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Author: Steve Eads, CLU
Date: 02-07-05 09:17
If you could represent only one company for LTCi, which would it be for you and WHY?
Go for it, kiddos.
Steve Eads, CLU
www.LTCiPro.com
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Author: Jamie Thompson
Date: 02-07-05 16:25
John Hancock is my choice, finacial ratings, good policy, no history of rate increases and they have billions of dollars in reserve.
Steve Eads, CLU wrote:
> If you could represent only one company for LTCi, which would
> it be for you and WHY?
>
> Go for it, kiddos.
>
> Steve Eads, CLU
> www.LTCiPro.com
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Author: Robyn
Date: 02-09-05 10:40
This is an easy one. MassMutual. They have higher ratings than anyone else (policies that can be sold by brokers). They are committed to not raising prices on existing clients. They got into the business relatively late, thus avoiding some of the poor risks of earlier carriers. For healthy individuals none of the major carriers can touch their current pricing. (Jamie, when I run quotes MM has been averaging 30-45% cheaper than Hancock) They are even a better deal for joint policies and with people who want a lifetime benefit. Their pricing will become competetive with everyone else in April. Last but not least, as a broker, I have very little competition because for some reason very few people quote MassMutual.
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Author: Steve Eads, CLU
Date: 02-09-05 12:49
Thanks for the input, Robyn, but almost EVERYONE is 30-45% less expensive than HANCOCK!!! What benefits does the Mass have that you prefer over other leading plans. Why do you think very few other agents quote Mass???
Steve Eads, CLU
www.LTCiPro.com
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Author: Robyn
Date: 02-09-05 13:51
40 year old
ultra preferred rates
90 day elimination period
unlimited benefit period
$160/day home and facility benefit
5% compound inflation
Waiver of premium for both home and facilty
Run the quotes and see what I'm talking about.
MM is under $1,500
Prudential is around $2,100
GE is close to $3,000
Hancock is over $3,400
Quite simply, I think that Mass does not get sold for two reasons. Inertia. Many people tend to keep selling the same products. My guess is that very few people realize that MassMutual is so much less expensive. Also, couple low premium with low commissions, many brokers would rather sell something that can make them more money.
What about yourself?
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Author: Scott A. Olson
Date: 02-09-05 14:48
Oh, boy!
No offense to the starter of this thread, but there is no such thing as one best long term care insurance policy or one best long term care insurer.
EVERYTHING depends upon the age of the applicant(s), the marital status, the state of residency, the benefits chosen, and ABOVE ALL, the applicant's unique health history.
I just did a comparison for a couple in their late fifties and the Mass Mutual premium, when including the benefits you described, was higher than another leading long term care insurer with comparable financial ratings.
Using a 6-year benefit period, the Mass Mutual policy was about 15% higher when comparing it with a 'shared policy' from two of the leading long term care insurers.
My point, is that there is no single long term care insurer that is the best policy or company for everyone, everytime.
Each long term care insurer has their competitive niche. Independent agents should study the underwriting guides and the policies of each of the leading long term care insurers, and make their recommendations to each client based upon each client's unique circumstances.
Just my two cents.
Scott A. Olson, CLTC
scottaolson@hotmail.com
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Author: Steve Eads, CLU
Date: 02-09-05 15:08
Scott, we all know that and I totally agree...that's exactly why I phrased the question as I did. Please re-read the "STARTING" question carefully. Stick to the question asked, please. If you have no specific answer to share, that's OK, too. It's just an exercise for a broad audience viewpoint. Listen and learn, my friend.
Steve Eads
www.LTCiPro.com
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Author: Steve Eads, CLU
Date: 02-09-05 15:16
Robin, I ran MetLife at $1280 and Allianz at $1309, annual prem. Same core benefits you selected. I even added a $500 HC cash benefit rider to Allianz.
Steve Eads, CLU
www.LTCiPro.com
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Author: Robyn
Date: 02-09-05 18:41
Scott, make sure that you were running the 300 series and not the 400 series. I agree that there is not one best company. Steve, are you going to answer the hypothetical question.
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Author: Bill Berry
Date: 02-09-05 20:51
Allianz
Big financials. Great adjustable product. No history of rate increases. Competively priced. No baggage. Tons of money, and well repected and known in the annuity market.
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Author: Steve Eads, CLU
Date: 02-10-05 08:36
Sorry, Robyn. Yes, I'll answer my own question. And just like Scott and any other independent, it is a real tough thing to do. However, my selection right now will have to go to ALLIANZ Generation Protector...for all the reasons already discussed, plus it is one of the few "ala carte" benefit plans available today. I'm all about choices for my clients and prospects.
Six months ago it was a dead heat with MetLife and Allianz. Both are great companies and so are all the others mentioned here...assuming proper due dilligence and due care, it's the contractual policy language that seperates the men/ladies from the children in LTCi.
Thanks for participating. I was not ignoring you. Just busy.
BTW, 26 years ago, I came into the insurance business with MASS MUTUAL. Great company, great people. Lots of good friends there still.
Steve Eads, CLU
www.LTCiPro.com
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Author: Bill Berry
Date: 02-10-05 08:42
Steve,
I am so flattered that we both agree on Allianz. I am impressed that two great minds like ours are thinking alike. It's probably due to this great southern clean living we do, don't you think?
Bill
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Author: Steve Eads, CLU
Date: 02-14-05 10:38
No doubt about the later part of your reply. As for great minds...You are the man!!!
Steve Eads, CLU
www.LTCiPro.com
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Author: Bill Berry
Date: 02-14-05 11:02
Steve, come on now, don't be so humble about the facts.
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