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Author: Andrew Rhoades
Date: 03-24-04 13:26
I am looking into LTC. At 60 it is expensive for my wife and myself. My objective is to protect my estate for my wife (or myself if my wife is sick) and children from being wiped out. I can afford several years of self insurance, and I am thinking that premimums could be a lot lower with a 2 year elimination period. Does a policy like this exist.
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Author: Steve Eads, CLU
Date: 03-24-04 14:36
Yes, Andrew...UNUM/Provident offers a 2year Elimination Period on a very competitive plan. Visit my website below for more info!!!
Steve Eads, CLU
www.LTCiPro.com
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Author: Arthur Rudnick
Date: 03-24-04 15:59
Andrew;
Unum does offer a 2 year Elimination Period in SOME states. Other states allow no more than a 6 month Elimination Period.
You need to check with a broker in your state to determine the period applicable for where you reside.
Arthur
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Author: Steve Eads, CLU
Date: 03-24-04 17:26
Or you may actually prefer to work with a broker who is licensed in and works in "multiple" states and represents multiple carriers.
Nice to have choices, isn't it?
Steve Eads, CLU
www.LTCiPro.com
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Author: Bill Berry
Date: 03-24-04 19:13
Here we go.
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Author: Bill Berry
Date: 03-26-04 20:16
Absolutly. You must enter a pi__ing constest!
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Author: Steve Eads, CLU
Date: 03-30-04 13:16
Glass houses, guys!!! Glass houses.
Steve Eads, CLU
www.LTCiPro.com
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Author: Bill Berry
Date: 03-30-04 19:07
What is that suppose to mean? Us Mississippi boys are a little slower to catch on than Alabama men!
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Author: Steve Eads, CLU
Date: 03-30-04 19:55
Remember, you said that, not me!!!
But, of course, you'll get no argument from me on that point, either.
Just teasin", Billy!!!
Steve Eads, CLU
www.LTCiPro.com
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Author: Josh Fink
Date: 04-15-04 22:51
Hi,
What would be the point of having the coverage at all if in 2 years your assets are gone? then the coverage begins when you have nothing left to protect? A five year plan covers 85% of the people and be very afforable at age 60. Men on avg need 2 yrs and women 3 yrs coverage. The long elimination period is a bad idea in my opion. Josh Fink
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Author: Steve Eads, CLU
Date: 04-16-04 16:38
Josh, different people have different needs. Yet, I am always amazed when agents quote the 2yr for men / 3yr for women, which is a statistic for Nursing Home Care ONLY...NOT homecare, NOT community care, and NOT ALF care!!!
I know it's a well used and well "taught" sales pitch for many agents who simply want to get in and get out as fast as possible with a check of any size in hand, but it just flat out doesn't fit the majority of peoples needs, unless of course your prospects are all broke to begin with. I have sold less than 10 LTC plans for less than Lifetime/Unlimited over the last 5 years!!!
Here's why: I had an aunt who spent 15 YEARS with around-the-clock homecare and was bedridden most of those years. Her sisters and nieces cared for her all of that time in day/night shifts. She finally had to be admitted to a NH and was dead in less than 90 days.
How much good would anything less than a Lifetime/Unlimited benefit have been to her when she would have been first eligible for benefits??? 2-5 years wouldn't have represented a pimple on a flea's rear for her care needs and expenses if she had a LTCi policy back then.
Now, that was 30 years ago. With the aging of the baby-boomers and the vast improvement in med technology and the extension of human life, how fitting will that statistic be for a prospect who is 50, 55, or even age 60 today???
We need better training out of the carriers these days. Of course, I'm not sure they want you to understand this principle of living longer.
Good luck,
Steve Eads, CLU
www.LTCiPro.com
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Author: Josh Fink
Date: 04-17-04 11:40
Well the case of your aunt is rare in the case of that amount of care. Like I said the avg of 2 and 3 yrs. The avg for home care is five years and a 5 yr plan covers 85% of the people. Most folks cant afford to cover themselves for liftime like your aunt but the 2,3, or 5 year plan fits. Its about what fits the budget at the time. If the lifestyle has to change to cover the unlimited premium, then what is the point. LTC is there so it doesnt changed your lifestyle. Some coverage is better than no coverage. Is it maybe you are there for hours and hours pounding unlimited. Then coming out with the big check and not making sure it fits the budget. It may very be possible that in your area you work unlimited fits the budget and thats fine. But I also know of a lot of folks who get sick and dont use home care and then spend a month in the nursing home. Just depends. You never know what may happen and the extent of care needed. Thats why we talk about the averages to people. Josh Fink
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Author: Steve Eads, CLU
Date: 04-19-04 11:40
Josh, you're right. I suppose we just prospect in two different socio-economic markets. I try to work in the $50k+ (single)and 75k+ (couples) annual retirement household incomes. Rarely do they have a problem with Lifetime / Unlimiuted.
But, of course, the example of my aunt would not be so uncommon if her home-stay had been 7-10 years. Either way, the person with a 2-6 yr benefit period is usually headed toward bankruptsy and/or Medicaid spendown after the benefits are exausted. I just wonder how many times they are actually confronted with that "avg" situation???
Josh, our marketing styles are different, too. 99% of my interviews and sales are on the phone and through the mail in 4-5 states. I don't spend one minute in their homes...much less hours...and rarely ever lay eyes on my clients.
Thanks for serving the others.
Happy selling,
Steve Eads, CLU
www.LTCiPro.com
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Author: Josh Fink
Date: 04-19-04 23:40
Steve,
Yes that makes sense in what you are doing. Yes we have different markets (income) and style. I think we both see each others side on this situation. Good luck. Josh Fink
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