Midland National Linked Benefit

[ltcadviser]

I received a request today for linked benefit quotes. New Hampshire couple is being presented with Midland National.

If anyone can save me a call to South Dakota tomorrow morning, and let me know the pros and cons I would appreciate it.
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Called Midland. It is not a linked benefit plan. It is only a life policy with an accelerated chronic illness rider; death benefit paid out in discounted dollars; stringent definitions to qualify for ADB-C.
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[CALTCAgent]

I received a request today for linked benefit quotes. New Hampshire couple is being presented with Midland National.

If anyone can save me a call to South Dakota tomorrow morning, and let me know the pros and cons I would appreciate it.
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Called Midland. It is not a linked benefit plan. It is only a life policy with an accelerated chronic illness rider; death benefit paid out in discounted dollars; stringent definitions to qualify for ADB-C.
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I don't think the ADB rider is in CA, so not very familiar.

Some I've seen you have to be confined in a facility for life or something like that.

Doesn't sound very competitive to traditional LTC or many linked benefit LTC plans when it comes to LTC benefit.

 

[ltcadviser]

I don't think the ADB rider is in CA, so not very familiar.

Some I've seen you have to be confined in a facility for life or something like that.

Doesn't sound very competitive to traditional LTC or many linked benefit LTC plans when it comes to LTC benefit.

It's not competitive; the problem is even when I make proper analysis and recommendations the "trusted local financial adviser" will always control the linked benefit sale. So, at the end of the day a lot of junk gets passed off as LTC even though it is not LTC.

 

[TriciaS]

If it is like North American's policy (which it should be) It only accelerates the death benefit with loss of 2 of 6 ADLS requiring substancial assistance (most LTC is stand by now). Notice it does not cover cognitive impairments, which is the majority of claims. Its a nice rider to put on a life case, but it isn't something we reccommend for the entire LTC plan.

 

[Mr_Ed]

If it is like North American's policy (which it should be) It only accelerates the death benefit with loss of 2 of 6 ADLS requiring substancial assistance (most LTC is stand by now). Notice it does not cover cognitive impairments, which is the majority of claims. Its a nice rider to put on a life case, but it isn't something we reccommend for the entire LTC plan.

the definition of "substantial assistance" includes "standby assistance" in nearly every policy.

 

[ltcadviser]

If it is like North American's policy (which it should be) It only accelerates the death benefit with loss of 2 of 6 ADLS requiring substancial assistance (most LTC is stand by now). Notice it does not cover cognitive impairments, which is the majority of claims. Its a nice rider to put on a life case, but it isn't something we reccommend for the entire LTC plan.

Tricia, if the policy has an LTC rider it will be fine; if it is a chronic illness rider the insured may have to compete in the high hurdles vs. the low hurdles.