Genworth's Total Living Coverage

[Arthur Rudnick]

Any thoughts on TLC?
U/L with a Genworth PC policy. One-pay so no rate increase.
15 year ROP, inflation rider available on the LTC portion.

Just getting into this and on the surface it appears to be a win-win for the right client.

Any downsides other than the substantial, upfront premium?
IMO, it seems to blow away MoneyGuard.

 

[yankee466]

Any thoughts on TLC?
U/L with a Genworth PC policy. One-pay so no rate increase.
15 year ROP, inflation rider available on the LTC portion.

Just getting into this and on the surface it appears to be a win-win for the right client.

Any downsides other than the substantial, upfront premium?
IMO, it seems to blow away MoneyGuard.

It will really blow away MG when you have a couple applying, and they are also in great health. Else, it is just as poor an investment concept as MG in general....but some people will still like it, depending on where the money comes from to fund it. TLC is full paramed and full LTC underwriting....MG is only questionnaire.

I do not think any of these plans were really meant to be sold with an inflation rider, but you can if you like. It really cuts down the overall death benefit and you have to put a lot more money into the plan to fund it. Since it is not partnership eligible in any case, it is not required for that......but you get what you pay for in any benefit combination.

 

[TriciaS]

I love TLC/MG for the right client. Self insuring so use it to better leverage money. Also, people with OLD life insurance contracts that they no longer need that death benefit (took it out to pay for children's education, children are all grown now). It is a niche product, but it fits a needs. I am starting to sell more inflation because I have people in their 50's looking at it, and it is expensive, but these are people that usually have over 100K in a checking account!

 

[ltcadviser]

For applicants ages 62 and younger the policies look a lot better with 5% compound inflation protection than without. (Outside of NY since you can inflate the entire policy not just the EBR) I submitted a TLC application today. Yes, Arthur, in NY TLC is better than Moneyguard. In other States, Moneyguard might be better. As a general rule, Moneyguard is priced better for women, and is lousy for men. Pacific Life Premier Care is better for men and lousy for women. TLC is neutral, but the guaranteed scale will not always look good.

Review of Lincoln Moneyguard Reserve Plus Long Term Care Insurance - LTC Partner

 

[Tahoe Ray]

For applicants ages 62 and younger the policies look a lot better with 5% compound inflation protection than without. (Outside of NY since you can inflate the entire policy not just the EBR) I submitted a TLC application today. Yes, Arthur, in NY TLC is better than Moneyguard. In other States, Moneyguard might be better. As a general rule, Moneyguard is priced better for women, and is lousy for men. Pacific Life Premier Care is better for men and lousy for women. TLC is neutral, but the guaranteed scale will not always look good.

Review of Lincoln Moneyguard Reserve Plus Long Term Care Insurance - LTC Partner

Simple and to the point blog post. One thing though, Moneyguard Reserve Plus (outside NY) no longer offers an anytime ROP feature...the 100% is only available in months 0-6 and after year 5.

 

[ltcadviser]

Simple and to the point blog post. One thing though, Moneyguard Reserve Plus (outside NY) no longer offers an anytime ROP feature...the 100% is only available in months 0-6 and after year 5.

Yes, I know the ROP is not 100% anymore for first few years. But frankly, who really cares? Doesn't really change anything except marketing sales pitches. I definitely don't have time to rewrite 2-3 year old blog posts!

 

[Tahoe Ray]

Yes, I know the ROP is not 100% anymore for first few years. But frankly, who really cares? Doesn'f really change anything except marketing sales pitches.

Oh I agree. I just mentioned it b/c you linked your article (which was good) that seemed to be written prior to the change.

 

[Bluefin646]

What's payout on tlc vs mg?

 

[ltcadviser]

What's payout on tlc vs mg?

Well, I used to get a 10% payout on TLC...... Should have kept quiet

Lincoln is 6% or 7% I believe.

TLC is 8%.