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Re: Unum indemnity

Posted by Steve Eads, CLU on May 31, 2001 at 13:46:29:

In Reply to: Unum indemnity posted by Frank Salisbury on May 17, 2001 at 09:04:12:

Buy your LTC Insurance based on contractual policy benefit language...not on the concept of indemnity vs. reimbursement of expenses. I can give you many contractual benefit shortcomings of "indemnity" policies that you will receive ZERO at claim time vs. "reimbursement" contracts that will pay up to the daily/weekly/monthly expense. There is still 100 pennies in a dollar.
Look first at the "exclusion" section of each contract to find out what each company WILL NOT pay for (exclude). That may be enough to turn your eyes away from certain indemnity plans.
I also wonder in ten to twenty years from now which plan will have incurred the most rate increases on your policy premiums..."indemnity" or "reimbursement" type policies. No free lunch!

Do your homework on reading "specimen" policies...not just Outlines of Coverage booklets...they are what they say they are, "outlines"...not the full contract.

I sell both policy types and I also sell UNUM's products. Great company but did not hang the moon any more than GE, CNA, John Hancock, etc.

Follow Ups:

Re: Unum indemnity Susan Sulkosky 21:24:32 06/07/01 (1)
- Re: Unum indemnity Steve Eads, CLU 18:27:02 06/14/01 (0)
Re: Unum indemnity Susan Sulkosky 21:24:19 06/07/01 (1)
- Re: Unum indemnity Steve Eads, CLU 11:58:10 07/03/01 (0)

Re: Unum indemnity : Buy your LTC Insurance based on contractual policy benefit language...not on the concept of indemnity vs. reimbursement of expenses. I can give you many contractual benefit shortcomings of "indemnity" policies that you will receive ZERO at claim time vs. "reimbursement" contracts that will pay up to the daily/weekly/monthly expense. There is still 100 pennies in a dollar. : Look first at the "exclusion" section of each contract to find out what each company WILL NOT pay for (exclude). That may be enough to turn your eyes away from certain indemnity plans. : I also wonder in ten to twenty years from now which plan will have incurred the most rate increases on your policy premiums..."indemnity" or "reimbursement" type policies. No free lunch! : Do your homework on reading "specimen" policies...not just Outlines of Coverage booklets...they are what they say they are, "outlines"...not the full contract. : I sell both policy types and I also sell UNUM's products. Great company but did not hang the moon any more than GE, CNA, John Hancock, etc.

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