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Re: GE Capital

Posted by Ron Downs on April 06, 2002 at 23:41:20:

In Reply to: Re: GE Capital posted by Thomas Herbert, MBA on April 06, 2002 at 22:40:02:

Thomas,
Out of those 50 contracts you have in your drawer, how many carriers are you appointed with? I dare say, if you have access to 50 carriers, and yet you sell ANY one carrier's product over 56% of the time, you're likely doing your clients a disservice. Different products fit different situations.

Some clients want Limited Pay options. Others want liberalized underwriting, due to existing health issues. Still others want or need worldwide coverage. Does GE provide that? I think not.

Of the 6 products you've mentioned, I'd agree that GE is near the top, depending on the client's needs. Bankers United is certainly more flexible, though it's primarily a daily plan (monthly with care coordination). I would likely use Bankers more for those with weight or health issues, but I do like the flexibility.

Hancock is an excellent company, with a good solid product, and worldwide (or nearly so) coverage. And their new Family Plan certainly would serve many clients' needs better than GE. On top of that, they've even got a Cash Indemnity plan in many states.

GE is certainly a fine product. Often, one can find a product which suits the needs of the client just as well or better, and at a more attractive price.

Have you looked at Prudential's LTC product? In it's current incarnation, it's a really great product.

For those to whom cost is an issue, State Life, Lincoln Benefit Life, or Allianz might be a good fit, if your client is happy with a Daily Benefit.

If it's indemnity they want, I'd suggest Prudential or Hancock. Allianz offers indemnity, but it's quite expensive, and somewhat limited in scope, and on a daily basis, as well.

MetLife is another solid product. Not flashy, but strong and substantial.

I personally own an LTC-only MGA with 12 top-rated carriers. I'll sell any of those carriers' products to a client whose needs that product meets. If a client could be served better by a product I don't have, I'll either try to access that product, or send them to someone else who can.

I think the bottom line is we all have our preferences and biases toward certain products. Our duty is to be open-minded enough to ascertain the real needs of our clients, and help them find the best solution FOR THEM, which is not necessarily a product with which we're most familiar. With so many different products on the market, and the constant evolution of the products from each of those carriers, it's a never-ending study session to stay on top of them.

In regards to your statement that GE always pays, I've read reports to the contrary. And from a broker standpoint, GE as an organization can be one of the most difficult to deal with.

Furthermore, when you said "A contract doesn't mean anything if the company won't pay the claim.", I feel that you're completely off the mark. If the company doesn't pay a claim that they specify in the contract they WILL pay, then you've got grounds for a SERIOUS lawsuit. That's precisely why the contract is so important, and also why it's important to study the contract before you buy, and during your 30 day free look.

Anyway, that's my 2 cents.

Ron Downs
LTC Specialist

: This post is directed to both Jim who posted the original question, as well as Steve, et al... Most of you kow who I am by now so we'll dispense with introductions, although I would take the time to mention that I have 50 different company policy contracts in my file cabinet and am quite familiar with them.

: That said I would respectfully disagree with Mr. Eads post on GE. From what I've read very few policies even come close to that of GE. I did some research on this site and for some reason Mr. Eads seems to take issue every time GE is mentioned. The fact is they are a great company with a great product. I personally offer GE, John Hancock, Transamerica, CNA, Bankers United, and Unum, and I still think GE has the best overall contract. Perhaps Mr. Eads would enlighten all of us as to its deficiencies.

: I also tire of the short attack posts by "would be" experts in LTC. First off if any of you offer any other products except LTC then you are not a specialists in this field and you should leave the postulating to fact and not your opinions as consumers come here for some semblance of the truth.

: In closing I have 1498 LTC clients in 19 states after my six years in this field. 846 are with GE and not only because of their great contract, but their CLAIMS PAYING. A contract doesn't mean anything if the company won't pay the claim. I have three Nursing home Administrators as clients and I asked all three why they went for the GE contract even though it cost more....the answer "Because we file claims for all companies and without exception GE always pays>"

: And I am an independent specialist.

: Hope this helps. Any comments feel free to send them my way.

