Mass Mutual

[Arthur Rudnick]

Just curious............

A number of you talk very highly about Mass Mutual. Jack in particular points out their financial ratings and the fact that they have never had a rate increase on existing policyholders. Obviously, 2 very strong points.

I have no dog in this fight, but I recently re-looked at the 2014 Annual LTC Insurance Survey and I notice that new premium for MM's LTCi decreased a whopping 54% in 2013 compared to 2012.

Any idea why that might be?

Interestingly, carriers are listed alphabetically and the one next to MM is MedAmerica. In 2013, MedAmerica's new business increased 66%.

MM's new premium in 2013 was $13.4 million and MedAmerica's was $16.7 million.

Of the 10 participating insurers in the survey, MedAmerica was #6 in new business and Mass Mutual was #8.

Incidentally, new business for Genworth in 2013 fell 39% compared with 2012.

Who woulda thunk?

 

[VolAgent]

Was there a new product series with higher premiums?

 

[Justin Bilyj]

Was there a new product series with higher premiums?

that's exactly what happened they just released a single premium whole life Mec policy with a long term care writer called the common choice

 

[Arthur Rudnick]

originally posted by emptyeternity

that's exactly what happened they just released a single premium whole life Mec policy with a long term care writer called the common choice

Yup, that's what I'm starting to hear. Their captive agents are pushing the hybrid instead of the stand-alone policy.

It's also available for brokerage sales but it has not yet been approved in NY.

A little more info on why MedAmertica's 2013 sales are so strong. They offer by far, the least expensive policy in NY on the Partnership Program. I'm told that 75% of NYSP sales belong to MedAmerica. That would explain the huge sales increase.

 

[Charlie456]

originally posted by emptyeternity
A little more info on why MedAmertica's 2013 sales are so strong. They offer by far, the least expensive policy in NY on the Partnership Program. I'm told that 75% of NYSP sales belong to MedAmerica. That would explain the huge sales increase.

I've never seen MedAmerica be cheaper by far anytime I've run NYS Partnership quotes.

 

[ltcadviser]

Just curious............

A number of you talk very highly about Mass Mutual. Jack in particular points out their financial ratings and the fact that they have never had a rate increase on existing policyholders. Obviously, 2 very strong points.

I have no dog in this fight, but I recently re-looked at the 2014 Annual LTC Insurance Survey and I notice that new premium for MM's LTCi decreased a whopping 54% in 2013 compared to 2012.

Any idea why that might be?

Interestingly, carriers are listed alphabetically and the one next to MM is MedAmerica. In 2013, MedAmerica's new business increased 66%.

MM's new premium in 2013 was $13.4 million and MedAmerica's was $16.7 million.

Of the 10 participating insurers in the survey, MedAmerica was #6 in new business and Mass Mutual was #8.

Incidentally, new business for Genworth in 2013 fell 39% compared with 2012.

Who woulda thunk?

Mass Mutual really does not compete in brokerage arena. BGAs will only push high margin contracts--John Hancock, Genworth, Omaha, etc. So, as rates changed in 2013 I would imagine sales witjin Mass Mutual agencies dropped. Being an independent specialist, I recognize MM's current value today; most insurance agents are limited however, either in contracts or in their thinking.

 

[Arthur Rudnick]

originally posted by Charlie456

I've never seen MedAmerica be cheaper by far anytime I've run NYS Partnership quotes.

The current Partnership players are MedAmerica, Genworth, Hancock and on limited plans, Mass Mutual.

Forget Hancock, they still only offer 5% compound and Genworth can't compete with single females. You're left with MedAmerica vs. Mass Mutual, vs. Genworth, males.

Personally, I prefer MedAm on the 4/4/100 plan because they allow for informal caregivers.

 

[Charlie456]

originally posted by Charlie456



The current Partnership players are MedAmerica, Genworth, Hancock and on limited plans, Mass Mutual.

Forget Hancock, they still only offer 5% compound and Genworth can't compete with single females. You're left with MedAmerica vs. Mass Mutual, vs. Genworth, males.

Personally, I prefer MedAm on the 4/4/100 plan because they allow for informal caregivers.

Regarding NYS Partnership, for married people and males, I find Genworth comes up cheaper quite often AND has more liberal independent/informal care options.

 

[Mr_Ed]

Regarding NYS Partnership, for married people and males, I find Genworth comes up cheaper quite often AND has more liberal independent/informal care options.

the best plan is the gnw 3/6/50 with the increased home healthcare benefit.
it pays 100% of the home care daily benefit for 6 years, not just 50%. And it's just a little bit more than the 4/4/100, yet it provides 2 extra years of home care benefits.... no brainer...

 

[Arthur Rudnick]

originally posted by Charlie456

Regarding NYS Partnership, for married people and males, I find Genworth comes up cheaper quite often AND has more liberal independent/informal care options.

True, at an additional 10%.