LTC Comparison Tool???

[CFP83]

Does anyone know of where/how I run a side by side comparison for a client who wants to compare what I have recommended compared to Northwestern Mutual and New York Life?

I am licenced with Genworth and JH, but since the above to mutuals are mainly captive I was curious to see if anyone know of any tools charts that could at least show the client in general how much higher NML's and NYL's premiums are on average.

 

[yankee466]

Does anyone know of where/how I run a side by side comparison for a client who wants to compare what I have recommended compared to Northwestern Mutual and New York Life?

I am licenced with Genworth and JH, but since the above to mutuals are mainly captive I was curious to see if anyone know of any tools charts that could at least show the client in general how much higher NML's and NYL's premiums are on average.

Stratecision software will show it, unless you live in Georgia where the rates were not loaded, but I pick another state and say "close enough". Buy the software, or email me at [email protected] and I'll send you a compare document. I've had to do just that to show how crazy some of the other rates can be. Come June 7th, JH rates will be crazy too....so please hurry.

 

[daheyer]

Call the companies you want to compare and just ask them for what you need. Simply tell them you are interested in comparing because you are interested in the coverage.

{This post approved by STIBROKER}

 

[Rollem]

What's the price tag on Stratecision?

 

[yankee466]

What's the price tag on Stratecision?

$299/year sounds familiar...but there are also discounts if you are part of certain agencies. Well worth the price I might add.

 

[Rollem]

thanks, I'll look into it. I must say though that my linked-sales are definately surpassing my traditional.

 

[Mr_Ed]

thanks, I'll look into it. I must say though that my linked-sales are definately surpassing my traditional.

Using the cash value of an old life insurance policy to pay for long-term care insurance is a smart move and can save on taxes.

However, in my experience, it rarely makes sense to buy products that combine life insurance (or an annuity) with long-term care insurance. You can usually get twice as much benefit with a “single pay” long-term care insurance policy; and the policy will even refund the premium to your heirs upon your death if you never used the policy.

The other downside to those “combination products” is that they do not qualify for “special asset protection” (a.k.a. “asset disregard”) through the Long-Term Care Partnership programs that are now available in 37 states.

The Long-Term Care Partnership programs provide dollar-for-dollar asset protection. Each dollar that your long-term care partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medicaid services.

 

[Norwayguy]

Makes you wonder why the FMOs don't use this software and provide the comparisons for you...They get the over ride why not provide this value.

 

[Mr_Ed]

Makes you wonder why the FMOs don't use this software and provide the comparisons for you...They get the over ride why not provide this value.

most FMO's provide the software for free on their websites.

 

[schealthagent]

Using the cash value of an old life insurance policy to pay for long-term care insurance is a smart move and can save on taxes.

However, in my experience, it rarely makes sense to buy products that combine life insurance (or an annuity) with long-term care insurance. You can usually get twice as much benefit with a “single pay” long-term care insurance policy; and the policy will even refund the premium to your heirs upon your death if you never used the policy.

The other downside to those “combination products” is that they do not qualify for “special asset protection” (a.k.a. “asset disregard”) through the Long-Term Care Partnership programs that are now available in 37 states.

The Long-Term Care Partnership programs provide dollar-for-dollar asset protection. Each dollar that your long-term care partnership policy pays out in benefits entitles you to keep a dollar of your assets if you ever need to apply for Medicaid services.

Whom would you recommend for such a single premium policy? And are there any folks for which the other options would be better? Thanks!