New York Life rate seems low?

[aufan]

Just this week I was sure I had my first LTC deal. My pastor says to me, "hey...do you write LTC?" . I said yes and asked him to come by my office.

Turns out he had been quoted by New York Life about 80 to 100 cheaper than anything that I had available (Genworth, Met, John Hancock).

I looked at the proposal he had been given from NYL and I thought I had it matched apples to apples....but puzzled that NYL would be so much cheaper?

I smell a rat....anybody have any clues?

 

[moonlightandmargaritas]

Hey aufan, hear about the fire in the Auburn library?

Biggest shame of it was; not all the books had been colored in!

 

[David C]

I was in a meeting maybe three years ago with the NYL CEO (is/was it Sy Sternberg?). There were several questions about their LTC product, he said they had purposefully priced it a little higher than needed so that they would not have to raise prices so much down the road.

I might be crazy but I thought I saw an article somewhere that they had actually begun paying dividends on a block of LTC policies. I could be mistaken about that.

 

[aufan]

Hey Moonlight......that's really original.

 

[moonlightandmargaritas]

Hey Moonlight......that's really original.

Glad you liked it!

How 'bout the 7 course gourmet dinner at Auburn? Possum and a six-pack!

 

[STIBROKER]

Hey aufan, hear about the fire in the Auburn library?

Biggest shame of it was; not all the books had been colored in!


Glad you liked it!

How 'bout the 7 course gourmet dinner at Auburn? Possum and a six-pack!

 

[moonlightandmargaritas]

OK, OK, I got it out of my system.

No more Auburn jokes.

 

[Newby]

Just this week I was sure I had my first LTC deal. My pastor says to me, "hey...do you write LTC?" . I said yes and asked him to come by my office.

Turns out he had been quoted by New York Life about 80 to 100 cheaper than anything that I had available (Genworth, Met, John Hancock).

I looked at the proposal he had been given from NYL and I thought I had it matched apples to apples....but puzzled that NYL would be so much cheaper?

I smell a rat....anybody have any clues?

I suspect you're not comparing apples to apples. I haven't heard of NYL being low.

Are both policies figured with 5% compounding or is one 5% simple? Makes a huge difference.

 

[slushhhpuppie]

Just this week I was sure I had my first LTC deal. My pastor says to me, "hey...do you write LTC?" . I said yes and asked him to come by my office.

Turns out he had been quoted by New York Life about 80 to 100 cheaper than anything that I had available (Genworth, Met, John Hancock).

I looked at the proposal he had been given from NYL and I thought I had it matched apples to apples....but puzzled that NYL would be so much cheaper?

I smell a rat....anybody have any clues?

Its been my experience that NYL has low premiums because they push their policies have 180-365 day elim periods with either 3% simple or no inflation rider.

 

[moonlightandmargaritas]

Couldn't resist one more...

Know what they call a pretty girl at Auburn? Stranger.