Sweeping Changes Are Coming with Genworth

[Mr_Ed]

Do you have any documentation of this? Is this across all states?

it's in the insurance code in about 46 states.
just look it up.

 

[ltcadviser]

Do you have any documentation of this? Is this across all states?

Here you go.

Actuary has to state within rate increase filing that if a rate increase filed for is granted future rate increases are not anticipated.

http://www.insurancecompact.org/rul...mend_rate_standards_ind_ltc_age_rate_only.pdf

Anyway, the word "anticipated" leaves wiggle room. And an insurance commissioner may not approve 100% of the requested increase. Which I guess also leaves wiggle room.

 

[Arthur Rudnick]

previously posted by Mr_Ed

the ceo was not talking about the current type of LTCi policy.
under current regulations, a policy purchased today canNOT have multiple premium increases. In order to get a premium increase on a policy purchased today an independent, qualified actuary has to certify that it's the only premium increase which that policy form will ever need.
so mcinerney was not talking about the policies we're selling today or even the policies that have been sold over the past 10 years.
he's talking about trying to get regulators to allow a completely new type of LTC insurance that's modeled more like health insurance or medsupps.
even if regulators agree to allow a new type of policy like that, it would not be available for sale for many years from now, certainly no less than 3 years and probably 5 years or more.

I hope the states adhere to this concept better than they did to the LTC Model Act (I think in 2002) which was supposed to minimize rate increases.
How'd that work out?

 

[Mr_Ed]

previously posted by Mr_Ed



I hope the states adhere to this concept better than they did to the LTC Model Act (I think in 2002) which was supposed to minimize rate increases.
How'd that work out?

it worked out great, arthur.
most of the rate increases that we see today are for policies that were sold before 2002.

 

[Arthur Rudnick]

previously posted by Mr_Ed

it worked out great, arthur.
most of the rate increases that we see today are for policies that were sold before 2002.

Tell that to Hancock, MedAmerica, & Unum. Not certain about NJ, but that's the case in NY and NY is pretty tough on approving increases.


Stupid flies................

 

[ltcadviser]

it worked out great, arthur.
most of the rate increases that we see today are for policies that were sold before 2002.

Well, I just got a letter today from Genworth. It is raising the premium on a policy I sold to an Alabama couple in 2010. 12% increase.

 

[Bluefin646]

Gents,

Don't blow me out of the water. Trying to help out a few of my clients. Let me lead with, I DO NOT KNOW THIS MARKET.

MoneyGuard II vs Genworth Total Living Coverage.

They both stink b/c..............................?

Are there other 'hybrids' which make sense?

Is chronic illness rider built into wl or iul still remain best substitute?

Thanks all, can't wait for the and and one of these

So i will finish with.............

Thanks all,
STR

 

[ltcadviser]

Gents,

Don't blow me out of the water. Trying to help out a few of my clients. Let me lead with, I DO NOT KNOW THIS MARKET.

MoneyGuard II vs Genworth Total Living Coverage.

They both stink b/c..............................?

Are there other 'hybrids' which make sense?

Is chronic illness rider built into wl or iul still remain best substitute?



Thanks all,
STR

Nothing wrong with TLC or MG. Just a different funding technique than a traditional ltc policy to buy long term care insurance benefits.

For couples, State Life Asset Care also works well.

I prefer all of these 3 hybrid policies over any WL or IUL with chronic illness rider.

I wrote a State Life Asset Care policy today for a 75 and 76 year old couple. $200000 deposit. $4800 month ltc benefits Unlimited benefit period per person; $240000 death benefit.

 

[CALTCAgent]

Gents,

Don't blow me out of the water. Trying to help out a few of my clients. Let me lead with, I DO NOT KNOW THIS MARKET.

MoneyGuard II vs Genworth Total Living Coverage.

What are there ages, health history ?