims paid today. I think they will disagree.

If you have stratecision, it is very easy to run comparisons and see for yourself the broad disparities in rates from company to company for the same benefits.

 

[Norwayguy]

Chuckles21,

I'll use myself as an example. My wife and I purchased policies about 7 years ago from Great American. Great American no longer even sells LTCI. Since she was a member of an association, we received a discount of 5-10%, don't remember which.

I got preferred rates because of simplified underwriting ( her association), in addition to the discounts.

We have a lifetime benefit on each of us for $3000 a month, with a 5% inflation rider, and a 20 day elimination period. We pay $1800 a year in premiums no rate increases.

I am now unisurable with most carriers, but if I were insurable, that same policy would cost me 3 times as much with Genworth, and Genworth is very competitive for couples. It would be more with other companies, if we could get it.

Here is my point. If Great American were to have a 25% rate increase every few years, my policy has been and will continue to be a bargain in my eyes.

And, as NADM said, tell your scam story to all the folks that are getting claims paid today. I think they will disagree.

If you have stratecision, it is very easy to run comparisons and see for yourself the broad disparities in rates from company to company for the same benefits.

Gee just what does Great American STILL sell....They sold Life...no longer....They sold LTC no longer...They had a TPA no longer...They had a B/D no longer...

 

[billberry12]

Their Safe Return Annuity has been doing very good.

 

[Chuckles21]

Chuckles21,

I'll use myself as an example. My wife and I purchased policies about 7 years ago from Great American. Great American no longer even sells LTCI. Since she was a member of an association, we received a discount of 5-10%, don't remember which.

I got preferred rates because of simplified underwriting ( her association), in addition to the discounts.

We have a lifetime benefit on each of us for $3000 a month, with a 5% inflation rider, and a 20 day elimination period. We pay $1800 a year in premiums no rate increases.

I am now unisurable with most carriers, but if I were insurable, that same policy would cost me 3 times as much with Genworth, and Genworth is very competitive for couples. It would be more with other companies, if we could get it.

Here is my point. If Great American were to have a 25% rate increase every few years, my policy has been and will continue to be a bargain in my eyes.

And, as NADM said, tell your scam story to all the folks that are getting claims paid today. I think they will disagree.

If you have stratecision, it is very easy to run comparisons and see for yourself the broad disparities in rates from company to company for the same benefits.

Sounds like you got a great deal on these policies. I was more referring to the going rates today as far as comparisons go. Is that a level premium?

 

[billberry12]

Yes, it is level premium. Stratecision is the answer to your question.

 

[Mr_Ed]

NADM,

I don't want to start a pissing match but where are you getting these 30-70% less #'s from? I ask this because I truly am interested. Lets do a general husband wife case, good health and all and then post premiums and benefits for them. You can choose the ages. Again, I am honestly interested.

Also not sure where you are getting your 10-20 years from. I could be wrong but haven't the increases been on newer books of business as well as older?

married couple both aged 55
standard health for both
160 db
5c
90 day ep

combined annual premium is:

6,645 with nwm for a 6 year bp

6,088 with nyl for a 7 year bp

4,168 with gen for an 8 year bp



nyl is 46% more.
nwm is 59% more.


nadm

 

[Chuckles21]

married couple both aged 55
standard health for both
160 db
5c
90 day ep

combined annual premium is:

6,645 with nwm for a 6 year bp

6,088 with nyl for a 7 year bp

4,168 with gen for an 8 year bp



nyl is 46% more.
nwm is 59% more.


nadm

Thanks for the #'s. Besides Genworth what are the other brokerage players out there yet?

 

[Mr_Ed]

Thanks for the #'s. Besides Genworth what are the other brokerage players out there yet?

the usual suspects.




nadm