I've been in the LTCi business since 1999. Personally, I've owned my LTCi policy since 4/99 underwritten by GE Financial (now Genworth). I have a comprehensive unlimited, 30EP, 5% compound inflation, 0 EP for home care policy with a $280 DB. And boy am I happy to have my policy, and even more happy that I got it when I did at a preferred discount w/spousal discount. I got all of that for only $2400/yr with no rate increases in 8 years! I couldn't afford my own policy if written today... and don't qualify for the preferred health underwriting anymore either. I'm in my 50's and I can expect to have a huge benefit pool to last me for my lifetime. Unfortunately, to purchase my policy today would cost at least twice as much. Most of my clients cannot afford lifetime benefit periods. The plan designs range from $150-$200/day, 4 yr. BP, 60-90 EP. That's for northern CA, so your specific plan designs will vary according to costs of care and affordability of your client.
As for companies, I write Hancock, Met, Pru, MedAmerica, and Penn Treaty. I'm not crazy about Allianz's weekly benefit (vs. monthly), but some of my partners write lots of Allianz. Penn Treaty serves a useful purpose. When you have a client who has impaired health, Penn Treaty may be their only option. Yes, PT may have rate increases, but because they offer an option to the health impaired, it's understandable. It's helps our clients, it helps us make a living by providing an option. And PT is better than paying for care out of pocket, rate increases and all.
|
Re: Genworth
Linear Mode
