What LTC Carriers Use Current Age Instead of the Nearest Age?

[mjnoles1]

Please list as I have a client that I already did the app and is very upset that if she waits until August that she will be over the "6 month hump" and she will be insurance age of 47 instead of current age of 46.

What carriers use current age? And with that being said does any of those carriers compete favorably with Genworth Classic Select?

 

[Arthur Rudnick]

I'm not sure what carriers are unique to NC that may offer "nearest age" but in NY, every major carrier offers "current age" with the exception of Mass Mutual.

Now, with that said, every carrier offering current age, allows an agent to "save age" by up to 60 days past one's birthday. Some companies are OK with dating the app at the currect date and others want the app dated the day before the applicant's birthday.

But, more important is to have your applicant apply for the best policy, not one where she can be 46 rather than 47. The difference in premium between 46 & 47 is probably $50-$75 a year.

 

[mjnoles1]

I'm not sure what carriers are unique to NC that may offer "nearest age" but in NY, every major carrier offers "current age" with the exception of Mass Mutual.

Now, with that said, every carrier offering current age, allows an agent to "save age" by up to 60 days past one's birthday. Some companies are OK with dating the app at the currect date and others want the app dated the day before the applicant's birthday.

But, more important is to have your applicant apply for the best policy, not one where she can be 46 rather than 47. The difference in premium between 46 & 47 is probably $50-$75 a year.

The comment to have my applicant have the best policy rather than the 46 and 47 senerio. I know that for sure. But, she doesn't want to hear anything about that.

I also spoke to her that we can request to save age and she is adamant that she wants the policy to go in effect in August but under age 46....Lets just say she is a little difficult.

 

[briko3]

Why does she want to wait until Aug?
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Was her whole reason for applying now to lock in a lower rate for the rest of her life?

 

[Mr_Ed]

Please list as I have a client that I already did the app and is very upset that if she waits until August that she will be over the "6 month hump" and she will be insurance age of 47 instead of current age of 46.

What carriers use current age? And with that being said does any of those carriers compete favorably with Genworth Classic Select?

every major ltc insurer uses "current age" except for the products that are underwritten by Lifecare.

If she's choosing an effective date that will be after her 46.5 mark, then she'll get 47 year old rates.

If she wants the 46 year old rates she'll have to go with another company.

 

[billberry12]

I guess I'm not a fighter anymore, but I would simply say, "Sorry I can't be of help to you with this request", and move on. This person is being unreasonable in my opinion.

 

[Arthur Rudnick]

Scott,
Whats's Lifecare and is Mass Mutual part of Lifecare?

 

[Mr_Ed]

Scott,
Whats's Lifecare and is Mass Mutual part of Lifecare?

Lifecare is the company that designs, underwrites and administers LTCi policies for about a dozen different LTC insurers.

MM uses them.

 

[Arthur Rudnick]

Didn't know that, thanks..............

 

[VolAgent]

So you're saying that Mass uses obtained age? I thought Mass used nearest age, so at 46.5 she is now 47?