MedAmerica Introduces Contego

Looks like MedAmerica will shortly be introducing a new policy series "Contego".

Anyone have any insight on the product?

In addition to FlexCare/Cash or replacing it?

It will replace FlexCare. Very few details revealed so far.

From what I hear FlexCare will most likely be taken off the market next month and Contego will pick up at that point. Im really curious if they will keep the short pay options, ROP, and cash benefit...

Here is a link to what they have announced so far:
Contego
 
originally posted by scagnt83

It will replace FlexCare. Very few details revealed so far.

From what I hear FlexCare will most likely be taken off the market next month and Contego will pick up at that point. Im really curious if they will keep the short pay options, ROP, and cash benefit...

If they do away with the 100% cash-benefit, what then do they bring to the table that isn't already out there?
 
If they do away with the 100% cash-benefit, what then do they bring to the table that isn't already out there?

10 or 20 pay options would be the only thing. If im not mistaken the only other Qualified LTCI plan that offers that is LifeSecure.

Currently in SC their rates are excellent for married couples in the 50-60 range. I have 1 couple in UW right now and another that claims they will pull the trigger before the end of the month... we will see.

For people in their 50s (especially early to mid 50s) the 20pay option makes sense to me. It allows the majority of premiums to be paid during working years and guarantees that the policy will not be an ongoing drain on retirement income. And obviously it is not as steep as a 10pay.

Personally Im not a huge fan of ROP (id rather increase the benefits), but some clients do like the fact that it eliminates the "use it or lose it" situation. The current ROP pricing with MedAmerica seems a lot less vs. the competitors... of course the ROP policies could be hit harder on rate increases...
 
10 or 20 pay options would be the only thing. If im not mistaken the only other Qualified LTCI plan that offers that is LifeSecure.

Currently in SC their rates are excellent for married couples in the 50-60 range. I have 1 couple in UW right now and another that claims they will pull the trigger before the end of the month... we will see.

For people in their 50s (especially early to mid 50s) the 20pay option makes sense to me. It allows the majority of premiums to be paid during working years and guarantees that the policy will not be an ongoing drain on retirement income. And obviously it is not as steep as a 10pay.

Personally Im not a huge fan of ROP (id rather increase the benefits), but some clients do like the fact that it eliminates the "use it or lose it" situation. The current ROP pricing with MedAmerica seems a lot less vs. the competitors... of course the ROP policies could be hit harder on rate increases...

I think 10 pay is best way to fund plan. 20 Pay does nothing for me.

Anyway "contego?" What an awful name. Can't they learn something from John Hancock's marketing department? Call a policy "Benefit Builder" whether or not any inflation protection exists. Or NY Life. Call a policy Asset Preserver. whether or not any of your assets are actually preserved.

What is Contego?????? Please enlighten me.

Of course Chrysler execs named a car Cordoba, so I suppose fools exist in every marketing department.
 
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originally posted by scagnt83



If they do away with the 100% cash-benefit, what then do they bring to the table that isn't already out there?


well, arthur, if they do away with the cash benefit, then you'll have a heck of a fire sale, won't you?
 
originally posted by Mr_Ed

well, arthur, if they do away with the cash benefit, then you'll have a heck of a fire sale, won't you?

Not sure what you're implying but for me, their 100% cash benefit is the only reason to sell MedAmerica, not counting their NYSP product which is the least expensive in NY.

Cash rules! And if they do away with it, aside from the 10 & 20 pay, they're just "another good policy".

There are plenty of good policies out there.

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The question is not:
"What is Contego"?

It's "Who is Contego"?
 
The question is not:
"What is Contego"?

It's "Who is Contego"?

With as few details as they are providing he must be a secret agent!

On a serious note; it usually is not a good thing when a carrier has a "great new product" but is not releasing any real details about it. My money is on no cash, no short pay, and of course higher premiums.
 
originally posted by scagnt83

My money is on no cash, no short pay, and of course higher premiums.

Whatever you're going to bet, double it and I'll cover you for 50%.

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originally posted by ltcadviser

What is Contego?????? Please enlighten me.

I've finally figured it out.
It's a spelling error. It's not Contego, it's supposed to be Montego (as in Montego Bay, Jamaica).

This appears to be a new type of LTC policy, specifically for Rastafarians.

The more I think about it, the more sense it makes................


:twitchy::D:twitchy:
 
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