: Thomas Herbert
: Long term Care Specialist

Follow Ups:

Re: GE Capital David 20:38:12 06/04/02 (0)

Re: GE Capital : Thomas, : Out of those 50 contracts you have in your drawer, how many carriers are you appointed with? I dare say, if you have access to 50 carriers, and yet you sell ANY one carrier's product over 56% of the time, you're likely doing your clients a disservice. Different products fit different situations. : Some clients want Limited Pay options. Others want liberalized underwriting, due to existing health issues. Still others want or need worldwide coverage. Does GE provide that? I think not. : Of the 6 products you've mentioned, I'd agree that GE is near the top, depending on the client's needs. Bankers United is certainly more flexible, though it's primarily a daily plan (monthly with care coordination). I would likely use Bankers more for those with weight or health issues, but I do like the flexibility. : Hancock is an excellent company, with a good solid product, and worldwide (or nearly so) coverage. And their new Family Plan certainly would serve many clients' needs better than GE. On top of that, they've even got a Cash Indemnity plan in many states. : GE is certainly a fine product. Often, one can find a product which suits the needs of the client just as well or better, and at a more attractive price. : Have you looked at Prudential's LTC product? In it's current incarnation, it's a really great product. : For those to whom cost is an issue, State Life, Lincoln Benefit Life, or Allianz might be a good fit, if your client is happy with a Daily Benefit. : If it's indemnity they want, I'd suggest Prudential or Hancock. Allianz offers indemnity, but it's quite expensive, and somewhat limited in scope, and on a daily basis, as well. : MetLife is another solid product. Not flashy, but strong and substantial. : I personally own an LTC-only MGA with 12 top-rated carriers. I'll sell any of those carriers' products to a client whose needs that product meets. If a client could be served better by a product I don't have, I'll either try to access that product, or send them to someone else who can. : I think the bottom line is we all have our preferences and biases toward certain products. Our duty is to be open-minded enough to ascertain the real needs of our clients, and help them find the best solution FOR THEM, which is not necessarily a product with which we're most familiar. With so many different products on the market, and the constant evolution of the products from each of those carriers, it's a never-ending study session to stay on top of them. : In regards to your statement that GE always pays, I've read reports to the contrary. And from a broker standpoint, GE as an organization can be one of the most difficult to deal with. : Furthermore, when you said "A contract doesn't mean anything if the company won't pay the claim.", I feel that you're completely off the mark. If the company doesn't pay a claim that they specify in the contract they WILL pay, then you've got grounds for a SERIOUS lawsuit. That's precisely why the contract is so important, and also why it's important to study the contract before you buy, and during your 30 day free look. : Anyway, that's my 2 cents. : Ron Downs : LTC Specialist : : : This post is directed to both Jim who posted the original question, as well as Steve, et al... Most of you kow who I am by now so we'll dispense with introductions, although I would take the time to mention that I have 50 different company policy contracts in my file cabinet and am quite familiar with them. : : That said I would respectfully disagree with Mr. Eads post on GE. From what I've read very few policies even come close to that of GE. I did some research on this site and for some reason Mr. Eads seems to take issue every time GE is mentioned. The fact is they are a great company with a great product. I personally offer GE, John Hancock, Transamerica, CNA, Bankers United, and Unum, and I still think GE has the best overall contract. Perhaps Mr. Eads would enlighten all of us as to its deficiencies. : : I also tire of the short attack posts by "would be" experts in LTC. First off if any of you offer any other products except LTC then you are not a specialists in this field and you should leave the postulating to fact and not your opinions as consumers come here for some semblance of the truth. : : In closing I have 1498 LTC clients in 19 states after my six years in this field. 846 are with GE and not only because of their great contract, but their CLAIMS PAYING. A contract doesn't mean anything if the company won't pay the claim. I have three Nursing home Administrators as clients and I asked all three why they went for the GE contract even though it cost more....the answer "Because we file claims for all companies and without exception GE always pays>" : : And I am an independent specialist. : : Hope this helps. Any comments feel free to send them my way. : : Thomas Herbert : : Long term Care Specialist

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