Earlier this week, I spoke with a NYL agent to check on the age limit I was told by an independent agent. Apparently at this time while NYL is getting another policy approved, they are not taking any new policies for those under the age of 40.
While we were talking I explained to the agent that I already had a policy with Genworth and I was concerned about ratings and such. She understood. She explained a few things that I already understood about age etc., etc. etc. but she said she would give me a quote and get back to me by Monday.
Well she called me back today and did not give me any numbers, but shared with me that she spoke with someone in the corporate office of NYL who just happened to have recently come from Genworth. She told me that the person who worked with Genworth told her that I have a great policy and that what I have now won't ever be seen again. The agent gave her all of my information and she went over my benefits and explained all of the advantages I have that are not going to ever be seen.
The agent who said she has been in the business for over 25 years explained that I need not worry about my Genworth policy. She told me that the former Genworth lady said that Genworth is in great shape with their longterm care.
One thing that was surprising to me that the agent told me that I had never heard or read before that for every dollar of claim and longterm care company must have $300 CASH (not bond or securities) in reserve. She explained that is why there are so many companies leaving the market because of the low interest rates and that is why they have changed their benefits.
This agent was extremely helpful and nice. Although NYL is more expensive than most, I will be giving my friends and co-workers her name as someone to speak with about longterm care.
Between you folks on this board and my discussion with this agent, I really feel good about my policy now.
While we were talking I explained to the agent that I already had a policy with Genworth and I was concerned about ratings and such. She understood. She explained a few things that I already understood about age etc., etc. etc. but she said she would give me a quote and get back to me by Monday.
Well she called me back today and did not give me any numbers, but shared with me that she spoke with someone in the corporate office of NYL who just happened to have recently come from Genworth. She told me that the person who worked with Genworth told her that I have a great policy and that what I have now won't ever be seen again. The agent gave her all of my information and she went over my benefits and explained all of the advantages I have that are not going to ever be seen.
The agent who said she has been in the business for over 25 years explained that I need not worry about my Genworth policy. She told me that the former Genworth lady said that Genworth is in great shape with their longterm care.
One thing that was surprising to me that the agent told me that I had never heard or read before that for every dollar of claim and longterm care company must have $300 CASH (not bond or securities) in reserve. She explained that is why there are so many companies leaving the market because of the low interest rates and that is why they have changed their benefits.
This agent was extremely helpful and nice. Although NYL is more expensive than most, I will be giving my friends and co-workers her name as someone to speak with about longterm care.
Between you folks on this board and my discussion with this agent, I really feel good about my policy now.
