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It is a lot to undertake. I'd get with an experienced agent in your area.
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Long Term Care Question
- Thread starter JimmyUt
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It is a lot to undertake. I'd get with an experienced agent in your area.
John Hancock should beat the MoneyGuard for the client's current age. The wife should have no trouble qualifying and the husband should be ok if all this treatments are done (3mnths with MoneyGuard 1yr with John Hancock) and the follow up appts show full recovery. Find out what the client is really trying to do. Just LTC coverage or is he also trying to increase his life insurance coverage (if so they possibly look at the LTC living rider benefit on a UL).. If they've decided on self-funding their LTC and their looking for dual coverage, then State Life (One America) has the option for a Joint policy that will pay out benefits both clients at the same time if the continuation of benefits rider is set up properly.. If you've never done it before then take the commission cut and team up with a LTC Agent in your area. Worry about the full commission when the Doctor retires and you help him with this Retirement Acct..
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Is the stage of the cancer a consideration with moneyguard and/or Hancock?
We don't know if the wife has any other health history. Hospitalizations, Dr. visits, health concerns. Why she is taking multiple medications for her thyroid. When she started those and why.
I'd dig deeper, before stating "no trouble qualifying". Based on what most people tell you, they should have "no trouble qualifying". The APS and underwriter/company interpretation paints another picture.
The APS or company interpretation of it paints another story. Don't be fooled by marketers who want you to throw business at them. Don't be fooled by home office underwriters who will "take a look" at your business. Its a tough business!
Agent: Mrs. Jones, did you know you have neuropathy in your medical records?
Mrs. Jones: Oh the tingling stuff, didn't think that was important.
Once again the industry needs change IMO in underwriting procedures. Its too much of a crap shoot for the agent. You don't get the info you need up front.
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Arthur Rudnick
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"I feel the LTC industry really needs to make changes in underwriting procedures, the agent is in a very tough position as "field underwriters". The companies don't mind "taking a look", meanwhile you have spent hours, and many times get 1 shot."
For those of you who do not specialize in LTCi, the above statement is true. There are at least 8 companies in every state that sell LTCi. Each company offers a different policy, each company charges different premiums and each company looks at medical conditions differently as well.
A LTC specialist can do good, preliminary underwriting. In addition, each carrier has an underwriting guidebook and a hotline that you can call, which will guide you through the process and let you know what questions to ask of your clients.
Yes, the stage of his prostate cancer is important, VERY important. As I stated in an earlier post, the waiting period prior to consideration STARTS when all treatment ends.
Did he have surgery? Did he have radiation? Did he have Chemo? What's his present PSA? If you don't know the answer to these questions, you shouldn't even be thinking about submitting an application for this guy.
Unfortunately, "He had cancer a year ago and he's fine" is not good underwriting. It's the sign of someone who has no idea about the business.
How can everyone here speculate on what type of product this couple wants when #1- The agent doesn't know and #2-The clients don't know.
Jimmy, you need to network with a LTC Specialist. Once you know what your clients want, only then can you see if they are insurable for that particular product.
If you're going to look at a hybrid product, you're then dealing with LTC underwriting and Life underwriting. LTC & Life look at medical conditions totally differently.
Jimmy, you can do this the hard way or do it the easy way. Find a licensed LTC specialist in your state and split the case with him/her.
For those of you who do not specialize in LTCi, the above statement is true. There are at least 8 companies in every state that sell LTCi. Each company offers a different policy, each company charges different premiums and each company looks at medical conditions differently as well.
A LTC specialist can do good, preliminary underwriting. In addition, each carrier has an underwriting guidebook and a hotline that you can call, which will guide you through the process and let you know what questions to ask of your clients.
Yes, the stage of his prostate cancer is important, VERY important. As I stated in an earlier post, the waiting period prior to consideration STARTS when all treatment ends.
Did he have surgery? Did he have radiation? Did he have Chemo? What's his present PSA? If you don't know the answer to these questions, you shouldn't even be thinking about submitting an application for this guy.
Unfortunately, "He had cancer a year ago and he's fine" is not good underwriting. It's the sign of someone who has no idea about the business.
How can everyone here speculate on what type of product this couple wants when #1- The agent doesn't know and #2-The clients don't know.
