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Re: Insurer Viability

Posted by Klaas DeWit on October 22, 2002 at 15:46:59:

In Reply to: Insurer Viability posted by Jerry Sandau on October 19, 2002 at 12:15:39:

Yes, make sure that the company has been in the LTC insurance for a long time. Not just any insurance. GE is a great policy if you qualify. Strict underwriting standards, means a group of low risk policyholders. The federal plan, though underwritten by great companies (MetLife and JH) is provided by a newly formed partnership. The contract is only for 10 years and then they may change insurers, not very stable. Also, the feds have less strict underwriting standards, thus more claims, thus a higher premium. Only people who do not otherwise qualify should purchase the fed plan. Have your GE agent do a price AND benefit comparison. Good Luck

Follow Ups:

Re: Insurer Viability : Yes, make sure that the company has been in the LTC insurance for a long time. Not just any insurance. GE is a great policy if you qualify. Strict underwriting standards, means a group of low risk policyholders. The federal plan, though underwritten by great companies (MetLife and JH) is provided by a newly formed partnership. The contract is only for 10 years and then they may change insurers, not very stable. Also, the feds have less strict underwriting standards, thus more claims, thus a higher premium. Only people who do not otherwise qualify should purchase the fed plan. Have your GE agent do a price AND benefit comparison. Good Luck

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