Return to Original Long Term Care Insurance Discussion Board Archived Index

Re: GE Capital

Posted by ned on April 10, 2002 at 08:09:30:

In Reply to: Re: GE Capital posted by Scott Olson on April 08, 2002 at 10:21:58:

How is the survivorship benefit different?
Indemnity plans can be advantageous, but they also have their disadvantages, reimbursement that use monthly pools of money seem to be me to be more advantageous.
Informal Caregiver - the only way other companies could be better is to pay family members.
Short term needs - most of my clients are more interested in Long term care
What is "upscale care at home"?
Care outside the US - I agree that if this is the main concern one must use a company that has this benefit, I haven't met anyone with this concern
Do you consider the GE benefit of home care with no elimination period important?
Do you think it is important to pay benefits for all mental and nervous conditions?
Do you think it is important whether a company has raised rates on existing policyholders?
I am honestly looking for your help not just pumping up GE. The fact is, from my experience, when I put the advantages and disadvantages of the policies I have looked at, GE always wins.
I have only sold LTC for 2 years so I know there is a lot I can learn.

: MDog,

: You asked, "Which companies offer better benefits than GE? That's what this individual needs to know."

: That's a great question. That depends upon what benefits are important to someone.

: If survivorship benefits are very important to you than Bankers United, Life Investors and Mutual of Omaha offer better benefits than GE.

: If someone is very concerned about receiving 'upscale care at home', then there are a lot of products that are better than the GE policy; namely any product that pays the full daily/monthly benefit on an indemnity basis rather than a reimbursement basis. Products like that are available from: Allianz, Prudential, UNUM.

: If it is very important for you to receive care from an 'informal caregiver', namely, a caregiver that is not an employee of a home health agency, then there are probably 7 or 8 different policies that are better than the GE policy in that regard.

: If it is very important for you to have a policy that would pay for a short-term need at home (like if you were to need care at home for about 60 days recovering from major surgery or an accident or something) then you should not be buying a GE policy but one that would pay for short-term needs. Companies like CNA and Mutual of Omaha and Allianz can be very good for that.
:
: If it is very important for you to receive care outside the United States, then the GE policy is not the right policy for you. But CNA, John Hancock, and a few others are very good for that depending upon the country where you would expect to receive your care.

: If someone is very concerned about a policy that will pay for medical equipment at home and home modification, then there are a lot of policies that offer better benefits than the GE product.

: Please keep in mind that an agent that is captive can only sell the products of one insurer. Therefore, a captive agent will make his/her product sound like the best. If all you have to offer is 'vanilla ice cream', then you will try to convince everyone who walks into your ice cream shop that vanilla ice cream is what they want.

: I, and most independent agents specializing in long term care insurance, focus more on asking our clients the right questions... finding out what our clients want... and then making a recommendation based upon what they want and need.

: A captive agent selling the GE policy will not ask prospects if they are concerned about international coverage, informal caregivers, 'upscale home healthcare', etc... because those are things that are not covered by the GE policy or where the GE policy is not very strong.

: Scott A. Olson, CLTC

Follow Ups:

Re: GE Capital Scott A. Olson, CLTC 09:27:58 04/10/02 (0)

Re: GE Capital : How is the survivorship benefit different? : Indemnity plans can be advantageous, but they also have their disadvantages, reimbursement that use monthly pools of money seem to be me to be more advantageous. : Informal Caregiver - the only way other companies could be better is to pay family members. : Short term needs - most of my clients are more interested in Long term care : What is "upscale care at home"? : Care outside the US - I agree that if this is the main concern one must use a company that has this benefit, I haven't met anyone with this concern : Do you consider the GE benefit of home care with no elimination period important? : Do you think it is important to pay benefits for all mental and nervous conditions? : Do you think it is important whether a company has raised rates on existing policyholders? : I am honestly looking for your help not just pumping up GE. The fact is, from my experience, when I put the advantages and disadvantages of the policies I have looked at, GE always wins. : I have only sold LTC for 2 years so I know there is a lot I can learn. : : MDog, : : You asked, "Which companies offer better benefits than GE? That's what this individual needs to know." : : That's a great question. That depends upon what benefits are important to someone. : : If survivorship benefits are very important to you than Bankers United, Life Investors and Mutual of Omaha offer better benefits than GE. : : If someone is very concerned about receiving 'upscale care at home', then there are a lot of products that are better than the GE policy; namely any product that pays the full daily/monthly benefit on an indemnity basis rather than a reimbursement basis. Products like that are available from: Allianz, Prudential, UNUM. : : If it is very important for you to receive care from an 'informal caregiver', namely, a caregiver that is not an employee of a home health agency, then there are probably 7 or 8 different policies that are better than the GE policy in that regard. : : If it is very important for you to have a policy that would pay for a short-term need at home (like if you were to need care at home for about 60 days recovering from major surgery or an accident or something) then you should not be buying a GE policy but one that would pay for short-term needs. Companies like CNA and Mutual of Omaha and Allianz can be very good for that. : : : : If it is very important for you to receive care outside the United States, then the GE policy is not the right policy for you. But CNA, John Hancock, and a few others are very good for that depending upon the country where you would expect to receive your care. : : If someone is very concerned about a policy that will pay for medical equipment at home and home modification, then there are a lot of policies that offer better benefits than the GE product. : : Please keep in mind that an agent that is captive can only sell the products of one insurer. Therefore, a captive agent will make his/her product sound like the best. If all you have to offer is 'vanilla ice cream', then you will try to convince everyone who walks into your ice cream shop that vanilla ice cream is what they want. : : I, and most independent agents specializing in long term care insurance, focus more on asking our clients the right questions... finding out what our clients want... and then making a recommendation based upon what they want and need. : : A captive agent selling the GE policy will not ask prospects if they are concerned about international coverage, informal caregivers, 'upscale home healthcare', etc... because those are things that are not covered by the GE policy or where the GE policy is not very strong. : : Scott A. Olson, CLTC

Return to Original Long Term Care Insurance Discussion Board Archived Index

Learn More About Your options...

Texas license # 1270417