Ed Kafes is my ltc mentor and the person I would go to learn and get contracts for Ltci. Be prepared to do homework though. Jon you remember Ed from IHIAA days no?
Prudential Bites the Dust
- Thread starter yankee466
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- 14,808
Ed is a walking insurance dictionary and I highly respect him. His insurance office is pretty close to me so I've been out to see him at his office/grab lunch. He's an example of everything to do right in this business.
just learned that Prudential Financial will be exiting the individual long-term care insurance market effective immediately.
Applications dated and signed as of today (March 7, 2012) will be accepted by Prudential through March 16th
Would you happen to know (and if so, could you please share) if Prudential will continue to offer the Living Needs (LTC-like) Benefit Rider? I think one can attach this rider to the UL and term plans. Thanks.
I used to rep a company that closed it's book about 5 years ago. I had a few LTC policies in there. As far as rate increases, those policies were hit with a 30%+ premium increase about a year ago. Most of my clients could handle it, but it sure makes for an interesting conversation.
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- #15
There were no changes announced to their life plan business. Most of the LTC carriers bailing (Metlife, Pru, Guardian, maybe soon JH) would rather focus on life plans, hybrid plans, and annuities than Traditional LTC plans due to lower risk IMHO.
- 2,584
Weed out the weak, move on with the strong.
I didn't like some of their plan design and underwriting on more than a few cases.
I didn't like some of their plan design and underwriting on more than a few cases.
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2insureyou
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I seem to remember someone ridiculing the mutuals for their much higher premiums (okay, SEVERAL someones)... excuse me while I strut my stuff...
In all seriousness though, I don't like this. Pru is viewed as a major player in insurance in general, and when a big player like them or Met exits the market, it's bad for every company. I keep hearing rumors that Hancock may hang it up too, which would be absolutely terrible. Also, if Genworth ever exited, I think that would be bad for the market place.
All that being said, there is one company I wish would fall of the face of the planet... Bankers... Can someone please out them out of their misery?
In all seriousness though, I don't like this. Pru is viewed as a major player in insurance in general, and when a big player like them or Met exits the market, it's bad for every company. I keep hearing rumors that Hancock may hang it up too, which would be absolutely terrible. Also, if Genworth ever exited, I think that would be bad for the market place.
All that being said, there is one company I wish would fall of the face of the planet... Bankers... Can someone please out them out of their misery?
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My experience is if a prospect has never been involved with custodial care with friends or family, they don't understand the need. Those that have experienced it, and can afford the premium it can be smart planning. In this economy, fewer and fewer can comfortably afford the premium. Medicaid might collapse just due to custodial care claims from the poor.
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When I did talk LTC, I my experience meshed with exactly what you said. It seemed to be either a product people got, or they never would until someone was in that situation.
I've found that in this economy more and more people want long-term care insurance.
People who 5 years ago would have said, "I'll self-insure" are now seeing much lower returns on their investments. It's more important now than ever to protect what investments they do have from LTC expenses.
nadm
