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Re: Seeking advice on UNUM's Weiss rating

Posted by Steve Eads, CLU on September 13, 2002 at 13:34:25:

In Reply to: Seeking advice on UNUM's Weiss rating posted by c. johnstone on September 10, 2002 at 23:16:36:

: I'm in the process of learning all I can about LTCi so that I can purchase the best value for my mother, who is 75, has no pre-exisiting conditions (nor is she on any medications), and lives in upstate New York.

: I had nearly decided to go with UNUM because I really like the idea of an indemnity policy, and its premium/features were comparable to JH, GE and Fortis (the other companies I'm considering). However, I read in the article by lawyer Richard Alexander that the Weiss ratings are absolutely the best ones to go by. So I checked Weiss and UNUM was only rated C+.

: Can any of you professionals share your view on why UNUM would receive such a low rating? Certainly, if it's deserved, I would have to rule UNUM out.

: Thank you very much for information you can provide.

Not totally true, Arthur! I have a strong feeling that MR./MRS. Johnstone is far more interested in the comprehensive nature of the benefit payputs at claim time and not merely the "cheapest" plan. The least expensive contract is determined by claim benefit payouts, not current or future premiums. Least expensive today (if that were even the case with the plan you suggested, which it is not) does not mean the least expensive at claim time.

Best advice to Mr./Mrs. Johnstone...SHOP, SHOP, SHOP and be extremely interested in each policies contractural benefit language...ask for "specimen policies" from each carrier and READ THEM!!! Get help from a truly independent, consulting LTCi broker/agent/advisor!!!!

Best wishes.

Steve Eads, CLU
www.LTCiPro.com
seads@eadsassociates.com

Follow Ups:

Re: Seeking advice on UNUM's Weiss rating Arthur Rudnick 13:19:31 09/14/02 (0)

Re: Seeking advice on UNUM's Weiss rating : : I'm in the process of learning all I can about LTCi so that I can purchase the best value for my mother, who is 75, has no pre-exisiting conditions (nor is she on any medications), and lives in upstate New York. : : I had nearly decided to go with UNUM because I really like the idea of an indemnity policy, and its premium/features were comparable to JH, GE and Fortis (the other companies I'm considering). However, I read in the article by lawyer Richard Alexander that the Weiss ratings are absolutely the best ones to go by. So I checked Weiss and UNUM was only rated C+. : : Can any of you professionals share your view on why UNUM would receive such a low rating? Certainly, if it's deserved, I would have to rule UNUM out. : : Thank you very much for information you can provide. : Not totally true, Arthur! I have a strong feeling that MR./MRS. Johnstone is far more interested in the comprehensive nature of the benefit payputs at claim time and not merely the "cheapest" plan. The least expensive contract is determined by claim benefit payouts, not current or future premiums. Least expensive today (if that were even the case with the plan you suggested, which it is not) does not mean the least expensive at claim time. : Best advice to Mr./Mrs. Johnstone...SHOP, SHOP, SHOP and be extremely interested in each policies contractural benefit language...ask for "specimen policies" from each carrier and READ THEM!!! Get help from a truly independent, consulting LTCi broker/agent/advisor!!!! : Best wishes. : Steve Eads, CLU : www.LTCiPro.com : seads@eadsassociates.com

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