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- #11
This isn't the Medicare Supplement forum. New York Life's LTC policy is unbuyable for consumers.
Grossly overpriced. exhorbitant rates.
New York Life AARP LTC Priced Out of Reach
- Thread starter ltcadviser
- Start date
This isn't the Medicare Supplement forum. New York Life's LTC policy is unbuyable for consumers.
Grossly overpriced. exhorbitant rates.
Med Supps mentioned in a post above which was quoted in my post.
- Thread starter
- #13
So, I contacted AARP for a long term care insurance quote to see how an agent could possibly try to sell this policy. I was contacted by a NY Life agent. So far, everything the agent has said to me and recommended is manipulative. He stated to me that NY Life is the only company he would trust to pay a future claim. He recommended that I only buy benefits of $150.00 day and 3 year benefit period because he knows that this benefit amount is the limit that NY Life will issue if the application is not approved at Preferred. I had to ask him 3 times for compound inflation protection to be included in his illustrations. He knows no one will buy the policy if he includes compound inflation protection, even a low factor such as 3%, so he ignored my request initially and send me illustrations with no inflation. (Why would a 50 year old want inflation protection? Duh) I feel sorry for the buying public, but this is outside of our control. One can expect that many captive NY Life agents trained to sell this policy may act in the same manner as this NYL agent assigned to me. How else will they be able to sell a policy priced 2-3 times higher than competitor policies?
Now I received this email from the agent after he relented and sent me the illustration with 3% compound.
"Jack
As you probably know by now, the entire landscape for LTC has changed drastically in the last 12 months. Many key players such as MetLife and Guardian have stopped offering policies and today, June 30th is the last day Mass Mutual is accepting applications. Don't be surprised if others follow suit by year's end and beware of cheap premiums from carriers—they may increase drastically down the road!"
I guess I need to tell him that Mass Mutual will still be accepting applications tomorrow.
I love his "Beware of Cheap Premiums" comment.
So, don't buy a Mutual of Omaha or Mass Mutual policy. They are too cheap, pay us $5700 instead of paying Omaha or Mass $2400.
And AARP is profiting off of this NY Life hoodoo.
Now I received this email from the agent after he relented and sent me the illustration with 3% compound.
"Jack
As you probably know by now, the entire landscape for LTC has changed drastically in the last 12 months. Many key players such as MetLife and Guardian have stopped offering policies and today, June 30th is the last day Mass Mutual is accepting applications. Don't be surprised if others follow suit by year's end and beware of cheap premiums from carriers—they may increase drastically down the road!"
I guess I need to tell him that Mass Mutual will still be accepting applications tomorrow.
I love his "Beware of Cheap Premiums" comment.
So, don't buy a Mutual of Omaha or Mass Mutual policy. They are too cheap, pay us $5700 instead of paying Omaha or Mass $2400.
And AARP is profiting off of this NY Life hoodoo.
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When I started I was with NY Life. The first thing they tell you is to tell clients "we're a
Mutual company and we always pay claims." The inference of course is that others don't pay. At Sternberg was very big on marketing the mutual make up of the company - we don't answer to stock holders blah blah. . (Never mind that Mutual if Omaha is a mutual company - don't let facts get in the way.)
There some truth in that stuff but what you get are agents like you dealt with.
And - the NY Life broker you bought from? He probably isn't going to be there very long.
Mutual company and we always pay claims." The inference of course is that others don't pay. At Sternberg was very big on marketing the mutual make up of the company - we don't answer to stock holders blah blah. . (Never mind that Mutual if Omaha is a mutual company - don't let facts get in the way.)
There some truth in that stuff but what you get are agents like you dealt with.
And - the NY Life broker you bought from? He probably isn't going to be there very long.
Arthur Rudnick
Guru
- 1,652
originally post by agentjhc
As of yesterday (06/30) MM is no longer selling LTCi through brokerage. Only through the captive agents.
As of yesterday (06/30) MM is no longer selling LTCi through brokerage. Only through the captive agents.
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- #17
missdeas
New Member
Preaching to the choir
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- #19
Everything you have said is proving to be true. Today he told me that northwestern mutual has "outrageous" premiums (still unaware of the fact that NWML is less expensive now than his NYL product, and that neither Mass Mutual nor NWML can financially support their long term care products. Oh, and AARP would only endorse the best policy.
Good luck to the AARP members. SMH.
