So, I receive this email today from a gentlemen I have been working with who told another agent that he was considering Mass Mutual for long term care insurance. This is what we have to deal with in our industry.
"May I ask, why Mass Mutual? Mass Mutual offers less in benefit than any of the others. You are exposing yourself to a lifetime of potential rate hikes with no alternatives but to either pay higher rates for a longer time or decrease benefits that you acquired and already paid for, to offset the premium hikes, (since you are both young and have a long life expectancy). The best company offering a solid flexible program is Mutual of Omaha. I would have explained that Mutual of Omaha has a flexible inflation scale that can be used to lower your premiums without losing all the growth you have built up to that point, if you ever received a rate hike. Other companies will take away the growth on your original monthly benefit if you remove the inflation or go down in your years of coverage.
Secondly, you are worried about Alzheimer’s. If that is the case, you want a policy that will pay out longer than 3 years. Alzheimer’s typically, if the body is working well, can require custodial care 5 -10 years. It’s a very different factor when you plan. Mass Mutual does not give you Shared Care if you have a policy longer than 3 years. This is an example of what I mean by very limited. Also, you cannot get the whole Pool of Money upon one spouse passing. There is a fixed Pool of Money, based on the original Pool of Money before growth that is there to share. Not so with Mutual. If the Pools of Money both build to $300,000 and a spouse dies without using some or all the benefit money, all of the leftover Pool goes to the Pool of Money of the surviving spouse.
Mutual of Omaha has the best non-raising premium history of all the Carriers. I would offer Mass Mutual last, as long-term care is not the major focus of that Carrier, alternate products are their true focus.
I will requote Mutual of Omaha as you asked. This plan will never stop growing. You have a minimum of over 4.5 years of coverage. I say minimum because the more money you have as a monthly benefit, there’s the possibility, that you may not need to use it all every month. That money remains in the Pool of Money to be used after 4.5 years pass. You also have a cash benefit to pay people who are non-licensed, offering caregiving help. This is an important benefit with all my clients. Mass Mutual will not give you what Mutual of Omaha will. My experience in the business would recommend Mutual of Omaha above all the others."
"May I ask, why Mass Mutual? Mass Mutual offers less in benefit than any of the others. You are exposing yourself to a lifetime of potential rate hikes with no alternatives but to either pay higher rates for a longer time or decrease benefits that you acquired and already paid for, to offset the premium hikes, (since you are both young and have a long life expectancy). The best company offering a solid flexible program is Mutual of Omaha. I would have explained that Mutual of Omaha has a flexible inflation scale that can be used to lower your premiums without losing all the growth you have built up to that point, if you ever received a rate hike. Other companies will take away the growth on your original monthly benefit if you remove the inflation or go down in your years of coverage.
Secondly, you are worried about Alzheimer’s. If that is the case, you want a policy that will pay out longer than 3 years. Alzheimer’s typically, if the body is working well, can require custodial care 5 -10 years. It’s a very different factor when you plan. Mass Mutual does not give you Shared Care if you have a policy longer than 3 years. This is an example of what I mean by very limited. Also, you cannot get the whole Pool of Money upon one spouse passing. There is a fixed Pool of Money, based on the original Pool of Money before growth that is there to share. Not so with Mutual. If the Pools of Money both build to $300,000 and a spouse dies without using some or all the benefit money, all of the leftover Pool goes to the Pool of Money of the surviving spouse.
Mutual of Omaha has the best non-raising premium history of all the Carriers. I would offer Mass Mutual last, as long-term care is not the major focus of that Carrier, alternate products are their true focus.
I will requote Mutual of Omaha as you asked. This plan will never stop growing. You have a minimum of over 4.5 years of coverage. I say minimum because the more money you have as a monthly benefit, there’s the possibility, that you may not need to use it all every month. That money remains in the Pool of Money to be used after 4.5 years pass. You also have a cash benefit to pay people who are non-licensed, offering caregiving help. This is an important benefit with all my clients. Mass Mutual will not give you what Mutual of Omaha will. My experience in the business would recommend Mutual of Omaha above all the others."