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Re: More LTC companies

Posted by Mark R. on October 12, 2001 at 03:14:04:

In Reply to: Re: More LTC companies posted by James Baldwin on October 11, 2001 at 13:28:40:

: Thank you, now if the web master of this site would post details on the companies you mentioned like the five companies already posted.

: Jim

Jim,

Scott has posted probably the best advice you'll get on the subject of individual companies. For example, Weiss Research, the most discriminating of company raters, charges a hefty annual fee for their reports, and they only look at the financials. This is proprietary information that only an agent or broker can pass along to a potential client.

Unfortunately it's mostly up to the consumer to ask the right questions... how long has the company been in the LTCi business (as has been mentioned here before, 10+ years is a good answer), what are the company's assets (as has been mentioned here before, a number in the billions is a good answer), what other exposure does the company have (property and casualty, etc), what is the company's primary focus, etc.

To give you an idea of focus, a really major insurer recently sold their interest in a riverboat casino operation for a quarter billion dollars.

It's admittedly a minefield, especially for seniors that are bombarded by mailings and phone calls. It's a similar minefield for agents and brokers that are bombarded by potential clients shopping for the cheapest premium (which is often in no way related to the best coverage).

A good middle ground is a broker or agent representing a company that looks good on paper, that you can develop a rapport with, that does not twist your arm to cough up a check on the spot. The odds of getting the best agent/broker along with the best company along with the best premium for your particular situation are slim, but if you can balance all three then you have probably made a good choice.

Follow Ups:

Re: More LTC companies Dave Tuttle 10:43:02 10/17/01 (0)

Re: More LTC companies : : Thank you, now if the web master of this site would post details on the companies you mentioned like the five companies already posted. : : Jim : Jim, : Scott has posted probably the best advice you'll get on the subject of individual companies. For example, Weiss Research, the most discriminating of company raters, charges a hefty annual fee for their reports, and they only look at the financials. This is proprietary information that only an agent or broker can pass along to a potential client. : Unfortunately it's mostly up to the consumer to ask the right questions... how long has the company been in the LTCi business (as has been mentioned here before, 10+ years is a good answer), what are the company's assets (as has been mentioned here before, a number in the billions is a good answer), what other exposure does the company have (property and casualty, etc), what is the company's primary focus, etc. : To give you an idea of focus, a really major insurer recently sold their interest in a riverboat casino operation for a quarter billion dollars. : It's admittedly a minefield, especially for seniors that are bombarded by mailings and phone calls. It's a similar minefield for agents and brokers that are bombarded by potential clients shopping for the cheapest premium (which is often in no way related to the best coverage). : A good middle ground is a broker or agent representing a company that looks good on paper, that you can develop a rapport with, that does not twist your arm to cough up a check on the spot. The odds of getting the best agent/broker along with the best company along with the best premium for your particular situation are slim, but if you can balance all three then you have probably made a good choice.

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