Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: Unum indemnity

Posted by Steve Eads, CLU on June 14, 2001 at 18:27:02:

In Reply to: Re: Unum indemnity posted by Susan Sulkosky on June 07, 2001 at 21:24:32:

: : 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.

: Steve, may I ask (in all seriousness) what an LTC product would need to look like to "hang the moon"? I'm currently involved in a development effort with a major carrier, and you seem to have a wonderful grasp on the concept, firm opinions on the current crop of carriers, and experience selling. What can we do to make it easier for you to sell LTC (the concept and the product)? Obviously, price is a factor. Is there anything else?

: Thanks in advance for sharing your insights!

Susan, call me anytime at your leisure and I'll be happy to discuss this at length. I doubt these folks would appreciate the length of space it would take to reduce it to writing.

I'd be happy to help. 205-349-1776, Central Time Zone, 8-5, m-f.

Steve Eads, Clu

Follow Ups:

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. : : Steve, may I ask (in all seriousness) what an LTC product would need to look like to "hang the moon"? I'm currently involved in a development effort with a major carrier, and you seem to have a wonderful grasp on the concept, firm opinions on the current crop of carriers, and experience selling. What can we do to make it easier for you to sell LTC (the concept and the product)? Obviously, price is a factor. Is there anything else? : : Thanks in advance for sharing your insights! : Susan, call me anytime at your leisure and I'll be happy to discuss this at length. I doubt these folks would appreciate the length of space it would take to reduce it to writing. : I'd be happy to help. 205-349-1776, Central Time Zone, 8-5, m-f. : Steve Eads, Clu

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417