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Unless you approve claims in addition to selling the product, he has a point. It is just your interpretation. You're probably right, but why not just post the specimen policy and be done with it? I asked you to post it awhile ago.
Mutual of Omaha Joins The Party
- Thread starter Arthur Rudnick
- Start date
Unless you approve claims in addition to selling the product, he has a point. It is just your interpretation. You're probably right, but why not just post the specimen policy and be done with it? I asked you to post it awhile ago.
Your understanding of the Pru policy is flawed. You misconstrue something as basic as Prudential's calendar day elimination period.
I'm sure you've never read one. I've emailed you a link to a Pru sample policy so that you can be on even footing with those of us who have read it.
You said that the NWM policy was worth spending 50% more premium for because of the "strength of the contract".
How can we determine the strength of the contract if we can't read the contract? If the contract is so strong, then you should not be afraid to have us read it.
I've emailed you a Pru LTC3 sample contract. Please reciprocate so that we can continue this discussion intelligently.
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Why dont both of you post the sample contracts to the FORUM; then everyone can compare them.... maybe that would make too much sense....
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And NDM is correct that you mis-stated how the Pru3 Calendar Day Elimination Period works.
This is the key phrase you need to concentrate on, straight from their producers guide:
"The client is not required to receive services for a day to qualify. Each day will
count in satisfying the CDEP whether or not a qualified long-term care service is
used or whether charges were incurred."
This means that basically once you need LTC care, the clock starts ticking day by day.
I will post the link to one so the whole forum can see....
(yes I know that a sample contract is the best thing to read... but I dont have one handy)
Pru3 Producers Guide
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And NDM is correct that you mis-stated how the Pru3 Calendar Day Elimination Period works.
This is the key phrase you need to concentrate on, straight from their producers guide:
"The client is not required to receive services for a day to qualify. Each day will
count in satisfying the CDEP whether or not a qualified long-term care service is
used or whether charges were incurred."
This means that basically once you need LTC care, the clock starts ticking day by day.
I will post the link to one so the whole forum can see....
(yes I know that a sample contract is the best thing to read... but I dont have one handy)
Pru3 Producers Guide
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Maybe we should have started with a Mutual of Omaha policy instead of Prudential. Then you could have diffused the "mutual" issue, you could have had unlimited benefit if you wanted, you still have the calendar day elimination and the cash alternatives............else I will continue to enjoy the banter.
I would like to see just how many benefit options NWM actually offers....as I recall, it was not very configurable, but it sure was expensive. Not sure if they even have a shared plan. Did home health care start on day one as an option? Maybe they kept it simple so a NWM rep could figure it out?
I would like to see just how many benefit options NWM actually offers....as I recall, it was not very configurable, but it sure was expensive. Not sure if they even have a shared plan. Did home health care start on day one as an option? Maybe they kept it simple so a NWM rep could figure it out?
Great points!
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He downloaded the Pru sample policy I sent him.
After reading the Pru sample policy, I think he'll be too embarrassed to post an NWM sample policy.
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Didn't they just raise the rates???? Also do they retroactively offer any policy upgrades to past policyholders. Just because they are Mutual does not mean that they do this.
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Thanks for the sample contract. After further discovery you are correct I was wrong on how the elimination period worked. One thing though is that, according to my understanding, the 90 days doesn't start until a claim is filed and then approved as being legit, this could take some time.
You talk price, but from what I understand Pru just raised their rates on new issue policies and now the two prices are very similar. The rest of my points stand though. Here is that sample contract I was so embarrassed to post. (blushing uncontrollably)
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Wow... wrong again.
The company you are referring to is LifeCare.
Lifecare underwrites the policies for Guardian and MassMutual.
Mutual of Omaha underwrites their own policies.
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Wrong again. Why don't you read the sample policy then maybe you'll understand how the elimination period works.
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- Thread starter
- #69
Arthur Rudnick
Guru
- 1,652
Great posts guys..................
I think about 11 years ago, it was I that started this thread about Mutual of Omaha raising their rates. So, I feel that I'm entitled to put in my 2 cents (for whatever it's worth).
There are dozens of LTC policies available for sale throughout the country. In my opinion, there is no such thing as a "BAD" policy. 95% are good policies and 5% are excellent. "Bad" policies aren't sold and eventually disappear.
We all know that a good LTC Specialist can take any 2 policies, rip them apart and come up with a difference between the two.
If you walk into a home and the prospect says "I met yesterday with another agent and I'm thinking of purchasing a policy from him with company 'A'. Company 'A' has a good policy doesn't it?"
Everyone of you (including me) will reply: "Company 'A'? Yes they offer a good policy, but let me show you why company 'B' is better."
Your company 'B' may be less expensive or may have a bell or whistle that company 'A' doesn't have. Or, they pay dividends, or they have a zero day EP.
Is a Chevy salesman going to tell you to buy a Volvo because Volvo is better?
So, my point is that to nit-pick a policy when at the end of the day it's still a "good" policy does not really prove much.
Just like the bantering going on here with Pru vs NWM. Can anyone of you look at either policy and say that one is a "Bad" contract? Probably not.
Yes, NWM is more expensive BUT............. We have a history of paying dividends. Is that a positive or a negative? According to these posts, it could be both depending on which policy you're trying to sell.
For me, if I have 3 good policies and the contracts are close,
I would usually recommend the least expensive one, unless of course health is a factor.
And........................
That's what I think about that!
I think about 11 years ago, it was I that started this thread about Mutual of Omaha raising their rates. So, I feel that I'm entitled to put in my 2 cents (for whatever it's worth).
There are dozens of LTC policies available for sale throughout the country. In my opinion, there is no such thing as a "BAD" policy. 95% are good policies and 5% are excellent. "Bad" policies aren't sold and eventually disappear.
We all know that a good LTC Specialist can take any 2 policies, rip them apart and come up with a difference between the two.
If you walk into a home and the prospect says "I met yesterday with another agent and I'm thinking of purchasing a policy from him with company 'A'. Company 'A' has a good policy doesn't it?"
Everyone of you (including me) will reply: "Company 'A'? Yes they offer a good policy, but let me show you why company 'B' is better."
Your company 'B' may be less expensive or may have a bell or whistle that company 'A' doesn't have. Or, they pay dividends, or they have a zero day EP.
Is a Chevy salesman going to tell you to buy a Volvo because Volvo is better?
So, my point is that to nit-pick a policy when at the end of the day it's still a "good" policy does not really prove much.
Just like the bantering going on here with Pru vs NWM. Can anyone of you look at either policy and say that one is a "Bad" contract? Probably not.
Yes, NWM is more expensive BUT............. We have a history of paying dividends. Is that a positive or a negative? According to these posts, it could be both depending on which policy you're trying to sell.
For me, if I have 3 good policies and the contracts are close,
I would usually recommend the least expensive one, unless of course health is a factor.
And........................
That's what I think about that!
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