Jimmy, you need to network with a LTC Specialist. Once you know what your clients want, only then can you see if they are insurable for that particular product.
If you're going to look at a hybrid product, you're then dealing with LTC underwriting and Life underwriting. LTC & Life look at medical conditions totally differently.
Jimmy, you can do this the hard way or do it the easy way. Find a licensed LTC specialist in your state and split the case with him/her.
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Arthur Rudnick
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Jimmy,
Here's the web address for the American Association of LTC Insurance. Look under "consumers" and find a local agent.
Long Term Care Insurance Information Compare Costs-America's long term care association
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"Once again the industry needs change in underwriting procedures. Its too much of a crap shoot for the agent. You don't get the info you need up front"
CALTCAgent,
You seem to have a pretty good handle on the LTCi business and doing your due diligence in field underwriting is an important part of any agent's job. In fact, good preliminary underwriting is probably at the top of the list in the entire process.
Those of us who specialize in LTCi will find 20% of our submitted cases declined. And, that's after we've done everything possible to pre-qualify.
You say "it's a crap-shoot" and you're correct. You gave a perfect example with:
Agent: Mrs. Jones, did you know you have neuropathy in your medical records?
Mrs. Jones: Oh the tingling stuff, didn't think that was important.
But, you can't blame the industry and ask for a change in the underwriting procedures because prospects "conveniently" fail to disclose a condition or just forget what each of the 25 bottles of medications they're taking are for. The industry did no wrong. All the carriers can do is advise the agent who is insurable and who is not. If our prospects don't fully disclose their medical history, there's not much we can do. Short of sending in their medical records to an underwriter prior to taking an app, what's to be done?
Even telling them that the company will review their medical records does not convince them to disclose everything. There's a lot of stupid people out there and we all have our stories to tell.
Typical is hearing about hypertension & cholesterol on a pre-qualification phone call and when taking the app, it's: "Oh, I also have diabetes & depression, but I didn't think that was important."
As a great American once said: "You can't fix stupid"
I'm curious as to what procedural changes you feel the industry can do to make the underwriting process easier?
Here's the web address for the American Association of LTC Insurance. Look under "consumers" and find a local agent.
Long Term Care Insurance Information Compare Costs-America's long term care association
- - - - - - - - - - - - - - - - - -
"Once again the industry needs change in underwriting procedures. Its too much of a crap shoot for the agent. You don't get the info you need up front"
CALTCAgent,
You seem to have a pretty good handle on the LTCi business and doing your due diligence in field underwriting is an important part of any agent's job. In fact, good preliminary underwriting is probably at the top of the list in the entire process.
Those of us who specialize in LTCi will find 20% of our submitted cases declined. And, that's after we've done everything possible to pre-qualify.
You say "it's a crap-shoot" and you're correct. You gave a perfect example with:
Agent: Mrs. Jones, did you know you have neuropathy in your medical records?
Mrs. Jones: Oh the tingling stuff, didn't think that was important.
But, you can't blame the industry and ask for a change in the underwriting procedures because prospects "conveniently" fail to disclose a condition or just forget what each of the 25 bottles of medications they're taking are for. The industry did no wrong. All the carriers can do is advise the agent who is insurable and who is not. If our prospects don't fully disclose their medical history, there's not much we can do. Short of sending in their medical records to an underwriter prior to taking an app, what's to be done?
Even telling them that the company will review their medical records does not convince them to disclose everything. There's a lot of stupid people out there and we all have our stories to tell.
Typical is hearing about hypertension & cholesterol on a pre-qualification phone call and when taking the app, it's: "Oh, I also have diabetes & depression, but I didn't think that was important."
As a great American once said: "You can't fix stupid"
I'm curious as to what procedural changes you feel the industry can do to make the underwriting process easier?
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Arthur Rudnick
Guru
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A true classic....................
Good job, NADM
Good job, NADM
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Maybe gather the APS first and see whats there before "formal" application. Have underwriter "pre-underwrite" before agent makes his speculative pitch, spends much time effort and energy.
Probably companies will feel they will pay for lots more APS's. Might save on underwriters time and expense. Kinda a better "pre-qual".
Then you can give a more accurate quote, shop carriers more efficiently, talk to the person with real information at your disposal.
I know HIPPA laws probably make this difficult.
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