MOO Vs. John Hancock LTC

[Mr_Ed]

This is what I requested. Female, 62, BP and Thyroid meds, $120 a day, no inflation 90 day elimination, and a 3 & 5 year plan. I received back (these are annual premiums) MOO $2828, JH $2894, and Genworth $3517.

what you asked for is a lot cheaper than what they quoted you.
just ask them to send you the actual written quotes.
how hard is it for them to send you an actual quote?
what you are saying you asked for is very different from what they quoted you?

 

[Arthur Rudnick]

Originally Posted by C A Story

This is what I requested. Female, 62, BP and Thyroid meds, $120 a day, no inflation 90 day elimination, and a 3 & 5 year plan

How in good faith can you sell a 62 year old $120/day without an inflation rider?

 

[Mr_Ed]

Originally Posted by C A Story



How in good faith can you sell a 62 year old $120/day without an inflation rider?

#1: she lives in TX, not NY.


a relative of mine had a major stroke.
the stroke caused him to be completely paralyzed on the left side.
he needed assistance with all 6 ADL's.
two years prior to the stroke he told me that he didn't need ltc insurance because something like that would never happen to him.
he ended up needing care for six years.
both he and his wife spent through their life ENTIRE life savings, including all of the equity in their home.

IF he'd had a policy that would have paid only $3,000 per month, he would have never run out of money and he and his wife would have been able to spend their last years at home. He would not have been cramped sharing a small room in a Medicaid nursing home. The room was so small when we went to visit him only one person could sit on a chair. everyone else had to either stand or sit on the foot of his bed.

 

[ltcadviser]

what you asked for is a lot cheaper than what they quoted you.
just ask them to send you the actual written quotes.
how hard is it for them to send you an actual quote?
what you are saying you asked for is very different from what they quoted you?

Yes, and if he can get access to Mass Mutual then the premiums will be very affordable---probably about $1370 for $120, 3 years, no inflation. Probably about $2285 for $120, 3 years, and automatic 3% compound inflation.

 

[Arthur Rudnick]

originally posted by Mr_Ed

How in good faith can you sell a 62 year old $120/day without an inflation rider?

she lives in TX, not NY.

Scott,
It doesn't matter where she lives. She's 62 and statistically, she has 20 years to go before she files a claim.

What is the value of $120/day in 20 years when she's 82?

 

[Mr_Ed]

originally posted by Mr_Ed

How in good faith can you sell a 62 year old $120/day without an inflation rider?



Scott,
It doesn't matter where she lives. She's 62 and statistically, she has 20 years to go before she files a claim.

What is the value of $120/day in 20 years when she's 82?

a) it's obvious that his MGA included the inflation benefit in the quotes even though he requested "no inflation".
b) how much is her annual income? how much does her income increase each year according to inflation? how much does she have in savings? how much of her income and savings is she willing to spend on her long term care?

 

[ltcadviser]

originally posted by Mr_Ed

How in good faith can you sell a 62 year old $120/day without an inflation rider?




What is the value of $120/day in 20 years when she's 82?

~$45 Arthur................

 

[Arthur Rudnick]

originally posted by ltcadviser

What is the value of $120/day in 20 years when she's 82?
~$45 Arthur................

That sounds about right Jack..........

So, in 20 years that policy will pay 1 hour daily for a home health aide and it appears that Scott has no problem with that.

IMO, if that's the case the policy is worthless. Either one purchases a policy with viable benefits or doesn't purchase one at all. I've never been a believer of "something is better than nothing"

Paying $1,400/year for 20 years to wind up with a home health aide for 1 hour a day for 3 years is worth nothing.

 

[AboutThatLife]

Write Mass Mutual for a single female applicant; write Mutual of Omaha for a single male applicant.

I thought I received something from Mass saying they don't do LTC anymore, only the rider.

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IF he'd had a policy that would have paid only $3,000 per month, he would have never run out of money and he and his wife would have been able to spend their last years at home. He would not have been cramped sharing a small room in a Medicaid nursing home. The room was so small when we went to visit him only one person could sit on a chair. everyone else had to either stand or sit on the foot of his bed.

Wow, this story is so sad.

 

[ltcadviser]

I thought I received something from Mass saying they don't do LTC anymore, only the rider.

.

Mass Mutual still sells long term care insurance. It now only distributes its policies through agents. Broker LTC contracts have been terminated.
You have to sign an agent's contract. Contact a Mass Mutual general agent and get contracted.